Silver Lake completes the acquisition of Endeavor for $17.2bn.

Read on...

Scroll down to read deal descriptions. Your suggestions and comments support the democratisation of M&A data. If you'd like to contribute to the future editions, drop us a line.

AMERICAS

Brigade Capital and Macellum Capital to acquire the family dollar business from Dollar Tree for $1bn.

Brigade Capital, a global asset management firm, and Macellum Capital, an investment firm, agreed to acquire the family dollar business from Dollar Tree, a multi-price-point chain of discount variety stores, for $1bn, according to press releases.

Brigade Capital and Macellum Capital are advised by Jefferies & Company, RBC Capital Markets, Paul Weiss Rifkind Wharton & Garrison and Prosek Partners (led by Josh Clarkson). Debt financing is provided by RBC Capital Markets, Wells Fargo Securities and WhiteHawk Capital Partners. Dollar Tree is advised by JP Morgan, Davis Polk & Wardwell and Brunswick Group (led by Jonathan Doorley and Eleanor French), according to MergerLinks data and press releases.

One Equity Partners to acquire CraftMark Bakery.

One Equity Partners, a middle market private equity firm, agreed to acquire CraftMark Bakery, a supplier of bakery products for quick service restaurants and in-store retail bakeries, according to press releases. Financial terms were not disclosed.

CraftMark Bakery is advised by Harris Williams & Co. One Equity is advised by KPMG, Kirkland & Ellis, Stanton PRM (led by Thomas Zadvydas). Debt financing is provided by PNC Financial Services and TCW Group, according to press releases.

Tailwind Capital completes the investment in Cloud for Good.

Tailwind Capital, a private equity firm, completed the investment in Cloud for Good, a cloud consulting firm, according to press releases. Financial terms were not disclosed.

Cloud for Good was advised by Guggenheim Partners and Holland & Knight. Tailwind Capital was advised by Robert W Baird, Davis Polk & Wardwell and FGS Global, according to press releases.

Rockbridge Growth Equity completes the acquisition of a majority stake in Access Global Group.

Rockbridge Growth Equity, a partnership-oriented middle market private equity, completed the acquisition of a majority stake in Access Global Group, a salesforce-focused solutions and services company, according to press releases. Financial terms were not disclosed.

Access Global Group was advised by Shumaker Loop & Kendrick. Rockbridge Growth Equity was advised by Honigman Miller Schwartz & Cohn and Lambert & Co (led by Jennifer Hurson), according to press releases and MergerLinks data.

Nonantum Capital completes the acquisition of MSI Express.

Nonantum Capital, a private equity firm, completed the acquisition of MSI Express, a contract manufacturing and packaging partner for food and beverage brands, according to press releases. Financial terms were not disclosed.

MSI Express was advised by Houlihan Lokey. Nonantum Capital was advised by Goodwin Procter and Hencove (led by Daniel Black), according to press releases.

Regent completes the acquisition of Foundry from International Data Group.

Regent, a private equity firm, completed the acquisition of Foundry, a provider of media, event services, marketing technology, and intent data for B2B technology marketers, from International Data Group, a market intelligence and data company. Financial terms were not disclosed, according to press releases.

IDG was advised by Centerview Partners and Simpson Thacher & Bartlett (led by Anthony Vernace and William Allen), according to press releases and MergerLinks data.

Stonepeak to invest in Longview Infrastructure.

Stonepeak, an alternative investment firm, agreed to invest in Longview Infrastructure, an electric transmission development and investment platform, according to press releases. Financial terms were not disclosed.

Longview Infrastructure is advised by Vinson & Elkins. Stonepeak is advised by Sidley Austin, according to press releases.

Coatue Management led a $250m Series E round in Island.

Coatue Management, a technology-focused investment management firm, led a $250m Series E round in Island, an enterprise browser company, according to press releases.

Island was advised by Big Valley (led by Andy Shane), according to press releases.

Roper Technologies to acquire CentralReach from Insight Partners for $1.65bn.

Roper Technologies, a company designing, manufacturing and distributing vertical software and technology enabled products, agreed to acquire CentralReach, a cloud-native electronic health record and practice management software provider, from Insight Partners, a venture capital and private equity firm, for $1.65bn, according to press releases.

Incline completes the acquisition of Command Investigations.

Incline Equity Partners, a private equity firm, completed the acquisition of Command Investigations, a national provider of insurance investigation services, according to press releases. Financial terms were not disclosed.

Grain Management to acquire the 800 MHz spectrum portfolio from T-Mobile.

Grain Management, a private equity firm specializing in digital infrastructure investments, agreed to acquire the 800 MHz spectrum portfolio from T-Mobile, a telecommunications company, according to press releases. Financial terms of the deal were not disclosed, according to press release.

Cerberus completes the acquisition of Votaw Precision Technologies.

Cerberus, an alternative investing firm, completed the acquisition of Votaw Precision Technologies, a specialty manufacturer of mission-critical hardware and components for launch and undersea vehicles, satellites, ground radar, and other aerospace defense applications, according to press releases. Financial terms were not disclosed.

OpenAI close to finalizing $40bn SoftBank-led funding. (Bloomberg)

OpenAI is nearing completion of a $40bn funding round led by SoftBank Group, with investors such as Magnetar Capital, Coatue Management, Founders Fund, and Altimeter Capital Management in discussions to join the deal.

Magnetar Capital could contribute up to $1bn as part of the round. Final terms are still being negotiated.

Clearlake Capital nearing $4bn acquisition of Dun & Bradstreet. (Bloomberg)

Clearlake Capital Group is in advanced discussions to acquire Dun & Bradstreet, a leading data and analytics provider, in a deal valued at approximately $4bn. The proposed transaction offers $9 per share, representing a premium over the company's recent trading price.

Dun & Bradstreet, headquartered in Jacksonville, Florida, is renowned for its comprehensive business data and analytics services. The company has been a pivotal resource for businesses seeking insights into creditworthiness, supplier relationships, and market potential.

The acquisition process is expected to include a "go-shop" period, during which Dun & Bradstreet can solicit alternative proposals to ensure the best outcome for its shareholders. This strategic move underscores Clearlake Capital's commitment to expanding its portfolio in the data and analytics sector.

Apollo Global Management explores the $4bn sale of Cox Media Group. (Bloomberg)

Apollo Global Management is considering the sale of Cox Media Group, valuing the company at approximately $4bn. The firm has engaged Moelis & Co to assess potential buyer interest.

Cox Media Group operates 15 television stations across nine markets and owns 50 radio stations in 10 markets. Potential buyers include Nexstar Media Group and Gray Media, both expressing interest in acquiring certain television assets.

Apollo acquired a majority stake in Cox Media Group in 2019. The current exploration of a sale aligns with Apollo's strategy to evaluate its media investments.

Existing ByteDance investors lead talks to acquire TikTok's US operations. (Reuters)

Major US-based investors in ByteDance, including Susquehanna International Group and General Atlantic, are in discussions to increase their stakes and acquire TikTok's US operations. The proposed plan involves creating a US entity for TikTok, reducing Chinese ownership to below 20%, in compliance with US legal requirements.

This initiative aims to address national security concerns that have prompted legislative actions threatening to ban TikTok in the United States unless its Chinese ties are severed. The White House is actively involved in facilitating these negotiations, underscoring the government's significant role in determining TikTok's future in the US market.

The outcome of these discussions will significantly impact TikTok's continued operation in the US, as well as the broader landscape of foreign-owned technology platforms facing scrutiny over data security and geopolitical tensions.

Silver Lake-backed Casago faces opposition in $200m bid for Vacasa. (Financial Times)

Silver Lake, through a partnership with vacation rental firm Casago, has made a revised $200m offer to acquire Vacasa, a once high-flying e-commerce startup in the short-term rental space. The deal comes amid a sharp decline in Vacasa’s valuation from previous highs, driven by broader economic pressures and high interest rates.

The bid has sparked resistance from Davidson Kempner, a major investor in Vacasa, setting the stage for a dispute over the company’s future. The standoff highlights continued investor interest in distressed digital platforms, particularly those with scalable assets and brand recognition.

Vanguard met with Blackstone, Carlyle on private markets product. (Bloomberg)

Vanguard Group has held preliminary discussions with major alternative asset managers, including Carlyle Group and Blackstone, to explore potential partnerships aimed at offering private assets to individual investors.

While the conversations were early stage, Vanguard has not committed to any collaboration at this time.

Ethos explores IPO with Goldman Sachs, valuation at $2.7bn. (Bloomberg)

Ethos, an Austin-based insurance technology startup, is considering an initial public offering that could occur as soon as this year. The company has engaged Goldman Sachs to assist with the process.

In addition to SoftBank, Ethos counts General Catalyst, Sequoia Capital, Accel, Roc Nation and Glade Brook Capital Partners among its investors.

Advent nears $3bn-plus continuation fund for Xplor. (Bloomberg)

Advent is close to finalizing a single-asset continuation fund for Xplor Technologies, valuing the payments company between $3bn and $4bn.

The fund will be led by AlpInvest from Carlyle Group and Coller Capital. It is Advent’s first continuation vehicle of this kind, following six months of development.

Falfurrias Management Partners raises $1.35bn for Fund VI. (Press Release)

Falfurrias Management Partners has closed its latest oversubscribed middle-market private equity fund, Falfurrias Capital Partners VI, with $1.35bn in investor commitments. The firm’s previous fund, raised in 2021, totaled $850m.

Alongside Falfurrias Growth Partners, its dedicated growth buyout fund focused on software and business services, the firm is currently investing $1.75bn across active funds and has raised around $3.6bn in capital since inception.

EMEA

Bain Capital to acquire a majority stake in Namirial from Ambienta.

Bain Capital, a private equity firm, agreed to acquire a majority stake in Namirial, a provider of digital transaction management, from Ambienta, an asset manager, according to press releases. Financial terms were not disclosed.

Namirial is advised by Arma Partners and Mediobanca. Bain Capital is advised by JP Morgan. Ambienta is advised by Bain & Co, Marsh, KPMG, Rothschild & Co, PedersoliGattai, Kekst CNC, FRM Tax and West Monroe Partners, according to press releases and MergerLinks data.

AnaCap to acquire a majority stake in Fiduciaire Jean Marc Faber.

AnaCap, a private equity investor, agreed to acquire a majority stake in Fiduciaire Jean Marc Faber, an independent provider of trust, fund, and corporate services based in Luxembourg, according to press releases. Financial terms were not disclosed.

AnaCap is advised by Proskauer Rose, Van Campen Liem and EQ Partners (led by James Culverhouse), according to press releases and MergerLinks data.

Ardian to acquire Akuo.

Ardian, a private equity firm, agreed to acquire Akuo, a renewable energy company, according to press releases. Financial terms were not disclosed.

Akuo is advised by Nomura. Ardian is advised by Headland Consultancy. ICG is advised by Rothschild & Co, according to press releases and MergerLinks data.

Blackstone to acquire Warehouse REIT for £489m.

Blackstone, a private equity firm, offered to acquire Warehouse REIT, a real estate investment trust with a portfolio and investment strategy focusing on urban warehouses, for £489m ($632m), according to press releases.

Blackstone is advised by Rothschild & Co, according to press releases.

Nalka Invest to acquire airteam from Ratos for SEK1.7bn.

Nalka Invest, a company specializing in long-term investments in medium-sized Nordic companies, agreed to acquire a 70% stake in airteam, a leading supplier of technical ventilation solutions, from Ratos, a business group focusing on technological and infrastructure solutions, for SEK1.7bn ($168m), according to press releases.

Nalka Invest is advised by Gorrissen Federspiel (led by Michael Wejp-Olsen), according to press releases and MergerLinks data.

ADIA to acquire a minority stake in European Camping Group from PAI Partners.

Abu Dhabi Investment Authority, a globally-diversified investment institution, agreed to acquire a minority stake in European Camping Group, a European player in the outdoor accommodation sector, from PAI Partners, a private equity firm, according to press releases. Financial terms were not disclosed.

PAI Partners is advised by Ropes & Gray (led by Fabrice Cohen), according to press releases and MergerLinks data.

Apollo to acquire a 25% stake in bp TANAP from bp for $1bn.

Apollo, an alternative asset manager, agreed to acquire a 25% stake in bp TANAP, the holding company of bp’s 12% interest in the Trans-Anatolian natural gas pipeline, from bp, a multinational oil and gas company, for $1bn, according to press releases.

Carlyle terminates the acquisition of E&P assets in the Mediterranean from Energean for $945m.

Carlyle, an American multinational private equity, alternative asset management and financial services corporation, terminated the acquisition of E&P assets in the Mediterranean from Energean, an international hydrocarbon exploration and production company, for $945m, according to press releases.

KIRKBI, M&G Investments and Lightrock led a €240m round in AMBOSS.

KIRKBI, M&G Investments and Lightrock, private equity firms, led a €240m ($260m) round in AMBOSS, a medical knowledge platform dedicated to physicians and students, with participation from existing shareholders, according to press releases.

General Atlantic to acquire a minority stake in NuCom Group and ParshipMeet Group from ProSiebenSat.1 Media for €98m.

General Atlantic, a growth equity firm, agreed to acquire a minority stake in NuCom Group, an omnichannel platform for consumer services and lifestyle brand, and ParshipMeet Group, an online dating service provider, from ProSiebenSat.1 Media, a mass media and digital company, for €98m ($107m), according to press releases.

Elliott explores private equity backing for potential carve-out of Bayer’s €5.9bn consumer health division. (FT)

Elliott Management has held preliminary discussions with private equity firms about a potential carve-out of Bayer’s consumer health business, as the activist investor considers re-engaging with the German conglomerate.

Investor interest in consumer health assets has been picking up. Bayer’s over-the-counter division, which includes brands such as Aspirin, Claritin, and Alka-Seltzer, generated €5.9bn ($6.3bn) in revenue and €1.3bn ($1.4bn) in EBITDA in 2024. While buyout firms have shown interest, Bayer is unlikely to move forward with a spin-off in the near term due to its ongoing restructuring.

UK's Warehouse REIT could back Blackstone's $632m bid in case of a firm offer. (Reuters)

Warehouse REIT said on March 27 it could recommend Blackstone’s £489m ($631.5m) final all-cash takeover proposal if the asset manager submits a firm offer.

Earlier this week, the company said it was evaluating the £1.15 ($1.49) per-share proposal, which represents a 4% increase from a previous joint offer made by Blackstone and Sixth Street Partners.

Historically, Blackstone has worked with Simpson Thacher & Bartlett, Kirkland & Ellis, Goldman Sachs and Morgan Stanley, according to MergerLinks data.

Blackstone's higher $427m offer for London's 'Can of Ham' tower rejected. (Reuters)

The owner of London’s landmark “Can of Ham” building has turned down a higher offer of around £330m ($427m) from Blackstone, with Nuveen opting to hold the asset in anticipation of improving demand for European real estate.

Located at 70 St Mary’s Axe, the 21-storey office tower is among the few major properties to come to market in Europe in recent years, as the sector continues to recover from shifting work patterns and elevated borrowing costs.

Vivendi reduces stake in Telecom Italia from 23.8% to 18.4%. (Bloomberg)

Vivendi has decreased its ownership in Telecom Italia from 23.8% to 18.4%, aligning with its strategic decision to divest from the Italian telecom operator.

This reduction follows Vivendi's earlier announcement of its intention to sell its stake in TIM under favorable conditions. Vivendi first invested in TIM in 2015 but no longer considers the investment strategic. TIM's recent sale of its fixed-line network to a consortium led by KKR, a move Vivendi opposed and is challenging in court, has influenced this decision.

Elliott pushes for larger share buyback at Germany's RWE. (Reuters)

Elliott Investment Management has disclosed a nearly 5% stake in RWE, Germany's largest utility, and is calling for a substantial increase to its current €1.5bn ($1.6bn) share buyback program. The activist investor made its position public on March 24 and urged the company to return more capital to shareholders.

This marks Elliott’s first confirmed involvement in RWE, though it is known for engaging with major global firms like BP. The investor's intervention signals potential pressure on RWE’s capital allocation strategy and may lead to broader discussions about shareholder returns and balance sheet optimization.

Oakley Capital closes €4.5bn fund in six months amid tight fundraising market. (Press Release)

Private equity firm Oakley Capital has raised €4.5bn ($4.9bn) for its flagship vehicle, Oakley Capital Fund VI, reaching its hard cap within six months. The fund is approximately 58% larger than its predecessor, signalling strong investor demand despite a challenging global fundraising environment.

The rapid close underscores Oakley’s continued momentum in the mid-market private equity space. The firm did not provide detailed deployment plans but is expected to focus on sectors and strategies consistent with its previous funds.

APAC

Arlington Capital-backed Systems Planning & Analysis completes the acquisition of Intrepid.

Arlington Capital-backed Systems Planning & Analysis, a global provider of analytical insights for national security programs, completed the acquisition of Intrepid, an engineering company specializing in missiles and space, enterprise modernization, and aviation support. Financial terms were not disclosed, according to press releases.

Intrepid was advised by Houlihan Lokey and Maynard Nexsen. Systems Planning & Analysis was advised by Morrison & Foerster (led by Damien Specht) and Sheppard Mullin Richter & Hampton. Arlington Capital was advised by Prosek Partners (led by Ryan Fitzgibbon), according to press releases and MergerLinks data.

PSG to invest $280m in Protecht.

PSG, a private equity firm, agreed to invest $280m in Protecht, an Australian based provider of governance, risk and compliance solutions, according to press releases.

Protecht is advised by AGC Partners, Johnson Winter & Slattery (led by James Rozsa) and Honner. PSG is advised by Baker McKenzie, Weil Gotshal and Manges and Prosek Partners, according to press releases and MergerLinks data.

Affinity Equity Partners completes the acquisition of Yupi Indo Jelly Gum for $1.2bn.

Affinity Equity Partners, an investment firm, completed the acquisition of Yupi Indo Jelly Gum, an Indonesia-based gummy jelly manufacturer, for $1.2bn, according to press releases.

Yupi was advised by Jefferies & Company. Affinity was advised by Ernst & Young and Latham & Watkins (led by Amy Beckingham), according to press releases and MergerLinks data.

KKR signs MoU with FUJI SOFT founding family to acquire full ownership. (Press release)

KKR has signed a memorandum of understanding with the founding family of FUJI SOFT to take the company private through FK, an entity backed by KKR-managed investment funds.

Following the completion of two tender offers for FUJI SOFT’s shares and options, FK will acquire full ownership through a squeeze-out and share repurchase. The shareholder meeting for the squeeze-out is set for April 25, 2025, with the share repurchase expected after early June 2025.

KKR & CO is advised by Mitsubishi UFJ Morgan Stanley Securities and Simpson Thacher & Bartlett (led by Noritaka Kumamoto and Jonathan Stradling), according to press releases and MergerLinks data.

TPG-led investor consortium to acquire a 90% stake in the wind business in India and Sri Lanka from Siemens Gamesa.

TPG-led investor consortium to acquire a 90% stake in the wind business in India and Sri Lanka from Siemens Gamesa, a wind engineering company, according to press releases. Financial terms were not disclosed.

Siemens Gamesa is advised by Barclays, according to MergerLinks data.

Deutsche Bank seeks backers for $200m loan to support Blackstone’s bid for Maldives seaplane firm. (Bloomberg)

Deutsche Bank is exploring interest from potential participants in a $200m loan to support Blackstone’s bid for Trans Maldivian Airways.

The bank is reaching out to other lenders and private credit funds, with the proposed loan potentially carrying an interest rate of 10% or less. Discussions are ongoing and the terms remain negotiable.

CBC Group reaches $966m first close for debut RMB M&A fund. (DealStreetAsia)

CBC Group, an Asia-based healthcare asset manager, has completed the first close of its inaugural RMB-denominated M&A fund at over CNY7bn ($966m).

The fund targets a final close of CNY10bn ($1.4bn).

EQT raises nearly $490m for ninth Asia-focused buyout fund. (DealStreetAsia)

Swedish private equity firm EQT has secured close to $490m for its ninth Asia buyout fund, based on filings with the US Securities and Exchange Commission.

BPEA Private Equity Fund IX, SCSp raised $11m, while BPEA Private Equity Fund IX, SCSp brought in $477m. A total of 18 investors participated across both vehicles. The filings reflect capital raised from US-based investors.

Weekly Review - Financial Sponsors

Read on...

Connect the World of Dealmakers