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Top Highlights
SoftBank Group, a global conglomerate investing in technology, telecommunications, AI, and innovative startups, led a $40bn funding round in OpenAI, the artificial intelligence developer responsible for ChatGPT, according to press releases.
OpenAI was advised by Wachtell Lipton Rosen & Katz (led by Andrew Nussbaum and Mark F. Veblen), according to press releases and MergerLinks data.
Celsius Holdings, a functional beverage company, completed the acquisition of Alani Nu, a female-focused health and wellness brand, for $1.8bn, according to press releases.
Alani Nu was advised by Centerview Partners, JP Morgan and Greenberg Traurig. Celsius was advised by UBS and Freshfields Bruckhaus Deringer (led by Sanjay Murti and Ethan A. Klingsberg). Financial advisor was advised by Latham & Watkins (led by Steven Stokdyk). Debt financing was provided by UBS, according to press releases and MergerLinks data.
Atlantic Union Bankshares, the holding company for Atlantic Union Bank, completed the acquisition of Sandy Spring Bancorp, a bank holding company headquartered in Olney, Maryland, for $1.3bn, according to press releases.
Deal Round up
AMERICAS
DuPont considers sale of Kevlar, Nomex safety brands. ( Bloomberg)
Apollo-backed $2.3bn debt deal hurt by tariff noise. ( Bloomberg)
EMEA
Banks sell €7.45bn of debt for CD&R Sanofi unit buyout. ( Bloomberg)
Spain’s €20bn telecoms group MasOrange explores IPO. ( FT)
APAC
GlobalFoundries explores merger with Taiwan’s UMC. ( Bloomberg)
Bain Capital targets June exit as Virgin Australia IPO plans resurface for third time. ( PE Insights)
South Korea watchdog questions purpose of Hanwha Aerospace's $2.5bn share issue. ( Reuters)
UltraGreen.ai is said to mull up to $300m IPO in Singapore. ( Bloomberg)
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AMERICAS
Brookfield Asset Management, a private equity firm, agreed to acquire Angel Oak Companies, an investment management firm, according to press releases. Financial terms were not disclosed.
Angel Oak Companies is advised by KingsRock Advisors, UBS, Paul Hastings and Gregory FCA (led by Trevor Davis). Brookfield Asset Management is advised by Paul Weiss Rifkind Wharton & Garrison (led by Erika A. Detjen and Edward Ackerman), according to press releases.
LPL Financial, a provider of investment solutions and tools for independent financial advisors, agreed to acquire Commonwealth Financial Network, a wealth management firm, for $2.7bn, according to press releases.
Commonwealth Financial Network is advised by Goldman Sachs and Ropes & Gray. LPL Financial is advised Morgan Stanley, A&O Shearman (led by Robert Cardone and Stephen Besen) and Allen & Overy, according to press releases and MergerLinks data.
TG Natural Resources, a natural gas supplier company, agreed to acquire a 70% stake in East Texas gas assets from Chevron, an integrated energy company, for $525m, according to press releases.
TG Natural Resources is advised by Truist Securities, Kirkland & Ellis and Pierpont Communications (led by Chris Jones), according to press releases.
BGC Group, a global brokerage and financial technology company, completed the acquisition of OTC Global Holdings, the largest independent institutional energy and commodities brokerage firm, for $325m, according to press releases.
OTC Global Holdings was advised by Jefferies & Company and Morgan Lewis & Bockius (led by Sheryl Orr).
Mavis Tire Express Service, a provider of auto repair services, agreed to acquire Midas from TBC Corporation, mobility solutions provider, according to press releases. Financial terms were not disclosed.
Mavis Tire Express Service is advised by Jefferies & Company, according to press releases and MergerLinks data.
Airspan, a global provider of wireless network solutions, completed the acquisition of the wireless business from Corning, a materials science company, according to press releases. Financial terms were not disclosed.
DuPont considers sale of Kevlar, Nomex safety brands. ( Bloomberg)
DuPont de Nemours is considering the sale of its heat-resistant fiber brands Nomex and Kevlar as part of a broader restructuring effort.
The Wilmington, Delaware-based company is working with advisers to explore strategic options for the two businesses, including a potential divestiture. The operations could be valued at around $2bn in a sale.
Apollo-backed $2.3bn debt deal hurt by tariff noise. ( Bloomberg)
The $900m leveraged loan has struggled to attract enough investor demand, and a $1.3bn junk bond sale has yet to launch, amid persistent concerns that tariffs imposed during the Trump administration could negatively affect the company’s business.
EMEA
Providence Equity Partners, a specialist private equity investment firm, completed the acquisition of Tax Systems, the global tax and accounting software provider, from Bowmark Capital, the mid-market private equity firm, according to press releases. Financial terms were not disclosed.
Tax Systems was advised by Arrowpoint Advisory and Burness Paull. Providence was advised by Arma Partners, FTI Consulting, A&O Shearman, White & Case, FGS Global (led by Rory King), Ernst & Young, Ringstone and Plural Strategy Group. Bowmark was advised by OC&C Strategy Consultants, Deloitte, Houlihan Lokey, NautaDutilh, Stephenson Harwood and H/Advisors Maitland, according to press releases and MergerLinks data.
HAS Healthcare Advanced Synthesis, an international developer and producer of active pharmaceutical ingredients, agreed to acquire Cerbios-Pharma, a manufacturer of chemical and biological APIs, according to press releases. Financial terms were not disclosed.
65 Equity Partners is advised by UBS, Ropes & Gray (led by John Newton), Walder Wyss (led by Davide Jermini), Greenbrook (led by Peter Hewer), Ernst & Young, Guidance Pharm, Pharmacloud, JensonR+ and Orbsen. HAS is advised by Rothschild & Co, Bar & Karrer (led by Andrea Ziswiler and Paolo Bottini) and Ernst & Young, according to press releases and MergerLinks data.
Persán, a manufacturer of home care products, agreed to acquire Mibelle Group, a provider of personal care & beauty products, according to press releases. Financial terms were not disclosed.
Persán is advised by Santander and Cuatrecasas Goncalves Pereira. Migros is advised by Alantra, according to press releases and MergerLinks data.
AnaCap-backed The Quanta Group, a wealthtech platform, completed the acquisition of Craven Street Wealth, a wealth management firm, according to press releases. Financial terms were not disclosed.
CriteriaCaixa, an investment company that provides funds for energy, banking, infrastructure, services and real estate, agreed to acquire a 20% stake in Europastry, a provider of frozen bakery products, for €280m ($234m), according to press releases.
Europastry is advised by Cuatrecasas Goncalves Pereira (led by Juan Aguayo), according to press releases and MergerLinks data.
CGI, an independent IT and business consulting services firms, agreed to acquire Apside, a France-based digital and engineering services firm, according to press releases. Financial terms were not disclosed.
Siparex is advised by Credit Agricole, according to press releases and MergerLinks data.
Zurich Insurance Group, a Swiss insurance company, agreed to acquire a minority stake in Icen Risk, a company that specializes in insuring mergers and acquisitions, according to press releases. Financial terms were not disclosed.
Carrefour, a French multinational retail and wholesaling corporation, completed the acquisition of Magne, a French convenience retailer, according to press releases. Financial terms were not disclosed.
Banks sell €7.45bn of debt for CD&R Sanofi unit buyout. ( Bloomberg)
The financing package—one of the most closely watched deals of the year in Europe and the US—included €5.2bn ($5.6bn)-equivalent in leveraged loans across euros and dollars, along with €1.25bn ($1.35bn) and $1.1bn tranches of fixed-rate bonds.
Spain’s €20bn telecoms group MasOrange explores IPO. ( FT)
The private equity backers of Spanish telecoms group MasOrange are weighing an initial public offering of the company next year, as buyout firms look to monetize some of their holdings.
MasOrange, Spain’s largest mobile network operator, was created through a nearly €20bn ($21.6bn) merger agreed in 2022 between state-owned Orange España and MásMóvil, which is backed by private equity. Under the terms of the deal, either party has the option to initiate an IPO once a two-year lock-up period ends in April 2026.
APAC
Yamaha Motor Australia, a motor vehicle manufacturing company, agreed to acquire Telwater, a manufacturer of aluminium boat and trailer packages, from BRP, a powersports products provider. Financial terms were not disclosed.
BRP is advised by National Bank Financial and Stikeman Elliott.
Kelso & Co-backed Novvia Group, a global rigid container and life sciences packaging distributor, completed the acquisition of MegaChem, a North Carolina based supplier of pails, drums, plastic and glass containers, and other rigid packaging products, according to press releases. Financial terms were not disclosed.
Novvia Group was advised by Profile Advisors (led by Rich Myers), according to press releases.
GlobalFoundries explores merger with Taiwan’s UMC. ( Bloomberg)
GlobalFoundries is exploring a potential merger with Taiwanese chipmaker United Microelectronics Corporation (UMC) in a bid to create a stronger, more resilient player in the production of older-generation semiconductors.
The possible tie-up is being considered as Tim Breen, named incoming CEO of GlobalFoundries in February, prepares to take over in April. While the deal remains a long shot, Breen is reportedly open to strategic options, including a merger with UMC, as part of his broader vision for the company.
Bain Capital targets June exit as Virgin Australia IPO plans resurface for third time. ( PE Insights)
Bain Capital is preparing to list Virgin Australia in a long-anticipated IPO, targeting a June debut that could signal the private equity firm’s exit from one of its most prominent turnarounds in the Asia-Pacific region.
This will be Bain’s third attempt to take the airline public since acquiring it for $2.5bn in 2020. Previous efforts in 2022 and 2023 were postponed due to market volatility and operational setbacks, including a personal tragedy within the airline’s senior leadership.
South Korea watchdog questions purpose of Hanwha Aerospace's $2.5bn share issue. ( Reuters)
South Korea’s financial market watchdog said on April 2 that Hanwha Aerospace needs to better clarify how its proposed KRW3.6tn ($2.46bn) equity raise aligns with its broader restructuring plan.
The Financial Supervisory Service (FSS) had blocked the defense company’s initial capital raising proposal last week, citing a lack of sufficient information for shareholders to make informed investment decisions, and ordered a revised filing.
UltraGreen.ai is said to mull up to $300m IPO in Singapore. ( Bloomberg)
UltraGreen.ai, a provider of fluorescence technology for medical and surgical imaging, is considering an initial public offering to raise up to SGD$400m ($298m).
The company is working with financial advisers to plan a potential listing in Singapore as early as this year. An IPO could raise between SGD$300m ($223.5m) and SGD$400m ($298m), depending on market conditions.
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