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AMERICAS

Crown and Revance boost offer to $3.65/share. (Press Release)

Crown Laboratories and Revance Therapeutics announced an amendment to their Amended and Restated Merger Agreement on January 17, 2025. Under the revised terms, unanimously approved by Revance's Board, stockholders will receive $3.65 per share in cash—an increase of $0.55 (17%) over the prior offer. Crown has extended the tender offer deadline to February 4, 2025.

Revance Therapeutics is advised by Centerview Partners, Skadden Arps Slate Meagher & Flom (led by Demetrius Warrick) and FGS Global (led by John Christiansen). Crown Laboratories is advised by PJT Partners, Kirkland & Ellis (led by Marshall P. Shaffer and Edward J. Lee) and Lowenstein Sandler.

Cook & Boardman completes the acquisition of Jones Doors & Windows.

Cook & Boardman, a provider of fully integrated access and security solutions, completed the acquisition of Jones Doors & Windows, a provider of interior and exterior pre-hung doors, windows, molding, trim, and hardware, according to press releases. Financial terms were not disclosed.

Jones Doors & Windows was advised by Global Growth Partners and Smith Gambrell & Russell. Cook & Boardman was advised by K&L Gates, according to press releases.

Clearlake Capital-backed PrimeSource completes the acquisition of Keylink.

Clearlake Capital-backed PrimeSource Brands, a North American provider of specialty branded building products, completed the acquisition of Keylink, a provider of aluminum railing systems, according to press releases. Financial terms were not disclosed.

PrimeSource Brands was advised by Lambert & Co (led by Jennifer Hurson), according to press releases.

Hancock Whitney to acquire Sabal Trust.

Hancock Whitney, a bank holding company, agreed to acquire Sabal Trust, a non-depository trust company, according to press releases. Financial terms were not disclosed.

Hancock Whitney is advised by Wachtell Lipton Rosen & Katz, according to press releases.

Olin to acquire ammunition assets of AMMO for $75m.

Olin, a vertically integrated global manufacturer and distributor of chemical products, agreed to acquire ammunition assets of AMMO, a designer, manufacturer and marketer of performance-driven, high-quality and innovative ammunition products, for $75m, according to press releases.

Silver Oak-backed Keystone Partners completes the acquisition of CCI Consulting.

Silver Oak-backed Keystone Partners, a consultancy that provides leadership development, outplacement, executive, and career management services, completed the acquisition of CCI Consulting, a provider of human resources consulting, career management, staffing and talent development services, according to press releases. Financial terms were not disclosed.

AMCON Distributing completes the acquisition of Arrowrock Supply.

AMCON Distributing, a convenience and foodservice distributor, completed the acquisition of Arrowrock Supply, a food wholesaler, according to press releases. Financial terms were not disclosed.

Trump grants temporary reprieve to TikTok amid national security concerns. (Bloomberg)

President Donald Trump temporarily paused a US ban on TikTok, giving the app and its Chinese parent company, ByteDance, additional time to negotiate a resolution addressing longstanding national security concerns. The delay offers TikTok a chance to navigate the complex regulatory landscape and avoid immediate disruptions to its operations in the United States.

The extension was granted through an executive order signed by Trump on January 20, marking one of his early actions after assuming office. This move provides TikTok a 75-day reprieve from a prohibition that had taken effect January 19 due to ByteDance’s noncompliance with a divestiture requirement. The decision follows several days of Trump signaling that an extension was forthcoming, allowing the company more time to secure a deal.

Smithfield’s IPO seeks to raise up to $940m. (Press Release)

Smithfield Foods, an American food company and an industry leader in value-added packaged meats and fresh pork, announced that the company has commenced the roadshow for an underwritten initial public offering of 34.8m shares of its common stock. The initial public offering price is expected to be between $23.00 and $27.00 per share.

Smithfield Foods is advised by Morgan Stanley, Bank of America, Goldman Sachs, Barclays, Citigroup, BNP Paribas, HSBC, Rabo Securities and BTIG.

EMEA

KKR to acquire Dawsongroup.

KKR, a global investment firm, agreed to acquire Dawsongroup, an independent asset leasing business which provides a diverse range of business-critical solutions, according to press releases. Financial terms were not disclosed.

Dawsongroup is advised by FTI Consulting (led by Richard Mountain). KKR is advised by FGS Global (led by Alastair Elwen), according to press releases.

Chausson Matériaux to acquire France operations of Frans Bonhomme from Hayfin Capital Management.

Chausson Matériaux, an independent national construction material distribution company, agreed to acquire France operations of Frans Bonhomme, a provider of multi-channel distribution of materials and solutions for networks and infrastructures, from Hayfin Capital Management, an alternative asset management platform, according to press releases. Financial terms were not disclosed.

Chausson Matériaux is advised by Rothschild & Co, according to MergerLinks data.

BPCE and Generali to form a joint venture.

BPCE, a banking group, and Generali, a global insurance and asset management provider, agreed to form a joint venture between the asset management operations Generali Investments and Natixis Investment Managers, according to press releases. Financial terms were not disclosed.

BPCE is advised by Chiomenti (led by Filippo Modulo), according to to Mergerlinks data.

UniCredit CEO signals openness to revising Banco BPM takeover bid. (Bloomberg)

UniCredit Chief Executive Officer Andrea Orcel described the current terms of the bank’s takeover offer for domestic rival Banco BPM as a “fair starting point,” while indicating a willingness to adjust the bid if necessary.

Orcel emphasized that it is “premature” to decide on potential improvements but left the possibility open. He also expressed confidence in UniCredit’s share price outperforming Banco BPM’s over time, suggesting this would enhance the attractiveness of the all-share offer for Banco BPM investors.

UniCredit CEO addresses criticism over Commerzbank bid. (Bloomberg)

UniCredit CEO Andrea Orcel expressed surprise at the backlash in Germany regarding his bank’s efforts to acquire Commerzbank, emphasizing that UniCredit was invited to bid and maintained open communication with all stakeholders. Orcel’s remarks come amid criticism of the acquisition attempt, highlighting the complexities of cross-border banking deals.

Orcel revealed that over the past two-and-a-half years, he has held multiple meetings with the German government and Commerzbank leadership. His comments underscore UniCredit’s proactive engagement in the process and its commitment to transparency throughout the discussions.

Ardian raises €3.2bn mid-cap growth fund. (Press Release)

Ardian, a private investment house, announced the successful raise of €3.2bn ($3.3bn) for its sixth-generation Expansion Fund, Ardian Expansion Fund VI.

Aligned with Expansion’s strategy, AEF VI aims to support high-growth industry leaders through equity investments ranging from €50m ($52m) to €300m ($310m), targeting private mid-sized businesses led by committed and visionary entrepreneurs.

Boohoo shareholders reject top investor Frasers' attempt to remove co-founder Kamani. (Press Release)

boohoo, an online fashion group, announces the results of the general meeting held on January 21 2025, which shareholders have overwhelmingly voted against the resolution proposed by Frasers Group that Mahmud Kamani, Founder and Group Executive Vice Chair, be removed as a director of the Company.

"Once again, our shareholders have spoken. We want to put this disruption and distraction behind us. Our focus is on maximising value for all shareholders," Dan Finley, boohoo CEO.

APAC

MUFG completes the acquisition of the remaining stake in WealthNavi for $664m.

MUFG, a global financial services group, completed the acquisition of the remaining stake in WealthNavi, a wealth management platform, for $664m, according to press releases.

Mitsubishi Chemical Group chooses Bain Capital for pharma unit sale. (Nikkei)

Japan's Mitsubishi Chemical Group has selected US investment fund Bain Capital as the preferred bidder for its pharmaceutical subsidiary, Tanabe Mitsubishi Pharma, in a deal potentially exceeding $3bn.

The sale of Tanabe Mitsubishi Pharma is expected to be valued at over $3.2bn. The move signals Mitsubishi Chemical Group's strategic effort to streamline its portfolio, focusing on core business areas while divesting its pharmaceutical interests.

Historically, Bain Capital has worked with Goldman Sachs, Morgan Stanley, Kirkland & Ellis and Ropes & Gray, according to MergerLinks data.

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