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Top Highlights
Silver Lake, a private equity firm, and GIC, a sovereign wealth fund, completed the acquisition of Zuora, a monetization suite for modern business, for $1.7bn, according to press releases.
Coeur Mining, a US-based precious metals producer, completed the acquisition of SilverCrest Metals, a Canadian precious metals producer, for $1.7bn, according to press releases.
Bain Capital, a private investment firm, agreed to acquire Apleona, a European provider of integrated facility management, from PAI Partners, a pre-eminent private equity firm, for €4bn ($4.2bn), according to press releases.
Bain Capital is advised by Citigroup, UBS, Kirkland & Ellis (led by Ben Leyendecker) and Camarco. PAI Partners is advised by Greenbrook (led by Peter Hewer), Havas (led by Sarah Duparc) and ICR (led by Brian Ruby), according to press releases.
Deal Round up
AMERICAS
Diamondback Energy in talks to acquire Double Eagle in a $5bn deal. ( WSJ)
Vale in late-stage talks to sell 70% stake in renewable unit to GIP. ( Reuters)
Blackstone explores $2bn sale of Olympus Energy. ( Bloomberg)
New York Giants hire Moelis to sell a minority stake. ( Bloomberg)
Dell nears $5bn deal to supply AI servers to Elon Musk’s xAI. ( Bloomberg)
KKR raises over $850m for Opportunistic Real Estate Credit Strategy. ( Press Release)
Goldman Sachs names Brandon Watkins as Global Head of Internet Investment Banking. ( Bloomberg)
EMEA
KKR and Universities Superannuation Scheme weigh takeover of Assura. ( Reuters)
Glencore rejects unsolicited bid for its DRC operations. ( Reuters)
Santander denies plans to sell UK business amid NatWest interest. ( Reuters)
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AMERICAS
PSG, a growth equity firm that specializes in partnering with software and technology-enabled services companies to capitalize on transformational growth, completed a $150m investment in Uscreen, a video monetization platform for the creator economy, according to press releases.
Uscreen was advised by Horizon Partners and Buchalter (led by Jeremy Weitz). PSG was advised by Weil Gotshal and Manges (led by David Gail) and Prosek Partners (led by Jacqueline Ryan) , according to press releases and MergerLinks data.
Fold, a bitcoin financial services company, went public via SPAC merger with FTAC Emerald Acquisition, a special purpose acquisition company, in a $365m deal, according to press releases.
Fold was advised by Cohen & Company Capital Markets and Latham & Watkins (led by Ryan Maierson). FTAC Emerald was advised by Stevens & Lee, according to MergerLinks data and press releases.
Praana Group, an India-based holding group that operates a diverse portfolio of companies primarily serving the industrial sector, agreed to acquire the glass reinforcements business of Owens Corning, a residential and commercial building products provider, for $755m, according to press releases.
Praana Group is advised by Morgan Stanley and UBS, according to MergerLinks data.
flyExclusive, a provider of premium jet charter experiences, agreed to acquire the aviation business of Jet.AI, a private aviation and artificial intelligence company. Financial terms were not disclosed, according to press releases.
flyExclusive is advised by Solebury Trout (led by Sloan Bohlen). Jet.AI is advised by Gateway Investor Relations , according to press releases.
OpenAI rejected a $97.4bn bid from a consortium led by billionaire Elon Musk for the ChatGPT maker, saying the startup is not for sale and that any future bid would be disingenuous.
"OpenAI is not for sale, and the board has unanimously rejected Mr. Musk's latest attempt to disrupt his competition. Any potential reorganization of OpenAI will strengthen our nonprofit and its mission to ensure AGI benefits all of humanity," Bret Taylor, OpenAI Chair of the Board.
Diamondback Energy in talks to acquire Double Eagle in a $5bn deal. ( WSJ)
Diamondback Energy is in advanced discussions to acquire Double Eagle, a Texas-based oil and gas company with over 95k net acres in the Midland Basin. A formal deal announcement could come in the next few days, though another bidder could still emerge.
Backed by EnCap Investments, Double Eagle is one of the largest assets in the Permian Basin. If finalized, the acquisition would be valued at more than $5bn, further consolidating Diamondback’s position in the region.
Vale in late-stage talks to sell 70% stake in renewable unit to GIP. ( Reuters)
Brazilian mining giant Vale is in advanced discussions to sell a 70% stake in its renewable energy subsidiary Alianca Energia and a solar plant to Global Infrastructure Partners.
Other interested parties, including Casa dos Ventos and China Three Gorges Brasil, were previously in the running but are no longer contenders. The deal, if finalized, would mark a significant step in Vale’s strategy to monetize its energy assets.
Blackstone explores $2bn sale of Olympus Energy. ( Bloomberg)
The Blackstone Group is exploring a potential sale of Olympus Energy, a natural gas explorer in the Appalachian region, with a valuation of up to $2bn.
The asset manager has engaged financial advisers to seek buyers for the Canonsburg, Pennsylvania-based company.
New York Giants hire Moelis to sell a minority stake. ( Bloomberg)
The New York Giants have engaged investment bank Moelis & Co to facilitate the sale of a minority stake in the NFL franchise, offering a rare opportunity to invest in one of New York’s iconic sports teams.
The move comes amid a wave of minority stake sales across the NFL, driven by recent rule changes permitting private equity investors to become part-owners. The sale is expected to attract significant interest from institutional and high-net-worth investors.
LesserEvil, the Danbury, Connecticut-based popcorn and snack brand, is exploring a potential sale and has engaged an adviser to evaluate its options. The company could seek a valuation of around $1bn in a transaction.
Discussions remain at an early stage, and there is no certainty a deal will materialize.
Dell nears $5bn deal to supply AI servers to Elon Musk’s xAI. ( Bloomberg)
Dell Technologies is in advanced talks to secure a $5bn+ deal to provide xAI, Elon Musk’s artificial intelligence startup, with AI-optimized servers.
The agreement involves Nvidia GB200-powered servers, slated for delivery this year. While key details are still being finalized, the deal would mark a significant partnership in the AI infrastructure space.
KKR raises over $850m for Opportunistic Real Estate Credit Strategy. ( Press Release)
KKR, a global investment firm, announced the final close of the KKR Opportunistic Real Estate Credit Fund II, a strategy dedicated to opportunistic investments in senior loans and real estate securities in the US and Western Europe.
Closed commitments to the comingled fund and separate accounts pursuing KKR’s Opportunistic Real Estate Credit Strategy total over $850m.
Goldman Sachs names Brandon Watkins as Global Head of Internet Investment Banking. ( Bloomberg)
Goldman Sachs appointed Brandon Watkins as global head of internet investment banking within its technology, media, and telecommunications group. Watkins, who joined the firm in 2010, steps into the role previously held by Jane Dunlevie.
Dunlevie will continue as chief operating officer and head of investment banking services for TMT.
EMEA
KPN, a Dutch landline and mobile telecommunications company, and APG, a Dutch pension investment company, completed the formation of Althio, a new, open tower joint venture company, according to press releases. Financial terms were not disclosed.
KPN was advised by Perella Weinberg Partners and A&O Shearman (led by Joyce Leemrijse). APG was advised by Jefferies & Company (led by Andres Gutierrez) and Baker McKenzie , according to press releases and MergerLinks data.
Sidenor, a steel maker, and Kutxabank, a regional government and local lender, agreed to acquire a 29.7% stake in Talgo, a train maker, for €177m ($185m), according to press releases.
Tether, the largest company in the digital asset industry, completed an investment in Juventus Football Club, one of the most successful and iconic football clubs in the world, according to press releases. Financial terms were not disclosed.
KKR and Universities Superannuation Scheme weigh takeover of Assura. ( Reuters)
British healthcare real estate investment trust Assura received a preliminary acquisition approach from KKR and the Universities Superannuation Scheme, the UK-based pension fund for educational institutions.
The two bidders have until March 14 to submit a firm offer or withdraw their interest.
Glencore rejects unsolicited bid for its DRC operations. ( Reuters)
Glencore confirmed on Friday that it had rejected an unsolicited takeover approach for its Democratic Republic of Congo operations at the end of last year. The commodities giant did not disclose the bidder’s identity.
A company spokesperson stated that Glencore has not engaged banks or advisors and is not actively pursuing a sale process for its DRC assets.
Santander denies plans to sell UK business amid NatWest interest. ( Reuters)
Banco Santander reaffirmed that its UK division remains a core part of its global business model and is not for sale, following reports of past discussions with NatWest about a potential deal.
Early-stage talks reportedly took place last year. Santander has denied any active sale process.
APAC
GCL Asia, a video game distributor, went public via SPAC merger with RF Acquisition, a publicly traded special purpose acquisition company, in a $1.2bn deal, according to press releases.
GCL Asia was advised by AMGM, Icon Law, Loeb & Loeb (led by Giovanni Caruso) and AUM Media (led by Crocker Coulson). RF Acquisition was advised by EarlyBirdCapital and Winston & Strawn (led by Michael J. Blankenship) , according to press releases and MergerLinks data.
Allegion, a global security products and solutions provider, agreed to acquire Lemaar, a door hardware company, according to press releases. Financial terms were not disclosed.
OSR, a global healthcare company, went public via merger with Bellevue Life Sciences Acquisition, a publicly traded special purpose acquisition company, according to press releases. Financial terms were not disclosed.
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