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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 Companies 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 Capital was advised by Citigroup, UBS, Wells Fargo Securities, Greenberg Traurig, Kirkland & Ellis (led by Maggie Flores, Michael Weisser and Oliver Yee), Latham & Watkins (led by Stelios Saffos, Jesse Sheff, Erika Weinberg and Andrew Baker), Stikeman Elliott (led by John Leopold) and Prosek Partners. Debt financing was provided by Citigroup, UBS and Wells Fargo Securities, according to press releases and MergerLinks data.
NOVAGOLD Resources, a Canada-based precious metals company, and Paulson Advisers, a private investment management firm, agreed to acquire 50% of Donlin Gold, a gold mining joint venture, from Barrick Gold, a Canada-based mining company, for $1bn, according to press releases.
Paulson Advisers is advised by Goodmans, Kleinberg Kaplan Wolff & Cohen, McCarthy Tetrault and Stoel Rives. NOVAGOLD is advised by Citigroup, Blake Cassels & Graydon and Dorsey & Whitney. Electrum is advised by Baker Botts and Stikeman Elliott. Barrick Gold is advised by CIBC World Markets, Davies Ward Phillips & Vineberg and Holland & Hart, according to press releases and MergerLinks data.
Cadre, a manufacturer and distributor of safety equipment and other related products, completed the acquisition of the engineering division from Carr's Group, a manufacturer and provider of value added products and solutions for £75m ($100m), according to press releases.
Deal Round up
AMERICAS
OpenAI would buy Google's Chrome. ( Reuters)
GTCR strikes deal valuing fund services business at almost $2bn. ( WSJ)
Chipmaker UMC says no merger 'activity' right now, amid GlobalFoundries talk. ( Reuters)
Cantor nears $3bn crypto venture with SoftBank and Tether. ( Reuters)
BrazilianJBS gets SEC approval for New York listing. ( Bloomberg)
Catalyst Opportunity Funds closes fund II at $140m with major banking, healthcare limited partners. ( Business Wire)
EMEA
Elliott goes public with 5% BP stake, seeks deeper cost cuts. ( Bloomberg)
Argentex weighs sale to IFX Payments after margin call chaos. ( Bloomberg)
Grant Thornton US goes global in private equity-backed buying spree. ( FT)
APAC
Chinese buyout firm is said to consider sale of chip tester UTAC. ( Bloomberg)
Singapore's PSA weighs selling 20% stake in CK Hutchison's ports business. ( Reuters)
LG Electronics is said to pause work on IPO of Indian unit. ( Bloomberg)
Morgan Stanley names James Hu as Vice Chairman of China business. ( Bloomberg)
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AMERICAS
H.I.G. Capital, a global alternative investment firm, agreed to acquire Converge Technology Solutions, a services-led, software-enabled, IT & cloud solutions provider, for $909m, according to press releases.
Converge was advised by Canaccord Genuity, Houlihan Lokey, Origin Merchant Partners and Goodmans. H.I.G. Capital was advised by BMO Capital Markets, Guggenheim Partners, JP Morgan, Lazard, Stikeman Elliott and Weil Gotshal and Manges (led by Tana Ryan and Navneeta Rekhi) , according to press releases and MergerLinks data.
Glenfarne, a developer, owner, and operator of energy infrastructure assets, agreed to acquire a portfolio of solar and battery energy storage system assets in Chile from METLEN, an industrial and energy company, for $815m, according to press releases.
METLEN is advised by Astris Finance, Larrain y Asociados and Milbank, according to press releases.
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.
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.
Carenet Health, a tech-enabled healthcare services provider, completed the acquisition of Balto Health Services, a healthcare engagement provider, according to press releases. Financial terms were not disclosed.
LAZ Parking, a parking operator, completed the acquisition of a majority stake in FleetLogix, a provider of fleet management and staffing services, according to press releases. Financial terms were not disclosed.
OpenAI would buy Google's Chrome. ( Reuters)
OpenAI would consider acquiring Google’s Chrome browser if antitrust regulators succeed in forcing Alphabet to divest the popular web browser, an OpenAI executive testified during Google’s antitrust trial in Washington.
Nick Turley, Head of Product for ChatGPT, made the comment while testifying at the trial where the US Department of Justice is pushing for sweeping remedies to restore competition in the online search market.
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.
Chipmaker UMC says no merger 'activity' right now, amid GlobalFoundries talk. ( Reuters)
United Microelectronics stated that there is no ongoing merger activity at present, addressing recent reports suggesting the company and US-based GlobalFoundries are exploring a potential tie-up.
Speculation around a merger emerged last month, where UMC and GlobalFoundries were considering the possibility of joining forces.
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.
BrazilianJBS gets SEC approval for New York listing. ( Bloomberg)
Brazil’s meat giant JBS has secured approval from the US Securities and Exchange Commission for its proposed share listing in New York, marking another step forward in the meatpacker’s effort to enhance its market valuation.
The world’s largest meat supplier received a declaration of effectiveness, indicating that the SEC has no objections to the planned securities offering. Shareholders are set to vote on the listing at an extraordinary general meeting on May 23.
Venture Guides, a venture capital firm specializing in early-stage infrastructure software investments, has closed its second fund at $262m.
The successful raise was achieved amid a challenging environment for venture capital fundraising. It highlights the strength of the firm’s strategy, the performance of its portfolio, and the confidence investors have in its team-based, hands-on investment approach.
Catalyst Opportunity Funds closes fund II at $140m with major banking, healthcare limited partners. ( Business Wire)
Catalyst Opportunity Funds, a real estate investment platform focused on underserved US markets, has announced the final close of Catalyst Opportunity Fund II with total capital commitments of $140m.
The close brings Catalyst’s total assets under management to $350m, supporting over $1.3bn in project costs across its portfolio. The firm emphasizes a double-bottom-line approach, combining financial returns with social impact in historically overlooked communities.
EMEA
Equistone Partners-backed Regent Acquisitions, a UK-based special purpose acquisition, agreed to acquire Inspired, a UK-based energy and sustainability advisory services provider, for £109m ($146m), according to press releases.
Regent Acquisitions is advised by Shore Capital & Corporate, Spark Advisory Partners and Simmons & Simmons, according to press releases and MergerLinks data.
Ahlsell, a Sweden-based distributor of installation products, tools, and supplies, announced its agreement to acquire Rexel Finland, a Finland-based electrical equipment distributor, from Rexel Group, a France-based global electrical supplies distributor. Financial terms were not disclosed, according to press releases.
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.
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.
BT has agreed to sell its Italian unit, BT Italia, to local telecom provider Retelit as part of CEO Allison Kirkby’s strategy to refocus the group on its core UK operations.
BT Italia, which serves around 350 corporate clients, generated approximately €160m in revenue in 2024. The company announced the deal on April 24, though financial terms were not disclosed.
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.
Grant Thornton US goes global in private equity-backed buying spree. ( FT)
Grant Thornton US is planning to acquire more than half a dozen of its sister firms across Europe and the Middle East in a private equity-backed expansion that would significantly reshape the firm’s global network.
The roll-up strategy, partially confirmed on April 24, comes as mid-tier accounting firms face growing competition. The move is aimed at strengthening Grant Thornton’s position when competing for multinational clients.
APAC
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.
Accenture, a professional services company, completed the acquisition of TalentSprint, an edtech firm, from National Stock Exchange of India, an Indian stock exchange, according to press releases. Financial terms were not disclosed.
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.
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.
LG Electronics is said to pause work on IPO of Indian unit. ( Bloomberg)
LG Electronics has put its planned initial public offering of its Indian unit on hold, citing market volatility as a key factor behind the decision.
The South Korean firm had initially aimed to launch the IPO as early as May but has informed advisers that the timeline could be pushed back. The company may revisit the offering if market conditions improve. Deliberations are still underway, and no final decision has been made.
Morgan Stanley names James Hu as Vice Chairman of China business. ( Bloomberg)
Morgan Stanley has appointed James Hu as Vice Chairman for China, as the bank looks to expand its investment banking presence in the world’s second-largest economy.
In his new role, Hu will collaborate with both offshore and onshore teams to grow the firm’s client base and deepen senior relationships across sectors. The appointment has been confirmed by a bank spokesperson.
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