Omnicom completes the acquisition of Interpublic Group for $14.65bn.

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AMERICAS

Proposed Teck-Anglo merger is subject to national security review. (Reuters)

Canada will conduct a national security review of the proposed $53bn Anglo American–Teck merger, with a final decision expected in the coming months as Ottawa assesses impacts on critical minerals. The deal, which would create a major copper producer headquartered in Vancouver, still requires several regulatory approvals and comes as ISS recommends shareholders back the merger ahead of Teck’s Dec. 9 vote.

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, and FGS Global. Teck Resources is advised by Ardea Partners, BMO Capital Markets, Scotiabank, Felesky Flynn, Freshfields Bruckhaus Deringer (led by Stephen Hewes, Jessamy Gallagher and Egor Marisin), Stikeman Elliott (led by Sean Vanderpol), Wachtell Lipton Rosen & Katz (led by Daniel A. Neff), Brunswick Group, FGS Global and Joele Frank, according to press releases and MergerLinks data.

Banks line up $3.1bn debt for Lone Star’s Hillenbrand buy. (Bloomberg)

Bank of America and UBS are arranging about $3.1bn in leveraged loans and high-yield bonds to finance Lone Star Funds’ take-private of equipment maker Hillenbrand, with the dollar- and euro-denominated debt expected to be syndicated to institutional investors early next year.

Lone Star is advised by Bank of America, Jefferies & Company, UBS, De Brauw Blackstone Westbroek (led by Pete Lawley), Kirkland & Ellis, and Joele Frank (led by Erik Carlson). Hillenbrand is advised by Evercore, Skadden Arps Slate Meagher & Flom (led by Richard Witzel). Financial advisor is advised by Sullivan & Cromwell (led by Stephen M. Kotran), according to press releases and MergerLinks data.

Enhanced Group to go public via a SPAC with A Paradise Acquisition Corp in a $1.2bn deal.

Enhanced Group, an elite sports competition and performance products company, agreed to go public via a SPAC with A Paradise Acquisition Corp, a special purpose acquisition company, in a $1.2bn deal, according to press releases.

Enhanced Group is advised by Berenberg, Reed Smith, Sullivan & Cromwell and ICR Inc. A Paradise is advised by Cohen & Company Capital Markets and Morrison Foerster, according to press releases and MergerLinks data.

Blackstone nears $4bn deal for MacLean Power Systems. (Bloomberg)

Blackstone is nearing the acquisition of MacLean Power Systems in a deal that could value the utility-parts maker at over $4bn.

The private equity firm may announce the purchase from Centerbridge Partners as soon as next week, as discussions continue.

Rio said to seek sale of some critical minerals sssets in US. (Bloomberg)

Rio Tinto Group is planning to divest its US boron-producing assets, which supply a key mineral used in fertilizers, glass, and other applications.

The Anglo-Australian company is expected to launch the sales process in the next two weeks, with potential buyers likely including private equity firms or chemical producers.

EMEA

Italy conditionally approves Chinese JD.com's takeover of Ceconomy. (Reuters)

Italy’s government has granted conditional authorization for Chinese e-commerce company JD.com’s acquisition of German electronics retailer Ceconomy. As a result of the $2.5bn German-Chinese agreement, the MediaMarkt and Saturn brands—run in Italy through the electronics chain MediaWorld—will be transferred to new ownership.

Ceconomy is advised by JP Morgan, FGS Global (led by Alexander Otto) and Teneo. Financial advisor is advised by White & Case (led by Tobias Heinrich). JD is advised by UBS, Baker McKenzie (led by Dirk Horcher, Christian Atzler and Christoph Wolf) and FTI Consulting (led by Lutz Golsch). Franz Haniel & Cie is advised by Perella Weinberg Partners, Freshfields Bruckhaus Deringer (led by Arend von Riegen and Simon Schwarz) and Teneo. Convergenta is advised by Jefferies & Company. Freenet is advised by Hengeler Mueller (led by Jens Wenzel), according to press releases and MergerLinks data.

UK CMA approves Unite Group acquisition of Empiric Student Property. (RNS Announcement)

The UK CMA has approved Unite Group’s takeover of Empiric Student Property. The Court Sanction Hearing is set for 26 January 2026, with the deal expected to take effect on 28 January and new shares issued on 29 January. The acquisition must be completed by 30 June 2026.

Unite Group is advised by Deutsche Numis, JP Morgan, Lazard, Herbert Smith Freehills Kramer (led by Charles Steward) and Sodali & Co. Empiric Student Property is advised by Jefferies & Company, Peel Hunt (led by Capel Irwin), Jefferies & Company (led by Tom Yeadon), Gowling WLG and FTI Consulting (led by Dido Laurimore), according to press releases and MergerLinks data.

Piraeus Bank completes the acquisition of a 90% stake in Ethniki Asfalistiki from CVC and National Bank of Greece for €600m.

Piraeus Bank, a financial holding company, completed the acquisition of a 90% stake in Ethniki Asfalistiki, an insurance firm in Greece, from CVC, a private equity firm, and the National Bank of Greece, for €600m ($694m), according to press releases.

Piraeus Bank was advised by UBS, Milliman, Milbank, Moratis Passas, and Potamitis Vekris. Ethniki Asfalistiki is advised by Latham & Watkins (led by Neil Campbell and Kem Ihenacho). CVC was advised by Bernitsas (led by Panayotis Bernitsas and Nikos Papachristopoulos), and Deutsche Bank, according to press releases and MergerLinks data.

QLS to acquire J&J Global Fulfilment from LDC.

QLS, an eCommerce fulfilment specialist, agreed to acquire J&J Global Fulfilment, a UK-based eCommerce fulfillment provider, from LDC, a private equity investor, according to press releases. Financial terms were not disclosed.

J&J Global Fulfilment is advised by Rothschild & Co, according to press releases and MergerLinks data.

Orlen to acquire the remaining 9.1% stake in ENERGA for $189m.

Orlen, a Polish multinational oil refiner, petrol retailer, and natural gas trader, agreed to acquire the remaining 9.1% stake in ENERGA, a Polish corporate group which deals in the generation, distribution, and supply of electricity in Northern Poland, for $189m, according to press releases.

VDK Group completes the acquisition of Builtech Group from AUCTUS Capital Partners.

VDK Group, a Dutch integrated installation and service organization, completed the acquisition of Builtech Group, a provider of technical building equipment, from AUCTUS Capital Partners, a private equity firm, according to press releases. Financial terms were not disclosed.

Presto Engineering completes the acquisition of GFMicro.

Presto Engineering, an independent ASIC design and semiconductor device production provider, completed the acquisition of GFMicro, a UK-based provider of digital and analogue ASIC development and silicon supply, according to press releases. Financial terms were not disclosed.

Lender Permira Credit eyes takeover of German tour operator. (Bloomberg)

Permira Credit is in advanced talks to acquire German tour operator Berge & Meer, highlighting the growing trend of direct lenders taking equity stakes to support their borrowers. The transaction is aimed at providing additional growth capital to the company.

Permira Credit already holds an equity position in Berge & Meer, alongside principal shareholder Hamburg-based private equity firm Genui, as the lender looks to strengthen its involvement and support the company’s expansion plans.

Italy nears sale of PagoPa e-pay to state firms for €500m. (Bloomberg)

Italy’s Finance Ministry is close to selling digital-payments platform PagoPa to two state-controlled firms for up to €500m ($579m), as part of efforts to streamline government-owned digital assets.

Istituto Poligrafico e Zecca dello Stato is expected to take a 51% stake, while postal and banking group Poste Italiane will acquire 49%.

Berlin targets TenneT Germany stake purchase in early 2026. (Reuters)

The German government is planning to acquire a 25.1% stake in the local division of Dutch power grid operator TenneT for around €5.8bn ($6.7bn), securing a strategic minority share to support energy infrastructure and grid expansion.

Additional payments could arise from planned capital increases for TenneT Germany between 2026 and 2029, aimed at ensuring stable financing while maintaining the operator’s role in managing the transmission network.

Digital Realty, Equinix said to vie for Nordic data center firm. (Bloomberg)

Digital Realty and a consortium involving Equinix are among the bidders advancing to the next round for atNorth, a pan-Nordic data-centre operator owned by Partners Group.

Equinix is working with Canada Pension Plan Investment Board, and Partners Group is seeking a valuation of about €4.5bn ($5.2bn) for the business.

Aegon said to explore divestments to bolster focus on US market. (Bloomberg)

Aegon is exploring the sale of some operations outside the US to focus on its largest market. The Dutch insurer generates the majority of its profit from the US and is working with financial advisers to evaluate potential divestments.

Aegon UK, which manages retirement accounts, is among the units being considered for sale, as the company reviews its portfolio to streamline operations and prioritize growth in its core market.

South Africa mobile firm Cell C opens flat in muted JSE debut. (Bloomberg)

South African mobile operator Cell C Holdings made its Johannesburg Stock Exchange debut with a flat open, as the bourse heads toward its strongest IPO fundraising year since 2017.

The stock opened at ZAR26.50 ($1.54), matching its final offer price, and climbed to ZAR27.30 ($1.59) shortly after, giving the telecom firm a market value of ZAR9.3bn ($542m). The listing marks Cell C’s first day as an independent company following years under Blu Label ownership.

Women's super league said to receive investment approach. (Bloomberg)

WSL Football, the governing body for women’s professional football in England, has received an initial investment proposal for the league.

The organisation told clubs on November 27 that it has delayed any decision on a deal while it prioritises a broader strategic review of long-term growth plans for the Women’s Super League, saying it would be too early to evaluate outside investment before that work is finished.

APAC

Puma shares surge as China's Anta Sports weighs potential bid. (Bloomberg)

Chinese sports apparel company Anta Sports is exploring a potential takeover of Puma, signalling its ambition to expand its presence in the global athletic and lifestyle market.

Anta has been working with advisers to assess the feasibility of a bid and is considering partnering with a private equity firm if it chooses to proceed. Deliberations are ongoing, and no final decision has been made.

Pharrell-backed Tokyo streetwear label seeks growth overseas after IPO. (Bloomberg)

Human Made's Harajuku flagship is bustling with tourists speaking Mandarin, English, and Korean, set to an '80s pop soundtrack. White walls and exposed pipes display duck-print sweatshirts above retro-stamped crates, while staff in casual streetwear keep the store moving as the company’s shares make their Tokyo debut.

Tomoaki "Nigo" Nagao, the creator who turned camouflage hoodies into a global trend, is now at the center of a blockbuster streetwear IPO, which was 60 times oversubscribed, underscoring strong investor demand and the deal’s significance in the market.

SoftBank-backed Meesho set to seek up to $605m via IPO. (Bloomberg)

Meesho is set to raise up to INR54bn ($605m) in an IPO scheduled to open on December 3.

The SoftBank-backed company plans to price the shares at around INR111 ($1.24) apiece, the top of the indicated range, implying a valuation of up to $5.9bn. The offer is expected to close on December 5.

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