Daily Review

BASF launches $6bn sale process for coatings business. (Bloomberg)

German chemical giant BASF has formally initiated the sale of its coatings division, which could be valued at around $6bn. The business includes automotive, industrial, and decorative coatings and has attracted interest from private equity and strategic buyers.

The divestment is part of BASF’s broader portfolio restructuring aimed at sharpening focus on core segments. The coatings unit, with global operations and steady cash flow, is expected to draw bids from both global industrial players and buyout funds.

UK government exits NatWest with final share sale, ending post-crisis ownership. (Reuters)

The UK government has sold its final stake in NatWest Group, marking the end of state ownership more than 15 years after the lender's bailout during the 2008 financial crisis. The exit concludes a long-running divestment program that raised over £40bn ($51bn).

The final tranche of shares was sold to institutional investors, following a broader effort to return NatWest to full private ownership. At its peak, the government had held an 84% stake after injecting capital to stabilize the bank during the global financial meltdown.

3i prepares TCR sale process, seeks advisor pitches. (Bloomberg )

UK private equity firm 3i is seeking pitches from advisers ahead of a potential sale of TCR Group, a global leader in ground support equipment leasing and services. The sale process is expected to formally launch later this year.

TCR operates across more than 150 airports worldwide, offering rental, maintenance, and fleet management of airport vehicles such as aircraft pushbacks, loaders, and baggage tractors. The asset is likely to attract infrastructure funds and buyout firms focused on transportation and mobility.

Lumon drops takeover pursuit of UK’s Argentex. ( Reuters)

Lumon, backed by Pollen Street Capital, has withdrawn its takeover proposal for Argentex Group, a UK-based foreign exchange services firm. The decision follows an earlier announcement of preliminary talks, which will now not progress to a formal offer.

Argentex had confirmed receiving interest but noted that terms were still under discussion. With Lumon stepping away, the company remains independent as the FX services sector continues to see heightened M&A interest.

Tabreed and CVC enter exclusive talks to acquire Multiply unit. (Reuters)

UAE-based district cooling company Tabreed and private equity firm CVC Capital Partners are in exclusive negotiations to acquire a cooling services unit from Multiply Group. The potential transaction would support Tabreed’s expansion strategy and CVC’s interest in infrastructure-linked assets in the Gulf region.

The asset provides energy-efficient district cooling solutions, aligning with the UAE’s long-term sustainability and energy efficiency goals. Multiply has been actively streamlining its portfolio, and the divestment would mark a key exit in its infrastructure holdings.

South Africa’s Spar plans to sell Swiss and UK retail businesses. (Reuters)

Spar Group, a South African retail and wholesale company, plans to divest its operations in Switzerland and the UK to focus on core markets. The move comes as the company faces profitability pressures and seeks to streamline its international portfolio.

The Swiss unit has continued to underperform, while the UK business is grappling with a highly competitive retail landscape. Spar expects the exits to unlock value and strengthen its balance sheet for reinvestment in Southern Africa and Ireland.

Aldi owners in talks over possible merger of Nord and Süd operations. (Bloomberg)

The families behind Aldi Nord and Aldi Süd are reportedly in discussions about a potential merger of the two historically separate discount grocery chains. A tie-up would mark a significant shift for the German retail giant, which has operated under a divided structure since the 1960s.

A merger could improve operational efficiency and purchasing scale, especially as Aldi expands internationally and faces intensifying price competition across Europe. Talks are at an early stage and no decisions have been finalized.

Saudi Arabia’s PIF explores IPO of tech services arm SITE. (Bloomberg)

Saudi Arabia’s Public Investment Fund is exploring an initial public offering of SITE, its technology and cybersecurity services subsidiary. The listing would align with PIF’s broader strategy to monetize assets and deepen capital markets in the kingdom.

SITE, or Saudi Information Technology, provides cybersecurity, AI, and digital infrastructure services. An IPO would support its growth ambitions and highlight Saudi Arabia’s push to become a regional tech hub under Vision 2030.

Lauber family office targets three Stockholm IPOs in 2025. (Bloomberg)

The Lauber family office is planning up to three initial public offerings on the Nasdaq Stockholm exchange this year. The listings will span companies across sectors, with one tied to the property market and another linked to infrastructure and services.

The group aims to raise fresh capital for portfolio companies while benefiting from a rebound in investor sentiment toward Nordic equities. Specific valuation and timing details were not disclosed, but the listings are expected to proceed before year-end.

JP Morgan hires Citi’s Giatrakos to boost private equity dealmaking. (Bloomberg)

JP Morgan Chase has hired Panos Giatrakos from Citigroup to strengthen its coverage of private equity clients in Europe. Based in London, Giatrakos is expected to play a key role in advising buyout firms on large-cap transactions across the region.

His appointment comes as JP Morgan looks to deepen relationships with financial sponsors amid rising deal activity and renewed momentum in leveraged finance markets. Giatrakos previously held senior roles in Citi’s European financial sponsors group.