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Top Highlights
Swisscom, a telecommunications provider in Switzerland, completed the acquisition of Vodafone Italy, an Italian telecommunications company, from Vodafone Group, a British multinational telecommunications company, for €8bn ($8.7bn).
Coventry Building Society, a building society based in Coventry, England, completed the acquisition of The Co-operative Bank, a provider of personal banking services, for £780m ($971m).
Ryan, a global tax services and software provider, completed the acquisition of the property tax services business of Altus Group, a provider of asset and fund intelligence for commercial real estate, for $513m.
Deal Round up
AMERICAS
Nvidia invested $1bn in AI deals in 2024. ( FT)
EMEA
Abu Dhabi’s Mubadala tops Saudi PIF with $29bn deals. ( Bloomberg)
Hammond-backed outsourcer Amey among bidders for £300m Telent. ( Sky News)
APAC
Chinese national fund fuels aerospace growth with two $100m-plus deals. ( DealStreetAsia)
Retail traders seek over $60bn for toymaker’s HK IPO. ( Bloomberg)
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COMPANIES
LEGAL ADVISORS
PR ADVISORS
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AMERICAS
Tadano, a Japanese manufacturer of cranes and aerial work platforms, agreed to acquire Manitex International, a mobile truck cranes, industrial lifting solutions, aerial work platforms and construction equipment provider, for $223m.
Manitex International was advised by Brown Gibbons Lang & Company, Bryan Cave Leighton Paisner and Vallum Advisors (led by Noel Ryan and Paul Bartolai). Tadano was advised by Perella Weinberg Partners and Sullivan & Cromwell (led by Frank Aquila and Mimi Wu). Financial advisors were advised by Ropes & Gray.
Sentry Insurance, a mutual insurance company, completed the acquisition of The General, a licensed insurance agency, from American Family Insurance, an American private mutual company, for $1.7bn.
Voya Financial, an American financial, retirement, investment and insurance company, completed the acquisition of the retirement plan business of OneAmerica Financial, an American financial services mutual holding organization. Financial terms were not disclosed.
Voya Financial was advised by Citigroup and Eversheds Sutherland. OneAmerica Financial was advised by Goldman Sachs and Sidley Austin (led by Sean Keyvan).
Rain Enhancement Technologies, an emerging company developing rainfall generation technology, went public via a SPAC merger with Coliseum Acquisition, a publicly traded special purpose acquisition company, in a $76m deal.
Rain Enhancement Technologies was advised by TCF Law Group. Coliseum Acquisition was advised by Needham & Co and White & Case.
HG-backed Cube, an automated regulatory intelligence firm, completed the acquisition of the regulatory intelligence businesses from Thomson Reuters, a global content and technology company. Financial terms were not disclosed.
Applied Industrial Technologies, a distributor and technical solutions provider of industrial motion, fluid power, flow control, automation technologies, and related maintenance supplies, completed the acquisition of Hydradyne, a provider of fluid power solutions and value-added services. Financial terms were not disclosed.
Marsh McLennan Agency, a business of Marsh and a provider of business insurance and private client insurance solutions, completed the acquisition of Acumen Solutions Group, a New York-based full-service insurance agency. Financial terms were not disclosed.
HIG Capital, an alternative investment firm, completed the acquisition of Best Version Media, a provider of highly localized, multi-channel advertising solutions for small and medium-sized businesses. Financial terms were not disclosed.
Nvidia invested $1bn in AI deals in 2024. ( FT)
Nvidia invested $1bn in artificial intelligence startups in 2024, positioning itself as a key supporter of companies leveraging AI technologies powered by its advanced chips.
The semiconductor giant, which surpassed a $3tn market value in June, has significantly increased funding to some of its own customers in the fast-growing AI sector.
EMEA
Kerry Co-Operative Creameries, an agricultural co-operative society, completed the acquisition of Kerry Dairy, a dairy consumer products company, from Kerry Group, a food company, for €500m ($534m).
Investment firms Proteus Enterprises and Gladstone Investment completed the acquisition of the defense business of Ricardo, a global strategic, environmental and engineering consultancy, for $85m.
Beltone, a financial services provider, agreed to acquire a majority stake in Baobab, an exploration and development company. Financial terms were not disclosed.
Beltone is advised by Rothschild & Co.
Abu Dhabi’s Mubadala tops Saudi PIF with $29bn deals. ( Bloomberg)
Abu Dhabi’s Mubadala Investment emerged as the most active sovereign wealth fund last year, increasing investments across sectors such as private credit and artificial intelligence.
In contrast, Saudi Arabia’s Public Investment Fund, which held the top spot in 2023, scaled back its spending and shifted focus toward domestic investments.
Hammond-backed outsourcer Amey among bidders for £300m Telent. ( Sky News)
An outsourcing group backed by former UK chancellor Lord Hammond is reportedly among the bidders eyeing Telent, a leading provider of digital infrastructure services.
Amey, which faced financial struggles before being acquired by two private equity firms in 2022, has submitted a preliminary offer to acquire Telent.
APAC
GSTechnologies, a company doing businesses across blockchain payments and financial services, forex, as well as cryptoasset exchange, completed the acquisition of Cake, a digital asset platform. Financial terms were not disclosed.
DCP Capital, a private equity firm, agreed to acquire a 78.7% stake in Sun Art Retail Group, a supermarket company, from Alibaba Group, a Chinese multinational technology company, for $1.6bn.
Chinese national fund fuels aerospace growth with two $100m-plus deals. ( DealStreetAsia)
China’s CNY147.2bn ($20.2bn) National Manufacturing Transformation and Upgrading Fund has supported two domestic aerospace firms with $100m in funding as part of the country’s expanding space initiatives.
In the final days of 2024, the fund invested CNY900m ($123.3m) into Beijing-based LandSpace Technology Corporation, a reusable rocket developer.
Retail traders seek over $60bn for toymaker’s HK IPO. ( Bloomberg)
Retail investors have shown strong demand for Chinese toymaker Bloks Group’s Hong Kong IPO, applying to borrow over $60bn through margin financing.
The borrowing amount represents more than 3.2k times the shares allocated to individual investors at the top end of the IPO price range. Investors sought to borrow HKD473.6bn ($60.9bn) to participate in the offering.
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