Patient Square Capital completed the acquisition of Patterson Companies for $4.1bn.

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

TPG and Temasek to acquire a minority stake in Cliffwater.

TPG, an American private equity firm, and Temasek, a Singapore based investment company, agreed to acquire a minority stake in Cliffwater, an independent alternative investment adviser and fund manager, according to press releases. Financial terms were not disclosed.

Cliffwater is advised by Moelis & Co, Kirkland & Ellis and Prosek Partners. TPG is advised by Ardea Partners, JP Morgan, Davis Polk & Wardwell and Paul Weiss Rifkind Wharton & Garrison (led by Annie Herdman). TA Associates is advised by Goodwin Procter, according to press releases and MergerLinks data.

Stone Point Capital to invest in Ultimus Fund Solutions.

Stone Point Capital, a private equity firm, agreed to invest in Ultimus Fund Solutions, a provider of fund administration services and solutions to investment advisors, according to press releases. Financial terms were not disclosed.

Ultimus Fund was advised by Goldman Sachs and Morgan Stanley. Stone Point was advised by Paul Weiss Rifkind Wharton & Garrison (led by Eric Wedel, Ben Steadman and Caroline Epstein) and Simpson Thacher & Bartlett (led by Elizabeth Cooper). GTCR was advised by Ardea Partners, Broadhaven Capital Partners, Latham & Watkins (led by Bradley Faris and Owen Alexander) and Prosek Partners (led by Josh Clarkson), according to press releases and MergerLinks data.

Ares Management completes the acquisition of Epika Fleet Services.

Ares Management, a global alternative investment manager, completed the acquisition of Epika Fleet Services, mobile-focused provider of preventative maintenance and repair services for commercial trucking fleets, according to press releases. Financial terms were not disclosed.

Epika Fleet Services was advised by William Blair & Co, Maslon and Reed Smith. Ares was advised by Piper Sandler and Sullivan & Cromwell (led by Rita-Anne O'Neill), according to press releases and MergerLinks data.

MidOcean Partners completes the acquisition of GSTV from Rockbridge Growth Equity.

MidOcean Partners, an alternative asset manager, completed the acquisition of GSTV, the national on-the-go video network, from Rockbridge Growth Equity, a private equity firm, according to press releases. Financial terms were not disclosed.

GSTV was advised by Moelis & Co, Solomon Partners and Honigman Miller Schwartz & Cohn. MidOcean Partners was advised by Gibson Dunn & Crutcher and Prosek Partners, according to press releases and MergerLinks data.

Lightyear Capital Partners completes the investment in King Risk Partners.

Lightyear Capital Partners, a private equity firm, completed the investment in King Risk Partners, a retail insurance brokerage with deep expertise in personal and commercial insurance, according to press releases. Financial terms were not disclosed.

Lightyear Capital was advised by Davis Polk & Wardwell (led by Michael Davis), Foley & Lardner and ThroughCo Communications (led by Elliot Sloane). BHMS was advised by Sidley Austin. King Risk was advised by TAG Financial Institutions Group, according to press releases.

Thoma Bravo to acquire portions of Digital Aviation Solutions business from Boeing for $10.55bn.

Thoma Bravo, a software investment firm, agreed to acquire portions of Digital Aviation Solutions business from Boeing, a global aerospace company, for $10.55bn, according to press releases.

Thoma Bravo is advised by Kirkland & Ellis and FGS Global (led by Akash Lodh). Boeing is advised by Citigroup and Mayer Brown, according to press releases and MergerLinks data.

Stonepeak completed the acquisition of Dupré Logistics.

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.

MPE Partners completes the investment in Intermatic.

MPE Partners, a private equity firm, completed the investment in Intermatic, an energy management solutions company, according to press releases. Financial terms were not disclosed.

Intermatic was advised by Robert W Baird (led by Trish Renner). MPE Partners was advised by Jones Day (led by Lisa Lathrop and Kevin Samuels). Debt financing was provided by CIBC World Markets and Manulife Investment Management, according to press releases and MergerLinks data.

Littlejohn Capital to acquire 3P Processing.

Littlejohn Capital, an investment firm, agreed to acquire 3P Processing, a provider of metal processing and finishing solutions to the aerospace industry, according to press releases. Financial terms were not disclosed.

3P Processing is advised by KAL Capital Markets. Littlejohn is advised by BakerHostetler and Chris Tofalli Public Relations (led by Chris Tofalli), according to press releases.

Bow River Capital completed a majority investment in CloudShare.

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.

Nomura to acquire US and European public asset management business of Macquarie for $1.8bn.

Nomura, a financial services company, agreed to acquire US and European public asset management business of Macquarie, an Australian multinational investment banking and financial services firm, for $1.8bn, according to press releases.

Nomura is advised by Nomura Securities and White & Case, according to press releases.

GIC led a $152m Series F round in Altruist.

GIC, a global institutional investor, led a $152m Series F round in Altruist, a custodial solution for modern advisors, with participation from Salesforce Ventures, Geodesic Capital, Baillie Gifford, Carson Family Office and ICONIQ, according to press releases.

Altruist was advised by Gregory FCA, according to press releases.

CapitalSpring to acquire a majority stake in Coast Sign.

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.

AMG to acquire a minority stake in Verition Fund Management.

AMG, a financial services firm, agreed to acquire a minority stake in Verition Fund Management, an investment management firm, according to press releases. Financial terms were not disclosed.

AMG is advised by Paul Weiss Rifkind Wharton & Garrison (led by David Hepp and Matthew Collin), according to press releases and MergerLinks data.

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.

Cantor nears $3bn crypto venture with SoftBank and Tether. (Reuters)

Brandon Lutnick, son of US Commerce Secretary Howard Lutnick and chairman of brokerage Cantor Fitzgerald, is teaming up with SoftBank, Tether, and Bitfinex to launch a multibillion-dollar bitcoin acquisition vehicle.

The vehicle, named Cantor Equity Partners, will use the capital to establish a new firm called 21 Capital, which is set to receive $3bn in bitcoin from the participating cryptocurrency investors and trading firms.

GTCR strikes deal valuing fund services business at almost $2bn. (WSJ)

Private equity firm GTCR has agreed to sell a significant stake in Ultimus Fund Solutions in a deal that values the fund administration provider at nearly $2bn.

The stake is being sold to Stone Point Capital, an investment firm specializing in financial services. The agreement was announced on April 23.

UBS and General Atlantic discuss private credit partnership. (Bloomberg)

UBS is in advanced discussions with alternative asset manager General Atlantic to form a strategic partnership aimed at expanding into the $1.6tn private credit market.

The planned agreement, which could be announced as soon as week commencing April 28, would involve UBS’s investment bank originating loans that give GA Credit preferred access or a "first-look" at potential deals. The move marks a significant step in UBS’s efforts to grow its presence in private lending.

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.

Carlyle's CEO Is reviving its DC brand just in time for Trump era. (Bloomberg)

Harvey Schwartz is working to reinvigorate Carlyle Group by strengthening its connection to its Washington, DC origins—a key element of his strategy since taking over as CEO.

In his first year as CEO, Schwartz made weekly visits to Carlyle’s Washington headquarters, highlighting efforts to reestablish it as a strategic center.

EMEA

Investindustrial to acquire DCC Healthcare from DCC for £1.05bn.

Investindustrial, a European investment firm, agreed to acquire DCC Healthcare, a provider of medical and diagnostic products, from DCC, a company delivering future-focused solutions across energy, healthcare and technology sectors, for £1.05bn ($1.4bn), according to press releases.

Investindustrial is advised by Barclays, Moelis & Co, Chiomenti, Milbank, Paul Weiss Rifkind Wharton & Garrison and H/Advisors Maitland (led by David Stürken). DCC is advised by JP Morgan and Cleary Gottlieb Steen & Hamilton, according to press releases.

KKR to acquire Biotage for SEK11.6bn.

KKR, a global investment firm, offered to acquire Biotage, a drug discovery and development, diagnostics and analytical testing solutions provider, for SEK11.6bn ($1.2bn), according to press releases.

Biotage is advised by Grant Thornton. KKR is advised by JP Morgan, Nordea Bank, Roschier Attorneys, Simpson Thacher & Bartlett (led by Clare Gaskell) and Brunswick Group (led by Peter Lindell), according to press releases.

Colonial completes a €200m investment in Deeplabs.

Colonial, a company engaged in the operation of real estate investment trust, completed a €200m ($227m) investment in Deeplabs, a science & innovation platform, according to press releases.

Colonial was advised by Cushman & Wakefield, Citigroup, Uria Menendez, Brunswick Group and Roman (led by Xavier Ribó). Stoneshield Capital was advised by CBRE Group and UBS, according to press releases.

Elm completes the acquisition of Thiqah from PIF for $907m.

Elm, a provider of innovative secure services & solutions to both public and private sectors in Saudi Arabia, completed the acquisition of Thiqah, a firm specializing in smart technology solutions for business services, from PIF, a private equity firm, for $907m, according to press releases.

Thiqah was advised by JP Morgan, according to press releases and MergerLinks data.

Marlin Equity Partners completes a €72m investment in Didomi.

Marlin Equity Partners, a private equity firm, completed a €72m ($83m) investment in Didomi, a global data privacy Solutions provider, according to press releases.

Didomi was advised by Sullivan & Cromwell (led by Arnaud Berdou), according to MergerLinks data.

GTO Partners completes the acquisition of a majority stake in Complea.

GTO Partners, a private equity firm, completed the acquisition of a majority stake in Complea, an IT and digitalisation services provider, according to press releases. Financial terms were not disclosed.

GTO Partners was advised by Greenbrook (led by Tashi Lassalle and Ksenia Galouchko).

Barclays and Citigroup back KKR’s $3.1bn OSTTRA buyout with $1.7bn financing. (Bloomberg)

Barclays, Citigroup, and KKR Capital Markets are underwriting around $1.7bn in debt to support KKR’s $3.1bn acquisition of post-trade services company OSTTRA.

The financing package includes first- and second-lien debt, which is expected to be placed with investors in the capital markets.

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.

Elliott goes public with 5% BP stake, seeks deeper cost cuts. (Bloomberg)

Elliott Investment Management has raised its stake in BP to just over 5%, stepping up its activist campaign at the underperforming energy giant.

The newly disclosed holding positions Elliott alongside Vanguard Group as one of the largest shareholders in the UK-listed company.

Argentex weighs sale to IFX Payments after margin call chaos. (Bloomberg)

Argentex, the currency management firm that experienced a "rapid and significant" cash squeeze following tariff announcements from US President Donald Trump, is considering a sale to IFX Payments after turning down two competing offers.

Talks are at an advanced stage, though the board emphasized there is no guarantee that a deal will be finalized. Argentex previously rejected bids from Lumon Acquisitions, backed by Pollen Street Capital, as well as a joint offer from fintech entrepreneur Terry Clune and Argentex former CEO Harry Adams.

Deutsche Bank’s DWS can now consider buying a rival. (Bloomberg)

DWS Group CEO Stefan Hoops signaled that the firm is ready to pursue acquisitions, positioning Germany’s largest asset manager to join the wave of consolidation sweeping the industry.

Much of the internal groundwork needed to prepare for such moves has been completed, Hoops said in an April 24 interview, adding that the firm now has sufficient excess capital to support larger transactions.

APAC

Vector Capital completes the acquisition of Bigtincan for AUD183m.

Vector Capital, a private equity firm focused on transformational investments in established technology businesses, completed the acquisition of Bigtincan, a sales enablement software and AI solutions provider, for AUD183m ($117m), according to press releases.

Bigtincan was advised by Gilbert + Tobin. Vector Capital was advised by Alvarez & Marsal, Johnson Winter & Slattery, Sidley Austin (led by Martin A. Wellington), Gasthalter & Co (led by Nathaniel Garnick) and Deloitte, according to press releases and MergerLinks data.

Warburg Pincus and ADIA to invest $877m in IDFC FIRST Bank.

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.

NS Solutions to acquire Infocom from Blackstone for $390m.

NS Solutions, a Japan-based IT solutions provider, agreed to acquire Infocom, a Japan-based IT services and digital content provider, from Blackstone, a private equity firm, for $390m, according to press releases.

NS Solutions is advised by UBS, according to press releases and MergerLinks data.

Singapore's PSA weighs selling 20% stake in CK Hutchison's ports business. (Reuters)

Singapore’s PSA International is exploring the sale of its 20% stake in CK Hutchison’s ports business, joining the Hong Kong conglomerate in its plans to divest from the venture.

CK Hutchison, controlled by tycoon Li Ka-shing, announced in March that it would sell its 80% holding in the ports business—which includes two terminals along the strategically important Panama Canal—to a BlackRock-led C3 consortium. The combined holding is valued at $14.2bn in equity.

Chinese buyout firm is said to consider sale of chip tester UTAC. (Bloomberg)

Wise Road Capital is exploring a potential sale of semiconductor assembly and testing firm UTAC, with the deal possibly valued at around $3bn.

The Beijing-based private equity firm has brought on an adviser to evaluate strategic options as it considers divesting the business. Deliberations are ongoing and no final decision has been made.

Japan lawmakers urge pension fund to invest in domestic private equity. (Reuters)

A group of lawmakers from Japan’s ruling party has urged the country’s top public pension fund, GPIF, to increase investment in domestic private equity and venture capital funds as part of efforts to strengthen the local private asset investment ecosystem.

Global firms like KKR and Bain Capital have seen growing success in Japan, supported by corporate governance reforms, increased shareholder activism and government initiatives promoting industry consolidation.

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.

Navis Capital Partners closes $230m continuation vehicle for Southeast Asian school portfolio. (DealStreetAsia)

Navis Capital Partners has closed its latest continuation vehicle at $230m, allowing a partial exit from its Southeast Asian K-12 school portfolio while securing additional capital to maintain investment in the platform.

The Navis Next Generation Fund enables Navis Asia Fund VIII to realise strong returns on the portion of the portfolio sold while retaining significant exposure to the future growth potential of the assets.

Weekly Review - Financial Sponsors

Read on...

Connect the World of Dealmakers