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Top Highlights
Thoma Bravo-backed Sophos, a British security software and hardware company, completed the acquisition of Secureworks, an American cybersecurity company, for $859m, according to press releases.
Secureworks was advised by Morgan Stanley (led by Wally Cheng), Piper Sandler (led by Bryant Williams) and Paul Weiss Rifkind Wharton & Garrison (led by Laura Turano). Financial advisors were advised by Cooley (led by Ben Beerle). Sophos is advised by Bank of America, Barclays (led by Michael Keslosky), Goldman Sachs, HSBC, UBS, Kirkland & Ellis (led by Bradley Reed and Steven Page) and FGS Global (led by Alastair Elwen). Debt financing is provided by Bank of America, Barclays, Goldman Sachs, HSBC and UBS. Dell is advised by Skadden Arps Slate Meagher & Flom (led by Allison Schneirov) , according to MergerLinks data and press releases.
Outbrain, a technology platform that drives business outcomes through engagement, completed the acquisition of Teads, an omnichannel video platform, for $900m, according to press releases.
Teads was advised by Morgan Stanley. Outbrain was advised by Goldman Sachs, Jefferies & Company, Mizuho Securities, Bryan Cave Leighton Paisner (BCLP), Cravath Swaine & Moore (led by Joseph D. Zavaglia and Nicholas Dorsey), Meitar Law Offices and Paul Weiss Rifkind Wharton & Garrison. Financial advisors was advised by Freshfields Bruckhaus Deringer (led by Ethan A. Klingsberg and Sebastian L. Fain). Altice was advised by Mayer Brown and Skadden Arps Slate Meagher & Flom (led by Thomas Greenberg) , according to MergerLinks data and press releases.
National Bank of Canada, a commercial bank in Canada, completed the acquisition of Canadian Western Bank, a full-service bank, for $5.3bn, according to press releases.
CWB was advised by JP Morgan and Torys (led by John Emanoilidis). CDPQ was advised by Fasken (led by Andrew Burt). National Bank of Canada was advised by Jefferies & Company, National Bank Financial, Mayer Brown, McCarthy Tetrault (led by Patrick Boucher) and FGS Global (led by Hugh McFadyen) , according to MergerLinks data and press releases.
Deal Round up
AMERICAS
Airbus hires Goldman for European space tie-up to rival Musk. ( Bloomberg)
Thoma Bravo-backed SailPoint, holders seek $1.05bn in IPO. ( Bloomberg)
EMEA
ING looking for acquisitions to grow in Germany, Italy and Spain. ( Reuters)
Bankrupt Signa seeks €370m from sale of Vienna Park Hyatt. ( Bloomberg)
APAC
Grab and GoTo in advanced merger talks. ( Reuters)
Indonesian fund, Mitsui vie for $300m stake in toll operator RKE. ( Reuters)
Chinese tea drinks firm Guming aims to raise $202m in Hong Kong IPO. ( Reuters)
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AMERICAS
Bending Spoons, an Italian technology company, completed the acquisition of Brightcove, a software and streaming technology company, for $233m, according to press releases.
Elliott Investment Management, a Florida-based investment firm, completed the acquisition of a majority stake in American Greetings, a designer and manufacturer of social expression products. from Clayton, Dubilier & Rice, a private equity firm, according to press releases. Financial terms were not disclosed.
American Greetings was advised by Bank of America, Centerview Partners and Debevoise & Plimpton (led by Uri Herzberg and Christopher Anthony). Elliott was advised by UBS and Davis Polk & Wardwell (led by Michael Gilson). Debt financing was provided by Bank of America, Barclays and UBS, according to MergerLinks data and press releases.
Ryan Specialty, an international specialty insurance firm, completed the acquisition of Velocity, a risk management and specialty insurance coverage solutions provider, from Oaktree, an American global asset management firm, according to press releases. Financial terms were not disclosed.
Velocity was advised by Howden, Insurance Advisory Partners and Debevoise & Plimpton (led by Andrew G. Jamieson). Ryan Specialty was advised by JP Morgan and Sidley Austin. FM was advised by Willkie Farr & Gallagher, according to MergerLinks data and press releases.
Yokohama, a Japanese manufacturing company based in Hiratsuka, Japan, completed the acquisition of the Off-the-Road tire business of The Goodyear Tire & Rubber, a tire company, for $905m, according to press releases.
Tempus AI, an American health technology company, completed the acquisition of Ambry Genetics, a provider of hereditary cancer screening, from Konica Minolta, a Japanese multinational technology company, for $600m, according to press releases.
Tempus AI was advised by TD Cowen and Cooley (led by Erin Kirchner). Debt financing was provided by Ares Management. Konica Minolta was advised by Mitsubishi UFJ Morgan Stanley Securities and Debevoise & Plimpton (led by Andrew Bab), according to MergerLinks data and press releases.
Nexus Capital Management, an alternative asset management firm, completed the acquisition of Tricam Industries, a company that specializes in the design, development and engineering of consumer and professional home improvement equipment, according to press releases. Financial terms were not disclosed.
Tricam Industries was advised by Jefferies & Company and Fox Rothschild. Nexus Capital Management was advised by Kirkland & Ellis. Debt financing was provided by JP Morgan and Citigroup, according to MergerLinks data and press releases.
Rubicon Founders, a healthcare investment firm, completed the investment in Horizon Infusions, a network of ambulatory infusion centers, according to press releases. Financial terms were not disclosed.
Horizon Infusions was advised by Raymond James, Bass Berry & Sims and Pillsbury Winthrop Shaw Pittman. Rubicon Founders was advised by Guggenheim Partners and Ropes & Gray, according to press releases.
ArcLight Capital Partners, a private equity firm, completed the acquisition of a 25% stake in Gulf Coast Express pipeline, a gas pipeline company, from Phillips 66, a multinational energy company, for $865m, according to press releases.
Teachers’ Venture Growth, a late-stage venture and growth investment company, led a $235m investment in StackAdapt, a multi-channel programmatic advertising platform, with participation from Intrepid Growth Partner, according to press releases.
StackAdapt was advised by JP Morgan, RBC Capital Markets and Purpose Worldwide, according to press releases.
Platinum Equity, a global investment firm, completed the investment in R&B Wholesale Distributors, a distributor of home appliances, according to press releases. Financial terms were not disclosed.
Platinum Equity was advised by Massumi + Consoli. The Burggraf Family was advised by Raymond James and Nelson Mullins Riley & Scarborough, according to press releases.
Mercer Advisors, a national registered investment adviser, completed the acquisition of Financial Partners Group, an investment advisory and financial planning firm, according to press releases. Financial terms were not disclosed.
FPG was advised by Advice Dynamics Partners. Mercer Advisors was advised by StreetCred PR (led by Will Ruben) , according to press releases.
McKesson, a diversified healthcare services provider, agreed to acquire an 80% stake in PRISM Vision, a provider of general ophthalmology and retina management services, from Quad-C, a private equity firm, for $850m, according to press releases.
Airbus hires Goldman for European space tie-up to rival Musk. ( Bloomberg)
Airbus has enlisted Goldman Sachs Group to advise on plans to establish a new European space and satellite company capable of competing more effectively with Elon Musk’s SpaceX.
Discussions about forming the space and satellite venture with French aerospace firm Thales and Italy’s Leonardo are still in the early stages, with the full scope of services yet to be defined.
Thoma Bravo-backed SailPoint, holders seek $1.05bn in IPO. ( Bloomberg)
SailPoint, an enterprise security software firm owned by Thoma Bravo, along with its shareholders, aims to raise up to $1.05bn through an initial public offering.
The Austin-based company and its investors are offering shares priced between $19 and $21 each, according to a filing with the US Securities and Exchange Commission. If priced at the upper end of the range, SailPoint's market valuation would reach approximately $11.5bn based on its outstanding shares.
EMEA
Worldpay, a payments technology and solutions provider, agreed to acquire Ravelin, an AI-native fraud prevention platform, according to press releases. Financial terms were not disclosed.
Ravelin is advised by KeyBanc Capital Markets. Worldpay is advised by Citigroup and Wells Fargo Securities, according to press releases.
Marlin Equity Partners, a private equity firm, completed the majority investment in Napier AI, a provider of AI-powered financial crime compliance solutions, according to press releases. Financial terms were not disclosed.
Napier AI was advised by Robert W Baird. Marlin Equity Partners was advised by Torch Partners, according to press releases.
Solita, a technology, data, and design company, completed the acquisition of PUBLIC, a digital transformation partner committed to helping the public sector turn innovative ideas into practical solutions, according to press releases. Financial terms were not disclosed.
Solita was advised by Simpson Thacher & Bartlett (led by James Howe) , according to press releases.
Modon, an Abu Dhabi-based holding company, agreed to acquire Arena Events Group, a large scale temporary infrastructure and integrated event solutions provider, from IHC and TasHeel, two holding companies, according to press releases. Financial terms were not disclosed.
H.I.G. Capital, a global alternative investment firm, agreed to invest in HELLER, a machine tool manufacturer, according to press releases. Financial terms were not disclosed.
ING looking for acquisitions to grow in Germany, Italy and Spain. ( Reuters)
Dutch bank ING Group is actively seeking opportunities to acquire rival banks in key European markets to expand its presence, its chief executive said, signaling potential participation in the ongoing wave of financial sector takeovers across the region.
The CEO’s comments indicate that ING is open to pursuing major deals in Germany, Italy, and Spain. "We want to grow in larger markets, including Italy, Spain, and Germany. M&A is an option everywhere, as long as it meets our criteria," Steven van Rijswijk.
Bankrupt Signa seeks €370m from sale of Vienna Park Hyatt. ( Bloomberg)
The administrators of bankrupt Signa Prime Selection are preparing to sell the Vienna Park Hyatt and adjacent luxury retail spaces, including Prada’s flagship store.
Real estate investment bank Eastdil Secured has been appointed to manage the sale, which is expected to draw bids ranging between €350m ($361m) and €370m ($380m). The 146-room hotel is estimated to account for about half of the valuation, while the luxury retail properties, located next to another Signa asset known as the Golden Quarter, make up the remainder.
APAC
US private equity firm KKR has raised its bid for Japan’s Fuji Soft by 4%, intensifying its prolonged and contentious takeover battle with Bain Capital for the $4bn IT company.
The ongoing struggle highlights the growing competition among global investment firms in Japan, where they are increasingly targeting companies perceived to have underutilized assets or weak corporate governance.
KKR is advised by Mitsubishi UFJ Morgan Stanley Securities and Simpson Thacher & Bartlett (led by Jonathan Stradling) , according to press releases.
Grab and GoTo in advanced merger talks. ( Reuters)
Southeast Asian ride-hailing and food delivery giant Grab is in advanced discussions to merge with its smaller Indonesian competitor, GoTo, as both companies look to curb years of financial losses.
Merger talks, which were last attempted in 2024, resumed in December, driven by investor interest in finalizing a deal in 2025. However, the sources cautioned that an agreement is not guaranteed, as previous negotiations have repeatedly failed.
Indonesian fund, Mitsui vie for $300m stake in toll operator RKE. ( Reuters)
Indonesia's sovereign wealth fund, the Indonesia Investment Authority, and Japan's Mitsui & Co are among the potential buyers for CVC Capital Partners' 25% stake in Indonesian toll road operator RKE International, which is valued at up to $300m.
Luxembourg-based investment firm CVC began the sale process for its stake in RKE International, also known as Road King Expressway International Holdings, late last year. The sale has drawn interest from a mix of financial investors and strategic companies.
Chinese tea drinks firm Guming aims to raise $202m in Hong Kong IPO. ( Reuters)
Chinese bubble tea company Guming Holdings is seeking to raise up to $202m through an initial public offering in Hong Kong.
The company is offering 158.6m shares, with a price range set between $1.11 and $1.27 per share, the filings revealed. Based on this range, Guming is expected to raise between $177m and $202m, with the final price set to be determined by Friday.
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