|
Top Highlights
Patient Square Capital, a dedicated health care investment firm, completed the acquisition of Patterson Companies, a dental and animal health distributor, for $4.1bn, according to press releases.
Patterson was advised by Guggenheim Partners, Eversheds Sutherland (led by Steven Hacking), Taft Stettinius & Hollister and FGS Global (led by Bryan Locke and Jacob Crows). Patient Square was advised by Citigroup, UBS, Wells Fargo Securities, Greenberg Traurig, Kirkland & Ellis (led by Maggie D. Flores, Michael E. Weisser and Oliver Yee), Latham & Watkins (led by Stelios Saffos), Stikeman Elliott (led by John Leopold) and Prosek Partners. Debt financing was provided by Citigroup, UBS and Wells Fargo Securities, according to MergerLinks data and press releases.
Clessidra, a private equity firm, completed the acquisition of a majority stake in MiCROTEC, a wood and food scanning solutions provider, according to press releases. Financial terms were not disclosed.
MiCROTEC was advised by Ernst & Young, MP Corporate Finance, Binder Grosswang Rechtsanwalte and Di Stefano Auer Partner. Clessidra was advised by Marsh, goetzpartners, ERM Group, Electa, Ernst & Young, Fineurop Soditic, Advant NCTM, Image Building and KPMG. Debt financing was provided by BNP Paribas and Banco BPM, according to MergerLinks data and press releases.
Stonepeak, an alternative investment firm, completed the acquisition of Dupré Logistics, a company specializing in innovative logistics solutions, according to press releases. Financial terms were not disclosed.
Dupré Logistics was advised by G2 Capital Advisors and Scudder Law Firm. Stonepeak was advised by Brown Gibbons Lang & Company and Simpson Thacher & Bartlett (led by Eli Hunt and Keegan Lopez), according to MergerLinks data and press releases.
Deal Round up
AMERICAS
OpenAI in talks to acquire Windsurf for $3bn. ( Reuters)
Rumo seeks investment partners for rail and terminal expansion in Brazil. ( Bloomberg)
Trump administration moves to sell HUD headquarters amid downsizing efforts. ( Bloomberg)
Atvos weighs bid for Raizen’s sugar mills in Brazil’s Mato Grosso do Sul. ( Bloomberg)
EMEA
Yildirim eyes $2bn nickel mine push. ( Bloomberg)
ADNOC and Gunvor emerge as finalists for Shell’s South African assets. ( Bloomberg)
Barclays and Brookfield forge a £400m partnership to tTransform payments business. ( Press Release)
Lauak Groupe considers sale to fuel global expansion. ( Bloomberg)
Uber in talks to acquire Turkish delivery platform Trendyol Go. (Bloomberg)
Fidelity Japan Trust launches strategic review amid shareholder uncertainty. ( Reuters)
OpenAI's $500bn Stargate venture explores UK expansion for AI infrastructure. ( DealSteetAsia)
APAC
Blackstone raises over $4.4bn in first close of new Asia private equity fund. ( DealSteetAsia)
|
|
|
Read on...
Scroll down to read deal descriptions. Your suggestions and comments support the democratisation of M&A data. If you'd like to contribute to the future editions, drop us a line.
AMERICAS
US banking regulators have approved Capital One's $35.3bn acquisition of Discover Financial Services, paving the way for the merger to close on May 18, 2025. The combined entity will become the nation's largest credit card issuer by balances and the eighth-largest bank by assets.
Bow River Capital, an alternative asset manager, completed a majority investment in CloudShare, a SaaS provider of AI‑guided solutions, according to press releases. Financial terms were not disclosed.
CloudShare was advised by AGC Partners. Bow River was advised by Morrison & Foerster (led by Erik Knudsen and Shiri Shenhav) and Thinktiv, according to MergerLinks data and press releases.
Constellation Wealth Capital, a US-based alternative asset management platform, agreed to acquire a minority stake in Procyon Partners, a US-based registered investment advisory firm, according to press releases. Financial terms were not disclosed.
Procyon Partners is advised by Dynasty Investment Bank and Houlihan Lokey, according to press releases.
Pye-Barker Fire & Safety, a US-based provider of fire protection, life safety, and security services, completed the acquisition of Arrow Fire Protection, a US-based fire protection company, according to press releases. Financial terms were not disclosed.
Pye-Barker Fire & Safety was advised by Nelson Mullins Riley & Scarborough, according to press releases.
Stefanini Group, a Brazil-based global technology solutions provider, agreed to acquire a 60% stake in Escala 24x7, a US-based AWS Premier Consulting Partner with a strong presence in Latin America, according to press releases. Financial terms were not disclosed.
Escala 24x7 is advised by Houlihan Lokey, according to press releases.
CapitalSpring, a middle market private investment firm with expertise in multi-location business models, agreed to acquire a majority stake in Coast Sign, a US-based manufacturer of exterior signage and provider of related products and services, according to press releases. Financial terms were not disclosed.
CapitalSpring is advised by Mainland, according to press releases.
Sports Endeavors, a US-based e-commerce and retail company specializing in soccer gear and apparel, completed the acquisition of Soccer Master, a US-based soccer specialty retailer, according to press releases. Financial terms were not disclosed.
OpenAI in talks to acquire Windsurf for $3bn. ( Reuters)
OpenAI is in discussions to acquire Windsurf, an AI-assisted coding tool formerly known as Codeium, for approximately $3bn. If finalized, this would represent OpenAI's largest acquisition to date. The deal is not yet confirmed and could still change or fall apart.
The company had also been in talks with investors such as Kleiner Perkins and General Catalyst to raise funding at a $3bn valuation. OpenAI, backed by Microsoft, is also planning to raise up to $40bn in a funding round that could bring its valuation to $300bn.
Rumo seeks investment partners for rail and terminal expansion in Brazil. ( Bloomberg)
Rumo, Brazil’s largest independent railway operator, is actively seeking partners to support the expansion of its rail network and transshipment terminals across the country.
The logistics company is in discussions with potential investors, including international funds, to raise capital for its growth plans. Any new partners would hold minority stakes in companies under Rumo’s control, though the talks remain private at this stage.
Trump administration moves to sell HUD headquarters amid downsizing efforts. ( Bloomberg)
The Trump administration is putting the Washington, D.C. headquarters of the Department of Housing and Urban Development up for sale, as part of a broader initiative to shrink the federal government’s real estate footprint in response to a declining workforce.
The Robert C. Weaver Federal Building, which houses HUD, was added on Thursday to the General Services Administration’s list of properties marked for “accelerated disposal,” signaling a push to streamline and offload underused federal assets.
Atvos weighs bid for Raizen’s sugar mills in Brazil’s Mato Grosso do Sul. ( Bloomberg)
Atvos, a Brazilian producer of ethanol and sugar backed by Mubadala Capital, is among the companies exploring bids for three sugar mills currently owned by Raizen.
Raizen — a joint venture between Shell and Cosan — has enlisted Banco Itaú BBA to manage the sale. The mills in question are located in the Brazilian state of Mato Grosso do Sul.
EMEA
The Italian government has granted conditional approval to UniCredit’s €10.1bn ($11.5bn) all-share bid for Banco BPM, with the formal offer set to launch on April 28. A key stipulation is that UniCredit must expedite its exit from Russia, aligning with similar demands from the European Central Bank.
Day Wireless Systems, a provider of critical communication solutions, completed the acquisition of Sigma Wireless Communications, a wireless communications solutions provider, according to press releases. Financial terms were not disclosed.
Sigma Wireless Communications was advised by Clearwater, Forvis Mazars and Bowler Geraghty. Day Wireless Systems was advised by Crowe Ireland and Taylor Wessing, according to press releases.
CleanCore Solutions, a company specializing in chemical-free aqueous ozone cleaning technologies, completed the acquisition of Sanzonate Europe, the largest distributor of aqueous ozone products in Europe, according to press releases. Financial terms were not disclosed.
CleanCore Solutions was advised by Crescendo Communications, according to press releases.
Yildirim eyes $2bn nickel mine push. ( Bloomberg)
Turkish billionaire Robert Yuksel Yildirim is pursuing a $2bn plan to acquire nickel mines, wagering that the metal’s price will rebound and that Western nations will seek to reduce their dependence on Chinese supply chains.
After building his wealth through chrome and shipping under the family-run Yildirim Holding AS, Yildirim launched a new venture this year called CoreX Holding, separating it from the original business. With existing nickel-processing facilities already in place, he views the current market downturn as a prime opportunity to expand.
ADNOC and Gunvor emerge as finalists for Shell’s South African assets. ( Bloomberg)
Abu Dhabi National Oil and Swiss commodities trader Gunvor have been shortlisted as leading candidates to acquire Shell’s downstream assets in South Africa.
The assets, estimated to be worth around $1bn, have attracted strong interest, but previous contenders — including Trafigura’s Puma Energy, Sasol, and South Africa’s PetroSA — are no longer in the running.
Barclays and Brookfield forge a £400m partnership to transform payments business. ( Press Release)
Barclays and Brookfield Asset Management announced a long-term strategic partnership to grow and transform Barclays’ payment acceptance business, previously referred to as its merchant acquiring business.
Barclays plans to invest approximately £400m ($532m) in the business, the majority of which will occur during the first three years of the partnership. Brookfield will provide expertise to support this transformation and will be entitled to a financial incentive, linked to the performance of the Business. This drives alignment between the partners and reflects Brookfield’s future commitment and contribution to the transformation.
Lauak Groupe considers sale to fuel global expansion. ( Bloomberg)
Lauak Groupe, a French family-owned aerospace supplier serving major manufacturers like Airbus and Bombardier, is exploring a full or partial sale as it seeks funding to support its international growth ambitions.
CEO Mikel Charritton noted the company is open to scenarios ranging from a minority investment by a financial fund to a majority acquisition by an industrial partner.
Uber in talks to acquire Turkish delivery platform Trendyol Go. (Bloomberg)
Uber is reportedly in discussions to acquire Trendyol Go, the food delivery arm of Turkish e-commerce company Trendyol. While the terms of the potential deal remain undisclosed.
Trendyol Go operates within Turkey's competitive food delivery market, offering services that complement Uber's existing ride-hailing and delivery operations. An acquisition would potentially enhance Uber's presence in the region and diversify its service offerings.
Fidelity Japan Trust launches strategic review amid shareholder uncertainty. ( Reuters)
Fidelity Japan Trust, listed in London, has initiated a formal review to assess the company's future. The move comes as the firm anticipates that a majority of its shareholders may not support a proposal to continue operating as an investment trust.
Earlier this month, the group, which specializes in Japanese investments, disclosed that it had rejected a merger proposal from AVI Japan Opportunity Trust. AVI had taken its offer public ahead of Fidelity Japan Trust’s upcoming annual meeting in May, following the company's refusal to combine their assets.
France’s financial markets regulator has rejected Bolloré’s proposed buyout offers for three companies within its corporate group, marking the latest development in a prolonged dispute over the plan.
The Autorité des Marchés Financiers ruled the tender offers — which were intended to be followed by mandatory squeeze-outs — as “non-compliant”. The AMF stated that detailed reasons for the rejection would be released soon.
OpenAI's $500bn Stargate venture explores UK expansion for AI infrastructure. ( DealSteetAsia)
Stargate, a $500bn US-based AI infrastructure initiative backed by OpenAI, SoftBank, and Oracle, is evaluating potential expansion into the United Kingdom. The project, initially announced in January 2025, aims to build extensive AI infrastructure over the next four years. The UK is being considered due to its pro-innovation regulatory environment and efforts to enhance electricity access for data centers.
OpenAI CEO Sam Altman has expressed interest in extending Stargate-like programs into Europe, indicating a strategic move to bolster AI infrastructure beyond the United States. The initiative reflects a broader trend of increasing global investment in AI capabilities.
APAC
Warburg Pincus, a US-based global private equity firm, and Abu Dhabi Investment Authority, a UAE-based sovereign wealth fund, agreed to invest $877m in IDFC FIRST Bank, an India-based private sector bank, according to press releases.
IDFC FIRST Bank is advised by J. Sagar Associates (led by Vikram Raghani), according to Mergerlinks data.
Infosys, an India-based global digital services and consulting company, agreed to acquire The Missing Link, an Australian cybersecurity and cloud services specialist, for $63m, according to press releases.
The Missing Link is advised by TH Global Capital, according to press releases.
General Atlantic-backed Ujala Cygnus, a healthcare services provider, agreed to acquire a 60% stake in Amandeep Hospital, a multi-super-specialty hospitals operator, according to press releases. Financial terms were not disclosed.
Ujala Cygnus is advised by J. Sagar Associates (led by Siddharth Mody), according to MergerLinks data.
PATRIZIA, a Germany-based global real assets investment manager, and Mitsui & Co, a Japan-based trading and investment conglomerate, agreed to invest $350m in Kaer, a Singapore-based cooling-as-a-service provider, according to press releases.
Blackstone raises over $4.4bn in first close of new Asia private equity fund. ( DealSteetAsia)
EQT has secured over $10bn for its ninth Asia-focused private equity fund, BPEA Private Equity Fund IX, approaching its $12.5bn target. The fund, launched in August 2024 with a hard cap of $14.5bn, is expected to reach its target size by summer 2025. Notable commitments include $150m from the Teacher Retirement System of Texas and $100m from the Illinois Municipal Retirement Fund.
Despite a challenging fundraising environment in Asia, with 2024 seeing a decade-low $74bn raised, EQT's fund is set to become one of the region's largest, alongside those of KKR and Blackstone. EQT's portfolio in Asia primarily comprises service providers, technology service companies, and technology businesses.
|
Connect the World of Dealmakers
Expand your network of fellow Dealmakers by inviting your colleagues and coworkers.
Join Now
If you know someone who might enjoy this briefing forward this email. Subscribe to a Daily Review.
|
|
|
|
|
