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AMERICAS

CECO Environmental to merge with Thermon Group in a $2.2bn deal.

CECO Environmental, a provider of air quality and fluid handling technology, agreed to merge with Thermon Group, a provider of industrial process heating solutions, in a $2.2bn deal. Upon completion, CECO Environmental shareholders will hold approximately 62.5% and Thermon shareholders roughly 37.5% of the combined company, according to press releases.

CECO Environmental is advised by Citigroup, TD Securities, Gibson Dunn & Crutcher, Joele Frank (led by Ed Trissel and Joseph Sala), and Three Part Advisors (led by Steven Hooser and Jean Marie Young). Debt financing is provided by Bank of America. Thermon Group is advised by Morgan Stanley and Sidley Austin, according to press releases.

L Squared completes the acquisition of Functional Devices from Shorehill Capital.

L Squared, an investment firm, completed the acquisition of Functional Devices, a provider of quality field devices for building automation and emergency lighting systems, from Shorehill Capital, a Chicago-based private equity firm. Mark Fernandes, President and CEO of Functional Devices, and the existing leadership team invested alongside L Squared, according to press releases. Financial terms were not disclosed.

Functional Devices and Shorehill Capital were advised by Katten Muchin Rosenman and Harris Williams & Co. L Squared was advised by Vedder Price. Debt financing was provided by Apogem Capital and BMO Capital Markets, according to press releases.

A consortium of investors to acquire a 24% stake in Banamex from Citi for MXN43bn.

A consortium of investors, including General Atlantic, SURA Asset Management, Banco BTG Pactual, Chubb, Blackstone, Liberty Strategic Capital, and Qatar Investment Authority, agreed to acquire a 24% stake in Banamex, a financial holding company in Mexico that owns the bank Banco Nacional de México, from Citi, an American multinational investment bank and financial services corporation, for MXN43bn ($2.5bn), according to press releases.

Citi is advised by Citigroup, Creel Garcia-Cuellar Aiza y Enriquez, Skadden Arps Slate Meagher & Flom (led by Paola Lozano) and White & Case. Liberty Strategic Capital and Blackstone are advised by Sullivan & Cromwell (led by Jared M. Fishman). General Atlantic is advised by Paul Weiss Rifkind Wharton & Garrison (led by Matthew Abbott and Cullen Sinclair) according to press releases and MergerLinks data.

Uber to acquire SpotHero.

Uber, a global technology platform connecting people and things through a variety of on-demand services, agreed to acquire SpotHero, a digital parking marketplace in North America, according to press releases. Financial terms were not disclosed.

SpotHero is advised by JP Morgan and Sullivan & Cromwell (led by Marc R. Trevino and Matthew Goodman), according to MergerLinks data.

Experian completes the acquisition of AtData from TZP Group.

Experian, a global data and technology company, completed the acquisition of AtData, a provider of email-based identity intelligence and fraud prevention solutions, from TZP Group, a private equity firm, according to press releases. Financial terms were not disclosed.

AtData and TZP Group were advised by Winston & Strawn. AtData was also advised by Canaccord Genuity (led by Sanjay Chadda, Lexia Schwartz and Harlan Swift), according to press releases.

Martin Marietta and Quikrete complete the assets swap.

Martin Marietta and Quikrete completed the assets swap. Martin Marietta received aggregates operations in Virginia, Missouri, Kansas and Vancouver, as well as $450m of cash. In exchange, Quikrete received Martin Marietta’s Midlothian cement plant, related cement terminals and North Texas ready-mixed concrete assets, according to press releases.

Martin Marietta was advised by Cravath Swaine & Moore (led by Robert I. Townsend, George Schoen, Matthew G. Jones and Maria Ricaurte) and Joele Frank (led by Andrew B. Siegel), according to press releases and MergerLinks data.

Enel to acquire a 830 MW portfolio of wind and solar plants in the US from Excelsior Energy Capital for $1bn.

Enel, an Italian multinational manufacturer and distributor of electricity and gas, agreed to acquire a 830 MW portfolio of wind and solar plants in the US from Excelsior Energy Capital, a Minneapolis-based independent investment firm specializing in renewable energy infrastructure, for $1bn, according to press releases.

Excelsior Energy Capital is advised by Morgan Stanley, according to MergerLinks data.

Crestview Partners-backed OneMagnify completes the acquisition of the performance marketing business of Optimal.

Crestview Partners-backed OneMagnify, a provider of AI-enabled marketing solutions, completed the acquisition of the performance marketing business of Optimal, an Austin-based digital marketing partner specializing in performance media and audience data solutions, according to press releases. Financial terms were not disclosed.

Optimal was advised by BrightTower (led by Amir Akhavan), according to press releases and MergerLinks data.

BayHawk Capital completes an investment in Gridco.

BayHawk Capital, a growth-oriented private equity firm, completed an investment in Gridco, a provider of mission-critical utility services, operating a platform that delivers distribution, transmission, substation, lighting, and engineering services, according to press releases. Financial terms were not disclosed.

BayHawk Capital was advised by Gregory FCA (led by Phil Nunes), according to press releases.

Cando Rail & Terminals to acquire the US rail assets of Savage Enterprises.

Cando Rail & Terminals, a North American railroad contractor, agreed to acquire the US rail assets of Savage Enterprises, a global supply chain and logistics company, according to press releases. Financial terms were not disclosed.

ADT completes the acquisition of Origin Wireless for $170m.

ADT, a provider of commercial security systems and services. completed the acquisition of Origin Wireless, a technology company that uses AI to transform standard Wi-Fi signals into sensors for motion detection, security, and health monitoring without cameras or wearables, for $170m, according to press releases.

Morgan Stanley Capital Partners completes the acquisition of Security 101.

Morgan Stanley Capital Partners, a middle-market private equity firm, completed the acquisition of Security 101, a provider of commercial security integration services, according to press releases. Financial terms were not disclosed.

Vista Equity Partners and Cambium Capital led a $350m Series E round in SambaNova.

Vista Equity Partners and Cambium Capital, the private equity and venture capital firms, led a $350m Series E round in SambaNova, a full-stack AI infrastructure company that provides hardware and software designed to accelerate generative AI, LLM, and high-performance computing workloads, with participation from Intel Capital, Assam Ventures, Battery Ventures, Gulf Energy, Mayfield Capital, Saudi First Data, Seligman Ventures, T. Rowe Price Associates, A&E, 8Square, Atlantic Bridge, BlackRock, GV, Nepenthe, Nuri Capital, and Redline Capital, according to press releases.

Anthropic kicks off share sale for staffers of up to $6bn. (Bloomberg)

Anthropic is offering certain current and former employees the option to sell shares at a valuation of about $350bn, enabling them to cash out at the level set during the company’s recent $30bn fundraising.

The company has arranged $5bn to $6bn to support the transaction, with the final amount depending on how many eligible employees choose to participate. Details of the plan are still under discussion and may change.

Activist Irenic builds stake in Ralliant, pushes for cost cuts. (Reuters)

Irenic Capital Management has built a sizable stake in Ralliant and is urging the precision‑technology company to reduce costs, accelerate share buybacks and place greater emphasis on its defense and electronics operations.

Irenic holds roughly 2% of the company and has met with management several times to outline potential changes aimed at improving performance at the $4.7bn business.

PayPal attracts takeover interest after stock slump. (Bloomberg)

PayPal has attracted takeover interest from potential buyers after a sharp decline in its share price wiped out nearly half of its market value. The stock rose as much as 9.7% following the emergence of interest from prospective acquirers.

The company has held meetings with banks as it evaluates unsolicited approaches. One large rival is examining a possible acquisition of the entire firm, while other potential bidders are focused on selected PayPal assets.

Medtronic diabetes business MiniMed seeks $784m in US IPO. (Bloomberg)

MiniMed Group, a diabetes‑management company being separated from Medtronic, is seeking to raise up to $784m in an initial public offering.

The Northridge‑based company plans to sell 28m shares at $25–$28 each. The IPO is expected to price on March 5, marking MiniMed’s formal separation from Medtronic as it becomes a standalone diabetes‑management business with its own growth strategy.

Canadian drugmaker Apotex seeks up to $730m in first-half IPO. (Bloomberg)

Apotex, a Canadian generic‑drug manufacturer, is targeting the first half of the year for an initial public offering in Toronto that could raise up to CAD1bn ($730m).

An offering of that size would be Canada’s largest IPO since 2021. RBC Capital Markets, Jefferies and TD Securities are advising on the transaction.

KKR-backed Global Medical Response said to pick banks for US IPO. (Bloomberg)

Global Medical Response has selected banks to prepare for an initial public offering as the company joins a growing group of firms returning to public markets.

The Lewisville, Texas‑based emergency medical services provider has appointed JP Morgan and Bank of America to work with KKR’s capital‑markets team on the transaction. The planned share sale could raise about $1bn.

KDP gets another $1.5bn of capital in bid to trim leverage. (Bloomberg)

Keurig Dr. Pepper is raising an additional $1.5bn through a convertible‑equity investment as it seeks to reduce debt and strengthen investor support ahead of its planned acquisition of JDE Peet’s and subsequent split into two companies.

The company said the new capital, raised from accounts advised by T. Rowe Price Investment Management and others, means it will no longer pursue a partial initial public offering of its beverage unit — an option it had been considering last year.

Nvidia partner DDN hires new Finance Chief ahead of possible IPO. (Bloomberg)

DDN, an Nvidia partner that develops data‑hardware and software systems, has appointed a new finance and operations chief as it prepares for further growth and a potential initial public offering.

Guido Torrini, previously chief financial officer of OneTrust, succeeds Ian Angelo, who spent 14 years at the company. Torrini has also served as CFO at Celonis, with earlier roles at Cisco Systems and Dell Technologies. In addition to overseeing finance, he will take on operational responsibilities such as supply‑chain management.

EMEA

Cadence completes the acquisition of the Design & Engineering business of Hexagon for €2.7bn.

Cadence, a provider of software and hardware for designing products, completed the acquisition of the Design & Engineering business of Hexagon, a provider of information technology solutions, for €2.7bn, according to press releases.

Cadence was advised by Houlihan Lokey, Latham & Watkins (led by Mark M. Bekheit and Tessa Bernhardt) and Joele Frank (led by Eric Brielmann and Kaitlin Kikalo). Hexagon was advised by Evercore (led by Naveen Nataraj), CMS Legal (led by Per Dalemo and Ulf Forsman) and Jones Day (led by Benjamin Stulberg, Brian R. Grady and Thomas De Muynck), according to press releases and MegerLinks data.

White Summit Capital to acquire a majority stake in Grastim.

White Summit Capital, a specialized investment firm focused on infrastructure and the energy transition, agreed to acquire a majority stake in Grastim, an Italian energy company specialized in decarbonizing industrial operations, from Graded, an Italian energy group, according to press releases. Financial terms were not disclosed.

White Summit Capital is advised by Lead by Thought (led by Christopher Bjork). Grastim is advised by Mediobanca, according to press releases and MergerLinks data.

SWI Stoneweg Icona to acquire a majority stake in Polarise.

SWI Stoneweg Icona, an alternative investment company, agreed to acquire a majority stake in Polarise, a company that develops and operates sustainable, high-performance AI data centers and cloud infrastructure across Europe, according to press releases. Financial terms were not disclosed.

Kuwait's KPC draws BlackRock, Brookfield, EIG to possible $7bn pipeline deal. (Reuters)

Kuwait Petroleum Corporation has held early‑stage discussions with a broad group of potential investors regarding a possible $7bn stake sale in its crude‑oil pipeline assets, reflecting similar moves by national oil companies in Saudi Arabia and the United Arab Emirates.

Firms that have expressed interest include BlackRock, Brookfield Asset Management, EIG Partners and KKR, as well as China Silk Road Fund, China Merchants Capital, I Squared Capital and Macquarie Infrastructure Partners.

Ireland, Finland, others warn against relaxing EU merger rules. (Reuters)

Finland, Ireland, the Czech Republic and two Baltic countries have cautioned against easing EU merger rules amid calls from some companies for simpler regulatory scrutiny to help them compete with non‑EU rivals.

The European Commission is updating merger regulations that date back to 2004 and plans to release proposals for consultation in April. The review is aimed at supporting cross‑border mergers within the bloc.

OTP Bank eyes central Asia for next stage of expansion. (Bloomberg)

OTP Bank is focusing on Central Asia for potential acquisitions as it looks to replicate the expansion strategy that has made it a major player in Eastern Europe.

The bank aims to move further east following its 2023 purchase of Ipoteka Bank in Uzbekistan, stated Peter Csányi, who became group chief executive in 2025, succeeding his father, Sándor, who remains chairman.

APAC

Crestview Partners-backed Journey Beyond to acquire the Australian tourism portfolio from Kelsian Group for AUD161m.

Crestview Partners-backed Journey Beyond, an Australian experiential tourism company, agreed to acquire the Australian tourism portfolio, including the Captain Cook Cruises and the SeaLink tourism ferry businesses, from Kelsian Group, an Australian integrated land and marine transport provider and a major tourism operator, for AUD161m ($84m), according to press releases.

Journey Beyond is advised by Jones Day (led by Isaac West). Kelsian Group is advised by Gresham, Macquarie Group, Kain Lawyers and Square One PR (led by Katie Wilke), according to press releases and MergerLinks data.

Zurich Financial Services Australia to acquire ClearView Wealth for AUD415m.

Zurich Financial Services Australia, the Australian subsidiary of insurer and financial services provider Zurich Insurance, agreed to acquire ClearView Wealth, an Australian-based life insurance and financial services company that provides advised life insurance, superannuation, and investment solutions, for AUD415m ($293m), according to press releases.

Elliott seeks out Toyota Industries buyout backers. (Bloomberg)

Elliott Investment Management has been offering to buy Toyota Industries shares from investors who have already agreed to tender their stakes in the Toyota Group’s bid to take the company private.

The US activist fund is prepared to pay the current market price for the shares, which is above the level offered in the Toyota Group’s buyout proposal.

Marsh mulls sale of PCS, financial risk manager for super rich Asians. (Bloomberg)

Marsh is exploring a sale of its financial‑risk management and life‑insurance brokerage business for high‑net‑worth clients in Asia.

The company is working with an adviser on a potential divestment of its Private Client Services unit as it seeks to streamline its global portfolio.

Bain, Lone Star are said to eye Mitsubishi Electric’s auto unit. (Bloomberg)

Bain Capital and Lone Star Funds have advanced to a second round of bidding for Mitsubishi Electric’s automotive equipment business.

The US investment firms are among the shortlisted bidders after an initial round held last month. Discussions are continuing, and no final decision has been made.

Sify Infinit is said to seek $4.2bn valuation in India IPO. (Bloomberg)

Sify Infinit Spaces, an Indian data‑center operator, is seeking a valuation of up to $4.2bn in a potential initial public offering planned for next month.

The company, a unit of Nasdaq‑listed Sify Technologies, has begun investor meetings for a share sale that aims to raise INR37bn ($407m) in mid‑March. Deliberations are ongoing, and details such as the timing and valuation of the IPO may still change.

HK-based stablecoin payments firm RedotPay is said to consider a $1bn US IPO. (Bloomberg)

RedotPay, a Hong Kong‑based stablecoin payments company, is considering a US initial public offering that could raise more than $1bn.

The company is working with JP Morgan, Goldman Sachs and Jefferies on a potential New York listing that could take place later this year. RedotPay may seek a valuation of more than $4bn.

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