Providence Equity Partners completes the acquisition of Tax Systems from Bowmark Capital.

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

Converge Technology Solutions and H.I.G. Capital agree to amend arrangement agreement. (Press Release)

Converge Technology Solutions announced an amendment to its previously disclosed arrangement agreement with an affiliate of H.I.G. Capital, initially dated February 6, 2025, according to press releases.

Under the revised terms, H.I.G. will acquire all outstanding common shares of Converge at a cash price of CAD6.00 ($4.2) per share—an increase from the earlier offer of CAD5.50 ($3.8)—excluding shares held by certain investors who will participate through rollover equity agreements.

Converge Technology Solutions is advised by Canaccord Genuity, Houlihan Lokey, Origin Merchant Partners and Goodmans. HIG Capital is advised by Stikeman Elliott and Weil Gotshal and Manges (led by Tana Ryan and Navneeta Rekhi), according to press releases and MergerLinks data.

1547 and Harrison Street completes the acquisition of DRFortress from GI Partners.

1547, an owner and operator of data centers, and Harrison Street, an investment management firm, completed the acquisition of DRFortress, Hawaii’s largest carrier-neutral data center, from GI Partners, a private equity company, according to press releases. Financial terms were not disclosed.

Harrison Street was advised by Dukas Linden Public Relations (led by Doug Allen). 1547 was advised by DLA Piper and iMiller Public Relations (led by Ilissa Miller). GI Partners was advised by Bank Street Group, Paul Weiss Rifkind Wharton & Garrison (led by Ravi Purohit) and Chris Tofalli Public Relations (led by Chris Tofalli), according to press releases and MergerLinks data.

Brookfield Asset Management to acquire Angel Oak Companies.

Brookfield Asset Management, a private equity firm, agreed to acquire Angel Oak Companies, an investment management firm, according to press releases. Financial terms were not disclosed.

Angel Oak Companies is advised by KingsRock Advisors, UBS, Paul Hastings and Gregory FCA (led by Trevor Davis). Brookfield Asset Management is advised by Paul Weiss Rifkind Wharton & Garrison (led by Erika A. Detjen and Edward Ackerman), according to press releases.

Audax Private Equity completes the acquisition of Lanter Delivery Systems from Equity Group Investments.

Audax Private Equity, a middle market private equity firm, completed the acquisition of Lanter Delivery Systems, a provider of specialized, time-critical delivery services for automotive, agricultural, heavy truck, and industrial customers, from Equity Group Investments, the private investment firm, according to press releases. Financial terms were not disclosed.

Audax Private Equity was advised by Ropes & Gray. Equity Group Investments was advised by JP Morgan, Jefferies & Company, Kirkland & Ellis and Prosek Partners (led by Jim Henry), according to press releases.

May River Capital completes the acquisition of Global Pump Solutions from CECO Environmental.

May River Capital, a private equity firm, completed the acquisition of Global Pump Solutions, a pump manufacturer, from CECO Environmental, a provider of environmental and industrial equipment, according to press releases. Financial terms were not disclosed.

May River Capital was advised by TD Securities and Paul Hastings. CECO Environmental was advised by EC M&A and Koley Jessen, according to press releases.

Comcast completes the acquisition of Nitel from Cinven.

Comcast, a media company, completed the acquisition of Nitel, a Chicago-based managed services provider specializing in network-as-a-service solutions, from Cinven, a private equity firm, according to press releases. Financial terms were not disclosed.

Nitel was advised by Jefferies & Company. Comcast was advised by Davis Polk & Wardwell (led by Brian Wolfe). Cinven is advised by Joele Frank (led by Jonathan Keehner), according to press releases.

Riverside completes the acquisition DAWGS.

Riverside, an investment firm, completed the acquisition Door & Window Guard Systems, a provider of door and window guards designed to secure vacant properties, according to press releases. Financial terms were not disclosed.

Riverside was advised by Jones Day (led by Lisa Lathrop) and Holly M Communications (led by Holly Mueller), according to press releases and MergerLinks data.

Tiger Global led a $146m Series C round in Temporal Technologies.

Tiger Global led a $146m Series C round in Temporal Technologies, the inventors of open-source durable execution platform Temporal.io and Temporal Cloud, with participation from StepStone Group, Amplify Partners, Index Ventures, MongoDB Ventures, Sequoia Capital, Conversion Capital, Hanwha Next Generation Opportunity Fund, and 137 Ventures, according to press releases.

Temporal Technologies was advised by Moxie Communications Group.

SCF Partners completes the investment in Phoenix Service Partners.

SCF Partners, a private equity firm, completed the investment in Phoenix Service Partners, a service company specializing in high-horsepower, low-emission natural gas compression, according to press releases. Financial terms were not disclosed.

SCF Partners was advised by Vinson & Elkins (led by William Matthew Strock and Mike Marek), according to press releases and MergerLinks data.

Kensington completes the acquisition of venture capital investment business from ONE9.

Kensington, a Canadian alternative asset management firm, completed the acquisition of venture capital investment business from ONE9, a venture capital firm, according to press releases. Financial terms were not disclosed.

Kensington was advised by Boulevard Public Relations (led by Jodi Echakowitz), according to press releases.

Rest Super completes the $300m investment in I Squared Capital.

Rest Super, an Australian profit-to-member fund, completed the $300m investment in I Squared Capital, an independent global infrastructure investor, according to press releases.

Brookfield set to acquire Colonial Pipeline in $9bn-plus deal. (Reuters)

Brookfield Asset Management is finalizing a deal to acquire Colonial Pipeline, the largest fuel transportation network in the US, for over $9bn including debt.

The New York-based firm has reportedly emerged as the winning bidder in an auction process led by the pipeline’s five owners over the past several months. The terms remain confidential.

Ecopetrol plans SierraCol acquisition to expand oil reserves. (Bloomberg)

Ecopetrol, Colombia’s state-owned oil company, is considering acquiring SierraCol, the country’s largest independent oil producer, to boost its reserves and production.

Carlyle is looking to sell SierraCol for $1.5bn after buying it from Occidental Petroleum in 2020 for about $825m.

Brookfield and CDPQ near $1.4bn acquisition of Antylia Scientific. (Bloomberg)

Brookfield’s private equity arm and CDPQ are close to finalizing a deal to acquire Antylia Scientific from GTCR.

The transaction would value the life sciences diagnostics company at around $1.4bn.

Historically, Brookfield has worked with Bank of America, Morgan Stanley, Latham & Watkins and Weil Gotshal and Manges, according to MergerLinks data.

Blackstone mulls minority investment in TikTok's US operations. (DealStreetAsia)

Blackstone is considering a small minority investment in TikTok’s US operations as part of a broader effort to reshape the platform’s ownership structure.

The private equity firm is in talks to join existing non-Chinese shareholders of ByteDance—led by Susquehanna International Group and General Atlantic—in contributing fresh capital for a bid. The proposal involves spinning off TikTok’s US business into a separate entity and reducing Chinese ownership to below the 20% threshold required under US law.

Waterous Energy Fund closes third private equity fund at CAD1.4bn. (Press Release)

Waterous Energy Fund announced the final close of its third private equity fund, Waterous Energy Fund, at its CAD1.4bn ($977.5m) target.

With Fund will continue its value-based investment strategy in the Canadian oil and gas sector, focusing on a concentrated portfolio of scaled businesses with high-quality, geographically adjacent assets.

Construct Capital closes $300m Fund III to transform foundational industries. (Press Release)

Construct Capital, an early-stage venture firm focused on transforming foundational industries through technology, announced the closing of its $300m Fund III.

The new fund will support startups working to revitalize sectors such as manufacturing, logistics and transportation, defense, and energy—industries the firm says have been underfunded and overlooked for decades.

Buyout firm Clayton Dubilier & Rice hires ex-Charles Schwab CEO Bettinger as a senior adviser. (Bloomberg)

Clayton Dubilier & Rice has hired Walt Bettinger, the former CEO of Charles Schwab, as it continues to leverage the expertise of veteran business leaders.

Bettinger, who stepped down from Charles Schwab last year after leading the company for more than 15 years, will join Clayton Dubilier & Rice as a senior adviser. He is tasked with helping to identify investment opportunities in the financial services and technology sectors for Clayton Dubilier & Rice.

EMEA

Prosus bid for Just Eat challenged by shareholder over valuation. (Bloomberg)

A minority shareholder has criticized Prosus’s €4.1bn ($4.3bn) offer for Just Eat Takeaway, calling it significantly below fair value.

BDL Capital Management, which holds about 2.18% of Just Eat’s shares, said the €20.3 ($21.9) per share offer undervalues the Amsterdam-based food delivery company. The Paris-based firm made the statement in an effort to disrupt the deal.

Just Eat Takeaway is advised by Gleacher Shacklock, Lazard, Morgan Stanley, De Brauw Blackstone Westbroek (led by Gaby Smeenk, Frank Hamming and Helen Gornall), Freshfields Bruckhaus Deringer (led by Hanneke Rothbarth and Jan Willem van der Staay) and Confidant Partners. Prosus is advised by Goldman Sachs (led by Clif Marriott), A&O Shearman (led by Olivier Valk and Tim Stevens), Davis Polk & Wardwell, Skadden Arps Slate Meagher & Flom (led by Ingrid Vandenborre), Brunswick Group and FGS Global, according to press releases and MergerLinks data.

HAS Healthcare Advanced Synthesis to acquire Cerbios-Pharma.

HAS Healthcare Advanced Synthesis, an international developer and producer of active pharmaceutical ingredients, agreed to acquire Cerbios-Pharma, a manufacturer of chemical and biological APIs, according to press releases. Financial terms were not disclosed.

65 Equity Partners is advised by UBS, Ropes & Gray (led by John Newton), Walder Wyss (led by Davide Jermini), Greenbrook (led by Peter Hewer), Ernst & Young, Guidance Pharm, Pharmacloud, JensonR+ and Orbsen. HAS is advised by Rothschild & Co, Bar & Karrer (led by Andrea Ziswiler and Paolo Bottini) and Ernst & Young, according to press releases and MergerLinks data.

Centerbridge sues to exit Oaktree bank deal over alleged mafia-linked loans. (Bloomberg)

Centerbridge is seeking to cancel its agreement to acquire an Italian bank from Oaktree, following a crisis triggered by allegations the lender financed companies tied to the mafia.

Red UK Holdco, an affiliate of Centerbridge, filed a case in London asking the court to confirm its right to terminate the deal to buy Banca Progetto with immediate effect. The filing claims the bank failed to resolve anti-money laundering issues before the deal was signed in September.

Banca Progetto is advised by Image Building. Centerbridge Partners is advised by JP Morgan, Kitra Advisory, Greenberg Traurig, Linklaters and Kekst CNC. Oaktree Capital is advised by Morgan Stanley, White & Case and FGS Global, according to press releases and MergerLinks data.

EQT and First Kraft to acquire the remaining shares in Fortnox for SEK44.5bn.

EQT Partners, a Swedish global investment organization, and First Kraft, a holding owned by Olof Hallrup, the largest shareholder in Fortnox, agreed to acquire the remaining shares in Fortnox, a provider of cloud-based products and software, for SEK44.5bn ($4.4bn), according to press releases.

EQT and First Kraft are advised by Erneholm Haskel, SEB Corporate Finance, Nord Advokater, Roschier Attorneys and Fogel & Partners (led by Frida Malm). Fortnox is advised by Carnegie Investment Bank, Gernandt & Danielsson and Brunswick Group, according to press releases and MergerLinks data.

Ramphastos to acquire the light-duty OEM, delayed OEM, and independent aftermarket businesses of Westport Fuel Systems for $80m.

Ramphastos, a prominent Dutch venture capital and private equity firm, agreed to acquire the light-duty OEM, delayed OEM, and independent aftermarket businesses of Westport Fuel Systems, a supplier of advanced fuel delivery components and systems, for $80m, according to press releases.

Westport Fuel Systems is advised by Ernst & Young, JP Morgan, Bennett Jones and Willkie Farr & Gallagher (led by Maurizio Delfino). Ramphastos is advised by PricewaterhouseCoopers, Gianni & Origoni, NautaDutilh and Wardynski & Partners, according to press releases.

Seven2 to acquire a majority stake in HRK LUNIS from J.C. Flowers.

Seven2, a European private equity firm, agreed to acquire a majority stake in HRK LUNIS, a German independent wealth management platform, from J.C. Flowers, a private investment firm dedicated to investing globally in the financial services industry, according to press releases. Financial terms were not disclosed.

Seven2 is advised by Alvarez & Marsal, Rothschild & Co and Latham & Watkins. JC Flowers is advised by Houlihan Lokey, Noerr and Lambert & Co (led by Jennifer Hurson), according to press releases.

EQT completes the investment in WTS Group.

EQT, a private equity firm, completed the investment in WTS Group, a full-service provider of tax and complementary financial advisory services, according to press releases. Financial terms were not disclosed.

WTS Group was advised by Rothschild & Co, Noerr (led by Georg Christoph Schneider) and Arendt & Medernach. EQT was advised by Hengeler Mueller (led by Daniel Moritz and Katharina Hesse) and Kekst CNC (led by Isabel Henninger), according to press releases.

Mehiläinen to acquire Regina Maria and MediGroup from MidEuropa.

Mehiläinen, a healthcare and social care provider in Finland, agreed to acquire Regina Maria, a private healthcare company in Romania, and MediGroup, a healthcare company in Serbia, from MidEuropa, a private equity firm, according to press releases. Financial terms were not disclosed.

Mehiläinen is advised by Jefferies & Company and White & Case (led by Petr Panek). Hellman & Friedman is advised by Kirkland & Ellis (led by Keir MacLennan). MidEuropa is advised by Rothschild & Co, according to press releases and MergerLinks data.

Tinicum to acquire Aerospace Products Group from Leggett & Platt for $285m.

Tinicum, a private investment firm, agreed to acquire Aerospace Products Group, a supplier of complex, highly engineered tube and duct assemblies for use primarily in commercial and military aircraft platforms, from Leggett & Platt, an American diversified manufacturer, for $285m, according to press releases.

Leggett & Platt is advised by Lazard and Freshfields Bruckhaus Deringer, according to press releases.

AnaCap-backed The Quanta Group completes the acquisition of Craven Street Wealth.

AnaCap-backed The Quanta Group, a wealthtech platform, completed the acquisition of Craven Street Wealth, a wealth management firm, according to press releases. Financial terms were not disclosed.

AnaCap was advised by EQ Partners (led by James Culverhouse). The Quanta Group was advised by the lang cat (led by Jenette Greenwood), according to press releases.

Hg Capital to acquire an additional stake in P&I from Permira at a €5.5bn valuation.

Hg Capital, an investor in European and transatlantic software and services businesses, agreed to acquire an additional stake in P&I, a provider of modern, cloud-based HR solutions based in Germany, from Permira, a private equity firm, at a €5.5bn ($5.95bn) valuation, according to press releases.

Permira is advised by Arma Partners, according to MergerLinks data.

Blackstone to acquire a 22% stake in AGS Airports from AviAlliance for £235m.

Blackstone Group agreed to acquire a 22% stake in AGS Airports, a platform of high-quality freehold airports providing access to key UK markets, from AviAlliance, an airport management company, for £235m, according to press releases.

AviAlliance is advised by Santander, according to press releases.

AP Moller to acquire Svitzer for $1.3bn.

AP Moller, a privately held investment company, agreed to acquire Svitzer, a Denmark-based global towage and marine services provider, for $1.3bn, according to press releases.

Ceva Santé Animale nears fundraising at €9bn value. (Bloomberg)

French animal health company Ceva Santé Animale is nearing completion of a funding round that would value the business at €9bn ($9.7bn).

Téthys Invest, the investment vehicle of the Bettencourt Meyers family, and the Mérieux family are set to increase their stakes, while health-care focused firm Archimed is expected to join as a new investor.

Banks sell €7.45bn of debt for CD&R Sanofi unit buyout. (Bloomberg)

Goldman Sachs, Citigroup, and other banks have completed a €7.45bn ($8.1bn) sale of leveraged loans and high-yield bonds to finance Clayton Dubilier & Rice’s acquisition of a stake in Sanofi’s consumer health unit, Opella.

The financing package—one of the most closely watched deals of the year in Europe and the US—included €5.2bn ($5.6bn)-equivalent in leveraged loans across euros and dollars, along with €1.25bn ($1.35bn) and $1.1bn tranches of fixed-rate bonds.

Temasek weighs sale of testing firm Element Materials. (Bloomberg)

Temasek is considering selling Element Materials Technology, a UK-based testing firm it purchased roughly three years ago.

The Singaporean state investment firm, which acquired Element in a transaction that valued the company at over $7bn including debt, is collaborating with advisers to gauge buyer interest.

Private equity firms bid for MyDentist in £800m–£900m auction. (Sky News)

Bridgepoint, Cinven, TDR Capital and Triton Partners are competing to acquire MyDentist, the UK’s largest provider of NHS dental services, in a sale process expected to value the company between £800m and £900m ($1bn–$1.1bn).

The auction is being run by Morgan Stanley. MyDentist, which operates around 600 clinics across the UK, is currently owned by Palamon Capital Partners, which bought the business from Carlyle in 2021. HIG Europe also submitted a bid earlier in the process, though its role in the final round remains unclear.

Brookfield revives talks on potential Grifols offer. (Bloomberg)

Brookfield Asset Management has reopened discussions with the main shareholder of Grifols over a possible bid for the Spanish blood-plasma company, following a failed attempt in 2024.

Talks with the Grifols family, which holds a majority stake, are ongoing. It remains uncertain whether Brookfield will proceed with a formal offer.

RWE to sell 49% stake in two offshore farms to Norway fund. (Press Release)

RWE announced that Norway’s sovereign wealth fund will acquire a 49% stake in two North Sea wind projects, as the German energy company looks to reduce its exposure to riskier renewable investments.

Norges Bank Investment Management will invest approximately €1.4bn ($1.5bn) in RWE’s Nordseecluster and Thor projects. The deal is subject to customary approvals and is expected to close by early in the third quarter.

EQT closes its flagship infrastructure fund VI at $23.3bn. (DealStreetAsia)

EQT has closed its flagship infrastructure fund, EQT Infrastructure VI, with total commitments of $23.3bn (€21.5bn), including $23bn (€21.3bn) in fee-generating assets under management.

The fund attracted a global mix of institutional investors, including pension funds, sovereign wealth funds, asset managers, and insurers from the Americas, Asia Pacific, Europe, the Middle East, and the Nordics.

Investindustrial raises €4bn for latest mid-market fund. (Bloomberg)

Investindustrial has raised €4bn ($4.3bn) for its newest flagship private equity fund, surpassing its €3.75bn ($3.1bn) target.

The fund will focus on southern European companies with global revenue streams and strong growth potential.

APAC

KKR and JIC Capital to invest in Topcon.

KKR, a private equity firm, and JIC Capital, an investment company, agreed to invest in Topcon, a Japanese manufacturer of optical equipment for ophthalmology and surveying, for JPY348bn ($2.3bn), according to press releases.

Topcon Corporation is advised by Mitsubishi UFJ Morgan Stanley Securities. KKR is advised by Simpson Thacher & Bartlett (led by Noritaka Kumamoto and Jonathan Stradling), according to press releases and MargerLinks data.

GIC, Temasek and TPG Capital to invest in Novotech.

GIC, a global investment firm, Temasek, a Singaporean state-owned multinational investment firm, and TPG Capital, a global alternative asset management firm, agreed to invest in Novotech, a full-service clinical research organization and scientific advisory company, according to press releases. Financial terms were not disclosed.

TPG Capital is advised by Brunswick Group, according to press releases.

Granite Asia and Integral formed a joint venture.

Granite Asia, a multi-asset investment platform focused on technology, and Integral, a publicly listed private equity firm specializing in buyouts, formed a joint venture designed to invest in high-growth companies with a strong Japan nexus, empowering technology scale-ups expanding into Japan and Japanese companies seeking international growth opportunities, according to press releases. Financial terms were not disclosed.

Temasek completes the investment in Haldiram.

Temasek, a Singaporean state-owned multinational investment firm, completed the investment in Haldiram, a snack company, according to press releases. Financial terms were not disclosed.

Beijing Hualian is said to near sale of luxury SKP malls to Boyu. (Bloomberg)

Beijing Hualian Group Investment is in talks to sell its luxury mall operations in China to Boyu Capital.

The two parties are close to finalizing an agreement for the sale of the part of Beijing Hualian SKP Department Store that manages and operates the high-end malls. Additionally, Beijing Hualian Group and Boyu are discussing the potential sale of the actual mall properties managed by Hualian SKP.

Bain Capital targets June exit as Virgin Australia IPO plans resurface for third time. (PE Insights)

Bain Capital is preparing to list Virgin Australia in a long-anticipated IPO, targeting a June debut that could signal the private equity firm’s exit from one of its most prominent turnarounds in the Asia-Pacific region.

This will be Bain’s third attempt to take the airline public since acquiring it for $2.5bn in 2020. Previous efforts in 2022 and 2023 were postponed due to market volatility and operational setbacks, including a personal tragedy within the airline’s senior leadership.

Weekly Review - Financial Sponsors

Read on...

Connect the World of Dealmakers