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AMERICAS
Anglo American shareholders approved a merger of equals with Teck Resources, clearing the way for the creation of the new Anglo Teck group, a Canada-headquartered critical minerals champion with more than 70% exposure to copper and a global growth-focused asset portfolio.
Anglo American is advised by Standard Bank of South Africa, Centerview Partners, Goldman Sachs, Morgan Stanley, RBC Capital Markets, Latham & Watkins (led by Edward Barnett), Brunswick Group (led by Ed Brown) and FGS Global (led by Ian Hamilton). Teck Resources is advised by Ardea Partners, BMO Capital Markets, Scotiabank, Felesky Flynn, Freshfields Bruckhaus Deringer (led by Jessamy Gallagher), Stikeman Elliott (led by Sean Vanderpol), Wachtell Lipton Rosen & Katz (led by Daniel A. Neff), Brunswick Group (led by Diana Vaughton), FGS Global and Joele Frank, according to MergerLinks data and press releases.
LS Power, a power and energy infrastructure development, investment, and operating company, completed the acquisition of US onshore wind business from bp, an oil and gas company, according to press releases. Financial terms were not disclosed.
LS Power was advised by Barclays, Santander, Greenberg Traurig and Prosek Partners. bp was advised by Brunswick Group, according to press releases.
WTW, a global advisory, broking and solutions company, agreed to acquire Newfront, a benefits broker specializing in risk management, for $1.3bn, according to press releases.
WTW is advised by JP Morgan and Weil Gotshal and Manges. Newfront is advised by Perella Weinberg Partners and Reed Smith, according to press releases.
Fifth Third, a diversified financial services company, agreed to acquire DUS business of Mechanics Bank, a full-service bank, according to press releases. Financial terms are not disclosed.
Fifth Third is advised by Goldman Sachs and Alston & Bird. Mechanics Bank is advised by JP Morgan and Wachtell Lipton Rosen & Katz (led by Jacob A. Kling and Eric Feinstein), according to press releases.
Argo Infrastructure Partners, an independent fund manager, completed the acquisition of a minority stake in TierPoint, a consulting firm specializing in customized IT solutions, according to press releases. Financial terms are not disclosed.
Argo Infrastructure Partners was advised by Bank Street Group, King & Spalding and Edelman (led by Ira Gorsky), according to press releases.
Highlander Partners-backed NiTEO Products, a company that specializes in manufacturing and distributing automotive aftermarket products, completed the acquisition of Faultless Brands, a collection of consumer products and brands encompassing fabric care, household cleaning, home fragrance and commercial laundry products, from Architect Equity, a private equity firm, according to press releases. Financial terms were not disclosed.
Faultless Brands was advised by Canaccord Genuity. Debt financing was provided by Monroe Capital and Norwest Mezzanine Partners, according to press releases.
Weinberg Capital Group, a private equity firm, completed the acquisition of Pinson Valley Heat Treating, a company that provides commercial heat-treating services for large and small fabricated and/or cast parts, according to press releases. Financial terms were nto disclosed.
Weinberg Capital Group was advised by Citrin Cooperman and Benesch Friedlander Coplan & Aronoff. Debt financing was provided by Candlewood Partners, according to press releases.
Bear Castle Capital, a private equity firm, completed the acquisition of Colstrip Electrical, a provider of electrical contracting services, including power distribution, trenching, and control systems, according to press releases. Financial terms were not disclosed.
Bear Castle Capital was advised by Jackson Walker and Robinson Bradshaw. Debt financing was provided by Verde Capital Partners, according to press releases.
Arcline Investment Management, a growth-oriented private equity firm, completed the acquisition of Altronic, a company that specializes in the design, manufacturing, and distribution of ignition and control systems for natural gas-fueled industrial engines and compressors, from HOERBIGER Group, a company that offers performance-critical products and services for various industries, including automotive, energy, and electromobility, according to press releases. Financial terms were not disclosed.
Arcline Investment Management was advised by Ropes & Gray and Joele Frank (led by Jonathan Keehner), according to press releases.
Creative Planning, an independent wealth management firm and registered investment advisor, completed the acquisition of Marshall Financial Group, a provider of financial planning and investment services to individuals, according to press releases. Financial terms were not disclosed.
Marshall Financial Group was advised by DeVoe & Company and Kleinbard (led by Mary Beth H. Gray), according to press releases.
B Capital, a global firm specializing in equity investing in venture and growth-stage startups, led a $462m Series E round in Fervo Energy, a company focused on developing next-generation geothermal projects that provide carbon-free energy, with participation from AllianceBernstein, Atacama Ventures, Carbon Equity, Climate First, Google, Mitsui & Co, according to press releases.
Fervo Energy was advised by V2 Communications, according to press releases.
HarmonEyes, the AI-driven eye-tracking software innovator, completed the acquisition of iFocus Health, a clinically validated ADHD treatment monitoring solution company, according to press releases. Financial terms were not disclosed.
HarmonEyes was advised by Lightspeed PR & Marketing, according to press releases.
Shell in advanced talks to buy LLOG Exploration for more than $3bn. (Reuters)
Shell is in advanced talks to acquire LLOG Exploration Offshore in a deal valued at more than $3bn, a move that would strengthen the oil major’s upstream portfolio through one of the largest privately held oil and gas producers in the US Gulf.
The companies are engaged in ongoing discussions, with an agreement expected to be finalized later in 2025.
Activist investor Jana urges Alkami Technology to explore a sale. (Bloomberg)
Alkami Technology, a financial-technology company serving banks and credit unions, is considered undervalued and could explore a sale to a rival or private equity firm.
The company has seen its share price slide roughly 40% in 2025, trading at a significant discount.
Sports investor Apex launches fund for unsung teams. (Bloomberg)
Sports investment firm Apex is launching a new fund focused on acquiring smaller assets, reflecting the competitive nature of the industry amid soaring valuations.
The vehicle plans to take minority stakes in European sports assets, including teams and leagues, valued between €50m ($58m) and €500m ($581m).
Raleigh construction firm Cardinal Infrastructure raises about $241.5m in a US IPO. (Reuters)
Construction services provider Cardinal Infrastructure Group has raised approximately $241.5m in its US initial public offering.
The company sold 11.5m shares at $21 each, valuing the business at roughly $769m.
SpaceX to pursue 2026 IPO raising far above $30bn. (Bloomberg)
SpaceX is moving ahead with plans for an initial public offering that could raise well over $30bn, in a transaction that would be the largest listing of all time.
The company is targeting a valuation of around $1.5tn, approaching the market value set by Saudi Aramco during its record $29bn IPO in 2019.
Mario Gabelli signals support for Paramount in Warner Fight. (Bloomberg)
Money manager Mario Gabelli is expected to tender his Warner Bros. Discovery shares to Paramount Skydance in an effort to encourage a competitive bidding process for the film and TV company.
Paramount’s $30-per-share offer may be met with higher bids, including potential counteroffers from Netflix, as investors signal support for increased competition.
EMEA
Wise Equity-backed NTC, an international R&D-driven pharmaceutical company, completed the acquisition of ophthalmology business of Pharmathen, a company specializing in innovative life cycle management solutions for branded pharma, according to press releases. Financial terms are not disclosed.
Bidders were advised by Deloitte (led by Gabriele Pavanello) and KPMG (led by Matteo Ghislandi). Debt financing is provided by Credit Agricole. Credit Agricole was advised by Dentons, according to press releases.
Netcall, a provider of versatile and intelligent process automation and customer engagement tools, completed the acquisition of Jadu Holdings, a digital platform that includes accessible, responsive, and award-winning websites, forms, CRM, and portal solutions, for £19.2m ($25.6m), according to press releases.
AIR, a tobacco company specializing in social inhalation products, completed the acquisition of NameLess, a company specializing in tobacco and hookah accessories, according to press releases. Financial terms are not disclosed.
AIR was advised by ICR Inc, according to press releases.
Barclays, a British multinational investment bank, completed the investment in United Fintech, a global platform for finance, according to press releases. Financial terms are not disclosed.
HSG closes in on deal to buy sneaker maker Golden Goose. (Bloomberg)
HSG, formerly Sequoia Capital China, is nearing a deal to acquire premium sneaker maker Golden Goose in a transaction valuing the Italian company at more than €2.5 bn ($2.9 bn).
Discussions between HSG and Permira, the private-equity owner of Golden Goose, are progressing and could conclude by the end of 2025.
Blackstone-backed Mollie nears takeover of UK fintech GoCardless. (Bloomberg)
Dutch payments firm Mollie is expected to announce the completion of its acquisition of British fintech GoCardless as early as this week, a move that will expand its payment-processing capabilities.
The development follows roughly a year after GoCardless pursued a secondary share sale for investors and early employees, a process it later halted as it began exploring a sale instead.
Senegal plans to nationalise the Kosmos-run Yakaar-Teranga gas project. (Reuters)
Senegal is planning to nationalise the Yakaar-Teranga gas project, operated by Kosmos Energy, in an effort to prioritise domestic gas supply.
Kosmos Energy, which holds a 90% stake after taking over operatorship in 2023 following BP’s exit, currently has a licence for the field that runs until July 2026.
Unilever allocates $1.7bn a year to M&A, with a US focus. (Reuters)
Unilever is allocating about €1.5bn ($1.74bn) annually for mergers and acquisitions, with a strong focus on the United States.
The group recently completed the demerger of its ice cream business, listing The Magnum Ice Cream Company, and expects its second-half operating margin after the separation to reach at least 19.5%, up from 18.5% including ice cream.
Aegon plans to move to the US and rebrand as Transamerica. (WSJ)
Aegon shares fell after the Dutch insurer and asset manager announced plans to relocate its business to the US and rebrand as Transamerica, a move that will affect its Netherlands-based workforce.
The relocation is part of the company’s strategy to become a leading US life insurance and retirement group.
SumUp expands banking capability as it gets ready for listing. (Bloomberg)
SumUp is preparing for an initial public offering in Europe or the US as it expands further into banking services.
The London-based payments company has not yet set a timeline and is still evaluating potential listing venues.
World’s largest airline caterer Gategroup is ready for an IPO. (Bloomberg)
Gategroup, the world’s largest in-flight caterer, is preparing for an initial public offering potentially in the second half of 2026.
The company is in preliminary discussions with advisers and is considering listing venues, with Zurich among the likely options.
APAC
Lingbao, a mining company, agreed to acquire a 50% stake in St Barbara Mining, a mining company, from St Barbara, a mining company, for AUD370m ($245.6m), according to press releases.
St Barbara is advised by Macquarie Group, King & Wood Mallesons and Sodali & Co (led by Russell Quinn), according to press releases.
Virtusa, a global product and platform engineering services company, completed the acquisition of SmartSoC Solutions, a provider of semiconductor engineering and integrated circuit design services, according to press releases. Financial terms were not disclosed.
Virtusa was advised by Edelman (led by Paul Lesinski), according to press releases.
CVC plans sale of Japanese personal care brand FineToday after scrapped IPO. (Deal Street Asia)
Private equity firm CVC Capital Partners is seeking a sale of FineToday Holdings, the Japanese personal-care company behind the Tsubaki shampoo brand, after shelving plans for a Tokyo listing.
FineToday, which counts China as its second-largest market, had postponed its initial public offering in October, when it was expected to debut with a market capitalization of about JPY169bn ($1.08bn), below previous targets.
India e-commerce upstart Meesho jumps 60% after $603m IPO. (Bloomberg)
Meesho, an Indian e-commerce platform, surged in its debut in Mumbai, reflecting strong investor appetite for tech startups.
Shares of the SoftBank-backed company rose as much as 60% following its $603m initial public offering, giving Meesho a market valuation of nearly $9bn.
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