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AMERICAS

FirstSun to merge with First Foundation in a $785m deal.

FirstSun, a bank holding company owning or controlling one or more banks, agreed to merge with First Foundation, a relationship bank specializing in personalized banking solutions, in a $785m deal, according to press releases.

FirstSun is advised by Stephens, ThroughCo Communications (led by Elliot Sloane) and Nelson Mullins Riley & Scarborough. First Foundation is advised by Jefferies & Company, Keefe Bruyette & Woods and Alston & Bird, according to press releases.

Securitize to go public via a SPAC merger with Cantor Equity Partners II in a $1.25bn deal.

Securitize, a leading platform1 for tokenizing real-world assets, agreed to go public via a SPAC merger with Cantor Equity Partners II, a special purpose acquisition company, in a $1.25bn deal, according to press releases.

Securitize is advised by Citigroup and Davis Polk & Wardwell. Citigroup is advised by Skadden Arps Slate Meagher & Flom. Cantor Equity Partners is advised by Cantor Fitzgerald and Hughes Hubbard & Reed. Cantor Fitzgerald is advised by Skadden Arps Slate Meagher & Flom, according to press releases.

TeraWulf to form joint venture with Fluidstack.

TeraWulf, an owner and operator of vertically integrated, low-carbon digital infrastructure, agreed to form joint venture with Fluidstack, a premier AI cloud platform that builds and operates HPC clusters for some of the world’s largest companies, according to press releases. Financial terms were not disclosed.

TeraWulf is advised by Paul Weiss Rifkind Wharton & Garrison (led by Steven Williams) and Stutzman, Bromberg, Esserman & Plifka. Fluidstack is advised by Morgan Stanley, according to press releases.

VSE Corporation to acquire Aero 3 from GenNx360 Capital Partners.

VSE Corporation, a provider of aviation aftermarket distribution and repair services, agreed to acquire Aero 3, a diversified global Maintenance, Repair and Overhaul service provider, from GenNx360 Capital Partners, a private equity firm focused on acquiring middle market business-to-business services companies, according to press releases. Financial terms were not disclosed.

VSE Corporation is advised by Jones Day (led by Lorne Cantor). GenNx360 is advised by Harris Williams & Co and Winston & Strawn, according to press releases and MergerLinks data.

KKR and Apollo to invest $7bn in Keurig Dr Pepper.

KKR and Apollo, two investors, agreed to invest $7bn in Keurig Dr Pepper, a beverage company in North America, according to press releases.

Keurig Dr Pepper is advised by Paul Weiss Rifkind Wharton & Garrison (led by Nickolas Bogdanovich) and H/Advisors Abernathy (led by Tom Johnson), according to press releases and MergerLinks data.

Barclays to acquire Best Egg for $800m.

Barclays, a global financial services company, agreed to acquire Best Egg, a leading US direct-to-consumer personal loan origination platform, for $800m, according to press releases.

Best Egg is advised by Goldman Sachs and Simpson Thacher & Bartlett (led by Ravi Purushotham). Barclays is advised by Barclays, according to press releases and MergerLinks data.

EW Group-backed Planasa to acquire Illinois Foundation Seeds.

EW Group-backed Planasa, a global leader in plant genetics, agreed to acquire Illinois Foundation Seeds, a company specializing in seed genetics, according to press releases. Financial terms were not disclosed.

Illinois Foundation Seeds is advised by Jefferies & Company, according to press releases.

Activists eye more US bank deals after HoldCo’s Comerica push. (Reuters)

The $10.9bn sale of Comerica to Fifth Third Bancorp, driven by activist hedge fund HoldCo Asset Management, has fueled expectations of more deals in the US banking sector.

HoldCo’s successful campaign is prompting other activists to target regional lenders, challenging the industry’s traditionally cautious stance toward shareholder pressure.

SAP considers renewed $4.5bn bid for US software firm BlackLine. (Reuters)

SAP is weighing a new approach to acquire accounting software provider BlackLine after its earlier $4.5bn offer was rejected in June.

The German software company, working with JPMorgan, had proposed $66 per share in a formal non-public bid submitted on June 18.

Paramount plans to keep Warner Bros. operations largely intact after merger. (Bloomberg)

Paramount Skydance intends to retain most of Warner Bros. Discovery’s operations if the studios merge, aiming to ease concerns over job losses and production cuts.

CEO David Ellison plans to preserve the creative teams while consolidating marketing and distribution functions, with no final decisions yet on the companies’ real estate assets.

Abu Dhabi’s XRG in talks to invest in Argentina LNG project. (Bloomberg)

XRG, the overseas unit of Abu Dhabi’s largest oil company, is in discussions to acquire a stake in Argentina’s planned LNG export project led by YPF.

The floating terminal, developed with Shell and Eni, aims to produce up to 28m tons of LNG annually to supply global markets. XRG is also exploring expansion of its LNG portfolio in Latin America, the US, and Asia.

Forge Global explores sale after valuation drop. (FT)

Forge Global is working with Financial Technology Partners to explore a potential sale after a sharp decline in its market value and cash reserves. Shares rose 11% following reports of the review.

The platform for trading private startup stakes has seen its market cap fall 45% since August to about $226m. Forge went public in 2021 via a SPAC merger backed by Motive Partners, valuing it at $2bn.

PayPal partners with OpenAI to enable payments on ChatGPT. (Reuters)

PayPal has partnered with OpenAI to let ChatGPT users make purchases through its payment platform, sending its shares up 10%. The collaboration expands PayPal’s role in AI-driven commerce.

The company also raised its annual profit forecast and announced its first-ever dividend, citing steady consumer spending.

EMEA

Long Path to acquire Idox for £339.5m.

Long Path, a venture capital firm, agreed to acquire Idox, a provider of engineering information management solutions, for £339.5m ($438m).

Long Path is advised by Canaccord Genuity (led by Max Hartley) and Kirkland & Ellis. Idox is advised by Peel Hunt (led by Alice Lane), Rothschild & Co (led by Warner Mandel), Pinsent Masons and MHP Group (led by Reg Hoare), according to press releases.

Banijay to acquire a majority stake in Tipico from CVC.

Banijay, a content creation company, agreed to acquire a majority stake in Tipico, a provider of environmental and social responsibility reporting and benchmarking services, from CVC, a private equity and investment advisory firm, according to press release. Financial terms were not disclosed.

Banijay is advised by Brunswick Group (led by Hugues Boeton), according to press releases.

Edmond de Rothschild-backed Pearl Infrastructure Capital completes the investment in Energy Pool.

Edmond de Rothschild-backed Pearl Infrastructure Capital, a specialised investment fund dedicated to financing environmental infrastructure projects, completed the investment in Energy Pool, a player in the energy transition, providing advanced software and services for managing and optimizing energy systems, according to press releases. Financial terms were not disclosed.

Edmond de Rothschild was advised by Verbatee (led by Cyrille Lachevre), according to press releases.

Igneo Infrastructure to acquire City Green Light from Marguerite and FIEE.

Igneo Infrastructure, a global infrastructure manager, agreed to acquire City Green Light, an independent operator of public lighting in Italy, from Marguerite, a pan-European infrastructure fund manager, and and FIEE, a European fund manager, according to press releases. Financial terms were not disclosed.

City Green Light is advised by Morgan Stanley, according to press releases.

Cicor completes the acquisition of two production sites of Valtronic.

Cicor, a provider of full-cycle electronic solutions, completed the acquisition of two production sites - production facilities in Berrechid (Morocco) and Cleveland (OH, USA) of Valtronic, a contract manufacturer specializing in the design and development of medical devices, according to press release. Financial terms were not disclosed.

Vista Equity Partners completes the acquisition of a majority stake in Nexthink from Permira for $3bn.

Vista Equity Partners, a private equity and venture capital firm, completed the acquisition of a majority stake in Nexthink, a digital employee experience management software provider, from Permira, a provider of investment and advisory services for $3bn, according to press releases.

FirstRand completed the acquisition of a 20.1% stake in Optasia for $277m.

FirstRand, a provider of a platform for commissioned content and enabling writers completed the acquisition of a 20.1% stake in Optasia, a global fintech company, for $277m, according to press releases.

HPDC to increase its stake in BRF Arabia by 10%. (Reuters)

Halal Products Development Company, a consultancy on meeting halal product standards, agreed to increase its stake in BRF Arabia, a BRF and Halal Products Development Company joint venture, by 10%, according to Reuters. Financial terms were not disclosed.

HPDC is advised by Rothschild & Co, according to press releases.

Cinven considers €3bn sale of German software firm think-cell. (Bloomberg)

Cinven is exploring a sale of think-cell, the German presentation software maker, in a deal that could value the company at up to €3bn ($3.5bn).

The private equity firm has hired Arma Partners to assess exit options, including a potential sale early next year, and may reinvest alongside a new owner.

CSL delays Seqirus spinoff amid US vaccine market volatility. (Bloomberg)

CSL has postponed the planned separation of its Seqirus vaccine division, citing increased volatility in the US influenza vaccine market.

The spinoff, originally set for fiscal 2026, was part of a restructuring aimed at cutting costs by about $500m annually. Chairman Brian McNamee said the delay will allow the company to better capture Seqirus’ long-term value.

Nvidia and Deutsche Telekom plan €1bn AI data center in Germany. (Bloomberg)

Nvidia and Deutsche Telekom are set to announce plans for a €1bn ($1.2bn) data center in Germany, part of a wider effort to expand AI infrastructure across Europe.

Both companies will contribute funding, while SAP is expected to be one of the project’s key customers.

Lukoil plans sale of international assets amid new Western sanctions. (Reuters)

Lukoil, Russia’s second-largest oil producer, said it will sell its international assets following new US sanctions imposed last week over the war in Ukraine.

The planned divestment marks one of the most significant moves by a Russian company since Western restrictions were introduced in 2022.

EQT plans to double European investments to €250bn, urges policy reforms. (Reuters)

EQT aims to more than double its European investments to €250bn ($292bn) over the next five years but is calling for pro-growth reforms to boost competitiveness with the US.

CEO Per Franzen urged the removal of barriers to scaling tech start-ups and supported the creation of a pan-European stock market to attract more listings.

LSEG partners with Anthropic to integrate financial data into Claude. (Reuters)

London Stock Exchange Group is partnering with AI startup Anthropic to provide Claude users with access to financial data licensed through LSEG’s products.

The collaboration will enable integration of Workspace and Financial Analytics into Claude’s Financial Services suite, allowing users to automate financial analysis.

Shawbrook to raise £348m in London IPO priced mid-range. (Bloomberg)

Shawbrook Group plans to price its London IPO at £3.70 ($4.92) per share, the midpoint of its £3.50–£3.90 ($4.66–$5.19) range, raising about £348m ($464m). The specialist lender’s listing marks one of the largest in the UK this year.

The offering reflects renewed momentum in London’s equity market as companies return to public listings after a slowdown in activity.

Commerzbank probes former CEO over undisclosed UniCredit meeting. (Reuters)

Commerzbank’s supervisory board is investigating whether ex-CEO Manfred Knof breached his duties by meeting UniCredit CEO Andrea Orcel in September 2024 without reporting it.

The internal review follows media reports revealing the previously undisclosed meeting between the two banking chiefs.

Blackstone appoints Michele Raba to lead European private equity. (Bloomberg)

Blackstone has named Michele Raba as head of European corporate private equity as it increases investment in the region. Raba, formerly with Apollo Global Management, will take up the role in April.

He succeeds Lionel Assant, now global co-chief investment officer. The appointment comes as Blackstone plans to deploy over $500bn in Europe during the next decade.

APAC

EQT to acquire AUB Group for $3.41bn. (Reuters)

EQT, a global investment organization, agreed to acquire AUB Group, a provider of retail and wholesale insurance brokerage, for $3.41bn.

AUB Group is advised by Macquarie Group and Allens, according to press releases.

Indian companies ramp up European acquisitions to $5.7bn in 2025. (Bloomberg)

Indian corporations are accelerating their push into Europe, pursuing acquisitions to expand internationally, access new technologies, and strengthen their competitive edge.

Cross-border M&A from India into Europe has reached $5.7bn so far in 2025 — the highest annual total since 2020, though still short of the $15.4bn record set in 2006.

Boyu Capital emerges as frontrunner for Starbucks China stake. (Bloomberg)

Boyu Capital has become the leading contender to acquire a controlling stake in Starbucks’ China business, valued at over $4bn. The move comes as the coffee chain seeks a partner to reinvigorate growth in its second-largest market.

Boyu outbid several private equity rivals, including Carlyle Group, to advance in the process, which could result in a majority stake sale.

Domino’s Pizza denies Bain Capital takeover approach. (Reuters)

Domino’s Pizza Enterprises said it has not received a takeover proposal from Bain Capital, following reports the private equity firm was exploring the purchase of all or part of the Australian franchise operator.

The potential transaction was reported to be valued at up to AUD4bn ($2.6bn), though the company said no discussions are taking place.

Sany Heavy to debut in Hong Kong after $1.6bn listing. (Bloomberg)

Sany Heavy Industry is set to begin trading in Hong Kong after raising HKD12.4bn ($1.6bn) from its IPO, priced at HKD21.30 ($2.74) per share at the top of the marketed range.

Cornerstone investors including Temasek, Hillhouse, and BlackRock committed about $758m to the offering, marking one of the city’s largest listings this year.

Uber to invest in Hong Kong listings of Pony.ai and WeRide. (Bloomberg)

Uber plans to invest in the Hong Kong IPOs of Chinese robotaxi firms Pony.ai and WeRide, strengthening its partnerships in autonomous driving.

The ride-hailing company may invest about $100m in Pony.ai’s share sale, which seeks to raise up to $972m before an option to expand the deal.

Pollon Life files confidentially for $300m Hong Kong IPO. (Bloomberg)

Pollon Life, a Chinese stem cell drug developer backed by Jack Ma’s Yunfeng Capital, has confidentially filed for a Hong Kong IPO that could raise about $300m. The proceeds will support research and product development.

CCB International, China International Capital, and UBS Group are advising on the deal, which adds to growing healthcare listings from China’s biotech sector.

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