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Top Highlights
Sompo, an integrated insurance and financial services group, agreed to acquire Aspen, an insurance and reinsurance provider, for $3.5bn, according to press releases.
Aspen is advised by Goldman Sachs, Insurance Advisory Partners, Sidley Austin and FTI Consulting (led by Tom Blackwell). Sompo is advised by Morgan Stanley, Skadden Arps Slate Meagher & Flom (led by Todd Freed) and Kekst CNC (led by Ruth Pachman and Nicholas Capuano), according to MergerLinks data and press releases.
TPG Growth, the middle market and growth equity platform of TPG, agreed to acquire Irth Solutions, a provider of enterprise software for critical energy and infrastructure companies, from Blackstone Energy Transition Partners, Blackstone's energy-focused private equity business, according to press releases. Financial terms were not disclosed.
TPG is advised by Cantor Fitzgerald, Lincoln International, Paul Weiss Rifkind Wharton & Garrison (led by Annie Herdman) and Weil Gotshal and Manges (led by Chris Machera and Nicholas Doloresco). Blackstone is advised by Evercore, Lazard and Kirkland & Ellis, according to MergerLinks data and press releases.
GTCR, a private equity firm, completed the acquisition of Innovative Systems, a platform of mission-critical enterprise software serving regional broadband providers nationwide, from Alpine Investors, a private equity firm, according to press releases. Financial terms were not disclosed.
GTCR was advised by Shea & Co, Stifel, Kirkland & Ellis and Prosek Partners (led by Ryan Smith and Josh Clarkson). Alpine Investors was advised by Lincoln International, Goodwin Procter and Edelman Smithfield (led by Jordan Niezelski). Innovative Systems was advised by Lincoln International, Goodwin Procter and Prosek Partners, according to press releases.
Deal Round up
AMERICAS
Canada Goose draws take-private bids valuing it at $1.35bn. ( CNBC)
Apple in talks to buy AI firms. ( Reuters)
Trump administration mulls taking stakes in defense firms. ( Reuters)
Panama Canal plans sale of new ports to bring in competition ahead of BlackRock deal. ( WSJ)
Klarna to seek valuation of up to $14bn in IPO next month. ( Reuters)
Billionaire Mouton’s trust to buy South African schools firm. ( Bloomberg)
Wagamama-owner Apollo among suitors for coffee chain Costa. ( Sky News)
Rheinmetall plans to acquire Lürssen’s shipyards. ( Bild)
APAC
China tech giant JD.Com unit and two other firms plan $1bn Singapore REIT. ( Reuters)
Mercedes-Benz offloads Nissan stake for $325m. ( Reuters)
Lidar maker Hesai is said to plan Hong Kong listing soon. ( Bloomberg)
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AMERICAS
Balmoral, a private equity investment firm, completed the acquisition of the nutrition business of Wilbur-Ellis, an international marketer and distributor of agricultural products, animal feed, and specialty chemicals, according to press releases. Financial terms were not disclosed.
Balmoral was advised by Blank Rome. Wilbur-Ellis was advised by Lazard and Pillsbury Winthrop Shaw Pittman, according to press releases.
PSG-backed mPulse, a provider of digital health solutions, completed the acquisition of Clarity Software Solutions, a provider of technology-driven healthcare engagement, from Morgan Stanley Capital Partners, a middle-market private equity platform, according to press releases. Financial terms were not disclosed.
Stonepeak, an alternative investment firm, completed the acquisition of two logistics assets in Fort Worth, Texas, according to press releases. Financial terms were not disclosed.
Stonepeak was advised by Simpson Thacher & Bartlett and Eastdil Secured, according to press releases.
Kaltroco, a private investment company, and Five V Capital, a private equity and venture capital firm, completed the investment in BlastOne, a solutions provider to the blasting and surface preparation industry, according to press releases. Financial terms were not disclosed.
Kaltroco and Five V Capital were advised by Robert W Baird and DLA Piper, according to press releases.
PSG-backed Core Sound Imaging, the provider of medical imaging platform Studycast, completed the acquisition of UltraLinQ, a provider of cloud-based PACS and cardiac monitoring solutions, according to press releases. Financial terms were not disclosed.
Pritzker Private Capital-backed ProAmpac, a flexible packaging manufacturer, agreed to acquire PAC Worldwide, an innovative flexible packaging solutions provider, according to press releases. Financial terms were not disclosed.
Trinity Hunt-backed NexCore, a commercial HVAC system services provider, completed the acquisition of Action Air, and Accutemp, two commercial HVAC services in the Northeast, according to press releases. Financial terms were not disclosed.
Trinity Hunt was advised by MiddleM Creative (led by Jan Morris), according to press releases.
EVERSANA, a provider of global commercial services to the life sciences industry, agreed to merge with Waltz Health, a digital health company, according to press releases. Financial terms were not disclosed.
Waltz Health is advised by Sidley Austin (led by Gary Gerstman), according to press releases.
Harvest Midstream, a privately-held midstream company services provider, agreed to acquire a natural gas gathering and processing network from MPLX, a midstream energy infrastructure and logistics assets owner and operator, for $1bn, according to press releases.
Rotunda-backed Bron Tapes, a producer, converter, and distributor of pressure sensitive tapes, adhesives, and innovative solution, completed the acquisition of NSL Aerospace, a distributor of aerospace adhesives and sealants, according to press releases. Financial terms were not disclosed.
Warburg Pincus-backed TRC Companies, a global professional services firm, completed the acquisition of Strategic Energy Group, a company specializing in strategic energy management, according to press releases. Financial terms were not disclosed.
1789 Capital, a venture capital firm, completed the investment in Polymarket, a cryptocurrency-based prediction market, according to press releases. Financial terms were not disclosed.
Canada Goose draws take-private bids valuing it at $1.35bn. ( CNBC)
Bain Capital, the majority owner of Canada Goose, has received takeover bids valuing the luxury goods maker at almost $1.4bn. Bain is working with Goldman Sachs on the potential sale.
Interested buyers include Advent International, Boyu Capital, Bosideng International, and a consortium of Anta Sports and FountainVest Capital.
Apple in talks to buy AI firms. ( Reuters)
Apple has reportedly explored acquiring AI startups Mistral and Perplexity as it looks to catch up with rivals like Google and Samsung in AI features.
Tim Cook - Apple’s CEO, recently signaled openness to major AI acquisitions, marking a shift from Apple’s cautious M&A approach.
Trump administration mulls taking stakes in defense firms. ( Reuters)
The Trump administration is weighing potential stakes in major defense contractors like Lockheed Martin, Boeing, and Palantir.
Commerce Secretary, Howard Lutnick, said the move is being discussed to help finance munitions acquisitions, noting Lockheed’s heavy reliance on US government contracts. The proposal reflects the White House’s broader push for greater government involvement in private industry.
Panama Canal plans sale of new ports to bring in competition ahead of BlackRock deal. ( WSJ)
The Panama Canal Authority will auction rights to build and run two new ports to boost competition and reduce the influence of Geneva-headquartered Mediterranean Shipping and China’s Cosco.
Potential bidders include Maersk’s APM Terminals and CMA CGM, while Cosco is barred due to being state-owned. The move comes amid US–China tensions over control of existing ports, after Mediterranean Shipping and BlackRock agreed to buy stakes in Balboa and Cristóbal.
Braemar Hotels & Resorts’ Board has launched a sale process, concluding that selling the company is the best way to maximize shareholder value.
Despite its high-quality luxury hotel portfolio, Braemar has faced ongoing activist pressure and undervaluation, challenges common to luxury lodging REITs amid historically low EBITDA multiples.
Klarna to seek valuation of up to $14bn in IPO next month. ( Reuters)
Swedish fintech Klarna plans to restart its US IPO next month with a valuation of $13–14bn, far below its 2021 target of nearly $50bn.
Shares are expected to price at $34–36, and the company aims to raise about $1bn from the offering.
EMEA
Tritax, a real estate investment trust that focuses on acquiring, managing, and developing large-scale logistics real estate throughout the UK, terminated the acquisition of Warehouse Reit, a real estate investment trust with a portfolio and investment strategy focusing on urban warehouses, for £485m ($652m), according to press releases.
Vector Capital, a private equity firm, agreed to acquire Insight Partners-backed Showpad, an AI revenue enablement technology company, according to press releases. Financial terms were not disclosed.
Showpad is advised by TD Securities and Cleary Gottlieb Steen & Hamilton. Vector Capital is advised by Alvarez & Marsal, Sidley Austin, Gasthalter & Co (led by Nathaniel Garnick), Look Left Marketing (led by Bryan Scanlon) and Deloitte, according to MergerLinks data and press releases.
Tikehau Capital, a global alternative asset management group, completed the acquisition of EYSA Group, a provider of smart mobility solutions for urban and interurban areas, from HIG Capital, a global alternative investment firm, according to press releases. Financial terms were not disclosed.
Cadence, a company specializing in electronic design automation and IP solutions, completed the acquisition of the Artisan foundation IP business of Arm, a company focused on semiconductor architecture and embedded systems, according to press releases. Financial terms were not disclosed.
Established., a creative licensing company, completed the acquisition of Technicolor, a French company involved in visual effects, motion graphics and animation services, according to press releases. Financial terms were not disclosed.
IMCD, a partner for the distribution and formulation of speciality chemicals and ingredients, agreed to acquire Tillmanns, a distributor of specialty chemicals, according to press releases. Financial terms were not disclosed.
Billionaire Mouton’s trust to buy South African schools firm. ( Bloomberg)
A foundation associated with billionaire Jannie Mouton, co-founder of Africa’s largest bank, intends to purchase South Africa’s leading private education company for roughly ZAR7.1bn ($400m).
The Jannie Mouton Foundation has offered ZAR13 ($0.7) per share to acquire all of Curro Independent Schools’ shares and plans to delist the firm from the Johannesburg Stock Exchange by the end of March.
Marc Murtra, Telefónica’s CEO, plans to finalize the company’s new strategic plan, which includes a potential takeover bid for Vodafone Spain.
The move has the backing of Telefónica’s core shareholders - SEPI, CriteriaCaixa, and Saudi group STC, which together hold nearly 30% of the company. Murtra aims to complete a full strategic review by year-end, with the plan also including sector consolidation and a capital increase.
Wagamama-owner Apollo among suitors for coffee chain Costa. ( Sky News)
Apollo Global Management, owner of The Restaurant Group and Wagamama, has held preliminary talks with advisers to The Coca-Cola Company about a possible purchase of Costa Coffee.
Another possible owner is KKR, the US-based private equity firm. However, the process is still at an early stage, with indicative bids expected in the coming weeks.
Rheinmetall plans to acquire Lürssen’s shipyards. ( Bild)
German defense firm Rheinmetall is seeking to acquire German shipbuilder Naval Vessels Lürssen. The move would expand Rheinmetall into the naval sector as part of its acquisition strategy.
The Lürssen family, which owns NVL, reportedly plans to sell its military shipyards in Hamburg, Wilhelmshaven, and Wolgast to concentrate on luxury yacht construction.
APAC
China tech giant JD.Com unit and two other firms plan $1bn Singapore REIT. ( Reuters)
JD.com’s property arm, JD Property, along with Partners Group and EZA Hill Property, plans to launch a Singapore-listed REIT potentially valued at over $1bn.
The move follows the consortium’s recent $239m purchase of four logistics assets from CapitaLand Ascendas REIT.
Mercedes-Benz offloads Nissan stake for $325m. ( Reuters)
Mercedes-Benz’s pension trust has sold its entire 3.8% stake in Nissan for about JPY47.8bn ($325m), pricing the shares at a discount of JPY341.3 ($2.3) each.
The sale follows Nissan’s agreement with top shareholder Renault to reduce their cross-shareholding requirements. Despite the discount, demand for the shares exceeded supply, with the top 10 investors taking around 70% of the offering.
Lidar maker Hesai is said to plan Hong Kong listing soon. ( Bloomberg)
Hesai, a producer of vehicle lidar sensors, is preparing for a Hong Kong listing as early as next month.
The Shanghai-based firm, already traded on Nasdaq, plans to raise around $300m through the share sale.
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