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Top Highlights
Onex, a private equity firm, and AIG, an insurance, life insurance, and financial services company, completed the acquisition of Convex, an international specialty insurer and reinsurer, for $7bn, according to press releases.
Convex was advised by Evercore, JP Morgan, Sidley Austin (led by Asi Kirmayer), and Weil Gotshal and Manges (led by Murray Cox). Onex was advised by Goldman Sachs, Kirkland & Ellis, Latham & Watkins (led by Michael Bond and Neil Campbell), Torys (led by Adrienne DiPaolo), and FGS Global (led by Martin Cej). AIG was advised by Morgan Stanley, Debevoise & Plimpton (led by Shawn Aguiar and Marilyn Lion), Wachtell Lipton Rosen & Katz (led by David Lam, Edward D. Herlihy, and Mark Stagliano), and Teneo (led by Eric Boyriven). PSP Investments was advised by UBS and Weil Gotshal and Manges (led by Timothy Burns and Douglas P. Warner), according to press releases and MergerLinks data.
TPG, a private equity firm, agreed to acquire a majority stake in Sabre Industries, a fully-integrated provider of highly-engineered, mission-critical structures and components to the utility and telecom industries, from Blackstone Energy Transition Partners, an energy transition-focused investment platform, according to press releases. Financial terms were not disclosed.
Blackstone Energy Transition Partners is advised by Harris Williams & Co, Jefferies & Company, Wells Fargo Securities, and Vinson & Elkins (led by Benji Barron). TPG is advised by Kirkland & Ellis and Latham & Watkins, according to press releases and MergerLinks data.
Refresco, a beverage solutions provider, agreed to acquire SunOpta, a North American supply chain solutions provider, according to press releases, for $768m.
SunOpta is advised by Lazard, Scotiabank, Davies Ward Phillips & Vineberg, Faegre Drinker Biddle & Reath and Wildeboer Dellelce. Financial advisors are advised by Skadden Arps Slate Meagher & Flom (led by Daniel Luks). Refresco is advised by Morgan Stanley, Bennett Jones and Simpson Thacher & Bartlett (led by Breen Haire). Debt financing is provided by KKR Capital Markets and Morgan Stanley, according to press releases and MergerLinks data.
Deal Round up
AMERICAS
H&F in talks for buyout of payments firm Bill Holdings. ( Bloomberg)
Jennifer Garner’s Once Upon a Farm rises 17% after $198m IPO. ( Bloomberg)
EMEA
NatWest nears deal to take over wealth manager Evelyn. ( Bloomberg)
Nordic Capital weighs €2bn sale of Conscia. ( Bloomberg)
UK Supermarket giant Morrisons explores £1bn property deal. ( Sky News)
Musk’s xAI co-founder buys £57m London penthouse. ( Bloomberg)
TK Elevator picks banks for German IPO. ( Bloomberg)
Driving services firm RAC adds banks for London IPO. ( Bloomberg)
EQT Life Sciences-backed AgomAb falls after $200m IPO. ( Bloomberg)
Credit data firm 9fin seeks $1bn valuation in fund talks. ( Bloomberg)
Sabadell names TSB boss as new CEO to drive technology push. ( Reuters)
APAC
India’s NSE kicks off IPO process after board approval. ( Bloomberg)
GIC-backed Thai startup weighs IPO in Hong Kong or New York. ( Bloomberg)
PB Fintech revives plans for up to $1bn fundraise. ( Bloomberg)
Toyota replaces CEO after $9bn hit from Trump’s tariffs. ( WSJ)
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COMPANIES
INVESTORS
FINANCIAL ADVISORS
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AMERICAS
Millicom, a provider of fixed and mobile telecommunications services, completed the acquisition of a 67.5% stake in Coltel, a Colombian telecommunications provider, from Telefónica, a telecommunications company, for $214m, according to press releases.
ONCAP, the private equity firm platform of Onex, and Griffon, a diversified management and holding company, agreed to form a joint venture, according to press releases. Financial terms were not disclosed.
ONCAP is advised by Canaccord Genuity and Torys. Griffon is advised by Goldman Sachs, Dechert and ICR (led by Tom Cook). Goldman Sachs is advised by Sullivan & Cromwell (led by Stephen M. Kotran), according to MergerLinks data and press releases.
Kodiak Gas Services, a contract compression services provider, agreed to acquire Distributed Power Solutions, a provider of turnkey, scalable and highly-reliable distributed power solutions, for $675m, according to press releases.
DPS is advised by Morgan Stanley, Jones Walker and Winston & Strawn. Kodiak is advised by Intrepid Financial Partners and Sidley Austin, according to MergerLinks data and press releases.
ETİ Gıda, a consumer goods company, completed the acquisition of TRUBAR, a plant-based protein snack company, for $173m, according to press releases.
TRUBAR was advised by Clarus Securities, MNP LLP, and Norton Rose Fulbright. ETİ Gıda was advised by Stikeman Elliott (led by Mario Nigro) and Winston & Strawn, according to press releases and MergerLinks data.
Accela, a provider of cloud solutions for state, county, and city governments, completed the acquisition of Novotx, a company specializing in infrastructure asset and work management, according to press releases. Financial terms were not disclosed.
Novotx was advised by Kunzler Bean & Adamson. Accela was advised by MCG Capital Advisory and Benesch Friedlander Coplan & Aronoff, according to press releases.
Terradot, a company specializing in enhanced rock weathering carbon removal, agreed to acquire the assets of Eion, a company focused on olivine-based ERW deployments and early technical innovation in carbon removal, according to press releases. Financial terms were not disclosed.
Terradot is advised by Peak Public Affairs (led by Scott Coriell), according to press releases.
Nuveen, a global asset manager, agreed to acquire a majority stake in TurnClear, the decentralized water and wastewater treatment-as-a-service business of Crestview-backed Upwell Water, a technology-enabled water resource and infrastructure company, according to press releases. Financial terms were not disclosed.
Upwell Water is advised by Kekst CNC (led by Jeffrey Z. Taufield), according to MergerLinks data and press releases.
Uipath, a company specializing in automation and agentic AI solutions, completed the acquisition of Workfusion, a company focused on AI agents for financial crime compliance, according to press releases. Financial terms were not disclosed.
Broadridge, a global fintech company providing technology-driven solutions for capital markets and financial institutions, agreed to acquire CQG, a provider of futures and options trading, execution management, and market connectivity solutions. Financial terms were not disclosed.
H&F in talks for buyout of payments firm Bill Holdings. ( Bloomberg)
Hellman & Friedman is in discussions to acquire Bill Holdings as part of a potential buyout of the business payments software company.
Other private equity firms are also said to be interested, with Bill and its advisers running a sale process that could result in one of the larger financial software buyouts.
Jennifer Garner’s Once Upon a Farm rises 17% after $198m IPO. ( Bloomberg)
Once Upon a Farm shares jumped 17% in their New York debut after the organic children’s food maker and selling shareholders raised about $198m in an initial public offering.
The stock closed at $21.05 versus an $18 IPO price, valuing the company at roughly $847m after an offering that was more than 12 times oversubscribed.
EMEA
Flowserve, a provider of flow control products and services for the global infrastructure markets, agreed to acquire the valves division from Trillium Flow Technologies, a designer, manufacturer and aftermarket services provider of pumps and valves, for $490m, according to press releases.
Flowserve is advised by Goldman Sachs, Baker McKenzie (led by John Quattrocchi) and Joele Frank (led by Mahmoud Siddig). Trillium Flow is advised by JP Morgan and Freshfields, according to MergerLinks data and press releases.
NatWest nears deal to take over wealth manager Evelyn. ( Bloomberg)
NatWest is close to acquiring wealth management firm Evelyn Partners after edging out Barclays in a competitive auction.
The UK bank is expected to pay between £2.5bn ($3.4bn) and £3bn ($4.07bn), with negotiations ongoing with private equity owners Permira and Warburg Pincus.
Nordic Capital weighs €2bn sale of Conscia. ( Bloomberg)
Nordic Capital is exploring a potential sale of Danish cybersecurity firm Conscia at a valuation exceeding €2bn ($2.36bn), as the private equity firm reviews strategic options for the asset.
Arma Partners has been engaged to advise on the process, though the review remains at an early stage and Nordic Capital could ultimately decide to hold on to the business.
UK Supermarket giant Morrisons explores £1bn property deal. ( Sky News)
Morrisons, the UK's fifth-largest supermarket chain, is exploring a £1bn ($1.36bn) property deal amid its battle to recapture the ground it has lost to rivals including Sainsbury's and Aldi.
Morrisons, which is based in Bradford, West Yorkshire, has engaged the real estate advisory firm CBRE to evaluate options for raising finance secured against part of its large freehold store portfolio.
Musk’s xAI co-founder buys £57m London penthouse. ( Bloomberg)
Igor Babuschkin, a co-founder of xAI, has agreed to purchase a penthouse overlooking Hyde Park for about £57m ($68m), marking the most expensive UK residential transaction in over a year.
The deal is the first £50m-plus London home sale since late 2024 and comes shortly before the announcement of the SpaceX–xAI combination, which valued the merged group at $1.25tn.
TK Elevator picks banks for German IPO. ( Bloomberg)
TK Elevator’s private equity owners have lined up banks for leading roles on a Frankfurt listing that could rank among Europe’s largest IPOs in recent years.
Goldman Sachs, Deutsche Bank, Morgan Stanley, Barclays and UBS are set as global coordinators, with the business potentially valued at about €25bn ($29.5bn).
Driving services firm RAC adds banks for London IPO. ( Bloomberg)
RAC is expanding its adviser lineup for a potential London initial public offering, as the breakdown services provider moves closer to a stock market debut.
Citigroup, Santander, Peel Hunt, BNP Paribas, Deutsche Bank and Morgan Stanley have joined the syndicate, alongside Bank of America, Barclays and Goldman Sachs as global coordinators.
EQT Life Sciences-backed AgomAb falls after $200m IPO. ( Bloomberg)
AgomAb Therapeutics slid 8.4% in its New York trading debut after raising $200m in an initial public offering.
The Belgium-based biopharma’s ADRs closed at $14.65 versus a $16 IPO price, valuing the company at about $714m.
Credit data firm 9fin seeks $1bn valuation in fund talks. ( Bloomberg)
9fin is in discussions to raise up to $150m in new funding at a valuation of as much as $1bn, as the credit intelligence provider looks to expand its position in debt research.
The London-based company would be valued at about 20x its annual recurring revenue of roughly $50m.
Sabadell names TSB boss as new CEO to drive technology push. ( Reuters)
Banco Sabadell has proposed Marc Armengol as its new chief executive, tasking him with leading the bank’s technological transformation while sustaining profitability.
Armengol, currently chief executive of UK lender TSB, will replace Cesar Gonzalez-Bueno following Sabadell’s successful defence against a hostile takeover bid from BBVA.
APAC
India’s NSE kicks off IPO process after board approval. ( Bloomberg)
National Stock Exchange of India has started preparations for an initial public offering after its board approved the proposal and formed a committee to oversee the process, according to a regulatory filing.
The IPO could be an offer for sale of about 4%–4.5% of equity, raising roughly $2.5bn, with Temasek, Life Insurance Corporation of India, State Bank of India and SBI Capital Markets among the sellers.
GIC-backed Thai startup weighs IPO in Hong Kong or New York. ( Bloomberg)
Line Man Wongnai, a Thai technology startup backed by GIC, is considering an overseas IPO to access deeper capital markets after postponing a domestic listing.
The food delivery, ride hailing and payments group is evaluating Hong Kong and the US as potential venues, with a final decision expected by the end of June.
PB Fintech revives plans for up to $1bn fundraise. ( Bloomberg)
PB Fintech is preparing to restart a fundraising of up to $1bn after pausing the plan amid shareholder pushback, following renewed consultations with existing and prospective investors.
The Policybazaar parent plans a qualified institutional placement and has appointed Kotak Mahindra Capital, IIFL Capital Services, and local units of HSBC Holdings and Citigroup as advisers.
Toyota replaces CEO after $9bn hit from Trump’s tariffs. ( WSJ)
Toyota Motor’s chief executive is stepping down after a relatively short term in office that was buffeted by President Trump’s tariffs and struggles to maintain market share in China.
Toyota, the world’s largest carmaker, said Koji Sato, 56, would take a new role as vice chairman and focus on his work at industry groups. Chief Financial Officer Kenta Kon, 57, will be promoted to CEO, effective April 1.
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