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Top Highlights
Tata Motors, a global automotive company, agreed to acquire Iveco Group, a commercial vehicle brand that designs, manufactures, and markets heavy, medium, and light-duty trucks, for €3.8bn ($3.3bn), according to press releases.
Iveco is advised by Goldman Sachs, De Brauw Blackstone Westbroek, Greenberg Traurig, PedersoliGattai and Maisto e Associati. Tata Motors is advised by Morgan Stanley, Clifford Chance, PricewaterhouseCoopers and AT Kearney. Debt financing is provided by Morgan Stanley, according to press releases and Mergerlinks data.
Brookfield Wealth Solutions, a company specialising in wealth solutions and retirement services, agreed to acquire Just Group, a specialist UK financial services group, for £2.4bn ($3.2bn), according to press releases.
Just Group is advised by Evercore (led by Demetris Efthymiou), JP Morgan (led by Edward Squire), Slaughter & May and Temple Bar Advisory (led by Alex Child-Villiers). Brookfield Wealth Solutions is advised by RBC Capital Markets (led by Oliver Hearsey and Mark Preston) and A&O Shearman, according to press releases.
Payroc, a North American merchant acquirer and payment technology provider, agreed to acquire BlueSnap, a global payment orchestration and AR automation platform, according to press releases. Financial terms were not disclosed.
BlueSnap is advised by TD Securities, William Blair & Co and Goodwin Procter. Payroc is advised by Troutman Pepper and White & Case, according to press releases and Mergerlinks data.
Deal Round up
AMERICAS
Union Pacific and Norfolk Southern plan to submit $85bn merger. ( Reuters)
Pimco and KKR in talks to acquire $5bn stake in Harley-Davidson finance arm. ( PE Insights)
AbbVie in talks to acquire Gilgamesh Pharmaceuticals in $1bn deal. ( Bloomberg)
Black Rock Coffee confidentially files for IPO in New York. ( Reuters)
Klarna weighs US IPO revival as soon as September. ( Bloomberg)
EMEA
Adnoc Drilling plans second acquisition in Kuwait and Oman. ( Bloomberg)
APAC
Agrichemicals firm FMC to divest India business amid market pressures. ( Reuters)
China Galaxy and CICC to launch over $1bn investment funds in Southeast Asia. ( Reuters)
Top Chinese caviar producer Kaluga Queen mulls Hong Kong IPO. ( Bloomberg)
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INVESTORS
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AMERICAS
Hanwha Life, a South Korean life insurance company, completed the acquisition of a 75% stake in Velocity Clearing, a US-based global financial technology firm and self-clearing broker, according to press releases. Financial terms were not disclosed.
Velocity Clearing was advised by Houlihan Lokey, Schulte Roth & Zabel (led by Damian Petrovic), Wollmuth Maher & Deutsch and Profile Advisors (led by Rich Myers). Hanwha Life was advised by BDA Partners, Skadden Arps Slate Meagher & Flom (led by H. Young Shin) and Bospar (led by Erin Jundef), according to press releases and MergerLinks data.
Euronet Worldwide, a fintech company that offers electronic payment and transaction processing solutions, agreed to acquire CoreCard, a provider of innovative credit technology solutions and processing services, in a $248m deal, according to press releases.
CoreCard is advised by Keefe Bruyette & Woods and Kilpatrick Townsend. Euronet is advised by Stinson, according to press releases and Mergerlinks data.
Ancestry, a web-based platform that helps its users to create their own family tree and help them preserve and share their family history, completed the acquisition of iMemories, a provider of media digitization and cloud-based content preservation, according to press releases. Financial terms were not disclosed.
Ancestry was advised by Simpson Thacher & Bartlett (led by Michael Chao), according to press releases and Mergerlinks data.
Excel Group, a private equity firm, completed the acquisition of Hampton Inn & Suites Coconut Creek and Residence Inn Fort Lauderdale Coconut Creek, a select-service hotel properties located in Coconut Creek, Florida, according to press releases. Financial terms were not disclosed.
Excel Group was advised by Gasthalter & Co (led by Jonathan Gasthalter), according to press releases.
Oaktree-backed Acumera, a company specialising in secure edge connectivity, completed the acquisition of Scale Computing, a provider focused on hyperconverged infrastructure and edge virtualization, according to press releases. Financial terms were not disclosed.
ARCHIMED-backed Instem, a company specialising in platforms for preclinical study management, completed the acquisition of Xybion Digital, a software development firm, from Banerjee Group, a private investment and holding company, according to press releases. Financial terms were not disclosed.
Union Pacific and Norfolk Southern plan to submit $85bn merger. ( Reuters)
Union Pacific and Norfolk Southern have officially notified the Surface Transportation Board (STB) of their intent to merge, initiating the US regulatory review process for their proposed $85bn deal.
The companies aim to file the full application by January 29. Following submission, the STB will evaluate the proposal and establish a timeline for the review, which is expected to last between 12 and 18 months.
Pimco and KKR in talks to acquire $5bn stake in Harley-Davidson finance arm. ( PE Insights)
Harley-Davidson is in advanced discussions to sell a significant stake in its financing unit, Harley-Davidson Financial Services, to the private credit arms of Pimco and KKR in a deal valued at around $5bn.
The transaction would include HDFS’s existing portfolio of motorcycle loans and rights to future originations, giving Pimco and KKR exposure to both the servicing operations and underlying consumer credit.
AbbVie in talks to acquire Gilgamesh Pharmaceuticals in $1bn deal. ( Bloomberg)
AbbVie is in discussions to acquire US-based Gilgamesh Pharmaceuticals, a mental health therapeutics company, in a deal that could value the privately held firm at around $1bn.
The potential transaction reflects increasing takeover activity in the mental health sector.
Black Rock Coffee confidentially files for IPO in New York. ( Reuters)
Black Rock Coffee Bar has confidentially filed for an initial public offering in New York, which could value the café chain at over $1bn.
The founder-owned company has appointed JP Morgan Chase, Jefferies, and Morgan Stanley to advise on the listing, which could take place as early as this year.
Klarna weighs US IPO revival as soon as September. ( Bloomberg)
Klarna Group is considering restarting preparations for a New York IPO as early as September, following a recent rebound in fintech valuations and strong US market debuts.
The digital payments firm is ramping up its planning for the listing, though final decisions on timing and structure have not yet been made.
EMEA
Lyft, a ride hailing marketplace, completed the acquisition of Freenow, a European multi-mobility app with a taxi offering at its core, from BMW Group, a multinational manufacturer of vehicles, and Mercedes-Benz Mobility, a mobility services provider, for $197m, according to press releases.
Lyft was advised by Guggenheim Partners and Baker McKenzie (led by Tino Marz). Mercedes-Benz Mobility was advised by Lazard (led by Marcus Schenck) and DLA Piper. BMW Group was advised by Lazard and DLA Piper (led by Benjamin Parameswaran and Tim Arndt), according to press releases and MergerLinks data.
UAC of Nigeria, a Nigerian publicly listed company, agreed to acquire Chivita|Hollandia, a food and beverage player in Nigeria, from The Coca‑Cola Company, a global beverage company, according to press releases. Financial terms were not disclosed.
UAC of Nigeria is advised by Fasken and Templars. The Coca‑Cola Company is advised by Citigroup and McDermott Will & Emery, according to press releases and Mergerlinks data.
Air France-KLM has withdrawn from discussions to acquire a stake in Spain-based Air Europa after failing to reach an agreement with parent company Globalia.
The move comes as Lufthansa and Turkish Airlines have approached Globalia to present their own bids. Air Europa is currently 20% owned by IAG, the parent of British Airways.
Air Europa is advised by Perez Llorca. International Airlines Group is advised by Garrigues (led by Alvaro Lopez-Jorrin). Globalia Corporacion Empresarial is advised by Latham & Watkins (led by Alejandro Ortiz).
JD.com, a company specialising in e‑commerce and logistics, agreed to acquire Ceconomy, a German consumer electronics retailer, for €2.2bn ($1.9bn), according to press releases.
Ceconomy is advised by JP Morgan.
Leonardo, a global high-tech company specializing in aerospace, security, and defense, agreed to acquire Iveco Defence, a division of the Iveco Group, for €1.7bn ($1.5bn), according to press releases.
Leonardo is advised by Morgan Stanley and BonelliErede, according to press releases and Mergerlinks data.
Principia, an energy transition company, agreed to acquire a portfolio of wind farms in Greece from EDP Renewables, a global renewable energy company, according to press releases. Financial terms were not disclosed.
Principia is advised by Rothschild & Co, according to press releases and Mergerlinks data.
Magellan Partners, a private equity firm, agreed to acquire mets business line from Worldline, a company specialising in payment services for merchants and financial institutions, for €410m ($354m), according to press releases.
Adnoc Drilling plans second acquisition in Kuwait and Oman. ( Bloomberg)
Adnoc Drilling is preparing to acquire another oil and gas rig operator in Kuwait and Oman. The company, a listed subsidiary of Abu Dhabi’s state-owned oil firm, previously agreed in May to purchase the majority of SLB’s drilling operations in both countries for $112m.
The upcoming transaction is expected to follow a similar structure and scale, aiming to expand Adnoc Drilling’s regional presence while managing exposure.
APAC
Agrichemicals firm FMC to divest India business amid market pressures. ( Reuters)
FMC Corp plans to divest its commercial operations in India in response to market challenges. The US-based agrichemicals company also lowered its annual sales forecast, prompting a share price increase of more than 1% in after-hours trading.
FMC, which produces insecticides and fungicides, saw a sharp drop in demand in 2023 due to high inventory levels of crop chemicals in several regions. The target country is India.
China Galaxy and CICC to launch over $1bn investment funds in Southeast Asia. ( Reuters)
China Galaxy Securities and China International Capital Corp plan to establish investment funds exceeding $1bn in Southeast Asia, aiming to tap into the region’s growing market amid rising US-China trade tensions.
The initiative marks a shift from their traditional domestic focus, aligning with Beijing’s push to promote outbound investment and strengthen regional economic integration.
Top Chinese caviar producer Kaluga Queen mulls Hong Kong IPO. ( Bloomberg)
Hangzhou Qiandaohu Xunlong Sci-Tech, the Chinese company behind caviar brand Kaluga Queen, is considering a Hong Kong initial public offering.
The firm, which is the world’s largest caviar producer, has begun engaging advisers to prepare for the potential listing.
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