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AMERICAS

US FTC sues to block GTCR purchase of Surmodics. (FTC)

The Federal Trade Commission sued to block GTCR acquisition of medical company Surmodics, alleging that the deal, which seeks to combine the two largest manufacturers of critical medical device coatings, is anticompetitive.

Surmodics is advised by Jefferies & Company (led by Matthew Miller and Michael Robinson) and Faegre Drinker Biddle & Reath. Jefferies is advised by White & Case (led by Denise A. Cerasani). GTCR is advised by Goldman Sachs, Cleary Gottlieb Steen & Hamilton and Kirkland & Ellis. Debt financing is provided by Oak Hill Advisors. Oak Hill Advisors is advised by Latham & Watkins (led by Peter J. Sluka and Stelios Saffos), according to MergerLinks data and press releases.

Bain Capital to acquire the SST business of Seven & i for $5.5bn.

Bain Capital, a private equity firm, agreed to acquire the supermarket and specialty store businesses of Seven & i, a Japanese retail conglomerate, parent company of 7-Eleven, for $5.5bn, according to press releases.

Bain Capital is advised by BNP Paribas, Citigroup, Mizuho Securities, Anderson Mori & Tomotsune and Ropes & Gray. Seven & i is advised by Mitsubishi UFJ Morgan Stanley Securities, according to press releases and MergerLinks data.

American Securities completes the acquisition of Integrated Global Services from J.F. Lehman.

American Securities, a private equity firm, completed the acquisition of Integrated Global Services, a provider of on-site surface protection solutions, from J.F. Lehman, a middle-market private equity firm, according to press releases. Financial terms were not disclosed.

Integrated Global Services was advised by Houlihan Lokey, Stifel and Jones Day (led by Andy Levine and Justin Roland). American Securities was advised by Harris Williams & Co, Kirkland & Ellis and Prosek Partners, according to press releases and MergerLinks data.

PDF Solutions completes the acquisition of secureWISE for $130m.

PDF Solutions, a company delivering advanced analytics solutions and differentiated data for semiconductor and electronics manufacturing, completed the acquisition of secureWISE, a secure remote access and data-sharing platform primarily used in semiconductor manufacturing and other high-tech industries, for $130m, according to press releases.

secureWISE was advised by Houlihan Lokey. PDF Solutions was advised by TD Securities and Latham & Watkins, according to press releases and MergerLinks data.

Dream Finders Homes completes the acquisition of Cherry Creek Mortgage.

Dream Finders Homes, a homebuilder, completed the acquisition of Cherry Creek Mortgage, a lender that specializes in the origination of mortgage loans to support new build construction lending, according to press releases. Financial terms were not disclosed.

Dream Finders was advised by Milliman, Sterling Point Advisors and McGlinchey Stafford, according to press releases.

Motive Partners and Apollo Global Management completes the formation of Lyra Client Solutions.

Private equity firms Motive Partners and Apollo Global Management completed the formation of Lyra Client Solutions, a client-servicing solutions provider offering technology and operations capabilities to enhance efficiency and client experience across institutional and wealth channels. Financial terms were not disclosed, according to press releases.

Apollo Global was advised by Paul Weiss Rifkind Wharton & Garrison (led by Matthew B. Goldstein), according to press releases and MergerLinks data.

Amped Electric completes the acquisition of LEED Electrical.

Amped Electric, an electrical services provider, completed the acquisition of LEED Electrical, a provider of electrical contracting services. Financial terms were not disclosed, according to press releases.

Amped Electric was advised by Morgan Lewis & Bockius (led by Jeffrey Dinerstein), according to press releases and MergerLinks data.

American Express to acquire Center.

American Express, a globally integrated payments company, agreed to acquire Center, an expense management software company. Financial terms were not disclosed, according to press releases.

American Express is advised by Debevoise & Plimpton (led by Emily Huang and Kevin Rinker), according to press releases and MergerLinks data.

Smith + Howard completes the acquisition of Smith Kesler.

Smith + Howard, a national tax, accounting, and advisory firm, completed the acquisition of Smith Kesler, a tax and accounting firm serving construction businesses, according to press releases. Financial terms were not disclosed.

The Kenan Advantage Group completes the acquisition of Evergreen Transport.

The Kenan Advantage Group, a specialized transportation and logistics services provider, completed the acquisition of Evergreen Transport, a transportation company specializing in the delivery of dry bulk materials, according to press releases. Financial terms were not disclosed.

Silgan explores a $1bn sale of custom containers unit. (Bloomberg)

Packaging maker Silgan is working with an adviser on a potential sale of its custom containers business. The unit could fetch about $1bn or more in a sale.

This strategic move aligns with Silgan's recent focus on expanding its Dispensing and Specialty Closures segment. Silgan hasn’t made a final decision on pursuing a sale and might opt to keep the business.

ADNOC seeks deals for gas fields in major US push. (Bloomberg)

The United Arab Emirates’ biggest oil company is seeking to buy its first natural gas producing fields in the US to deepen its presence in the country.

ADNOC Group wants the deals to complement its recent acquisitions of chemical plants and liquefied natural gas export facilities in the US. Adnoc Chief Executive Officer Sultan Al Jaber is set to outline the government-owned producer’s investment strategy, including a US focus.

In alignment with its global expansion strategy, ADNOC has transferred its US investments, including stakes in ExxonMobil's hydrogen plant and NextDecade's LNG facility, to XRG.

Kraken plans for IPO by early 2026 amid favorable regulatory climate. (Bloomberg)

Kraken, a leading cryptocurrency exchange, is preparing for an initial public offering as early as the first quarter of 2026, capitalizing on a more favorable regulatory environment in the United States. The company had previously postponed its IPO plans due to regulatory challenges but is now revisiting the public listing process.

In 2024, Kraken reported revenues exceeding $1.5bn, with adjusted earnings of $380m. The exchange's renewed IPO ambitions come amid a shifting regulatory landscape, with the US Securities and Exchange Commission dropping its lawsuit against Kraken, thereby clearing a significant hurdle for the company's public listing aspirations.

Winklevoss Twins’ Gemini files confidentially for IPO. (Bloomberg)

Gemini, the cryptocurrency firm backed by the billionaire Winklevoss twins, has filed confidentially for an initial public offering. The crypto exchange and custodian is working with Goldman Sachs and Citigroup on the offering.

Gemini is considering going public as soon as this year. A listing would follow the closing of a US Securities and Exchange Commission investigation into the exchange. Deliberations are ongoing and no final decisions have been made on pursuing an IPO.

Hinge Health plans to file for IPO as early as this week. (Bloomberg)

Hinge Health, a San Francisco-based digital physical therapy provider, is preparing to file for an initial public offering as early as next week, with plans to go public potentially as soon as April. The company has engaged financial institutions Morgan Stanley, Barclays, and Bank of America to lead the IPO process.

In 2024, Hinge Health reported revenues of $390m, marking a one-third increase from the previous year, and achieved a free cash flow of $45m. The company was valued at $6.2bn following a $400m funding round in 2021, led by Tiger Global Management and Coatue Management.

Once Upon a Farm considers IPO as soon as this year. (Bloomberg)

Once Upon a Farm, the organic baby food company co-founded by actress Jennifer Garner, is considering an initial public offering as early as this year. The Berkeley, California-based company is reportedly working with advisers on the potential offering, although specific details have yet to be finalized.

The company produces organic fruit and vegetable snacks aimed at children, aligning with a broader trend of health-focused food companies entering public markets.

Blackstone closes $8bn real estate debt strategies fund. (Press Release)

Blackstone announced the final close of its most recent real estate debt fund, Blackstone Real Estate Debt Strategies V, which has approximately $8bn of total capital commitments.

BREDS V plans to deploy capital across various strategies, including global scale lending, liquid securities, structured solutions to financial institutions, and corporate credit. The fund aims to capitalize on current market dislocations by providing flexible financing solutions in the commercial real estate sector.

EMEA

Oak Hill Advisors to acquire a 15% stake in IDEAL for €62m.

Oak Hill Advisors, a private equity firm, agreed to acquire a 15% stake in IDEAL, an asset management firm, for €62m ($67m), according to press releases.

IDEAL is advised by AXIA Ventures, L Papaphilippou & Co, Reed Smith, Sarantitis Law Firm and PricewaterhouseCoopers. Oak Hill Advisors is advised by Antis Triantafyllides & Sons, NautaDutilh, Papapolitis & Papapolitis and Paul Weiss Rifkind Wharton & Garrison (led by Oliver Marcuse), according to press releases and MergerLinks data.

Zalando nears completion of About You acquisition with over 90% shareholding. (Press Release)

Zalando has secured more than 90% of About You's share capital through its public takeover offer, advancing its plans to fully acquire the rival fashion retailer. The company intends to initiate a squeeze-out process to acquire the remaining shares, offering cash compensation to minority shareholders, according to press releases.

About You is advised by Deutsche Bank and White & Case (led by Alexander Kiefner). Zalando is advised by JP Morgan, Sullivan & Cromwell (led by Carsten Berrar) and FGS Global (led by Raphael Neuner). JP Morgan is advised by Skadden Arps Slate Meagher & Flom (led by Matthias Horbach), according to press releases and MergerLinks data.

DNO to acquire Sval Energi from HitecVision for $450m.

DNO, a Norwegian oil and gas operator, agreed to acquire Sval Energi, a Norwegian energy company, from HitecVision, a private equity group, for $450m, according to press releases.

DNO is advised by Pareto Securities and Thommessen, according to press releases.

Euroclear completes the acquisition of a 49% stake in Inversis from Banca March.

Euroclear, a provider of post trade services, completed the acquisition of a 49% stake in Inversis, a provider of global investment technology solutions and outsourced financial services, from Banca March, a bank in private and corporate banking. Financial terms were not disclosed, according to press releases.

Euroclear was advised by JP Morgan and Jones Day, according to press releases and MergerLinks data.

DeFi Technologies completes the acquisition of a 52.5% stake in Neuronomics.

DeFi Technologies, a financial technology company, completed the acquisition of a 52.5% stake in Neuronomics, an asset management firm specializing in AI-powered quantitative trading strategies, according to press releases. Financial terms were not disclosed.

Bayer seeks shareholder approval for a potential €8.4bn capital raise. (Reuters)

Bayer is seeking shareholder approval to potentially increase its equity capital by up to 35% over the next three years, equating to approximately €8.4bn ($9.1bn), to address ongoing US litigation, particularly related to claims involving its Roundup weedkiller. The proposal will be voted on at Bayer's annual general meeting scheduled for April 25.

The company has stated that it would resort to a rights issue only "if it is absolutely necessary" and does not currently have specific plans to utilize this authorization. Bayer emphasized that any capital raised would not be used for mergers or acquisitions but solely to strengthen the balance sheet in light of potential litigation settlements.

Rio Tinto cancels plans for up to $5bn share sale after investor pushback. (Bloomberg)

Rio Tinto Group has canceled its plans to raise up to $5bn through a share sale following significant resistance from investors. The mining giant had proposed the equity offering to finance its $6.7bn acquisition of Arcadium Lithium and to rebalance its shareholding between UK and Australian investors.

Additionally, the proposed share sale aimed to enhance liquidity among Australian shareholders, as approximately three-quarters of Rio Tinto's stock is held in London. The company has faced calls from an activist investor to unify its dual listing into an Australian-domiciled holding company, a proposal Rio Tinto has refuted due to potential costs. Investors will vote on this matter at the upcoming annual shareholder meetings in both the UK and Australia.

Abu Dhabi considers reviving AIQ share sale amid AI sector growth. (Bloomberg)

ADNOC Group and Presight are exploring the possibility of reviving a share sale for their joint venture, AIQ, in response to the burgeoning growth in the artificial intelligence sector. The companies have invited firms to propose their services for AIQ's potential listing, indicating a renewed interest in capitalizing on the AI industry's momentum.

Established to leverage artificial intelligence and machine learning for optimizing processes within ADNOC and the broader oil and gas industry, AIQ was initially a joint venture between ADNOC and G42, with ownership stakes of 60% and 40%, respectively. In May 2024, Presight acquired a majority 51% stake in AIQ, valuing the company at $1.4bn, while ADNOC retained a 49% shareholding.

The consideration to list AIQ comes amid a global surge in interest and investment in artificial intelligence technologies, positioning the company to potentially benefit from increased market enthusiasm. Specific details regarding the timing and structure of the potential listing have yet to be disclosed.

EnQuest in talks to acquire Serica Energy in all-share reverse takeover. (Press Release)

EnQuest is in discussions to acquire Serica Energy through an all-share reverse takeover. The proposed merger aims to enhance scale and diversification, unlocking significant synergies and providing a stronger platform for further growth.

Under the proposed terms, Serica shareholders would receive EnQuest shares and a capital return, resulting in Serica shareholders holding a majority stake in the combined entity.The new company's shares would be listed on the London Stock Exchange's ESCC market.

EnQuest is advised by Goldman Sachs and Bank of America.

Zurich Insurance increases stake in Sabadell amid BBVA's acquisition bid. (Bloomberg)

Zurich Insurance Group has expanded its ownership in Banco Sabadell, acquiring an additional 1.5% stake, bringing its total holding to 3%. This move comes as Banco Bilbao Vizcaya Argentaria pursues a $13.2bn hostile takeover bid for Sabadell.

Zurich's increased investment is viewed as a strategic move to strengthen its longstanding bancassurance partnership with Sabadell, signaling confidence in the bank's stability and potential amidst the ongoing acquisition attempt.

BBVA's offer has received approvals from both the European Commission and the UK's Prudential Regulation Authority; however, it is still pending authorization from Spanish regulators. In response to the bid, Sabadell's chairman, Josep Oliu, has urged shareholders to remain steadfast, expressing confidence in the bank's strong financial performance and future prospects.

Portugal's TAP Air Portugal privatization faces delays amid political instability. (Bloomberg)

The privatization of TAP Air Portugal is encountering significant delays due to the current political crisis in Portugal. The government's instability has raised concerns about the timeline and execution of the airline's sale.

Air France-KLM has expressed readiness to participate in TAP's privatization, aligning with the Portuguese government's conditions to preserve the airline's brand, network, and local employment. CEO Ben Smith highlighted positive discussions with Portuguese officials and emphasized the strategic importance of TAP's connections to Brazil, Portuguese-speaking African countries, and the United States.

The political uncertainty in Portugal, marked by the resignation of Prime Minister António Costa in late 2023 amid corruption investigations, has cast doubt on the privatization timeline. The subsequent early elections held in March 2024 resulted in a slim margin between leading parties, further complicating the government's ability to proceed with significant investment projects, including the sale of TAP.

SMG Swiss Marketplace plans Swiss IPO at $5bn valuation. (Bloomberg)

SMG Swiss Marketplace Group, operator of online platforms like ImmoScout24, has engaged banks for an initial public offering in Switzerland, targeting a valuation of approximately $5bn.

The company, backed by investors including General Atlantic, was formed in 2021 through a joint venture combining multiple digital classifieds and marketplace assets. SMG has recently taken initial steps to be ready for an IPO and has started talks with selected banks.

SMG is advised by Goldman Sachs, JP Morgan and UBS.

NMMC plans London IPO valuing company at over £4bn valuation. (Bloomberg)

NMMC, one of the world's largest gold producers, is preparing for a potential initial public offering on the London Stock Exchange, aiming for a valuation exceeding £4bn ($5.2bn). The state-backed Uzbek company has enlisted Rothschild & Co as an IPO adviser, with the listing potentially occurring in the second half of this year.

This IPO aligns with Uzbekistan's broader strategy to privatize state assets and attract foreign investment. A successful listing would bolster London's IPO market, which has experienced a slowdown in recent years.

ADNOC eyes international listing of XRG. (Reuters)

The Abu Dhabi National Oil Company is exploring the possibility of listing a minority stake in its international investment arm, XRG, on an overseas exchange, potentially making it one of the largest energy IPOs globally. The discussions are in the preliminary stages, with Bank of America advising on the strategy.

Possible venues for the listing include exchanges in London and New York, each offering unique advantages. Before proceeding, ADNOC plans to appoint a CEO for XRG and transfer relevant assets into the company.

APAC

BEST Global Partners and Phoenix Global Partners completes the merger with BEST in a $54m deal.

BEST Global Partners, a consortium comprised of BEST’s CEO Shao-Ning Johnny Chou, BEST’s chief strategy and investment officer George Chow, and Alibaba Investment, and Phoenix Global Partners, a wholly-owned subsidiary of BEST Global Partners, completed the merger with BEST, a smart supply chain service and logistics solutions provider, in a $54m deal, according to press releases.

BEST was advised by Kroll, Maples Group and Skadden Arps Slate Meagher & Flom (led by Yuting Wu). The investor consortium was advised by Fangda Partners, Kirkland & Ellis and Walkers, according to MergerLinks data and press releases.

Insignia opens books after Bain, CC Capital raise bid to $2.1bn. (Reuters)

Insignia Financial granted access to its books to two key suitors after both Bain Capital and CC Capital raised their respective takeover bids to AUD3.34bn ($2.11bn), marking a pivotal moment in an escalating bidding war.

Insignia is advised by Citigroup, Gresham and King & Wood Mallesons. Bain Capital is advised by FTI Consulting (led by Stuart Carson), according to MergerLinks data and press releases.

Nippon Life Insurance considers acquiring up to 9.9% stake in IndusInd Bank. (Bloomberg)

Nippon Life Insurance's India unit, Reliance Nippon Life Insurance, is exploring the acquisition of a minority stake in IndusInd Bank The insurer plans to leverage the bank's extensive network to enhance the distribution of its insurance products. The initial investment may involve purchasing a 4.9% stake, with the possibility of increasing it to 9.9% over time. IndusInd Bank currently holds a market valuation of approximately $8.4bn.

This potential investment aligns with Nippon Life's strategy to strengthen its presence in the Indian financial services sector. Notably, in December 2023, IndusInd Bank divested its entire 2.86% stake in Nippon Life India Asset Management for $95m through open market transactions.

Blackstone and Sattva Group's Knowledge Realty Trust files for India's largest REIT IPO. (Bloomberg)

Knowledge Realty Trust, a joint venture between Blackstone and India's Sattva Group, has filed a draft prospectus with the Securities and Exchange Board of India for an initial public offering aiming to raise approximately $711m. This move positions it to become the largest REIT listing in India to date.

The trust's portfolio encompasses 30 Grade A office assets totaling 48m square feet across six major cities, including Bengaluru, Hyderabad, Mumbai, Chennai, Gurugram, and Ahmedabad. Notably, about 95% of these assets are concentrated in Bengaluru, Hyderabad, and Mumbai, making it India's most geographically diverse office REIT.

The IPO proceeds are primarily earmarked for debt repayment. Leading financial institutions, including Morgan Stanley, Kotak Mahindra Capital, Axis Capital, and Bank of America, are managing the sale.

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