Toyota Tsusho completes the acquisition of Radius Recycling for $1.34bn.

Read on...

Scroll down to read deal descriptions. Your suggestions and comments support the democratisation of M&A data. If you'd like to contribute to the future editions, drop us a line.

AMERICAS

T-Mobile's $4.4bn UScellular deal approved by US Justice Department. (DOJ)

US antitrust officials have approved T-Mobile’s $4.4bn acquisition of UScellular, marking another major deal cleared under the Trump administration’s more lenient stance on corporate mergers. The green light allows T-Mobile to move forward with expanding its reach and strengthening its position in the US wireless market.

The US Department of Justice’s antitrust division announced that it was closing its investigation without taking action to block the transaction, which was first revealed in May 2024. Under the deal, T-Mobile will acquire UScellular’s wireless operations, including its customers, retail stores, and 30% of its spectrum assets.

T-Mobile is advised by Morgan Stanley, Cleary Gottlieb Steen & Hamilton (led by Christopher Moore), DLA Piper (led by Michael Senkowski and Nancy J. Victory) and Paul Weiss Rifkind Wharton & Garrison. UScellular is advised by PJT Partners (led by Robert Friedsam), Clifford Chance, Cravath Swaine & Moore (led by Gregory J. Ligelis) and Wilkinson Barker Knauer. Financial advisors are advised by A&O Shearman (led by Sean Skiffington and Clare O’Brien). TDS is advised by Centerview Partners (led by Gordon Kroft), Citigroup (led by Benjamin Mortimer and Jesse Davis), TD Securities, Wells Fargo Securities, Sidley Austin (led by John P. Kelsh), FGS Global (led by Bryan Locke). Financial advisors are advised by White & Case (led by Denise A. Cerasani), according to MergerLinks data and press releases.

Advanced Instruments completes the acquisition of Nova Biomedical for $2.2bn.

Advanced Instruments, a manufacturer of analytical instruments for the biopharmaceutical and clinical markets, completed the acquisition of Nova Biomedical, a manufacturer of innovative analytical instruments and consumables, for $2.2bn, according to press releases.

Nova Biomedical was advised by Jefferies & Company and Davis Polk & Wardwell. Advanced Instruments was advised by UBS, Cooley (led by Joanna Liebes Hubberts) and Simpson Thacher & Bartlett (led by Michael Holick), according to MergerLinks data and press releases.

Areas to acquire the travel hospitality services division from Delaware North.

Areas, a travel dining and retail provider, agreed to acquire the travel hospitality services division from Delaware North, a hospitality and food service management company, according to press releases. Financial terms were not disclosed.

Areas is advised by Citigroup and A&O Shearman (led by Alain Dermarkar). Delaware North is advised by BDT & MSD Partners, Bank of America and Hogan Lovells, according to MergerLinks data and press releases.

Flutter Entertainment to acquire 5% stake in Fanduel from Boyd Gaming for $1.76bn.

Flutter Entertainment, a global online gaming group, agreed to acquire 5% stake in Fanduel, a sports betting and online gaming platform, from Boyd Gaming, a casino operator, for $1.76bn, according to press releases.

Boyd Gaming is advised by Moelis & Co and Morrison Foerster (led by Brandon Parris), according to press releases.

GlobalFoundries to acquire MIPS.

GlobalFoundries, a manufacturer of essential semiconductors, agreed to acquire MIPS, a supplier of AI and processor IP, according to press releases. Financial terms were not disclosed.

GlobalFoundries is advised by Evercore, according to MergerLinks data.

Datavant completes the acquisition of Aetion.

Datavant, a health data platform company, completed the acquisition of Aetion, a real-world evidence platform that powers critical decision-making in healthcare, according to press releases. Financial terms were not disclosed.

Aetion was advised by Centerview Partners, according to press releases.

Eazy Grease completes the acquisition of DHT Grease Solutions.

Eazy Grease, a cooking oil and waste management service provider, completed the acquisition of DHT Grease Solutions, a provider of used cooking oil collection and recycling services, according to press releases. Financial terms were not disclosed.

Torch completes the acquisition of Praxis Labs.

Torch, a coaching platform built to link leadership development directly to business results, completed the acquisition of Praxis Labs, an AI learning platform, according to press releases. Financial terms were not disclosed.

US Foods explores takeover of Performance Food Group. (Bloomberg)

Performance Food Group has drawn acquisition interest from US Foods, in a potential deal that could create a food distribution giant with combined sales of around $100bn.

US Foods, based in Rosemont, Illinois, has been considering an acquisition of Performance Food and has expressed interest in a possible merger over the past few months.

MidOcean Energy leads race for stake in Petronas Canadian business. (Bloomberg)

MidOcean Energy, a liquefied natural gas company established by private equity firm EIG and supported by Saudi Aramco, has become the leading contender to acquire a minority stake in Petroliam Nasional’s Canadian operations.

Petronas, the Malaysian state-owned energy giant, has chosen MidOcean as its preferred bidder. Both parties are now engaged in advanced discussions to finalize the terms of the deal, which could be worth several billion dollars.

Citadel Securities acquires morgan stanley us options unit. (Bloomberg)

Citadel Securities has acquired Morgan Stanley’s electronic market-making unit for US equity options, further strengthening its leading position in the fast-growing derivatives market. The move underscores Citadel Securities’ strategy to expand its footprint in on-exchange options trading.

The trading firm, founded by billionaire Ken Griffin, purchased Morgan Stanley’s on-exchange options business and assumed a substantial portfolio of equity options positions. The deal also includes specialist posts on major venues such as Cboe, Nasdaq, NYSE, and MIAX.

Genesis Healthcare files for bankruptcy and lines up ReGen acquisition. (Bloomberg)

Genesis Healthcare, one of the largest nursing home operators in the United States, has filed for bankruptcy and reached an initial agreement to be acquired by affiliates of ReGen Healthcare. This move marks a significant development for Genesis as it navigates financial restructuring and seeks stability through new ownership.

ReGen, which is already an investor in Genesis, submitted its proposal as a stalking horse bid, setting the minimum price for the company in the event of a Chapter 11 auction.

EMEA

IFM Global Infrastructure Fund to acquire Green Group from InfraVia.

IFM Global Infrastructure Fund, an infrastructure core fund managed by IFM Investors, agreed to acquire Green Group, a digital infrastructure platform operating hyperscale and enterprise data centres, from InfraVia, a private equity firm, according to press releases. Financial terms were not disclosed.

InfraVia is advised by JP Morgan and Taddeo (led by Antoine Denry). IFM is advised by Nomura, according to MergerLinks data and press releases.

Alfaparf Group completes the acquisition of Xanitalia.

Alfaparf Group, a cosmetic products company, completed the acquisition of Xanitalia, a depilatory waxes producer, according to MergerLinks data. Financial terms were not disclosed.

Alfaparf was advised by Ernst & Young, Ethica Group and Russo De Rosa Associati, according to MergerLinks data and press releases.

Nordic Capital-backed Conscia to acquire Open Line.

Nordic Capital-backed Conscia, a provider of cybersecurity, networking, and cloud managed services, agreed to acquire Open Line, a cloud managed services provider, according to press releases. Financial terms were not disclosed.

Conscia is advised by Gorrissen Federspiel (led by Gitte Dehn Lansner), according to MergerLinks data.

Pontegadea completes the acquisition of a hotel property in Paris for €97m. (Bloomberg)

Pontegadea, an investment firm, completed the acquisition of a hotel property in Paris from Derby Hotels, a hotel collection company, for €97m ($113m).

Ferrara to acquire CPK Group from Eurazeo.

Ferrara, a candy manufacturer company, agreed to acquire CPK Group, a manufacturer and distributor of candies and chocolates, from Eurazeo, an investment group, according to press releases. Financial terms were not disclosed.

Odine completed the acquisition of a 53% stake in Logate.

Odine, a technology company focused on delivering AI-powered network solutions, cloud infrastructures, and virtualization technologies, completed the acquisition of a 53% stake in Logate, a software solutions company for telecoms, banks, and enterprises. Financial terms were not disclosed.

ASSA ABLOY completes the acquisition of Calmell.

ASSA ABLOY, a manufacturer of smart cards, smart paper tickets, and magnetic tickets, completed the acquisition of Calmell, a company that develops, designs, and manufactures a complete range of door opening solutions, according to press releases. Financial terms were not disclosed.

Leonardo offers the lowest bid for Iveco defense unit amid national interests. (Bloomberg)

Leonardo has submitted the lowest offer for Iveco Group’s defense division as political efforts intensify to maintain the business under Italian ownership. The Rome-based defense company proposed around €1.6bn ($1.9bn), including debt, before the deadline last week.

This bid was lower than offers from other competitors, including Franco-German tank manufacturer KNDS, which proposed about €1.9bn ($2.2bn), and Czechoslovak Group. The outcome of this bidding process will be closely monitored as it carries significant implications for Italy’s defense industry and national interests.

Revolut plans $1bn raise at $65bn valuation. (FT)

Revolut, Europe’s most valuable fintech start-up, is aiming to raise $1bn in new funding at a valuation of $65bn, with US investment firm Greenoaks expected to lead the round. This would represent one of the largest private fintech transactions in recent years and signal strong investor confidence in Revolut’s growth prospects.

The funding round will include both newly issued shares and sales of existing stock. Early investor Balderton is reportedly considering a partial exit, while Abu Dhabi sovereign investor Mubadala — which joined Revolut’s shareholder base in a $45bn secondary sale last year — is also in discussions to participate

Portugal restarts TAP privatisation with partial stake sale. (Reuters)

Portugal has relaunched the privatisation of its national airline, TAP, with a plan to sell a 49.9% stake within a year. Prime Minister Luis Montenegro expressed confidence that there would be significant interest in this partial sale, which also includes a 5% stake set aside for employees. The move marks a major step in reshaping the airline’s ownership structure and strengthening its competitive position.

The privatisation plan has already drawn attention from Europe’s largest airline groups. Lufthansa, Air France-KLM, and IAG, the parent company of British Airways, have all shown interest and held discussions with the government over the past year. The upcoming sale is expected to reshape the dynamics of the European aviation sector and potentially bring new strategic partnerships to TAP.

BPER Banca secures control of Banca Popolare di Sondrio. (Bloomberg)

BPER Banca is poised to gain control of its competitor, Banca Popolare di Sondrio, after its takeover offer received the support of a majority of investors. This marks a significant step in BPER’s expansion strategy as it strengthens its presence in the Italian banking sector.

Shareholders tendered 58.3% of Popolare Sondrio’s capital, surpassing the minimum threshold of 50% plus one share required by BPER. The successful bid highlights investor confidence in BPER’s plans and sets the stage for further consolidation in the market.

FountainVest Partners emerges as sole bidder for ZF Lifetec. (Bloomberg)

Asian private equity firm FountainVest Partners has become the last remaining contender for ZF Friedrichshafen’s airbags and seat belt division. FountainVest is currently working to finalize the main terms of a potential acquisition deal for the ZF Lifetec unit.

There is still a significant gap between the price expectations of the two parties, and there is no certainty that they will ultimately reach an agreement. The discussions remain ongoing, and the outcome will determine whether FountainVest can successfully expand its presence in the automotive safety market through this acquisition.

BlueFive Capital raises $2bn GCC private equity fund. (Press Release)

BlueFive Capital, a global investment firm, concluded raising the BlueFive Reef Private Equity Fund I. The $2bn fund is registered with the Abu Dhabi Global Market and targets large cap GCC private equity investments.

The fund will be managed from Abu Dhabi and target majority and minority investments in sizeable high-growth businesses and conglomerates across the UAE and the broader GCC, with a focus on five key sectors: healthcare, technology, hospitality, aviation, and industrial.

APAC

Pacific Equity Partners to acquire Johns Lyng Group for AUD1.1bn. (Reuters)

Pacific Equity Partners, a private equity firm, agreed to acquire Johns Lyng Group, a property services company, for AUD1.1bn ($724m).

Johns Lyng Group is advised by JP Morgan, Nomura, and MinterEllison.

Somic Ishikawa to acquire the remaining stake in Somic ZF Components from ZF India.

Somic Ishikawa, a manufacturer of the automotive components, agreed to acquire the remaining stake in Somic ZF Components, an automobile parts manufacturer company, from ZF India, a technology company supplying advanced mobility products and systems for passenger cars, commercial vehicles and industrial technology, according to MergerLinks data. Financial terms were not disclosed.

Somic Ishikawa is advised by Grant Thornton, Khaitan & Co (led by Zakir Merchant) and Shardul Amarchand Mangaldas & Co, according to MergerLinks data.

Aalberts to acquire Grand Venture Technology for SGD319m.

Aalberts, a mission-critical technologies engineer, agreed to acquire Grand Venture Technology, a manufacturing solutions and services provider for the semiconductor, life sciences, electronics, medical, and industrial automation industries, for SGD319m ($249m), according to press releases.

Aalberts is advised by Morgan Stanley, according to MergerLinks data.

Partners Group to acquire a stake in Infinity Fincorp for $230m.

Partners Group, a global private markets investment company, agreed to acquire a stake in Infinity Fincorp, a non-bank financial company, for $230m, according to press releases.

Macquarie Asset Management shortlists final bidders for DIG Airgas. (DealStreetAsia)

Macquarie Asset Management has chosen Brookfield Asset Management, Stonepeak, and French gas supplier Air Liquide as the finalists in the bidding process for South Korean industrial gas company DIG Airgas.

DIG Airgas, which is set to attract offers potentially reaching up to $3.6bn, has drawn strong interest given its position in the South Korean market. Macquarie has engaged Goldman Sachs and JP Morgan to oversee the sale.

Zhipu weighs Hong Kong listing over mainland IPO. (Bloomberg)

Chinese AI startup Zhipu is considering moving its planned initial public offering to Hong Kong instead of mainland China. This potential shift would add momentum to a surge in dealmaking activity in Hong Kong, as more tech firms look to tap into the city’s capital markets.

Zhipu, backed by major investors including Alibaba Group and Tencent, is working with financial advisers on the proposed debut share sale. The offering could raise around $300m.

Daily Review

Connect the World of Dealmakers