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Top Highlights
Paramount, a global media and entertainment company, agreed to acquire Warner Bros. Discovery, a mass media and entertainment conglomerate, for $111bn. Netflix declines to raise offer, according to press releases.
Warner Bros is advised by Allen & Company, Evercore (led by Daniel Mendelow), JP Morgan (led by Chris Ventresca), Covington & Burling (led by Derek Ludwin), Debevoise & Plimpton (led by Jonathan Levitsky), Fried Frank Harris Shriver & Jacobson, Potter Anderson & Corroon (led by Mark Morton), Wachtell Lipton Rosen & Katz (led by Hannah Clark, Karessa Cain and Andrew Nussbaum) and Joele Frank (led by Kelly Sullivan and Daniel Katcher). Financial advisors are advised by Ropes & Gray and White & Case (led by Denise A. Cerasani). Paramount is advised by Bank of America, Barclays (led by Gary Posternack and Brian Pope), Centerview Partners (led by Blair Effron), Citigroup, M. Klein & Co (led by Michael Klein), RedBird Advisors (led by Gerald J. Cardinale), Cleary Gottlieb Steen & Hamilton (led by Paul Shim and Kelsey Nussenfeld), Cravath Swaine & Moore (led by Faiza Saeed), Latham & Watkins (led by Ian A. Nussbaum), Paul Hastings (led by David Ambler and Eric Schiele), Brunswick Group (led by Jonathan Doorley) and Okapi Partners (led by Christian Jacques). Debt providers are advised by Cahill Gordon & Reindel, according to MergerLinks data and press releases.
BC Partners-backed ContextLogic, a business ownership platform, completed the acquisition of US Salt, a producer of high-purity food and pharmaceutical-grade salt, from Emerald Lake Capital, a growth-oriented middle market private equity firm, for $908m, according to press releases.
BC Partners was advised by Proskauer Rose (led by Jonathan Gill and Benjamin E. Rubin) and Kekst CNC (led by Daniel Yunger). Debt financing was provided by Blackstone Credit. Blackstone Credit was advised by Latham & Watkins (led by Stelios Saffos). ContextLogic was advised by Houlihan Lokey, Rothschild & Co (led by David Baron) and McDermott Will & Schulte (led by Eleazer Klein and Heidi Steele). Emerald Lake was advised by Kirkland & Ellis. Abrams Capital was advised by Ropes & Gray (led by Craig Marcus), according to MergerLinks data and press releases.
Private equity firms Searchlight Capital Partners and Abry Partners, agreed to acquire KORE, a company that provides Internet of Things solutions, for $726m, according to press releases.
KORE is advised by Rothschild & Co, Richards Layton and Finger, and Troutman Pepper Locke. Financial advisors are advised by Sullivan & Cromwell (led by Stephen M. Kotran). Searchlight Capital Partners is advised by TD Cowen, Wachtell Lipton Rosen & Katz (led by Steven A. Cohen), and Prosek Partners. Abry Partners is advised by TD Cowen, Kirkland & Ellis, and FGS Global, according to press releases and MergerLinks data.
AMERICAS
GIP and EQT nearing deal to acquire AES. ( Bloomberg)
Trump Media in talks to spin off Truth Social via SPAC. ( Bloomberg)
First Brands to sell auto parts units amid bankruptcy. ( Bloomberg)
SpaceX weighs confidential IPO filing in March. ( Bloomberg)
Blackstone plans public vehicle for AI data-center acquisitions. ( Bloomberg)
EMEA
Blackstone and Brookfield among bidders for €8bn Volkswagen unit. ( Bloomberg)
Zurich nearing Beazley deal backed by equity raise. ( Bloomberg)
Advent explores bid for aerospace supplier Senior. ( FT)
QST weighs sale of Saudi data-center business. ( Reuters)
Coller and Mediobanca to offer PE secondaries fund. ( Bloomberg)
APAC
Macquarie arm weighing 50% stake in Victoria title registry. ( Bloomberg)
Sunway may walk away from $2.7bn IJM bid. (Bloomberg)
CP Group to sell 10% stake in True to UBS. ( Bloomberg)
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COMPANIES
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AMERICAS
The Brink’s Company, a global provider of cash and valuables management, digital retail solutions, and ATM managed services, agreed to acquire NCR Atleos, an ATM business service provider, for $6.6bn, according to press releases.
NCR Atleos is advised by JP Morgan, King & Spalding and Collected Strategies (led by Jim Golden). Brink’s is advised by Morgan Stanley, Sidley Austin and FGS Global, according to MergerLinks data and press releases.
Peoria Resources, a private exploration and production company focused on operated oil and gas assets, completed the acquisition of the oil and gas business of Verdad Resources, an operator focused on horizontal development in the DJ Basin, for $1.3bn, according to press releases.
Peoria Resources was advised by Wells Fargo Securities and Willkie Farr & Gallagher (led by Brad Honeycutt and Tan Lu). Verdad Resources was advised by JP Morgan and Kirkland & Ellis (led by William Eiland), according to MergerLinks data and press releases.
Visa, a global payments technology company, completed the acquisition of Prisma Medios de Pago, a digital payments company, and Newpay, a payments technology provider, from Advent International, a private equity firm, according to press releases. Financial terms were not disclosed.
Visa was advised by JP Morgan. Advent International was advised by Morgan Stanley and Simpson Thacher & Bartlett, according to press releases and MergerLinks data.
Amazon, NVIDIA, two technology companies, and SoftBank, an investment holding company, led a $110bn investment round in OpenAI, an artificial intelligence research organization, according to press releases.
OpenAI was advised by Wachtell Lipton Rosen & Katz (led by Andrew Nussbaum), according to MergerLinks data.
GI Partners, a private equity firm, agreed to acquire the CDMO and Cell Solutions businesses from Charles River, a pharmaceutical and biotechnology contract research organisation, according to press releases. Financial terms were not disclosed.
Tonka Bay, a private equity firm, completed the investment in CAMP Digital, a tech-enabled marketing platform purpose-built for the home services industry, according to press releases. Financial terms were not disclosed.
CAMP Digital was advised by Jegi Leonis, according to MergerLinks data and press releases.
Knife River, a people-first construction company, completed the acquisition of Morgan Asphalt, an aggregates-based asphalt paving company, according to press releases. Financial terms were not disclosed.
GIP and EQT nearing deal to acquire AES. ( Bloomberg)
BlackRock’s Global Infrastructure Partners and EQT are in advanced talks to acquire power company AES. Discussions are at a progressed stage.
AES has a market value of about $11.6bn after shares rose more than 55% over the past year. The company rescheduled its full-year earnings for March 3.
Trump Media in talks to spin off Truth Social via SPAC. ( Bloomberg)
Trump Media is discussing a spin-off of its Truth Social unit into a separate company. Existing shareholders would receive shares in the new entity.
The spun-off business would merge with Texas Ventures Acquisition III, a Nasdaq-listed SPAC. The move would take Truth Social public as a standalone company.
First Brands to sell auto parts units amid bankruptcy. ( Bloomberg)
First Brands has four potential buyers for factories producing parts for automakers, including Ford, as it seeks to avoid liquidation. Three of the units supply Ford.
Carmakers have been paying in advance for parts and administrative costs to keep operations running. The sales aim to preserve jobs.
SpaceX weighs confidential IPO filing in March. ( Bloomberg)
SpaceX is considering a confidential IPO filing as soon as March, with a draft registration planned with the US Securities and Exchange Commission. The move could lead to a June listing.
The offering may become the largest on record and could precede other potential mega-IPOs. OpenAI and Anthropic are also seen as possible candidates.
Blackstone plans public vehicle for AI data-center acquisitions. ( Bloomberg)
Blackstone is launching a publicly traded vehicle to acquire data centers, giving retail investors exposure to the AI boom. The company will target digital infrastructure assets.
The firm is seeking initial backing from sovereign wealth funds and plans to raise tens of billions from a broader investor base. The move expands its push into AI-linked infrastructure.
EMEA
ThomasLloyd Climate Solutions, a vertically integrated sustainable energy and technology solutions provider, agreed to go public via a SPAC merger with DBDR Acquisition Corp. II, a publicly-traded special purpose acquisition company, in a $1.5bn deal, according to press releases.
ThomasLloyd Climate Solutions is advised by Cohen & Company Capital Markets, Reed Smith, and ICR Inc. DBDR Acquisition Corp. II is advised by B. Riley Securities and Goodwin Procter, according to press releases.
EG On The Move, a petrol forecourt and convenience retailer, agreed to acquire the French fuel retail business from EG Group, an operator of convenience retail, foodservice, and fuel stations, according to press releases. Financial terms were not disclosed.
EG Group is advised by Rothschild & Co, A&O Shearman and FGS Global (led by Rollo Head), according to MergerLinks data and press releases.
CPP Investments, an investment firm, and Equinix, a digital infrastructure company, agreed to acquire atNorth, a Nordic high-density colocation and built-to-suit data center provider, from Partners Group, a private equity firm, for $4bn, according to press releases.
Blackstone and Brookfield among bidders for €8bn Volkswagen unit. ( Bloomberg)
Blackstone and Brookfield are bidding at €8bn ($9.4bn) for a majority stake in Volkswagen’s heavy diesel engine unit. The sale involves the Everllence business.
Advent, Bain, EQT and CVC have also advanced in the process. The auction is ongoing for the engine manufacturing unit.
Zurich nearing Beazley deal backed by equity raise. ( Bloomberg)
Zurich Insurance is close to agreeing a takeover of UK insurer Beazley and plans to fund the deal with an equity raise. A recommended bid could be announced as soon as March 2.
Zurich is expected to raise $3bn to $5bn from investors by March 4, the deadline to make a firm offer. The move would support financing of the acquisition.
Advent explores bid for aerospace supplier Senior. ( FT)
Advent International is considering an offer for UK engineering group Senior. The aerospace and defence parts supplier said it has received multiple approaches.
Senior’s shares rose about 20% after the disclosure. The company said it is in discussions with potential buyers.
QST weighs sale of Saudi data-center business. ( Reuters)
Quantum Switch Tamasuk is exploring strategic options, including a potential sale of its Saudi data-center unit. The business was formed as a joint venture between Tamasuk and Quantum Switch.
QST has operating and planned projects across Saudi Arabia. The review may draw interest from global private equity firms.
Coller and Mediobanca to offer PE secondaries fund. ( Bloomberg)
Coller Capital partnered with Mediobanca to offer its private equity secondaries strategy to wealthy Italian clients. The fund had $1.4bn as of December.
The secondaries market grew 41% in 2025 to $226bn in deal volume. The partnership expands Coller’s reach in Europe.
APAC
Shandong Sinocera Functional Material, a sino-foreign venture high-tech enterprise, agreed to acquire SDI, a manufacturer of specialist dental materials, for AUD166m ($118m), according to press releases.
SDI is advised by Houlihan Lokey and DLA Piper. Sinocera is advised by Rothschild & Co and Herbert Smith Freehills Kramer, according to MergerLinks data and press releases.
Macquarie arm weighing 50% stake in Victoria title registry. ( Bloomberg)
Macquarie Asset Management is studying a 50% stake in Secure Electronic Registries Victoria, valued at AUD4bn ($2.8bn). The company operates Victoria’s land title registry.
Aware Super is working with Barrenjoey on the sale, with indicative bids expected in April. SERV processes property transactions across the state.
Sunway may walk away from $2.7bn IJM bid. (Bloomberg)
Sunway may abandon its MYR11bn ($2.7bn) offer for IJM if shareholders reject the bid by April 6. The company said investors are under no obligation to accept.
The proposed deal has drawn political scrutiny over potential dilution of government and indigenous ownership. The outcome now depends on shareholder approval.
CP Group to sell 10% stake in True to UBS. ( Bloomberg)
Charoen Pokphand Group plans to sell a 10% stake in telecom affiliate True, with most shares going to UBS. The sale involves 3.46bn shares in two tranches.
UBS will acquire about 9.8% of True, with the remaining shares purchased by two other buyers. The transaction was disclosed in a Thai exchange filing.
Indian vaccine maker Bharat Biotech is considering an IPO that could raise more than $500m. The listing details, including size and timing, are under discussion.
Key terms of the offering, including valuation and timeline, are still being evaluated and could change. The company has not publicly confirmed the potential listing.
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