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AMERICAS

Chiesi to acquire KalVista in a $1.9bn deal.

Chiesi, an international research-focused biopharmaceutical group, agreed to acquire KalVista, a commercial-stage global biopharmaceutical company, in a $1.9bn deal, according to press releases.

Chiesi is advised by Lazard and Ropes & Gray. KalVista is advised by Centerview Partners, Jefferies & Company, Fenwick & West, Kirkland & Ellis and Joele Frank (led by Matthew Sherman), according to press releases.

Argo Infrastructure Partners to acquire the electric division of UGI Utilities for $470m.

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.

Teva to acquire Emalex Biosciences from Paragon Biosciences for up to $900m.

Teva, a global biopharmaceutical company, agreed to acquire Emalex Biosciences, a US-based biotechnology company, from Paragon Biosciences, a life sciences innovation and investment firm, for up to $900m, according to press releases.

Teva is advised by Evercore and Faegre Drinker Biddle & Reath. Emalex Biosciences is advised by Centerview Partners, PHCP and Bradley Arant Boult Cummings, according to press releases.

CareDx to acquire Naveris for up to $260m.

CareDx, a US global precision medicine company focused on transplantation, agreed to acquire Naveris, a biotechnology company, for up to $260m, according to press releases.

CareDx is advised by Goldman Sachs and Fenwick & West. Naveris is advised by JP Morgan and Skadden Arps Slate Meagher & Flom (led by Dohyun Kim), according to press releases and MergerLinks data.

Cognizant to acquire Astreya.

Cognizant, an American multinational technology company, agreed to acquire Astreya, a global IT managed services provider, according to press releases. Financial terms were not disclosed.

Cognizant is advised by Mayer Brown. Astreya is advised by JP Morgan, Latham & Watkins and Skadden Arps Slate Meagher & Flom (led by Jeffrey Brill), according to press releases and MergerLinks data.

Ares Management completes the acquisition of a 32.4% stake in the Rover pipeline from Blackstone Energy Transition Partners.

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.

I Squared Capital to acquire a majority stake in Elea Data Centers from Piemonte Holding.

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.

I Squared Capital is advised by Simpson Thacher & Bartlett (led by Gabriel Silva and Grenfel S. Calheiros). Elea Data Centers and Piemonte Holding are advised by Davis Polk & Wardwell (led by David J. Penna and Michael Davis), according to MergerLinks data.

Lovell Minnick Partners-backed Newport Specialty Partners completes the acquisition of a majority stake in Complex Coverage.

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.

Vornado Realty Trust to acquire a 49% stake in Park Avenue Plaza from Closer Properties at a valuation of $1.1bn.

Vornado Realty Trust, an American real estate investment trust, agreed to acquire a 49% stake in Park Avenue Plaza from Closer Properties, a New York City-based owner, operator and developer of Class-A properties, at a valuation of $1.1bn, according to press releases.

Inszone Insurance Services completes the acquisition of Arnold & Smith Insurance Agency.

Inszone Insurance Services, an insurance brokerage company, completed the acquisition of Arnold & Smith Insurance Agency, an insurance agency, according to press releases. Financial terms were not disclosed.

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)

Kimmeridge has urged the incoming board of Devon Energy to move quickly on asset sales, improve capital‑allocation discipline and revise executive compensation as the company completes its merger with Coterra Energy.

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.

Blackstone’s QTS asks banks for $2bn to guarantee AI power. (Bloomberg)

QTS, a data‑center operator backed by Blackstone, is in discussions with banks on a financing of about $2bn to support electricity procurement, highlighting increasingly complex funding structures in the sector.

The company is seeking banks willing to guarantee payments owed to utilities and is engaging multiple institutions on the transaction. QTS expects to involve up to a dozen banks and is currently discussing pricing and terms.

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 to merge with TK Elevator in a €29.4bn deal.

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.

Blackstone Infrastructure to invest up to €2bn in Eurowind Energy.

Blackstone Infrastructure, the infrastructure investment arm of Blackstone, agreed to invest up to €2bn ($2.3bn) in Eurowind Energy, a Denmark‑based renewable energy developer, according to press releases.

Blackstone Infrastructure is advised by Barclays, Nomura Greentech, Santander, HortenDahl and Latham & Watkins. Eurowind Energy is advised by Kromann Reumert. Norlys is advised by ABG Sundal Collier and Accura, according to press releases.

Döhler to acquire the remaining shares in Treatt in a £183m deal.

Döhler, a provider of natural ingredients and integrated technology solutions for the food and beverage industry, agreed to acquire the remaining shares in Treatt, a global manufacturer and supplier of natural extracts and ingredients, in a £183m ($248m) deal, according to press releases.

Döhler is advised by Bank of America (led by Edward Peel) and Simmons & Simmons. Treatt is advised by Investec (led by Oliver Cardigan and James Hopton), Ashurst, Peel Hunt (led by Michael Nicholson and George Sellar) and MHP Group (led by Tim Rowntree and Eleni Menikou), according to press releases.

OpenGate Capital to acquire the EMEA division of Total Safety.

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.

TotalEnergies completes the acquisition of a 50% stake in the European flexible power generation assets of EPH for €5.1bn.

TotalEnergies, an integrated multi-energy company, completed the acquisition of a 50% stake in the European flexible power generation assets of EPH, a Czech multi-utility company offering power and heat generation and distribution, gas transmission and storage services, for €5.1bn ($5.9bn), according to press releases.

TotalEnergies was advised by Freshfields (led by Richard Thexton, Hervé Pisani and Graham Watson). EPH was advised by White & Case (led by Richard Jones, John Cunningham, Vit Stehlik and Nick Matthew) and FGS Global (led by Chris Ryall and Alastair Elwen), according to MergerLinks data.

Bregal Milestone completes the investment in CoreGo.

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.

Amadeus to acquire the public security division of IDEMIA for up to €1.35bn.

Amadeus, an information technology services and consulting company, agreed to acquire the public security division of IDEMIA, a global provider of biometric and cryptographic technologies, for up to €1.35bn ($1.6bn), according to press releases.

Amadeus is advised by BNP Paribas, 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.

Italy's CDP against selling stake in Nexi. (Reuters)

Italy’s state lender Cassa Depositi e Prestiti has no plans to sell its stake in payments group Nexi.

Separately, private equity firm CVC Capital is in the early stages of considering a potential bid to take the company private.

Irish energy distributor DCC weighs buyout bid, shares soar. (RNS Announcement)

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.

Pernod Ricard and Jack Daniel's owner Brown-Forman end merger talks. (Reuters)

Pernod Ricard and Brown‑Forman have ended merger discussions after failing to agree on terms.

The companies said last month that they were in talks over a potential transaction that would have combined the world’s second‑largest spirits producer with the largest maker of American whiskey.

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.

UPM, Sappi paper joint venture may lead to price hikes, EU regulators warn. (Reuters)

EU antitrust regulators have warned that a proposed paper joint venture between UPM‑Kymmene and Sappi could reduce competition and lead to higher prices, as they opened an in‑depth investigation into the transaction.

The regulators indicated that the companies may need to offer remedies, such as asset divestments, to address the competition concerns raised by the deal.

Eni taps JP Morgan as adviser for potential cracking plant sale. (Reuters)

Eni has appointed JP Morgan to advise on the potential sale of a cracking facility in southern Italy as part of a review of its chemicals operations.

The company’s cracking site in Brindisi was mothballed in 2025 during an overhaul of its loss‑making chemicals business. State‑controlled Eni has committed to invest €2bn ($2.34bn) to relaunch the division by expanding into biofuels, plastics recycling and specialty chemicals.

Airtel eyes $2bn London IPO of mobile money unit. (Bloomberg)

Airtel Africa is planning an initial public offering of its mobile money unit that could raise between $1.5bn and $2bn.

London has emerged as the most likely venue for the listing of Airtel Money, although other locations, including exchanges in the United Arab Emirates and parts of Europe, have also been considered.

UzNIF’s London IPO set to value Uzbekistan Fund at $1.95bn. (Bloomberg)

Uzbekistan’s national investment fund is set to be valued at about $1.95bn in its planned initial public offering, offering investors a rare opportunity to gain exposure to Central Asia’s second-largest economy.

The country’s Ministry of Economy and Finance is seeking to sell roughly a 30% stake in the National Investment Fund of Uzbekistan, known as UzNIF, through a dual listing in London and Tashkent.

Citi picks veteran Mideast banker Tannir for top regional role. (Bloomberg)

Citigroup has appointed Karim Tannir to lead its Middle East and Africa business as it seeks to expand its presence in the region.

Tannir, previously head of HSBC’s regional banking division, will be based in Dubai. He will report to Vis Raghavan, head of Citigroup’s banking division, and Ernesto Torres Cantu, who oversees the international business.

APAC

Montage Gold completes the acquisition of the remaining 82.7% stake in African Gold for $170m.

Montage Gold, a Canadian company developing gold projects in Africa, completed the acquisition of the remaining 82.7% stake in African Gold, an Australian exploration company focused on the development of gold projects in Cote d'Ivoire, for $170m, according to press releases.

Montage Gold was advised by Ashurst, Cassels Brock & Blackwell and Oakstrom Advisors (led by John Vincic). African Gold was advised by SCP Resource Finance, Allens (led by Bryn Hardcastle) and Cozen O'Connor, according to press releases.

AIA taps McKinsey and Mercer for review after Tucker returns. (Bloomberg)

AIA Group has engaged consulting firms including McKinsey and Mercer to carry out a broad review of its business operations.

The review covers AIA’s activities across markets ranging from Greater China to Thailand and Australia and includes an assessment of its workforce, organisational structure and operational efficiency. The insurer is also evaluating potential acquisition opportunities as part of the process.

Chinese truckmaker XCMG Auto is said to consider $500m Hong Kong IPO. (Bloomberg)

Xuzhou XCMG Automobile Manufacturing is considering a listing of its shares in Hong Kong.

The Jiangsu‑based truckmaker is evaluating a share sale that could raise up to $500m, potentially in 2026. Deliberations are ongoing, including on the size and timing of any offering.

James Murdoch-backed Allen Career Institute is said to consider India IPO. (Bloomberg)

Allen Career Institute, an Indian education services company backed by James Murdoch and Uday Shankar, is considering an initial public offering in Mumbai.

The company, founded in 1988 in the state of Rajasthan, has been holding discussions with investment banks regarding a potential listing and is expected to formally appoint advisers in the near term.

Nasdaq-Listed MakeMyTrip said to hire banks for India offering. (Bloomberg)

MakeMyTrip, the Nasdaq-listed online travel platform, is considering a listing in Mumbai.

The company has appointed Axis Capital, Morgan Stanley and JP Morgan as advisers and is expected to bring in additional banks for the proposed share sale.

Tiger Global-backed Spinny said to hire banks for Indian IPO. (Bloomberg)

Valuedrive Technologies, the operator of India’s used-car marketplace Spinny, is considering an initial public offering in Mumbai and has appointed banks to advise on the process.

The company, backed by investors including Tiger Global and Accel Leaders Fund, has selected Kotak Mahindra Capital, Morgan Stanley and Citigroup as advisers for the potential listing.

AllianzGI’s Asia Pacific Infrastructure Credit Fund holds its first close at USD 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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