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Top Highlights
Sysco, a company specialised in selling, marketing and distributing food and related products, agreed to Aacquire Jetro Restaurant Depot, a wholesale cash & carry foodservice provider, for $29.1bn, according to press releases.
Restaurant Depot is advised by Evercore, Macfarlanes, Wachtell Lipton Rosen & Katz (led by Andrew Nussbaum) and Foxcroft Strategy Group. Sysco is advised by Goldman Sachs, TD Securities, Jones Day, Paul Weiss Rifkind Wharton & Garrison (led by James E. Langston) and Edelman Smithfield. LGP is advised by JP Morgan and Latham & Watkins, according to MergerLinks data and press releases.
Leidos, a systems integrator specializing in information technology, completed the acquisition of ENTRUST, a consulting firm specializing in utility engineering, from Kohlberg, a private equity firm, for $2.4bn, according to press releases.
Blackstone-backed Essel Propack, a provider of specialty packaging solutions, agreed to merge with Indovida, a manufacturer of PET preforms, in a $2bn deal, according to press releases.
Essel Propack is advised by BDO, Duff & Phelps, Ernst & Young and Trilegal. Indovida is advised by Goldman Sachs, Chandhiok & Mahajan and Khaitan & Co, according to press releases.
AMERICAS
Investors balk at terms in JP Morgan’s $7.2bn Sealed Air debt deal. ( Bloomberg)
EMEA
Kaefer owners study sale of company at more than €2bn value. ( Bloomberg)
Portugal says interest in TAP holds as bid deadline nears. ( Bloomberg)
Swiss real estate scion Lauber joins rush to access retail cash. ( Bloomberg)
Just Eat’s new owner pushes for European revival as rivals close in. ( FT)
APAC
Robot maker Inovance to hire banks for up to $2bn Hong Kong listing. ( Bloomberg)
Victory Giant to gauge investor interest for HK listing. ( Bloomberg)
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AMERICAS
TruArc Partners, a private equity firm, completed the acquisition of Matrix Adhesives Group, a manufacturer of adhesives and sealants, from Goldner Hawn, a private equity firm, according to press releases. Financial terms were not disclosed.
TruArc Partners was advised by Chemlink Partners, Davis Polk & Wardwell and ASC Advisors (led by Mary Beth Grover). Matrix Adhesives Group was advised by BMO Capital Markets and Houlihan Lokey, according to press releases.
Boardwalk Pipelines, an oil and gas company, agreed to acquire the gas marketing business of Spire, a natural gas utility company, for $215m, according to press releases.
Boardwalk Pipelines is advised by Barclays and GableGotwals. Spire is advised by Stinson, according to press releases.
Aurinia Pharmaceuticals, a biopharmaceutical company, agreed to acquire Kezar Life Sciences, a biotechnology company, for $51m, according to press releases.
Kezar Life Sciences is advised by TD Cowen and Cooley, according to press releases.
Flex, a manufacturing company, agreed to acquire Electrical Power Products, a provider of engineered-to-order electrical power control and protection systems, for $1.1bn, according to press releases.
EP2 is advised by RA Capital Associates. Flex is advised by Citigroup, according to press releases.
Zendesk, a provider of customer service software and support ticketing systems for businesses of all sizes, completed the acquisition of Forethought, a generative AI company offering customer support automation tools, according to press releases. Financial terms were not disclosed.
Coalesce Capital-backed Miller Environmental Group, a provider of waste, industrial and environmental services, completed the acquisition of Haz-Mat Environmental Services, a provider of hazardous and non-hazardous waste management services, and Canco, an industrial services provider, according to press releases. Financial terms were not disclosed.
Coalesce Capital was advised by Joele Frank (led by Ed Trissel), according to press releases.
Rockpoint, a real estate private equity firm, completed the acquisition of six-building industrial portfolio in North Carolina, according to press releases. Financial terms were not disclosed.
Rockpoint was advised by Joele Frank (led by Jonathan Keehner), according to MergerLinks data and press releases.
New State Capital Partners-backed Universal Plant Services, a specialist in rotating and reciprocating equipment services, completed the acquisition of Mechanical Solutions, an engineering services company, according to press releases. Financial terms were not disclosed.
Universal Plant Services was advised by Llorente Y Cuenca (led by Joanne Lessner), according to press releases.
VICI Properties, a real estate investment trust, agreed to acquire the real estate assets portfolio in Canada of Pure, a gaming service company, for $144m, according to press releases.
Investors balk at terms in JP Morgan’s $7.2bn Sealed Air debt deal. ( Bloomberg)
Investors have raised concerns over certain provisions, including a clause allowing CD&R to potentially spin off Sealed Air’s food or protective packaging units. The pushback highlights ongoing scrutiny of leveraged buyout debt structures amid volatile credit‑market conditions.
EMEA
RTL has offered remedies to EU regulators to address antitrust concerns over its planned acquisition of Sky Deutschland, aiming to secure early approval for the deal. The transaction would strengthen RTL’s position in Germany as it seeks to compete more effectively with US streaming groups such as Netflix, Disney and Amazon Prime.
HICL Infrastructure, a long-term investor in infrastructure assets, agreed to acquire an additional 6.65% stake in Cross London Trains, a company established to procure and lease the rolling stock for use on the Thameslink passenger rail franchise, for £52m ($69m), according to press releases.
HICL is advised by Aztec Financial Services, Investec (led by David Yovichic), RBC Capital Markets (led by Matthew Coakes) and Brunswick Group (led by David Litterick), according to MergerLinks data and press releases.
TotalEnergies, a global integrated energy company, completed the merger of the UK Upstream business in NEO NEXT Energy, an offshore oil and gas company, according to press releases. Financial terms were not disclosed.
NEO NEXT Energy was advised by Jefferies & Company and CMS Legal (led by Norman Wisely), according to MergerLinks data.
Sirius Real Estate, an owner and operator of branded business and industrial parks providing conventional space and flexible workspace, agreed to acquire defence-anchored business park in Kiel for €93m ($107m), according to press releases.
Sirius Real Estate is advised by FTI Consulting, according to MergerLinks data.
Allianz Global Investors, a diversified active investment manager, agreed to acquire a minority stake in Amprion, a German transmission system operator, from Talanx, a multi-brand insurance group, according to press releases. Financial terms are not disclosed.
Uber Technologies, a technology company specializing in the Uber platform, offering a range of services including rideshare rides, food delivery, and e-commerce services, agreed to acquire Blacklane, a global chauffeur services provider, according to press releases. Financial terms are not disclosed.
Volaris Group, an investment company that develops software businesses, completed the acquisition of zetVisions, a software provider for enterprise equity and master data management, according to press releases. Financial terms were not disclosed.
Kaefer owners study sale of company at more than €2bn value. ( Bloomberg)
The owners of Kaefer are exploring a potential sale of the German industrial‑services group that could value the business at more than €2bn ($2.3bn). The company provides engineering and support services for industrial plants across the energy and infrastructure sectors.
SMS Group and buyout firm Altor Equity Partners, which together own 50% of Kaefer, are working with Deutsche Bank on a possible disposal of their stake. Discussions are preliminary, and no decision on timing or structure has been made.
Portugal says interest in TAP holds as bid deadline nears. ( Bloomberg)
Portugal expects Europe’s three largest airline groups to submit bids for a stake in state‑owned TAP ahead of a deadline this week, despite market volatility linked to the Iran war.
Finance Minister Joaquim Miranda Sarmento stated that TAP remains attractive as likely the last mid‑sized European airline available, pointing to its strong connections to South America, Africa, the US, and Canada as key draws for potential buyers.
Swiss real estate scion Lauber joins rush to access retail cash. ( Bloomberg)
Infinitas Capital, the Swiss family office run by real estate heir Robin Lauber, plans to launch a new investment vehicle called Aureon Capital and seek a listing on Nasdaq Stockholm. The move would give public investors access to stakes Infinitas holds in private companies, including defence‑technology startup Destinus.
Aureon will also acquire assets from Lauber’s wider network of wealthy individuals and family offices and is expected to launch in mid‑2026. The listing reflects growing interest among private‑asset holders in tapping retail capital markets through publicly traded vehicles.
Just Eat’s new owner pushes for European revival as rivals close in. ( FT)
Prosus is seeking to accelerate growth at Just Eat Takeaway following its €4.1bn ($4.7bn) acquisition, with CEO Fabricio Bloisi targeting a return to 20% annual order growth before 2030. The plan includes applying AI‑driven tools and personalised marketing developed at iFood, Prosus’s Brazilian delivery unit.
The push comes amid rising competition from Uber Eats, DoorDash, and Delivery Hero’s Glovo in core European markets. As part of regulatory commitments tied to the takeover, Prosus has agreed to sell down its 27% stake in Delivery Hero by August 2026 while continuing to view its holding in Tencent as a long‑term asset.
APAC
Robot maker Inovance to hire banks for up to $2bn Hong Kong listing. ( Bloomberg)
Shenzhen Inovance Technology has hired banks for a Hong Kong IPO that could raise up to $2bn. The industrial robot maker is positioning the listing amid strong investor interest in automation and robotics.
Inovance is working with Bank of America, China International Capital, Guotai Junan International, and Morgan Stanley on the planned offering. Discussions remain private, and no final decisions on timing or size have been made.
Victory Giant to gauge investor interest for HK listing. ( Bloomberg)
Victory Giant Technology has begun sounding out investors ahead of a potential Hong Kong listing. The Shenzhen‑listed Chinese manufacturer of printed circuit boards is positioning the deal as one of the city’s larger offerings in 2026.
The company is targeting proceeds of more than $2bn and could pursue the IPO as soon as April 2026. Victory Giant’s products are used in AI servers, underpinning demand as data‑centre and artificial‑intelligence infrastructure expands.
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