Thermo Fisher completes the acquisition of Clario from Astorg, Nordic Capital, Novo and Cinven for $8.875bn.

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AMERICAS

Advent to acquire Salt & Stone.

Advent, a private equity firm, agreed to acquire Salt & Stone, a skincare and body care brand founded by former professional snowboarder Nima Jalal, according to press releases. Financial terms are not disclosed.

Advent is advised by Goldman Sachs and Ropes & Grey. Salt & Stone is advised by Raymond James, Karla Otto and Sidley Austin, according to press releases.

Zions Bancorporation to acquire Fannie Mae and Freddie Mac from Basis Investment Group.

Zions Bancorporation, a bank holding company, agreed to acquire Fannie Mae and Freddie Mac, a real estate credit companies, from Basis Investment Group, a commercial and multifamily real estate investment manager, according to press releases. Financial terms were not disclosed

Zions Bancorporation is advised by Zions Capital Markets and A&O Shearman. Basis Investment Group is advised by Beekman Advisors and Davis Polk & Wardwell, according to press releases.

Thompson Street Capital Partners completes the investment in Karpel.

Thompson Street Capital Partners, a private equity firm, completed the investment in Karpel, a provider of managed IT, network administration, cybersecurity, custom software development and criminal case management software for government and legal customers, according to press releases. Financial terms were not disclosed.

Karpel was advised by Raymond James and Lewis Rice. Thompson Street Capital Partners was advised by Sidley Austin and Gregory FCA, according to press releases.

Hull Street Energy to acquire two power plants of Rockland Capital.

Hull Street Energy, a company that invests in middle market energy companies, agreed to acquire two power plants of Rockland Capital, an investment company that focuses on the acquisition, development, and optimization of companies and projects in the North American and European energy sector, according to press releases. Financial terms were not disclosed.

Hull Street Energy is advised by Troutman Pepper Locke. Rockland Capital is advised by Houlihan Lokey, PEI Global Partners and Bracewell, according to press releases.

TPG and Allianz led a $350m investment in Cambridge Mobile Telematics.

TPG and Allianz, a private equity firms, led a $350m investment in Cambridge Mobile Telematics, an AI-powered telematics platform that fuses sensor data to measure driving risk, detect crashes, automate claims handling, and deliver personalized driver feedback and incentives, with participation from State Farm, according to press releases.

Cambridge Mobile Telematics was advised by Citigroup and Connexa Communications (led by Erica Camilo). TPG Capital was advised by Moelis & Co, according to press releases.

Americana Partners completes the acquisition of NRT Consulting.

Americana Partners, a provider of wealth advisory services, completed the acquisition of NRT Consulting, a specialized financial consulting and back-office accounting firm, primarily serving oil and gas companies, particularly in the Permian Basin, according to press releases. Financial terms were not disclosed.

Americana Partners is advised by The PR Boutique (led by Karen Henry and Andrea Osborne), according to press releases.

Lemnis completes the acquisition of Mainstay.

Lemnis, a public charity investing in solutions that expand educational opportunity, completed the acquisition of Mainstay, a creator of AI-enabled student support technologies, according to press releases. Financial terms were not disclosed.

Mainstay was advised by Good Harbor Partners, according to press releases.

eMagazines completes the acquisition of eType Services.

eMagazines, a digital publishing and distribution platform, completed the acquisition of eType Services, a digital edition and technology provider for community newspapers in the United States, according to press releases. Financial terms were not disclosed.

American Residential Services explores $3.5bn sale. (Reuters)

The private‑equity owner of American Residential Services is exploring a sale of the HVAC and plumbing services provider that could value the business at more than $3.5bn.

Rothschild business‑services team is advising on the process, which is at an early stage.

Exor to generate $2.3bn from stake sales in Iveco, GEDI, Lifenet and Nuo. (Reuters)

Exor expects to generate about €2bn ($2.32bn) in proceeds this year from the sale of stakes in four portfolio companies, the Agnelli family’s investment firm stated.

Exor has signed agreements to sell holdings in Iveco Group, media group GEDI, healthcare provider Lifenet and investment vehicle Nuo. The transactions are expected to deliver proceeds of more than 1.4x invested capital.

Estée Lauder in talks to buy Puig to create beauty giant. (Press Release)

The Estée Lauder Companies said it is in discussions with Puig regarding a potential business combination that could involve a merger of the two companies.

The discussions are ongoing and no agreement has been reached.

Japan’s SMFG explores possible takeover of Jefferies. (FT)

Sumitomo Mitsui Financial Group is working on plans for a potential takeover of Jefferies as investor concerns continue to weigh on the US investment bank.

Sumitomo Mitsui, whose banking subsidiary holds a 20% stake in Jefferies, has assembled a small team to prepare for a possible move should a further decline in Jefferies’ share price create an opportunity.

Renewable energy firm Boralex explores going private. (Bloomberg)

Boralex, a Canadian renewable‑energy company, is evaluating strategic options that include a potential transaction to take the company private.

The Montreal‑based firm is working with Canadian banks to review proposals as part of the process.

Wall Street chips away at LBO junk-debt pile as Nexstar wraps up. (Bloomberg)

Wall Street is facing its most volatile markets in months as banks work to sell billions of dollars of high‑yield debt to finance buyouts. After several adjustments, including a delay, one such transaction linked to Nexstar Media Group has now been completed.

A group of banks led by Bank of America sold nearly $6.9bn of debt backing Nexstar’s acquisition of TV‑station owner Tegna on March 23.

GPA creditors tap Moelis as adviser amid debt restructuring. (Bloomberg)

Local bondholders of GPA have hired Moelis & Co. as a financial adviser following the Brazilian supermarket chain’s decision to restructure its debt through an out‑of‑court process.

EMEA

Vertiv to acquire ThermoKey.

Vertiv, a company that specialises in delivering critical infrastructure technologies and services, agreed to acquire ThermoKey, a provider of heat rejection and heat-exchange technologies, according to press releases. Financial terms were not disclosed.

Vertiv is advised by Ruder Finn, according to press releases.

Ubben’s Inclusive Capital sells Bayer stake after 25% price drop. (Bloomberg)

Inclusive Capital Partners has sold its stake in Bayer at a price about 25% below the level at which the firm first disclosed the investment in January 2023.

The investor sold about 8.5m shares at €37.45 ($43.43) per share in a placement arranged by JP Morgan. The stake was valued at about €318m ($368m). Bayer shares fell as much as 3.7% in early trading, below the offer price.

LondonMetric and Schroder REIT venture eyes landlord Picton. (Bloomberg)

A joint venture between LondonMetric Property and Schroder Real Estate Investment Trust has submitted a proposal to acquire UK landlord Picton Property Income.

Picton said it has received interest from a range of potential bidders. The real estate investment trust has a market capitalisation of about £406m ($544m) and has shortlisted several parties to proceed in its sale process, with further updates to be provided in due course.

Apollo, Bain among bidders for Continental industrial unit. (Bloomberg)

Apollo Global Management and Bain Capital are among the private‑equity firms bidding for Continental's industrial unit.

Advent and CVC Capital Partners have submitted a joint offer for the ContiTech business. Platinum Equity, KPS Capital Partners and Clearlake Capital have also advanced to the next round of the bidding process.

EU antitrust regulators to decide on UPM, Sappi paper deal by April 28. (Reuters)

EU antitrust regulators are set to decide by April 28 whether to approve a proposed graphic‑paper joint venture between UPM‑Kymmene and Sappi, a filing on the European Commission’s website showed.

The €1.42bn ($1.65bn) venture would combine UPM’s communication papers unit with Sappi’s European graphic‑paper business.

Mideast funds ride China AI euphoria to world-beating IPO gains. (Bloomberg)

Middle Eastern sovereign and venture funds have recorded outsized gains from investments in newly listed Chinese artificial‑intelligence companies, outperforming broader equity markets amid ongoing volatility linked to the conflict in the Gulf.

Abu Dhabi Investment Authority’s $65m cornerstone investment in MiniMax Group has increased more than sixfold to over $400m since the company listed in Hong Kong in January. Aramco Ventures’ roughly $30m pre‑IPO investment in Knowledge Atlas Technology JSC., known as Zhipu, has risen to about $415m following its listing earlier this year.

APAC

Apollo Global Management to acquire Nippon Sheet Glass for $3.7bn.

Apollo Global Management, an alternative investment manager, agreed to acquire Nippon Sheet Glass, a supplier of glass and glazing systems in the business areas of architectural, automotive, and creative technology, for $3.7bn, according to press releases.

Apollo Global Management is advised by SMBC Nikko Securities, Deloitte, Mori Hamada & Matsumoto and Akasaka International Law, Patent & Accounting Office, according to press releases.

Vantage Corp completes the acquisition of a 60% stake in PJ Marine Shanghai.

Vantage Corp, a Singapore-based shipbroking company, completed the acquisition of a 60% stake in PJ Marine Shanghai, a China-based shipbroking company, according to press releases. Financial terms were not disclosed.

Vantage Corp was advised by Gateway Group, according to press releases.

Veolia completes the acquisition of Enviropacific from Next Capital for AUD220m.

Veolia, a transnational company providing environmental services, completed the acquisition of Enviropacific, an Australian environmental services company specializing in remediation, water treatment, and hazardous waste management, from Next Capital, a private equity firm, for AUD220m, according to press releases.

SK Hynix to Buy $8bn of top-end ASML chipmaking gear. (Bloomberg)

SK Hynix plans to spend KRW11.9tn ($7.9bn) on extreme ultraviolet lithography equipment from ASML Holding as it accelerates investment in next‑generation memory technology amid rising demand for artificial‑intelligence infrastructure.

The agreement runs through 2027, the South Korean chipmaker said in a regulatory filing on March 24. The purchase ranks among the largest EUV equipment deals to date, highlighting efforts by chipmakers to secure advanced tools needed for mass production of cutting‑edge semiconductors.

Temasek-backed Manipal Hospitals files for $1bn India IPO. (Bloomberg)

Manipal Health Enterprises has filed draft papers for an initial public offering, setting the stage for what could become India’s largest listing by a hospital operator.

The offering will include a sale of up to 43.23m shares by existing investors, representing a 3.66% stake, alongside a fresh issue of shares worth INR80bn ($852m), the filing showed.

Raajmarg rises in debut after largest India IPO of year. (Bloomberg)

Raajmarg Infra Investment Trust’s units rose as much as 8% in their trading debut on March 24 after an initial public offering that raised INR60bn ($649m), the largest listing in India so far this year.

The units traded as high as INR108 ($1.15) in Mumbai, compared with an offer price of INR100 ($1.07). The offering by the National Highways Authority of India’s InvIT was subscribed 13.94 times.

Encube Ethicals is said to hire banks for $400m India IPO. (Bloomberg)

Encube Ethicals, backed by private‑equity firm Quadria Capital, is considering an initial public offering in Mumbai that could raise about $400m.

The contract drug manufacturer has appointed JM Financial and JP Morgan as advisers and plans to add more banks to support the proposed share sale.

SK Hynix eyes up to $10bn from potential US Listing. (Bloomberg)

SK Hynix is considering a US listing that could raise KRW10tn ($6.67bn) to KRW15tn ($10.01bn) as chipmakers expand capacity to meet memory‑chip demand driven by artificial‑intelligence applications.

The South Korean company is planning to issue new shares through American depositary receipts. Proceeds would be used to build AI‑related infrastructure, including a semiconductor cluster in Yongin, South Korea, and to expand memory‑product manufacturing capacity.

China’s $1.6tn fund rekindles ties with US money managers. (Bloomberg)

China Investment, the country’s $1.57tn sovereign wealth fund, is considering new allocations to US asset managers after recently cutting back its exposure to the US market.

The fund has held discussions in recent weeks with firms including Blackstone and TPG. Some of the talks were paused following US military action against Iran last month, which escalated regional tensions involving one of China’s key trading partners.

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