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Top Highlights
Seven2, a European private equity firm, agreed to acquire a majority stake in HRK LUNIS, a German independent wealth management platform, from J.C. Flowers, a private investment firm dedicated to investing globally in the financial services industry, according to press releases. Financial terms were not disclosed.
Seven2 is advised by Alvarez & Marsal, Rothschild & Co and Latham & Watkins. JC Flowers is advised by Houlihan Lokey, Noerr and Lambert & Co (led by Jennifer Hurson), according to press releases.
Braze, a customer engagement platform, agreed to acquire OfferFit, an AI decisioning company, for $325m, according to press releases.
Mitsui Sumitomo Insurance, a Japanese insurance holding company, agreed to acquire a 15% stake in W. R. Berkley, a commercial lines property & casualty insurance holding company, for $3.8bn, according to press releases.
W. R. Berkley is advised by Wachtell Lipton Rosen & Katz (led by David A. Katz). Mitsui Sumitomo is advised by Debevoise & Plimpton (led by Nicholas Potter), according to press releases and MergerLinks data.
Deal Round up
AMERICAS
Blackstone mulls minority investment in TikTok's US operations. ( DealStreetAsia)
CoreWeave valued at $23bn in muted Nasdaq debut. ( Reuters)
EMEA
Ceva Santé Animale nears fundraising at €9bn value. ( Bloomberg)
Temasek weighs sale of testing firm Element Materials. ( Bloomberg)
Coulthard and Humphrey-backed TV producer Whisper screens bidders. ( Sky News)
ING met Italy's Popolare di Sondrio amid European expansion plan. ( Reuters)
EQT closes its flagship infrastructure fund VI at $23.3bn. ( DealStreetAsia)
APAC
UBS gets regulatory approval to fully own China securities joint venture. ( Reuters)
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INVESTORS
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AMERICAS
JAPEX, a company specializing in energy investments and onshore oil and gas exploration, agreed to invest in Peoria Resources, a Houston-based company focused on acquiring and developing operated oil and natural gas assets, according to press releases. Financial terms were not disclosed.
Peoria Resources is advised by Willkie Farr & Gallagher (led by Brad Honeycutt and Sidney Nunez). JAPEX is advised by K&L Gates, according to press releases and MergerLinks data.
xAI, Elon Musk's artificial intelligence firm, completed the merger with X, the social media platform formerly known as Twitter, in a $45bn deal, according to press releases.
xAI was advised by Sullivan & Cromwell (led by Mike Ringler and Peter Jones), according to press releases and MergerLinks data.
SCF Partners, a private equity firm, completed the investment in Phoenix Service Partners, a service company specializing in high-horsepower, low-emission natural gas compression, according to press releases. Financial terms were not disclosed.
Blackstone mulls minority investment in TikTok's US operations. ( DealStreetAsia)
Blackstone is considering a small minority investment in TikTok’s US operations as part of a broader effort to reshape the platform’s ownership structure.
The private equity firm is in talks to join existing non-Chinese shareholders of ByteDance—led by Susquehanna International Group and General Atlantic—in contributing fresh capital for a bid. The proposal involves spinning off TikTok’s US business into a separate entity and reducing Chinese ownership to below the 20% threshold required under US law.
CoreWeave valued at $23bn in muted Nasdaq debut. ( Reuters)
CoreWeave’s shares closed flat in their Nasdaq debut on March 28 after opening nearly 3% below their offer price, giving the Nvidia-backed AI infrastructure firm a fully diluted valuation of $23bn.
The muted performance may dampen expectations for a broader rebound in IPO activity, as equity markets face ongoing pressure from tariff-related volatility.
EMEA
Tencent, a technology and entertainment company, agreed to invest €1.16bn in a new gaming subsidiary of Ubisoft Entertainment, a global game development and publishing company, according to press releases.
Tencent is advised by Goldman Sachs, Davis Polk & Wardwell and Gide Loyrette Nouel. Ubisoft is advised by Commerzbank, Credit Agricole, JP Morgan, Bredin Prat, Deloitte and White & Case, according to press releases and MergerLinks data.
Blackstone Group agreed to acquire a 22% stake in AGS Airports, a platform of high-quality freehold airports providing access to key UK markets, from AviAlliance, an airport management company, for £235m, according to press releases.
AviAlliance is advised by Santander, according to press releases.
Vandemoortele, a Belgian-based food group, agreed to acquire Délifrance, a French frozen bakery brand, from VIVESCIA Group, a French cooperative farming and food processing group, according to press releases. Financial terms were not disclosed.
VIVESCIA is advised by Rothschild & Co, according to press releases and MergerLinks data.
Poste Italiane, a service distribution network in Italy, agreed to acquire an additional 25% stake in Telecom Italia, an Italian telecommunications company, from Vivendi, a media and entertainment group, for €684m ($739m), according to press releases.
Ceva Santé Animale nears fundraising at €9bn value. ( Bloomberg)
French animal health company Ceva Santé Animale is nearing completion of a funding round that would value the business at €9bn ($9.7bn).
Téthys Invest, the investment vehicle of the Bettencourt Meyers family, and the Mérieux family are set to increase their stakes, while health-care focused firm Archimed is expected to join as a new investor.
Temasek weighs sale of testing firm Element Materials. ( Bloomberg)
Temasek Holdings Pte is considering selling Element Materials Technology, a UK-based testing firm it purchased roughly three years ago, according to sources familiar with the situation.
The Singaporean state investment firm, which acquired Element in a transaction that valued the company at over $7bn including debt, is collaborating with advisers to gauge buyer interest.
Coulthard and Humphrey-backed TV producer Whisper screens bidders. ( Sky News)
The television production company co-founded by broadcaster Jake Humphrey and ex-racing driver David Coulthard is in discussions with prospective buyers regarding a potential sale.
Whisper Group — launched in 2010 and recipient of a BAFTA for its coverage of the Women’s Euros in 2022 — is collaborating with advisers to explore a deal.
ING met Italy's Popolare di Sondrio amid European expansion plan. ( Reuters)
ING Groep recently held meetings with Italy's Banca Popolare di Sondrio as part of its efforts to expand in Europe through acquisitions.
The talks were at a preliminary stage, and the Dutch bank may ultimately decide not to make an offer.
EQT closes its flagship infrastructure fund VI at $23.3bn. ( DealStreetAsia)
EQT has closed its flagship infrastructure fund, EQT Infrastructure VI, with total commitments of $23.3bn (€21.5bn), including $23bn (€21.3bn) in fee-generating assets under management.
The fund attracted a global mix of institutional investors, including pension funds, sovereign wealth funds, asset managers, and insurers from the Americas, Asia Pacific, Europe, the Middle East, and the Nordics.
APAC
KKR, a private equity firm, and JIC Capital, an investment company, agreed to invest in Topcon Corporation, a Japanese manufacturer of optical equipment for ophthalmology and surveying, for JPY348bn ($2.3bn), according to press releases.
Topcon Corporation is advised by Mitsubishi UFJ Morgan Stanley Securities. KKR is advised by Simpson Thacher & Bartlett (led by Noritaka Kumamoto and Jonathan Stradling), according to press releases and MargerLinks data.
Chiba Bank, a regional banking institution in Japan, completed the acquisition of a 19.9% stake in Chiba Kogyo Bank, a Chiba-based regional bank, from Ariake Master Fund, a Cayman Islands-based investment fund, for JPY23.7bn ($157m), according to press releases.
Chiba Bank was advised by Mitsubishi UFJ Morgan Stanley Securities, according to press releases and MergerLinks data.
UBS gets regulatory approval to fully own China securities joint venture. ( Reuters)
UBS has received regulatory approval to take full ownership of Beijing-based UBS Securities, marking a key milestone in consolidating its China operations following the merger with Credit Suisse.
With clearance from the China Securities Regulatory Commission, UBS will acquire an additional 33% stake in the brokerage from Beijing State-owned Assets Management, raising its total stake to 100%, the bank said in a press release.
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