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AMERICAS

AMD's $4.9bn ZT Systems deal faces EU antitrust decision by March 12. (Reuters)

European Union antitrust regulators are set to decide by March 12 whether to approve AMD’s proposed $4.9bn acquisition of server maker ZT Systems.

AMD announced the deal in August 2024, aiming to expand its AI chip and hardware portfolio to better compete with Nvidia. The EU can either approve the acquisition - with or without conditions - following an initial review or launch a four-month investigation if it identifies significant competition concerns.

ZT Systems is advised by Goldman Sachs (led by Eric Quanbeck), Paul Weiss Rifkind Wharton & Garrison (led by Chelsea Darnell). AMD is advised by Citigroup (led by Dhiren Shah), Latham & Watkins (led by Tad Freese and Mark M. Bekheit) and Loyens & Loeff (led by Rob Schrooten), according to press releases and MergerLinks data.

ASGN to acquire TopBloc from BV Investment for $340m.

ASGN, a provider of IT services and professional solutions across the commercial and government sectors, agreed to acquire TopBloc, a high-growth, tech-enabled Workday consultancy, from BV Investment, a private equity firm, for $340m, according to press releases.

ASGN is advised by Sullivan & Cromwell (led by Patrick S. Brown). BV Investment is advised by Chris Tofalli Public Relations (led by Chris Tofalli), according to press releases and MergerLinks data.

Henderson Park completes the acquisition of PGA National Resort from Brookfield.

Henderson Park, an international private equity real estate firm, completed the acquisition of PGA National Resort in Palm Beach Gardens, Florida from Brookfield, an investment management company, according to press releases. Financial terms were not disclosed.

Henderson Park was advised by Jones Day (led by Kyle Baltes), according to press releases and MergerLinks data.

Stephens Group completes the acquisition of Astro Pak.

Stephens Group, an investment management firm, completed the acquisition of Astro Pak, a high purity and precision cleaning services provider, according to press releases. Financial terms were not disclosed.

Astro Pak was advised by Houlihan Lokey, according to press releases.

Teladoc Health to acquire Catapult Health for $70m.

Teladoc Health, a multinational telemedicine and virtual healthcare company, agreed to acquire Catapult Health, a digital preventive and primary care solutions provider, for $70m, according to press releases.

KKR-backed Cotiviti close to buying Edifecs for $3bn. (FT)

Cotiviti, a healthcare data firm backed by KKR, is close to finalizing a deal to acquire Edifecs for over $3bn, after opting against a higher bid from UnitedHealth.

UnitedHealth had reportedly offered $3.5bn for Edifecs, but the bid was likely rejected due to potential antitrust concerns. Instead, Edifecs favored Cotiviti’s lower offer, as the company was able to move more swiftly to close the deal.

Historically, Edifecs has worked with TripleTree, DLA Piper and Karr Tuttle Campbell, according to MergerLinks data.

Allegiant aims to sell troubled Sunseeker Resort by summer. (Bloomberg)

Allegiant Travel plans to finalize the sale of its Sunseeker Resort this summer, following interest from multiple potential buyers, including what CEO Greg Anderson described as “well-known, high-quality” investors.

Speaking on a quarterly earnings call, Anderson revealed that a “high-single-digit” number of investors are considering bids for the Port Charlotte, Florida resort. Allegiant, the parent company of Allegiant Airlines, hired advisers in July to explore selling at least part of the $720m property. The 785-room resort, plagued by delays and cost overruns, was completed four years behind schedule and has struggled to generate adequate returns.

Peter Thiel-backed crypto firm Bullish Global considers IPO. (Bloomberg)

Bullish Global, a cryptocurrency exchange backed by billionaire Peter Thiel, is reportedly considering an initial public offering as early as this year. The company is working with Jefferies to explore the potential listing, though details remain confidential.

If finalized, the IPO would position Bullish among a growing number of crypto firms moving toward public listings. The industry’s momentum is fueled by expectations that President Donald Trump will adopt a pro-crypto stance, encouraging further market expansion and regulatory clarity.

Ford names Marin Gjaja as Chief Strategy Officer in leadership reshuffle. (Press Release)

Ford Motor has announced key leadership changes as part of its Ford+ transformation plan, with Marin Gjaja appointed as chief strategy officer. Gjaja, who previously served as COO for Ford Model e, will play a pivotal role in shaping Ford’s long-term direction amid rapid industry changes.

Bringing over 25 years of experience from Boston Consulting Group, he has a strong track record of developing and implementing strategic initiatives for major American companies. Gjaja will report directly to CEO Jim Farley and Vice Chair John Lawler, contributing to Ford’s efforts to navigate shifts in technology, policy, customer preferences, and market competition.

EMEA

IK Partners to acquire a majority stake in HSL Compliance.

IK Partners, a private equity firm, agreed to acquire a majority stake in HSL Compliance, an environmental testing, inspection, certification and compliance company, according to press releases. Financial terms were not disclosed.

IK Partners is advised by DC Advisory (led by Tim Morris). LDC is advised by Citypress PR, according to press releases and and MergerLinks data.

KNDS to acquire Görlitz manufacturing site of Alstom.

KNDS, a European military land systems manufacturer, agreed to acquire Görlitz manufacturing site of Alstom, a multinational rail transportation company, according to press releases. Financial terms were not disclosed.

BP set to invest up to $25bn in redeveloping Iraq’s Kirkuk oil and gas fields. (Reuters)

Oil giant BP is expected to invest up to $25bn over the lifetime of a project aimed at redeveloping four oil and gas fields in Kirkuk. The deal, which could be finalized in the coming weeks, represents a significant step in Iraq’s efforts to attract foreign investment and boost oil production, which has been hindered by years of war, corruption, and sectarian tensions.

Despite these challenges, Iraq remains OPEC’s second-largest oil producer, behind only Saudi Arabia. The official, who has direct knowledge of the matter, stated that BP’s investment would range between $20bn and $25bn under a profit-sharing agreement spanning over 25 years, signaling a long-term commitment to Iraq’s energy sector.

Billionaire Jim Ratcliffe plans sale of Ineos Hygienics. (SkyNews)

Sir Jim Ratcliffe, the billionaire petrochemicals tycoon and joint-owner of Manchester United, is preparing to sell Ineos Hygienics, the hand sanitiser business he founded during the Covid-19 pandemic. Ratcliffe has enlisted Interpath to manage the sale process.

Ineos Hygienics was established in response to the global shortage of sanitising products, rapidly setting up six factories within ten days to supply NHS workers and consumers. Now, with the pandemic behind, Ratcliffe is looking to divest the business through an auction, marking a shift in focus for his broader industrial empire.

JD.com revives interest in buying German retailer Ceconomy. (Bloomberg)

Chinese e-commerce giant JD.com has renewed its pursuit of Ceconomy, the German electronics retailer. JD.com has recently approached Ceconomy regarding a potential acquisition and has begun engaging with the company’s major shareholders.

Historically, Ceconomy has worked with Societe Generale, Goldman Sachs and Latham & Watkins, according to MergerLinks data.

The Beauty Tech Group plans a £350m London stock market listing. (SkyNews)

The Beauty Tech Group, owner of CurrentBody, ZIIP Beauty, and Tria Laser, is preparing a £350m ($435m) flotation on the main London market later this year. The company, known for its innovative beauty technology products used by celebrities like Kim Kardashian and Serena Williams, is working with investment bank Berenberg to advance its listing plans.

A successful flotation could strengthen The Beauty Tech Group’s market position and provide a boost to London’s stock exchange. Under the leadership of co-founder and CEO Laurence Newman, the company is looking to expand its global footprint while capitalizing on the growing demand for beauty technology.

HSBC loses role in Stada IPO. (Bloomberg)

HSBC has lost its role in Stada Arzneimittel's initial public offering, marking an early consequence of the bank’s decision to scale back its investment banking operations in Europe.

Following a review, Bain Capital and Cinven, the private equity firms that own the German drugmaker, are set to replace HSBC with Bank of America as a joint bookrunner for the IPO.

Alchemy Partners closes $1bn Special Opportunities Fund V. (Alchemy Partners)

Alchemy Partners, a European corporate special situations investor, has successfully closed its latest fund, Alchemy Special Opportunities Fund V, surpassing its initial fundraising target with $1bn in capital commitments. The fund focuses on European mid-market corporate special situations and has attracted backing from a diverse range of institutional investors, including pension funds, sovereign wealth funds, financial institutions, consultants, and family offices.

ASOF V continues Alchemy’s long-standing special situations investment strategy, which has seen over €3bn ($3.1bn) deployed across approximately 90 transactions since 2006. The fund is already 20% deployed across nine investments in four countries.

APAC

Brookfield joins a three-way bidding war for Insignia Financial. (Reuters)

Brookfield, a New York-based asset management firm, has joined the race to acquire Australian wealth manager Insignia Financial, competing with Bain Capital and CC Capital.

Brookfield proposed AUD4.60 ($2.9) per share, valuing Insignia at A$3.07bn ($1.9bn), which granted it limited access to the company's financial records.

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

Nissan board agrees to scrap $60bn Honda merger talks. (Reuters)

Nissan has decided to terminate merger discussions with Honda, abandoning a proposed $60bn deal that would have established the world's third-largest automaker.

The decision follows Honda's proposal for Nissan to become its subsidiary, a move that Nissan opposed, preferring a merger of equals.

Allianz, IAG weigh bids for leading Western Australia insurer. (Bloomberg)

Allianz and Insurance Australia Group are among the companies considering bids for Western Australia’s top insurer.

The two firms are evaluating potential offers for the insurance division of The Royal Automobile Club of Western Australia. The Australian Financial Review previously reported that the company had enlisted Barrenjoey to conduct a strategic review of the business.

Historically, Allianz has worked with Morgan Stanley, Ernst & Young, Linklaters and Clifford Chance, according to MergerLinks data.

eFishery investors to decide on liquidation, restructuring, or buyout. (Bloomberg)

Investors in Indonesian agritech startup eFishery are being urged to decide on whether to liquidate, restructure, or sell the company following allegations of accounting fraud. An adviser investigating the financial misconduct has recommended that a decision be made as early as this month, given the company’s rapid decline.

A vote among shareholders is expected in the coming weeks to determine the company’s future, based on a letter of engagement from FTI Consulting Singapore, the firm appointed by eFishery’s board. Meanwhile, a staff-led trade union is advocating for the cancellation of planned mass layoffs and pushing for business operations to resume.

CATL plans Hong Kong listing. (Bloomberg)

Contemporary Amperex Technology is reportedly planning to file for its large-scale Hong Kong listing as early as this month or early March.

The Shenzhen-listed company’s Hong Kong offering could generate over $5bn in the first half of 2025, potentially making it the city's largest listing in recent years.

Bryan Yeo appointed as GIC’s new group CIO. (Press Release)

GIC has announced that Mr. Bryan Yeo, currently Deputy Group Chief Investment Officer, will be appointed Group CIO effective April 1, 2025. In this role, he will oversee GIC’s total investment portfolio, succeeding Dr. Jeffrey Jaensubhakij, who will retire and transition to a GIC Advisor.

Mr. Yeo’s appointment reflects GIC’s commitment to strong leadership continuity. With extensive experience in investment management, he has played a key role in shaping GIC’s strategies. CEO Mr. Lim Chow Kiat expressed confidence in Mr. Yeo’s ability to bring fresh perspectives while ensuring stability in GIC’s long-term investment approach.

Ant Group names Liu Zheng as new CFO. (Reuters)

Ant Group has appointed Liu Zheng as its new chief financial officer, replacing Cyril Han. The appointment is effective immediately.

Liu previously served as CFO of Cainiao, the logistics arm of Alibaba. Meanwhile, Han is set to assume the role of CEO of Ant Group, succeeding Eric Jing on March 1.

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