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AMERICAS
T‑Mobile to form a joint venture with Wren House to acquire i3 Broadband.
T‑Mobile, a major American wireless network operator, agreed to form a joint venture with Wren House, a London-based global infrastructure investment manager, to acquire i3 Broadband, a regional fiber-to-the-premises provider. T‑Mobile will invest approximately $700m for a 50% stake in a joint venture, according to press releases.
T‑Mobile is advised by TD Securities, DLA Piper, Davis Wright Tremaine, Freshfields, Milbank, Slaughter & May and Wachtell Lipton Rosen & Katz (led by Adam Emmerich, George Tepe and Raeesa Munshi) and Wiley Rein. Wren House and i3 Broadband are advised by Bank Street Group, Morgan Lewis & Bockius and Sullivan & Cromwell (led by Rita-Anne O’Neill and Benjamin S.D. Kent), according to press releases and MergerLinks data.
Providence Equity Partners-backed VivaGym, a low-cost gym operator in the Iberian Peninsula, agreed to acquire Synergym, a Spanish low‑cost gym chain, from All Seas Capital, Growth Partner and Oxy Capital, the investment firms, according to press releases. Financial terms were not disclosed.
Astorg Partners, a pan-European private equity firm, agreed to acquire the microbiology business of Thermo Fisher Scientific, an American life science and clinical research company, for $1.075bn, according to press releases.
Astorg Partners is advised by Evercore, Moelis & Co, Latham & Watkins (led by David Beller and Leah Sauter), Prosek Partners and Steele and Holt. Thermo Fisher Scientific is advised by Perella Weinberg Partners, Wells Fargo Securities, Axinn Veltrop & Harkrider, Cravath Swaine & Moore and Hogan Lovells, according to press releases.
Apollo, an alternative asset manager, agreed to acquire a 40% stake in Pembina Gas Infrastructure, a gas processing entity, from KKR, a global investment firm., according to press releases.Financial terms were not disclosed.
Apollo is advised by BMO Capital Markets, RBC Capital Markets, Bennett Jones, Latham & Watkins (led by Jesse Sheff), Paul Weiss Rifkind Wharton & Garrison and Vinson & Elkins. KKR is advised by Scotiabank, Simpson Thacher & Bartlett and Torys, according to MergerLinks data and press releases.
Protective Life Corporation, a financial services holding company and a subsidiary of Daiichi Life Group, agreed to acquire Obsidian, a property, casualty and specialty insurance platform, from Genstar Capital, a private equity firm, according to press releases. Financial terms were not disclosed.
Protective Life Corporation is advised by Oliver Wyman, Citigroup and Willkie Farr & Gallagher (led by Alexander M. Dye, Sarah Wong and David Heales). Obsidian is advised by Mayer Brown and Ropes & Gray. Genstar Capital is advised by FGS Global, according to press releases and MergerLinks data.
Charlesbank Capital and Grain-backed Spectrotel, a provider of managed network services and connectivity solutions, agreed to merge with AireSpring, a provider of global connectivity, managed services, and network infrastructure solutions, according to press releases. Financial terms were not disclosed.
AireSpring is advised by Bank Street Group and Alston & Bird. Spectrotel is advised by Moelis & Co, Gibson Dunn & Crutcher and Prosek Partners. Charlesbank Capital is advised by Latham & Watkins and Wilkinson Barker Knauer, according to MergerLinks data and press releases.
Flacks Group, a global investment firm, completed the acquisition of Arch Amenities, a wellness and longevity amenities manager, according to press releases. Financial terms were not disclosed.
Arch Amenities was advised by Berkeley Research Group, Moelis & Co, Paul Weiss Rifkind Wharton & Garrison (led by Edward Ackerman), Young Conaway Stargatt & Taylor and C Street Advisory. Flacks Group was advised by Berger Singerman, according to MergerLinks data and press releases.
BMG, an international music company and a wholly-owned division of the German media corporation Bertelsmann, agreed to merge with Great Mountain Partners-backed Concord, an American independent music company, according to press releases. Financial terms were not disclosed. The combined company will be owned approximately 67% by Bertelsmann and approximately 33% by affiliates of Great Mountain Partners.
Concord is advised by JP Morgan, Latham & Watkins and Reed Smith. BMG is advised by Davis Polk & Wardwell and FGS Global. Great Mountain Partners is advised by Alston & Bird, according to press releases.
Verdant Solutions, a privately held investment and operating entity, completed the acquisition of CSAT Solutions, a global electronics repair and supply chain management company, from Insight Equity, a private equity firm, according to press releases. Financial terms were not disclosed.
CSAT Solutions was advised by BDA Partners, Moelis & Co, Raymond James and Hunton Andrews Kurth. Verdant Solutions was advised by Sullivan & Cromwell (led by Ching-Yang Lin and Rita-Anne O’Neill), according to press releases and MergerLinks data.
Arlington Capital Partners, a private equity firm, completed the acquisition of Enercon, a multi-disciplinary engineering and environmental services firm, from Oaktree Capital Management, a global asset management firm. As part of the transaction, Enercon merged with Arlington portfolio company Pond & Company, according to press releases. Financial terms were not disclosed.
Arlington Capital Partners and Pond & Company were advised by Houlihan Lokey, Gibson Dunn & Crutcher and Prosek Partners (led by Ryan Fitzgibbon). Enercon and Oaktree Capital Management were advised by Harris Williams & Co and Kirkland & Ellis, according to press releases.
Fusion Capital Partners, an operationally focused private equity firm, completed the acquisition of AQUALIS, a provider of sustainable water management, engineering and compliance services for critical infrastructure, from DFW Capital Partners, a private equity firm, according to press releases. Financial terms were not disclosed.
Fusion Capital Partners was advised by Jefferies & Company, Robert W Baird, Stifel, Paul Hastings and Profile Advisors (led by Mike Geller), according to press releases.
Argo Infrastructure Partners, an independent infrastructure fund manager, agreed to acquire the electric division of UGI Utilities, a natural gas and electric utility company, a subsidiary of UGI Corporation, a US-based diversified energy company, for $470m, according to press releases.
Argo Infrastructure Partners is advised by Truist Securities, King & Spalding and Edelman (led by Ira Gorsky). UGI is advised by PJT Partners and Baker Botts, according to press releases.
Exeter Street Capital Partners-backed Persona Triangle, a national provider of commercial signage, lighting and facility services, completed the acquisition of Sheer Service, a national provider of facility maintenance, and certain assets of EVO Door & Window, a nationwide commercial door and window solutions provider, according to press releases. Financial terms were not disclosed.
Exeter Street Capital Partners and Persona Triangle were advised by Three Sixty Seven Advisors and McGuireWoods. Debt financing was provided by Truist Bank and IBC Funds, according to press releases.
Artemis Capital Partners, a private equity firm, completed the acquisition of Optikos, a provider of engineering, manufacturing, and metrology expertise in optical systems, according to press releases. Financial terms were not disclosed.
Optikos was advised by Bigelow and Blank Rome. Artemis Capital Partners was advised by Houlihan Lokey and Mintz Levin, according to press releases.
Ares Management, a global alternative asset manager, completed the acquisition of a 32.4% stake in the Rover pipeline from Blackstone Energy Transition Partners, an energy‑focused private equity platform of Blackstone, according to press releases. Financial terms were not disclosed.
Ares Management was advised by Kirkland & Ellis. Blackstone Energy Transition Partners was advised by Greenhill & Co, RBC Capital Markets and Vinson & Elkins, according to press releases.
TJC-backed Acron Technologies, a provider of proprietary, IP-driven, mission-critical avionics and connectivity solutions, completed the acquisition of Sightline Intelligence, a supplier of onboard edge video processing software, from Artemis Capital Partners, a Boston-based private equity firm, according to press releases. Financial terms were not disclosed.
Acron Technologies was advised by Philpott Ball & Werner, William Blair & Co and Kirkland & Ellis, according to press releases.
Falfurrias, a private equity firm, completed the investment in Young American Food Brands, a family-founded meat processing company, according to press releases. Financial terms were not disclosed.
Falfurrias was advised by K&L Gates. Young American Food Brands was advised by Jefferies & Company and DarrowEverett, according to press releases.
Renovus Capital Partners-backed Superior Health Holdings, a full service agency specializing in home health care, completed the acquisition of Chant Healthcare, a provider of home health, homecare, and hospice services, according to press releases. Financial terms were not disclosed.
Chant Healthcare was advised by Agenda Health. Renovus Capital Partners was advised by Gasthalter & Co (led by Alex Jeffrey and Mark Semer), according to press releases.
Lovell Minnick Partners-backed Newport Specialty Partners, a specialty insurance platform, completed the acquisition of a majority stake in Complex Coverage, a US-based managing general agency specializing in homeowners and personal lines property insurance, according to press releases. Financial terms were not disclosed.
Lovell Minnick Partners and Newport Specialty Partners were advised by Houlihan Lokey. Lovell Minnick Partners was also advised by Prosek Partners, according to press releases.
O2 Investment Partners, a private equity firm, completed an investment in Steffl Drilling & Pump, a provider of water well drilling and repair services, according to press releases. Financial terms were not disclosed.
Steffl was advised by Craig-Hallum Capital Group. Debt financing was provided by CIFC Asset Management, according to press releases.
The Sterling Group Foundation Fund, a private equity firm, completed the acquisition of The Scruggs Companies, a company focused on products and services for the municipal water and wastewater industry, from Rox Capital Partners, a private equity firm, according to press releases. Financial terms were not disclosed.
The Sterling Group was advised by BMO Capital Markets, according to press releases.
APi Group, a business services provider of fire and life safety, security, elevator and escalator, and specialty services, agreed to acquire Onyx-Fire Protection Services, an inspection-first provider of fire and life safety services, from Blackstone Tactical Opportunities, a specialized investment platform, according to press releases. Financial terms were not disclosed.
APi Group is advised by Jefferies & Company, according to MergerLinks data.
Eclipse and Riot Ventures, a venture capital firms, led a $650m Series D round in True Anomaly, an aerospace and defense technology company, with participation from Paradigm, Atreides, G Squared, The Private Shares Fund, VanEck, Accel, Menlo Ventures, ACME Capital, Space VC, Meritech Capital, Narya, and 645 Ventures, according to press releases.
True Anomaly was advised by Command, according to press releases.
Kleiner Perkins, a venture capital firm, led a $160m Series D funding round in Rogo, a New York-based financial technology company, with participation from Sequoia, Thrive Capital, Khosla Ventures, JP Morgan Growth Equity Partners, BoxGroup, Mantis VC, Jack Altman, Evantic and Positive Sum, according to press releases.
Private equity firms Goldman Sachs Alternatives and Bain Capital Ventures led a $150m Series D round in Hightouch, a data and AI marketing platform company, with participation from Iconiq Capital, Sapphire Ventures, Amplify Partners, Y Combinator, and The Trade Desk, according to press releases.
Apollo, Blackstone and KKR vie for Shell stake in LNG Canada. (Reuters)
Apollo Global Management, Blackstone, and KKR are competing to acquire a significant stake in the LNG Canada project from Shell, as part of an auction process run by the seller.
The deal is expected to be valued at more than $10bn and could reach as much as $15bn. Discussions are ongoing and may not result in a finalized transaction.
Ametek near deal for part of CD&R-owned industrials company. ( WSJ)
Ametek is in exclusive discussions to acquire part of an industrials company owned by private‑equity firm Clayton, Dubilier & Rice.
The transaction involving Indicor’s testing and measurement businesses would value the assets at about $5bn.
Investor Kimmeridge urges Devon to pursue asset sales after Coterra merger. ( Reuters)
The energy‑focused investment firm holds about a 1.4% stake in Devon Energy, positioning it to push for changes aimed at improving shareholder returns following the close of the transaction.
Pershing Square IPO set to raise about $5bn. ( Bloomberg)
Bill Ackman’s Pershing Square US IPO is expected to raise around $5bn, including a previously disclosed private placement.
The offering is largely covered by institutional investors, with strong early demand as the company advances its listing plans.
SpaceX investor 137 raises $700m ahead of Musk-led IPO. (Bloomberg)
137 Ventures, a repeat investor in SpaceX, has raised $700m across two new funds to support startups over longer investment horizons.
The capital will be split between a primary investment and tender fund, and a separate vehicle for founders and employees of portfolio companies.
KKR appoints Lauren Goodwin as chief investment strategist for Global Wealth. ( Press Release)
KKR has appointed Lauren Goodwin as managing director and chief investment strategist for its Global Wealth Solutions business.
Goodwin will focus on developing tools for financial advisers and tailoring the firm’s market insights for clients including wirehouses, registered investment advisers, private banks and independent broker-dealers.
EMEA
KONE, a Finland‑based provider of elevators, escalators, and related people flow solutions, agreed to merge with TK Elevator, a global provider of elevators, escalators, moving walkways, and related mobility solutions, in a €29.4bn ($34.5bn) deal. TK Elevator is currently owned by a consortium led by Advent International and Cinven, alongside minority shareholder RAG‑Stiftung, according to press releases and MergerLinks data.
KONE is advised by BNP Paribas, Bank of America, Hannes Snellman Attorneys and Skadden Arps Slate Meagher & Flom. Debt financing is provided by BNP Paribas and Bank of America. TK Elevator is advised by Goldman Sachs, Freshfields, Kirkland & Ellis, Roschier Attorneys and Kekst CNC (led by Isabel Henninger and Knut Engelmann), according to press releases.
Bridgepoint, a mid-market investment firm, agreed to acquire a majority stake in iC Consult, an independent provider of identity security services, from The Carlyle Group, a private equity firm, according to press releases. Financial terms were not disclosed.
iC Consult is advised by PricewaterhouseCoopers, McKinsey & Company, Lincoln International and Latham & Watkins. Bridgepoint is advised by Ernst & Young, Altman Solon, Canaccord Genuity, Marsh, Piper Sandler and Kirkland & Ellis, according to press releases.
Apollo, an alternative investment manager, agreed to acquire the interiors business group of Forvia, a global automotive technology supplier, for €1.82bn ($2.1bn), according to press releases.
Apollo is advised by UBS, UniCredit and Kirkland & Ellis (led by Vincent Ponsonnaille). UBS and UniCredit are advised by Paul Weiss Rifkind Wharton & Garrison. Forvia is advised by Credit Agricole, Evercore and Baker McKenzie, according to press releases.
OpenGate Capital, a private equity firm, agreed to acquire the EMEA division of Total Safety, a global provider of industrial safety services and equipment, according to press releases. Financial terms were not disclosed.
OpenGate Capital is advised by McDermott Will & Schulte and Profile Advisors. Total Safety is advised by Houlihan Lokey, Eversheds Sutherland and Troutman Pepper Locke, according to press releases.
Smith Financial, the family holding company of Canadian investor Stephen Smith, completed the acquisition of a 26.9% stake in The Economist Group, a global media and publishing company, from Lady Lynn Forester de Rothschild, according to press releases. Financial terms were not disclosed.
Smith Financial was advised by Barclays and Slaughter & May. Lady Lynn Forester de Rothschild was advised by Lazard and Freshfields (led by Oliver Lazenby and Alastair Mordaunt), according to press releases and MergerLinks data.
Shackleton Advisers, a British financial adviser, agreed to acquire Hurst Point Group, a UK-based wealth management group, from The Carlyle Group, a private equity firm, according to press releases. Financial terms were not disclosed.
Hurst Point Group is advised by Rothschild & Co and Linklaters. Shackleton Advisers is advised by Evercore and Proskauer Rose, according to press releases.
Bregal Milestone, a private equity firm, completed the investment in CoreGo, a technology company specializing in event and venue technology solutions, according to press releases. Financial terms were not disclosed.
Bregal Milestone was advised by Alvarez & Marsal and White & Case. CoreGo was advised by Carner Corporate Finance, according to press releases.
I Squared Capital, a private equity firm, agreed to acquire a majority stake in Elea Data Centers, a Latin America–focused digital infrastructure platform that develops and operates sustainable data center facilities, from Piemonte Holding, a Brazilian financial firm, according to press releases and MergerLinks data. Financial terms were not disclosed.
A consortium led by HOF Capital, a New York-based investment firm, agreed to acquire a minority stake in Bugatti Rimac and Rimac Group, two car manufacturers, from Porsche, a German automobile manufacturer, according to press releases. Financial terms were not disclosed.
HOF Capital is advised by Morgan Stanley, according to press releases and MergerLinks data.
Allianz Global Investors, an asset manager, completed the acquisition of a 51% stake in Green Energy Storage Initiative, a developer, constructor and operator of battery energy storage systems, according to press releases. Financial terms were not disclosed.
Centerbridge Partners, a global alternative investment firm, agreed to lead a £550m ($742m) funding round in Ebury, a global financial technology company, with participation from Santander, Vitruvian Partners and 83North. Santander will invest £50m ($67m) and retain a 55% majority stake in Ebury, according to press releases.
Goldman Sachs Alternatives, through its Growth Equity platform, led a $150m in Series E funding round in Aidoc, an Israeli technology company, with participation from General Catalyst, SoftBank Investment Advisers and NVentures, according to press releases.
Aidoc was advised by Headline Media (led by Sarah Schloss), according to press releases.
Lifeline Ventures, a venture capital firm, led a $117m funding round in Verda, a European provider of cloud infrastructure for frontier, sovereign, and sustainable AI, with participation from byFounders, Tesi and Varma, according to press releases.
CVC weighs €9bn bid for Italian payments group Nexi. ( FT)
CVC Capital is weighing a potential €9bn ($10.54bn) transaction to take Italian payments group Nexi private after a prolonged decline in the company’s share price, a move that could raise sensitivities around control of Italy’s financial infrastructure.
The private‑equity firm is considering a renewed bid after having previously explored a takeover of Nexi on two occasions. The Milan‑listed group’s shares have fallen by about 65% over the past four years.
KKR explores $10bn sale of spreads unit Floral design. (Reuters)
The firm is working with advisers on a potential transaction that could attract interest from other private equity investors. Discussions are ongoing and may not result in a finalized deal.
Intertek rejects £7.9bn takeover approach from EQT. ( WSJ)
British multinational assurance, inspection, product testing, and certification company Intertek Group has turned down an unsolicited takeover proposal from Swedish private equity firm EQT, arguing that the £7.93bn ($10.76bn) offer undervalued the company.
The testing, inspection and certification provider said EQT had submitted a preliminary acquisition proposal, but its board decided to reject the approach.
Irish energy distributor DCC said it is evaluating a cash takeover approach from a consortium that includes US investment firms Energy Capital Partners and KKR, sending its shares sharply higher.
The London-listed company, which operates across Europe, North America and Asia, did not disclose the proposed offer price. JP Morgan and UBS are acting as financial advisers to DCC. KKR declined to comment.
EDF delays decision on Edison stake sale as Middle East conflict disrupts LNG supply. ( Reuters)
EDF has postponed a decision on the potential sale of a stake in its Italian subsidiary Edison as disruptions to liquefied natural gas supplies from Qatar have affected the unit’s operations.
The French utility has been working with advisers since October to review strategic options for Edison, including the sale of a minority stake to a financial partner or a possible initial public offering. The review is part of broader efforts by France to raise funds for increased investment in nuclear power.
APAC
IFM Investors, an investment manager, offered to acquire the remaining 65.52% stake in Atlas Arteria, an international toll road owner and operator, from Lazard Asset Management, BlackRock, and State Street for AUD4.5bn ($3.2bn), according to press releases.
Atlas Arteria is advised by Aix Advisory (led by David Luff), Flagstaff Partners, UBS and King & Wood Mallesons, according to press releases.
TPG, a private equity firm, completed the acquisition of a majority stake in distribution warehouses Yokohama Sachiura Distribution Centres 1 and 2, from ESR, a real estate services and investment company, according to press releases. Financial terms were not disclosed.
TPG was advised by Brunswick Group. ESR was advised by Citigate Dewe Rogerson, according to press releases.
Daiwa Securities, a Japanese investment bank, agreed to acquire ORIX Bank, a Japan‑based internet bank, from ORIX, a diversified financial services firm, for JPY370bn ($2.3bn), according to press releases.
A. O. Smith’s China business attracts investor interest. (Bloomberg)
A. O. Smith’s China business has attracted interest from potential investors, including private equity firms, as the company reviews its operations in the country.
CPE and PAG are among the possible bidders considering paying a few hundred million dollars for a majority stake, alongside Hisense Group Holdings. Discussions are ongoing and may not result in a finalized transaction.
Virtusa seeks $1bn India IPO at $7bn valuation. ( Reuters)
EQT-backed Virtusa is exploring an IPO in India that could raise at least $1bn and value the company at $7bn or more.
A roadshow planned for the second half of 2026 will help determine timing, structure, valuation and whether to proceed with the offering.
Brookfield's Altius said to plan $630m India IPO. (Bloomberg)
Brookfield Asset Management is preparing to file draft papers as early as May for an initial public offering of Altius Telecom Infrastructure Trust that could raise up to INR60bn ($630m).
The telecom tower operator is working with advisers, including JM Financial, Axis Bank, Kotak Mahindra Capital, Citigroup, Jefferies, and NovaaOne Capital, on the proposed listing. The company is also considering a pre-IPO funding round of up to INR30bn ($316m), and discussions are ongoing.
Acko hires banks for $350m India IPO. ( Bloomberg)
General Atlantic-backed Acko has appointed Kotak, ICICI Securities and Morgan Stanley for a potential IPO that could raise up to $350m.
The company is targeting a valuation of up to $2.5bn as it advances preparations for a potential public listing.
Spinny hires banks for India IPO. ( Bloomberg)
Tiger Global- and Accel-backed Spinny has engaged Kotak, Morgan Stanley and Citigroup for a potential IPO in Mumbai.
The company is advancing listing plans as it explores public markets with support from major investors.
Allianz GI’s Asia Pacific Infrastructure Credit Fund holds its first close at $270m. ( Press Release)
Allianz Global Investors has reached a first close of $270m for its Allianz Asia Pacific Infrastructure Credit Fund, with a final close expected in 2027.
The vehicle forms part of a dedicated infrastructure credit strategy and complements the firm’s existing Asia Pacific secured lending platform. It is managed by AllianzGI’s regional private credit team led by Sumit Bhandari, in collaboration with the firm’s global infrastructure debt capabilities.
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