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Daily Review is our daily roundup of M&A news. Announcements, rumors, insights, and data before your morning coffee. Subscribe and never miss a beat with MergerLinks.
27 December 2025

An investor group led by Permira and Warburg Pincus to acquire Clearwater Analytics for $8.4bn.

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An investor group led by Permira and Warburg Pincus to acquire Clearwater Analytics for $8.4bn.
 
An investor group led by Permira and Warburg Pincus, and including Francisco Partners and Temasek, offered to acquire Clearwater Analytics, a software-as-a-service firm, for $8.4bn, according to press releases.
 
Clearwater Analytics is advised by JP Morgan, PJT Partners, Cravath Swaine & Moore and Kirkland & Ellis (led by Constantine Skarvelis and David Feirstein). The investor group is advised by Goldman Sachs, Latham & Watkins (led by Amber Banks, Brian Mangino and Max Schleusener) and Paul Weiss Rifkind Wharton & Garrison (led by Eric J. Wedel). Debt financing is provided by Goldman Sachs, according to press releases and MergerLinks data.
 
Rithm Capital completes the acquisition of Paramount Group for $1.6bn.
 
Rithm Capital, a global alternative asset manager, completed the acquisition of Paramount Group, a real estate investment trust, for $1.6bn.
 
Paramount Group was advised by Bank of America and Latham & Watkins (led by Darren J. Guttenberg and Sean Parish). Financial advisors were advised by Cleary Gottlieb Steen & Hamilton (led by Charlie Allen). Rithm Capital was advised by Newmark Group, Citigroup, Eastdil Secured, UBS, Skadden Arps Slate Meagher & Flom (led by Blair Thetford), and Gasthalter & Co (led by Jonathan Gasthalter), according to press releases and MergerLinks data.
 
TPG to acquire a majority stake in Conservice.

TPG, a global alternative asset management firm, agreed to acquire a majority stake in Conservice, a provider of utility management software and billing solutions to property owners and managers, according to press releases. Financial terms are not disclosed.
 
Conservice and TA Associates are advised by Evercore, Goldman Sachs and Goodwin Procter. TPG Capital is advised by UBS, Union Square Advisors, Davis Polk & Wardwell (led by Oliver H. Smith). Financial advisor is advised by Ropes & Gray. Advent International is advised by Evercore, Goldman Sachs and Weil Gotshal and Manges, according to press releases.
 
Deal Round up
 
AMERICAS
 
Air Lease stockholders approve merger with Sumitomo, SMBC, Apollo, and Brookfield. (Press Release)
 
Electronic Arts investors back $55bn sale to Saudi’s PIF. (Bloomberg)
 
CACI International to acquire ARKA Group from Blackstone for $2.6bn.
 
Fulgent Genetics to acquire selected assets of Bako Diagnostics, and StrataDx from Consonance Capital for $55m.
 
EIG completes the acquisition of a 49.87% stake in Transportadora de Gas del Peru from CPP Investments.
 
VSE Corporation completes the acquisition of Aero 3 from GenNx360 Capital Partners.
 
H.I.G. Capital completes the acquisition of Shore Excursions Group.
 
Main Capital Partners-backed Omnidocs completes the acquisition of a majority stake in officeatwork.
 
Searchlight Capital Partners-backed Integrated Power Services to acquire TechPro Power Group.
 
GHK-backed JohnsByrne completes the acquisition of Municipal Packaging.
 
Golden Gate Capital seeks $1.8bn via tender offer for evergreen fund. (Bloomberg)
 
EMEA
 
MidEuropa to acquire a majority stake in MBL Group from INVL Baltic Sea Growth Fund.
 
HSG to acquire a majority stake in Golden Goose from Permira.
 
Trian and General Catalyst to acquire the remaining 79.6% stake in Janus Henderson for $5.9bn.
 
Crescent Capital Partners to acquire the Billi business from Strix Group for £110m.
 
Equitix to acquire an additional stake in Viridor from KKR.
 
Coty completes the acquisition of the remaining 25.8% stake in Wella from KKR for $750m.
 
Gilde Healthcare completes the acquisition of a majority stake in Physio CKI from Kapital 1852.
 
KKR completes the acquisition of a minority stake in Etraveli Group.
 
Valmet to acquire Severn from Bluewater for $480m.
 
EQT Partners to acquire A-Train.
 
APAC
 
L Catterton completes the investment in Haldiram's.
 
Carlyle to acquire KFC Korea.
 
Igneo Infrastructure to acquire Strait Link from Allegro Funds.
 
Unison Capital to acquire the Japan operation of Krispy Kreme for $65m.
 
Blackstone to acquire Hamilton Island from Oatley family.
 
KKR emerges as frontrunner to buy Japan’s Taiyo. (Bloomberg)
INVESTORS
Advent
Affinity
Allegro Funds
Apollo
Ardian
Blackstone
Bluewater
Brookfield 
Carlyle
Consonance
CPP Investment 
Crescent Capital
CVC
EQT Partners
Equitix
Francisco Partners
General Catalyst
GenNx360 
GHK Capital
Gilde Healthcare
Golden Gate
H.I.G. Capital
HSG
Igneo
INVL
Janus Henderson
Kapital 1852
KKR
L Catterton
Main Capital
MidEuropa
Neuberger Berman
Permira
PIF
Rithm Capital
Searchlight Capital
Silver Lake
SMBC Aviation Capital
Sumitomo
TA Associates
Temasek
TPG
Trian
Unison Capital
Warburg Pincus
 
COMPANIES
Arka Group
CACI
Clearwater
Conservice
Coty
EIG
Electronic Arts
Etraveli
Fulgent Genetics
Golden Goose
Haldiram's
JohnsByrne
Krispy Kreme
Omnidocs
Severn
Strix Group
Valmet
Viridor
VSE
Wella
 
FINANCIAL ADVISORS
Bank of America
Barclays
Citigroup
Deloitte
Eastdil Secured
Evercore
EY
Goldman Sachs
Harris Williams
Houlihan Lokey
Jefferies
JP Morgan
Livingstone
Macquarie Group
Piper Sandler
PJT Partners
Santander
Stifel
UBS
Union Square
Wells Fargo
Zeus Capital
 
LEGAL ADVISORS
ARQIS
Baker McKenzie
Bar & Karrer
Cleary Gottlieb
Clifford Chance
Cravath Swaine
Davis Polk
DLA Piper
Gibson Dunn
Giliberti Triscornia
Goodwin Procter
Horten
Jones Day
Khaitan & Co
Kirkland & Ellis
Latham & Watkins
Linklaters
Maisto e Associati
McCann FitzGerald
McDermott Will 
Milbank
Mintz Levin
Norton Rose 
Paul Hastings
Paul Weiss
Ropes & Gray
Sidley Austin
Simpson Thacher
Skadden
Weil Gotshal
White & Case
Winston & Strawn
WLRK
 
PR ADVISORS
Adfactors PR
Blueshirt Group
Brunswick
FGS Global
Gasthalter & Co
Gracechurch
ICR
Joele Frank
MorrisBrown
The SIGNATURE
 
DEBT PROVIDERS
Danske Bank
Goldman Sachs
JP Morgan
OP Corporate Bank
 
 
 
 

Read on...

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AMERICAS
 
Air Lease stockholders approve merger with Sumitomo, SMBC, Apollo, and Brookfield. (Press Release)
 
Air Lease announced that its Class A stockholders have approved the previously announced merger agreement dated September 1, 2025. Under the deal, Air Lease will be acquired by Sumisho Air Lease, a Dublin-based holding company owned by Sumitomo, SMBC Aviation Capital, and investment vehicles affiliated with Apollo and Brookfield. Upon closing, Air Lease will be renamed Sumisho Air Lease. Class A stockholders will receive $65 in cash for each share of Air Lease they hold at the time of the merger.
 
Air Lease is advised by JP Morgan (led by Xavier Loriferne), Skadden Arps Slate Meagher & Flom (led by Thomas Greenberg), and Joele Frank (led by Joele Frank). Apollo is advised by Milbank and Paul Weiss Rifkind Wharton & Garrison (led by Nadeem Waeen). Debt financing is provided by Citigroup and Goldman Sachs Asset Management. Sumitomo Corporation is advised by Citigroup, Goldman Sachs, and Norton Rose Fulbright (led by Alan Bainbridge). SMBC Aviation Capital is advised by Citigroup, Goldman Sachs, Davis Polk & Wardwell (led by Lee Hochbaum), McCann FitzGerald, and FGS Global (led by Richard Webster-Smith). Financial advisors are advised by Paul Hastings (led by Morgan Bale). Brookfield Asset Management is advised by Milbank, according to press releases and MergerLinks data.
 
Electronic Arts investors back $55bn sale to Saudi’s PIF. (Bloomberg)
 
Electronic Arts shareholders approved the $55bn sale to Saudi Arabia’s Public Investment Fund, endorsing the $210-per-share deal for the Redwood City-based publisher of EA SPORTS FC and Battlefield.
 
Electronic Arts is advised by Goldman Sachs, Clifford Chance (led by Philipp Girardet), Wachtell Lipton Rosen & Katz (led by Edward D. Herlihy, David Lam and Eric Feinstein). FGS Global (led by Mike Feldman and John Christiansen). Financial advisor is advised by Paul Weiss (led by Laura Turano and Scott Barshay). PIF is advised by JP Morgan, Gibson Dunn (led by Richard Birns), Kirkland & Ellis and FGS Global (led by Danya Al-Qattan). Silver Lake Partners is advised by JP Morgan, Kirkland & Ellis, Latham & Watkins (led by Ian A. Nussbaum and Michael V. Anastasio), Simpson Thacher & Bartlett and FGS Global (led by Monique Sidhom). Affinity Partners is advised by JP Morgan, Kirkland & Ellis, Sidley Austin and FGS Global. Debt financing is provided by JP Morgan, according to press releases and MergerLinks data.
 
CACI International to acquire ARKA Group from Blackstone for $2.6bn.
 
CACI International, a national security company, agreed to acquire ARKA Group, a fully integrated mission partner, from The Blackstone Group, a global investment firm, for $2.6bn, according to press releases.
 
Arka is advised by Evercore, JP Morgan and Simpson Thacher & Bartlett. CACI is advised by Wells Fargo Securities and Gibson Dunn & Crutcher, according to press releases.
 
Fulgent Genetics to acquire selected assets of Bako Diagnostics, and StrataDx from Consonance Capital for $55m.

Fulgent Genetics, a technology-based company active in laboratory services and therapy development, agreed to acquire selected assets of Bako Diagnostics, a national provider of specialty laboratory testing services, and StrataDx, a national diagnostic laboratory located in Lexington, Massachusetts, dedicated to providing dermatopathology health care services, from Consonance Capital, a healthcare investment firm, for $55m, according to press releases.
 
Fulgent Genetics is advised by Piper Sandler, Mintz Levin and The Blueshirt Group (led by Lauren Sloane). Consonance, Bakotic and StrataDX is advised by EV Health Partners and Latham & Watkins, according to press releases.
 
EIG completes the acquisition of a 49.87% stake in Transportadora de Gas del Peru from CPP Investments.
 
EIG, a provider of institutional capital to the energy sector globally, completed the acquisition of a 49.87% stake in Transportadora de Gas del Peru, an operator of natural gas and natural gas liquids pipelines, from CPP Investments, a global investment management organization, according to press releases. Financial terms were not disclosed.
 
EIG was advised by Citigroup, White & Case (led by Bill Parish), and FGS Global (led by Kelly Kimberly), according to press releases.
 
VSE Corporation completes the acquisition of Aero 3 from GenNx360 Capital Partners.
 
VSE Corporation, a provider of aviation aftermarket distribution and repair services, completed the acquisition of Aero 3, a diversified global maintenance, repair and overhaul service provider, from GenNx360 Capital Partners, a private equity firm focused on acquiring middle market business-to-business services companies, according to press releases. Financial terms were not disclosed.
 
GenNx360 was advised by Harris Williams & Co and Winston & Strawn. VSE Corporation was advised by Jones Day (led by Lorne Cantor), according to press releases and MergerLinks data.
 
H.I.G. Capital completes the acquisition of Shore Excursions Group.
 
H.I.G. Capital, a private equity firm, completed the acquisition of Shore Excursions Group, a provider of onshore tours and excursions for cruise passengers, according to press releases. Financial terms were not disclosed.
 
Shore Excursions Group was advised by Houlihan Lokey and McDermott Will & Schulte. H.I.G. Capital was advised by ANDER & Co, according to press releases.
 
Main Capital Partners-backed Omnidocs completes the acquisition of a majority stake in officeatwork.
 
Main Capital Partners-backed Omnidocs, a Danish software company, completed the acquisition of a majority stake in officeatwork, a Switzerland-based provider of document creation solutions with a strong foothold in the DACH region. Financial terms were not disclosed.
 
Omnidocs was advised by Bar & Karrer, according to press releases.
 
Searchlight Capital Partners-backed Integrated Power Services to acquire TechPro Power Group.
 
Searchlight Capital Partners-backed Integrated Power Services, a provider of power management and electromechanical service solutions, agreed to acquire TechPro Power Group, a specialized power management service company, according to press releases. Financial terms were not disclosed.
 
GHK-backed JohnsByrne completes the acquisition of Municipal Packaging.
 
GHK-backed JohnsByrne, a provider of premium folding carton and specialty packaging solutions, completed the acquisition of Municipal Packaging, a premium custom packaging provider based in Los Angeles, according to press releases. Financial terms were not disclosed.
 
Golden Gate Capital seeks $1.8bn via tender offer for evergreen fund. (Bloomberg)
 
Golden Gate Capital is raising about $1.8bn from investors including Ardian, Neuberger Berman and Apollo Global Management’s S3, allowing some backers to cash out of its evergreen fund.
 
The San Francisco–based private equity firm is running a tender offer for Golden Gate Opportunity Fund and expects to raise roughly $1.5bn through the process.
 
EMEA
 
MidEuropa to acquire a majority stake in MBL Group from INVL Baltic Sea Growth Fund.
 
MidEuropa, a private equity investor, agreed to acquire a majority stake in MBL Group, a European contract development and manufacturing organisation, from INVL Baltic Sea Growth Fund, a private equity fund, according to press releases. Financial terms were not disclosed.
 
MidEuropa is advised by Kearney, Ernst & Young, Houlihan Lokey, Santander, Baker McKenzie and DLA Piper. INVL is advised by LEK Consulting, Deloitte, Jefferies & Company and Horten, according to MergerLinks data and press releases.
 
HSG to acquire a majority stake in Golden Goose from Permira.
 
HSG, a global investment firm focused on venture capital and private equity, agreed to acquire a majority stake in Golden Goose, a Venice-based fashion brand, from Permira, a global investment firm. Financial terms were not disclosed, according to press releases.
 
Golden Goose is advised by Gatti Pavesi Bianchi Ludovici (led by Andrea Giardino) and Brunswick Group (led by Massimo Gaia). Permira is advised by Bank of America, Ernst & Young, JP Morgan, Giliberti Triscornia e Associati, and Maisto e Associati, according to press releases and MergerLinks data.
 
Trian and General Catalyst to acquire the remaining 79.6% stake in Janus Henderson for $5.9bn.
 
Trian, a multi-billion dollar investment management firm, General Catalyst, a venture capital firm, agreed to acquire a remaining 79.6% stake in Janus Henderson, an investment management company, for $5.9bn, according to press releases.
 
Janus Henderson is advised by Skadden Arps Slate Meagher & Flom (led by Patrick Lewis), Wachtell Lipton Rosen & Katz (led by Edward D. Herlihy). Bidders are advised by Kirkland & Ellis (led by Christian A. Atwood). General Catalyst is advised by FGS Global (led by Kevin Siegel), according to press releases and MergerLinks data.
 
Crescent Capital Partners to acquire the Billi business from Strix Group for £110m.
 
Crescent Capital Partners, a private equity and alternative asset firm, agreed to acquire the Billi business from Strix Group, a company designs, manufactures and supply of kettle safety controls and other components and devices, for £110m ($147m), according to press releases.
 
Strix Group is advised by Stifel (led by Matthew Blawat and Phillip Mccreanor), Zeus Capital (led by Jordan Warburton) and Gracechurch Group (led by Heather Armstrong), according to MergerLinks data and press releases.
 
Equitix to acquire an additional stake in Viridor from KKR.
 
Equitix, a global investor, developer, and long-term fund manager of core infrastructure assets, agreed to acquire an additional stake in Viridor, an operator of Energy-from-Waste facilities, from KKR, a global investment firm, according to press releases. Financial terms were not disclosed.
 
Equitix is advised by Bank of America and Linklaters. KKR is advised by Barclays and UBS, according to press releases and MergerLinks data.
 
Coty completes the acquisition of the remaining 25.8% stake in Wella from KKR for $750m.
 
Coty, a global beauty company, completed the acquisition of the remaining 25.8% stake in Wella, a global haircare and beauty company, from KKR, a private equity firm, for $750m, according to press releases.
 
KKR was advised by Simpson Thacher & Bartlett. Coty was advised by Citigroup and Skadden Arps Slate Meagher & Flom (led by Katja Butler), according to press releases and MergerLinks data.
 
Gilde Healthcare completes the acquisition of a majority stake in Physio CKI from Kapital 1852.
 
Gilde Healthcare, a private equity fund, completed the acquisition of a majority stake in Physio CKI, a provider of physiotherapy services, from Kapital 1852, a fund platform initiated and advised by Hauck Aufhäuser Lampe Privatbank, according to press releases. Financial terms were not disclosed.
 
Kapital 1852 was advised by Livingstone Partners (led by Christian Grandin) and ARQIS (led by Jörn-Christian Schulze), according to MergerLinks data.
 
KKR completes the acquisition of a minority stake in Etraveli Group.
 
KKR, a global investment firm, completed the acquisition of a minority stake in Etraveli Group, a travel technology company, according to press releases. Financial terms were not disclosed.
 
KKR was advised by UBS. CVC was advised by JP Morgan, according to MergerLinks data and press releases.
 
Valmet to acquire Severn from Bluewater for $480m.
 
Valmet, a global developer and supplier of technologies, automation and services for the pulp, paper and energy industries, agreed to acquire Severn, an engineering company, from Bluewater, a private equity firm, for $480m, according to press releases.
 
Debt financing is provided by Danske Bank and OP Corporate Bank, according to press releases.
 
EQT Partners to acquire A-Train.
 
EQT Partners, a global private equity firm, agreed to acquire A-Train, the operator of the Arlanda express high-speed rail service, according to press releases. Financial terms were not disclosed.
 
APAC
 
L Catterton completes the investment in Haldiram's.
 
L Catterton, a global consumer-focused investment firm, completed the investment in Haldiram's, a renowned packaged food company, according to press releases. Financial terms were not disclosed.
 
Haldiram's was advised by Khaitan & Co. L Catterton was advised by Talwar Thakore & Associates (TT&A) (led by Sachin Mehta) and Adfactors PR (led by Gurunath Birnale), according to MergerLinks data and press releases.
 
Carlyle to acquire KFC Korea.
 
Carlyle, an American multinational private equity, agreed to acquire KFC Korea, a restaurant company, according to press releases. Financial terms are not disclosed.
 
Carlyle is advised by Kirkland & Ellis (led by Jesse Sheley) and The SIGNATURE (led by Jason Sohn), according to press releases.
 
Igneo Infrastructure to acquire Strait Link from Allegro Funds.
 
Igneo Infrastructure, a global infrastructure investment manager, agreed to acquire Strait Link, an end-to-end supply chain logistics company, from Allegro Funds, an investment firm, according to press releases. Financial terms were not disclosed.
 
Igneo is advised by Macquarie Group. Allegro Funds is advised by UBS, according to MergerLinks data and press releases.
 
Unison Capital to acquire the Japan operation of Krispy Kreme for $65m.
 
Unison Capital, a private equity firm, agreed to acquire the Japan operation of Krispy Kreme, a sweet treat brand, for $65m, according to press releases.
 
Krispy Kreme is advised by JP Morgan and ICR, according to MergerLinks data and press releases.
 
Blackstone to acquire Hamilton Island from Oatley family.
 
Blackstone, an alternative asset manager, agreed to acquire Hamilton Island, an Island of the Whitsunday Islands in Queensland, Australia, and an integrated resort destination, from Oatley family, current owners of the island and associated development. Financial terms were not disclosed.
 
Blackstone is advised by MorrisBrown Communications. (led by Olivia Brown).
 
KKR emerges as frontrunner to buy Japan’s Taiyo. (Bloomberg)
 
KKR has emerged as the leading bidder to acquire Japanese chemical manufacturer Taiyo Holdings, ahead of other private equity firms.
 
Taiyo’s shares fell as much as 9.3% in Tokyo trading following the development, despite having risen nearly 130% this year. The company currently has a market value of about $3.5bn.

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