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AMERICAS

TJC completes the acquisition of Commercial Aviation Solutions from L3Harris Technologies for $800m.

TJC, a private equity firm, completed the acquisition of Commercial Aviation Solutions, a route development advisors, from L3Harris Technologies, an American technology company, defense contractor and information technology services provider for $800m, according to press releases.

TJC was advised by JP Morgan, Kirkland & Ellis (led by Andrew Arons and Eduardo Leal) and Prosek Partners. L3Harris Technologies was advised by Moelis & Co, Morgan Stanley, Sullivan & Cromwell (led by Keith A. Pagnani and Scott B. Crofton) and Joele Frank, according to press releases and MergerLinks data.

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.

Seagate completes the acquisition of Intevac for $119m.

Seagate, a data storage company, completed the acquisition of Intevac, a supplier of thin-film processing systems, for $119m, according to press releases.

Intevac was advised by Houlihan Lokey, Wilson Sonsini Goodrich & Rosati and KCSA Strategic Communications. Houlihan Lokey was advised by Sullivan & Cromwell (led by Rita-Anne O'Neill and Lee C. Parnes). Seagate was advised by Wachtell Lipton Rosen & Katz (led by Adam Emmerich and John L. Robinson), according to press releases and MergerLinks data.

Mechanics Bank to merge with HomeStreet in a $300m deal.

Mechanics Bank, an independent, full-service bank based in Walnut Creek, California, agreed to merge with HomeStreet, a diversified financial services company headquartered in Seattle, in a $300m deal, according to press releases.

HomeStreet is advised by Keefe Bruyette & Woods and Sullivan & Cromwell. Mechanics Bank is advised by JP Morgan and Wachtell Lipton Rosen & Katz (led by Jacob A. Kling and Eric M. Feinstein), according to press releases and MergerLinks data.

FB Financial to merge with Southern States Bancshares in a $381m deal.

FB Financial, a bank holding company, agreed to merge with Southern States Bancshares, a full-service community banking institution, in a $381m deal, according to press releases.

Southern States Bancshares is advised by Performance Trust Capital Partners and Jones Walker. FB Financial is advised by Keefe Bruyette & Woods and Alston & Bird, according to press releases.

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.

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.

Tigertail Capital Partners-backed Advantage Distribution Holdings completes the acquisition of CTC Supply.

Tigertail Capital Partners-backed Advantage Distribution Holdings, a HVAC distribution platform, completed the acquisition of CTC Supply, a distributor of HVAC equipment, according to press releases. Financial terms were not disclosed.

Trump family to launch US Bitcoin mining venture with Hut 8. (Bloomberg)

The Trump family is set to launch a Bitcoin mining-focused venture with Hut 8, marking the latest expansion of the former president’s ties to the cryptocurrency sector.

Hut 8 is establishing American Bitcoin as a majority-owned subsidiary dedicated to Bitcoin mining and "strategic Bitcoin reserve development".

Sempra selling assets as shares flounder in wake of forecast cut. (Press Release)

Sempra has begun a process to divest parts of its natural gas portfolio, only weeks after its shares dropped following a lower profit forecast.

The California-based energy company plans to sell a Mexican fuel distributor along with a stake in its liquefied natural gas business. These moves are part of a broader strategy to streamline operations and concentrate on its core US utility assets.

In a statement released on March 31, Sempra said the shift reflects its long-term focus on strengthening its domestic footprint and optimizing capital allocation.

TPG RE Finance Trust closes $1.1bn commercial real estate collateralized loan obligation. (Press Release)

TPG RE Finance Trust announced it closed a $1.1bn managed commercial real estate collateralized loan obligation on March 28.

The company placed $962.5m of investment grade securities with institutional investors, securing term financing on a non-mark-to-market, non-recourse basis. The deal includes a 30-month reinvestment period, an 87.5% advance rate, and a weighted average interest rate of Term SOFR plus 1.83% before transaction costs.

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

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.

Carlyle-backed VARO Energy to acquire Preem.

Carlyle-backed VARO Energy, a diversified energy company headquartered in Zug, Switzerland, agreed to acquire Preem, a Swedish petroleum and bio-fuel company, according to press releases. Financial terms were not disclosed.

VARO Energy is advised by Brunswick Group (led by William Medvei). Preem is advised by Brunswick Group (led by Peter Lindell), according to MergerLinks data.

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.

Yamaha Motor to acquire bicycle drive unit business of Brose.

Yamaha Motor, a Japanese mobility manufacturer, agreed to acquire the bicycle drive unit business of Brose, a German automotive parts manufacturer, according to press releases. Financial terms were not disclosed.

Yamaha Motor is advised by DC Advisory (led by Philipp Sebbesse), according to press releases.

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.

Hungary should sell its stake in MBH Bank, economy minister says. (Reuters)

Hungary should sell its 20% stake in MBH Bank, the country’s second-largest lender, as part of a potential upcoming share offering, according to Economy Minister Marton Nagy.

MBH has been preparing for a possible listing, with the government considering divesting its stake in the bank. Speaking at a press conference in Budapest, Nagy confirmed that MBH is interested in going public.

APAC

GE HealthCare completes the acquisition of the remaining 50% stake in Nihon Medi-Physics from Sumitomo Chemical.

GE HealthCare, a global medical technology, pharmaceutical diagnostics, and digital solutions innovator, completed the acquisition of the remaining 50% stake in Nihon Medi-Physics, a pharmaceutical manufacturing firm, from Sumitomo Chemical, a major Japanese chemical company, according to press releases. Financial terms were not disclosed.

GE HealthCare was advised by Solomon Partners, according to press releases.

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 Holding 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.

Chinese state-owned carmakers’ shares rise after merger report. (Bloomberg)

Shares of Chinese state-owned carmakers rose following a report that the government plans mergers and restructuring in the sector amid market challenges.

Hong Kong-listed Dongfeng Motor Group and Guangzhou Auto Group gained as much as 7.1% and 4.5%, respectively. However, other auto shares declined, and the benchmark Hang Seng Index dropped by as much as 1.6%.

Indonesia's biggest state-owned banks undergo major leadership shakeups. (DealStreetAsia)

Indonesia’s three largest state-owned banks—Bank Rakyat Indonesia, Bank Mandiri, and Bank Negara Indonesia—have undergone a major leadership overhaul, with two new CEOs appointed and dozens of directors and commissioners replaced in late March.

The government framed the long-anticipated shakeup as part of efforts to professionalize management at the lenders. It followed a market panic earlier in the month, during which the banks’ shares were among the biggest losers, prompting a brief trading halt on Jakarta’s stock exchange.

Japan's $1.7tn Government Pension Investment Fund plans to keep portfolio composition unchanged. (DealStreetAsia)

Government Pension Investment Fund said it will maintain its current portfolio composition—an equal split between domestic stocks and bonds, and foreign stocks and bonds—in 2025 and beyond.

As part of its five-year mid-term plan through the end of the 2029 financial year, GPIF has raised its investment return target to 1.9% from 1.7% above nominal wage growth, marking the first increase since April 2015.

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