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AMERICAS
UWM Holdings, the parent of United Wholesale Mortgage, agreed to acquire Two Harbors Investment, an MSR-focused REIT, for $1.3bn, according to press releases.
Two is advised by Houlihan Lokey, Jones Day (led by Braden McCurrach), and Joele Frank (led by Matthew Sherman). UWM is led by Bank of America, Greenhill & Co and Greenberg Traurig, according to MergerLinks data and press releases.
CVB Financial, the holding company for Citizens Business Bank, agreed to merge with Heritage Commerce, the holding company for Heritage Bank of Commerce, in a $811m deal, according to press releases.
Heritage is advised by Piper Sandler, Wachtell Lipton Rosen & Katz (led by Brandon C. Price and Edward D. Herlihy) and Collected Strategies (led by Jim Golden). CVB is advised by JP Morgan and Manatt Phelps & Phillips, according to MergerLinks data and press releases.
Trump Media & Technology Group, a media and technology company, agreed to merge with TAE Technologies, a fusion power company, in a $6bn deal, according to press releases.
TMTG is advised by Clear Street, Yorkville Securities and DLA Piper. TAE is advised by Barclays and Baker Botts, according to press releases.
Howard Hughes, a real estate development and management company, agreed to acquire Carlyle and Hellman & Friedman-backed Vantage, a specialized insurance provider, for $2.1bn, according to press releases.
Howard Hughes is advised by Oliver Wyman, Jefferies & Company and Latham & Watkins. Vantage is advised by JP Morgan and Debevoise & Plimpton, according to press releases.
Fiserv, a provider of financial services technology, completed the acquisition of StoneCastle Cash Management, a company which provides deposit solutions for depositors, enterprises, and banks, according to press releases. Financial terms are not disclosed.
Fiserv was advised by Dechert (led by Kenneth Young). StoneCastle was advised by Keefe Bruyette & Woods, according to press releases.
Liberty Media, an American mass media company, spun off Liberty Live Group, a live entertainment company, according to press releases. Financial terms were not disclosed.
Liberty Media was advised by JP Morgan and Skadden Arps Slate Meagher & Flom (led by Thomas Wood), according to MergerLinks data and press releases.
Cyient Semiconductors, a provider of custom ASIC/ASSP solutions, agreed to acquire a majority stake in Kinetic Technologies, a high-performance analog and mixed-signal semiconductors developer, for $93m, according to press releases.
Kinetic is advised by Jefferies & Company. Cyient is advised by Kaizzen PR, according to MergerLinks data and press releases.
Nexans, a global company specializing in the design, manufacture, and service of cable systems and solutions, completed the acquisition of Electro Cables, a Canadian manufacturer specializing in low-voltage cables, according to press releases. Financial terms were not disclosed.
Nexans was advised by Mediobanca and Havas, according to MergerLinks data and press releases.
Cross Ocean, a global credit investment manager, and Lincoln Property, a diversified real estate services company, completed the acquisition of an office campus in Needham for $132m, according to press releases.
Lincoln Property was advised by Reputation Partners, according to press releases.
ICL Group, a global manufacturer specializing in specialty minerals and fertilizers, agreed to acquire Bartek Ingredients, a global producer of food-grade malic and fumaric acids, for $180m, according to press releases.
TJC-backed Soteria Flexibles, a manufacturer of customized flexible plastic packaging, agreed to acquire Imaflex, a plastic manufacturing company, for CAD123m ($89m), according to press releases.
IFS, an enterprise software solution provider, agreed to acquire Softeon, a global provider of innovative supply chain solutions, according to press releases. Financial terms are not disclosed.
Elliott builds over $1bn stake in Lululemon. ( WSJ)
Elliott Investment Management has acquired a $1bn stake in Lululemon and is backing former Ralph Lauren executive Jane Nielsen as a potential CEO to help turn around the struggling retailer, which has a market value of about $25bn.
Fenway agrees to sell Pittsburgh Penguins to Hoffmann family. ( Bloomberg)
Fenway Sports Group has agreed in principle to sell the Pittsburgh Penguins to Chicago-based Hoffmann Family at a valuation of about $1.7bn to $1.8bn, a deal that still requires approval from the NHL’s Board of Governors, which could vote ahead of its next scheduled meeting in June.
Standard General in talks to invest in Warner Bros Discovery networks. ( FT)
Medline jumps 41% after raising $6.26bn in 2025’s top IPO. ( Bloomberg)
Medline shares surged 41% to $41 in their New York trading debut after the medical supplier raised $6.26bn in the 2025’s largest IPO, selling 216m shares with backing from Blackstone, Carlyle, and Hellman & Friedman.
Andersen Group shares gain 47% after $176m US IPO. ( Bloomberg)
Andersen Group, the US arm of the successor to Arthur Andersen, saw its shares jump 47% in its $176m IPO, closing at $23.50 versus the $16 offer price and giving the company a market value of about $2.6bn.
SpaceX’s record IPO plan pushes obscure fund into spotlight. ( Bloomberg)
SpaceX’s planned IPO has drawn retail attention to the ERShares Private-Public Crossover ETF, which has raised over $470m since December 8, as investors scramble for a stake in what could become the largest IPO ever.
Aegea readies 2026 IPO, works with Itau, BTG and Morgan Stanley. ( Bloomberg)
Brazilian sanitation firm Aegea Saneamento e Participacoes is preparing for a potential 2026 IPO, working with BTG Pactual, Itau BBA, and Morgan Stanley.
EMEA
Tikehau Capital, a private equity and venture capital firm, completed the acquisition of ScioTeq, a manufacturer of displays for the aviation and defense industries, from OpenGate, a global private equity firm, according to press releases. Financial terms were not disclosed.
Tikehau Capital was advised by Clearwater (led by François-Emmanuel Hébert), Vulcain and Image 7. OpenGate was advised by Lazard, McDermott Will & Schulte and Profile Advisors, according to press releases and MergerLinks data.
Illva Saronno, a family owned holding company that coordinates a group of businesses, agreed to acquire Averna and Zedda Piras of Campari Group, a spirits company, for €100m ($117m), according to press releases.
Illva Saronno is advised by PricewaterhouseCoopers and BonelliErede. Campari Group is advised by Mediobanca, PedersoliGattai and Studio Biscozzi Nobili, according to press releases.
Hafnia has satisfied all conditions for its acquisition of about 14.1m A-shares in TORM from Oaktree Capital, representing roughly 13.97% of TORM’s issued share capital following a recent 3.38m share increase, with completion expected shortly.
Hafnia is advised by Herbert Smith Freehills Kramer (led by Mike Flockhart). Oaktree Capital is advised by Paul Weiss Rifkind Wharton & Garrison (led by Christopher Cummings), according to press releases and MergerLinks data.
ABM, a provider of integrated facility, infrastructure, and technical solutions, agreed to acquire WGNSTAR, a provider of managed workforce solutions and equipment support services for the semiconductor and high-technology industries, for $275m, according to press releases.
WGNSTAR is advised by Houlihan Lokey. ABM is advised by Joele Frank (led by Michael Freitag), according to MergerLinks data and press releases.
FormFactor, a semiconductor test and measurement supplier, completed the acquisition of Keystone Photonics, an optical probing technology company for silicon photonics and co-packaged optics wafer testing, according to press releases. Financial terms were not disclosed.
Keystone was advised by Heuking Kuhn Luer Wojtek (led by Katharina Prasuhn), according to MergerLinks data.
Blue Cloud Ventures, a venture capital fund, led a €100m ($117m) Series C round in Exein, an Italian cybersecurity company, with participation from HV Capital, Intrepid Growth Partners, Geodesic, and JP Morgan, according to press releases.
O2 Slovakia, a telecommunication company, agreed to acquire UPC Slovakia, a provider of TV, broadband, and telephony services, from Liberty Global, a multinational telecommunications company, for $110m, according to press releases.
BNP Paribas in exclusive talks to buy Mercedes-Benz's car-leasing unit in a $1.2bn deal. ( Reuters)
BNP Paribas is in exclusive talks to buy Mercedes-Benz’s car-leasing unit Athlon for about €1bn ($1.17bn), a deal that would bolster its Arval business by adding around 400k vehicles and lift its full-service leasing fleet to nearly 2.3m, narrowing the gap with market leader Ayvens, while delivering cost savings, an expected 18% return on invested capital, and a limited impact on capital, with signing targeted for early 2026 and closing in the third quarter subject to approvals.
UK's Inocea Group eyes acquisition of Germany warship builder GNYK. ( Reuters)
UK-based defence and marine group Inocea is in talks to acquire German Naval Yards Kiel (GNYK), a warship builder owned by France’s CMN Naval, as rising European defence spending fuels competition for strategic shipbuilding assets, with rival interest also flagged by submarine maker TKMS.
BP appoints first outsider as CEO after ousting Auchincloss. ( Bloomberg)
BP named Meg O’Neill as CEO, replacing Murray Auchincloss after two years, making her big oil’s first female leader; O’Neill joins from Australia’s Woodside Energy, where she led the company for four years, focusing on fossil fuels, and previously spent over 20 years at Exxon Mobil.
APAC
Stonepeak, a private equity firm, agreed to acquire Allgas, a gas distribution network operator, from APA Group, an Australian infrastructure company that owns and operates natural gas and electricity transmission and distribution assets, and Marubeni, a trading company with business divisions in iron and steel, according to press releases. Financial terms are not disclosed.
Stonepeak is advised by Gresham, Allens and Sodali & Co (led by Jack Gordon), according to press releases.
Adamantem Capital, a private equity firm, completed the acquisition of Nexon Asia Pacific, a digital and IT services provider, from EQT, a private equity firm, according to press releases. Financial terms were not disclosed.
EQT was advised by Houlihan Lokey and Johnson Winter Slattery, according to MergerLinks data and press releases.
KB Investment, a venture capital company, led a KRW145bn ($98m) funding round in Orum Therapeutics, a clinical-stage biotech company, with participation from IMM Investment, Woori Venture Partners, Stassets Investment, Weiss Asset Management, Korea Investment Partners, DSC Investment, Company K Partners, AON Investment and DAYLI Partnersl, according to press releases.
Orum Therapeutics was advised by Little Dog Communications (led by Jessica Yingling), according to press releases.
Mizuho, a full-service financial institution, agreed to acquire a majority stake in Avendus, an institutional financial services firm, from KKR, a global investment firm, and Ranu Vohra, according to press releases. Financial terms were not disclosed.
KKR is advised by Rothschild & Co, according to MergerLinks data.
Warburg Pincus, a private equity firm, agreed to invest in Acclime, a provider of corporate and business services, according to press releases. Financial terms were not disclosed.
Warburg Pincus is advised by Jefferies & Company, according to MergerLinks data.
Sumitomo Mitsui Trust’s Hishida to lead new asset manager lobby. ( Bloomberg)
Yoshio Hishida, former president of Sumitomo Mitsui Trust Asset Management, will become the first chairman of a new asset management industry group formed from the merger of two existing bodies, amid government efforts to boost household investment in stocks and funds over low-yield bank deposits.
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