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AMERICAS

Sherwin-Williams to acquire Brazilian architectural paints business from BASF for $1.15bn.

Sherwin-Williams, a global player in the development, manufacture and sale of coatings and related products, agreed to acquire Brazilian architectural paints business from BASF, a European multinational company and the a chemical producer, for $1.15bn, according to press releases.

Sherwin-Williams is advised by Citigroup and Jones Day (led by S. Wade Angus), according to MergerLinks data.

Elad Gil and IVP led a $250m Series D round in Abridge.

Elad Gil, an entrepreneur, operating executive, and investor or advisor to private companies, and IVP, a venture capital firm focused on fast-growing technology companies, led a $250m Series D round in Abridge, a generative AI platform for clinical conversations, with participation from Bessemer Venture Partners, California Health Care Foundation, CapitalG, CVS Health Ventures, K. Ventures, Lightspeed Venture Partners, NVentures, Redpoint Ventures, Spark Capital, and SV Angel, according to press releases.

Abridge was advised by 120/80, according to press releases.

Tradex completes the acquisition of Strong Manufacturers.

Tradex, a wholesale supplier of disposable gloves, completed the acquisition of Strong Manufacturers, a medical equipment manufacturer, according to press releases. Financial terms were not disclosed.

Brazil sugar maker Raizen considers selling assets. (Bloomberg)

Raizen, Brazil’s largest sugar and ethanol producer, is considering asset sales and project cancellations to reduce debt, as rising borrowing costs put financial pressure on the company.

The company will remain committed to its core businesses in Brazil and Argentina - sugar, ethanol, and fuel distribution, while downsizing its trading operations.

EMEA

TriMas completes the acquisition of GMT Aerospace from GMT.

TriMas, a diversified manufacturer of engineered products that serve a variety of industrial, commercial and consumer end markets worldwide, completed the acquisition of GMT Aerospace, a company that develops and manufactures a wide range of tie-rods and rubber-metal anti-vibration systems for commercial and military aerospace applications, from GMT, a mechanical engineering company, according to press releases. Financial terms were not disclosed.

SURJ Sports to acquire a minority stake in DAZN.

SURJ Sports, a sports investment company, agreed to acquire a minority stake in DAZN, a sports entertainment company, according to press releases. Financial terms were not disclosed.

Assura rejects $2bn buyout bid from KKR. (Press Release)

British healthcare property developer Assura has turned down a £1.56bn ($2bn) acquisition offer from US-based KKR and the Universities Superannuation Scheme pension fund.

KKR had submitted four non-binding proposals, most recently at 48 pence per share, representing a 28.2% premium over Assura’s February 13 closing price. On February 15, the Board rejected the latest proposal.

UniCredit threats BPM to pull takeover bid. (Press Release)

On February 17, UniCredit released a statement about the potential withdrawal of its bid for Banco BPM if the latter secures shareholder approval to amend its own takeover offer for asset manager Anima.

Banco BPM CEO Giuseppe Castagna criticized a statement, as tensions escalate between the two banks in an ongoing takeover dispute.

UniCredit’s Commerzbank bid sapped by Berlin pushback. (Bloomberg)

The German government's resistance to UniCredit's potential takeover of Commerzbank is reducing the likelihood of the deal going through, according to KBW investment bank's analyst Thomas Hallett.

Hallett cited the diminishing chances of the acquisition as one reason why there is little expectation that Commerzbank will continue to outperform the broader banking sector. As a result, he downgraded the bank’s stock rating to “market perform.”

Topps Tiles announces CMA decision regarding CTD Tiles deal. (Press Release)

The UK’s Competition and Markets Authority merger review of the Topps Tiles' acquisition of 30 CTD Tiles stores found no competition concerns in most areas.

However, the CMA flagged concerns in four locations - Dorking, Aberdeen, Inverness, and Edinburgh, where the acquisition might limit competition. Topps now has the opportunity to propose remedies to address these concerns and avoid a deeper investigation.

Steelmaker Thyssenkrupp soars as defense gains add to IPO merits. (Bloomberg)

Thyssenkrupp's shares surged the most in 4.5 years, rising up to 20% on February 17, as investors reacted to the company’s plan to IPO its submarine-making unit, Marine Systems.

The rally came amid a broader surge in European defense stocks, fueled by increasing military spending in the region and is expected to continue as Marine Systems supplies 70% of NATO’s non-nuclear submarines.

Per Franzén appointed new CEO of EQT. (Press Release)

EQT has appointed Per Franzén, currently serving as Deputy Managing Partner and Head of Private Capital Europe & North America, as new CEO and Managing Partner, effective May 2025.

"It is an honor to be appointed CEO of EQT. I am truly passionate about the firm, having spent most of my career here, and I am deeply committed to building on the fantastic global platform we have established under Christian Sinding's leadership," Per Franzén, EQT Deputy Managing Partner.

NaturalX secures €100m to fuel the future of Consumer Health in Europe. (Press Release)

On February 17, naturalX Health Ventures announced a €100m ($104.9m) fund to accelerate this revolution in Europe, becoming the first specialized fund focused exclusively on the intersection of consumer and health in the European market.

The fund will focus primarily on Series-A investments while remaining flexible to participate in late Seed and Series-B rounds. Typical first investments range from €3-5m ($3.15-5.25m), with up to €10m ($10.5m) available per company. naturalX can act as either lead investor or co-investor, targeting consumer health startups across Europe with selected investments in North America.

APAC

Bain Capital ends acquisition battle with KKR for Fuji Soft. (Press Release)

US private equity firm Bain Capital said on February 17 it will not launch a tender offer for Fuji Soft, formally ending a takeover battle with rival KKR for the Japanese IT company.

Bain had said last week it might withdraw its proposal for Fuji Soft, after KKR raised its offer above Bain's in a months-long bidding war. Previously, Bain had been waging the takeover battle even with rejection from Fuji Soft's board, arguing the rejection harmed the interests of minority shareholders.

KKR is advised by Mitsubishi UFJ Morgan Stanley Securities and Simpson Thacher & Barlett (led by Noritaka Kumamoto), according to MergerLinks data.

Mitsubishi Electric and HD Renewable Energy to form a joint venture.

Mitsubishi Electric, a Japanese multinational electronics and electrical equipment manufacturing company, and HD Renewable Energy, a renewable energy company, agreed to form a joint venture, according to press releases. Financial terms were not disclosed.

Standard Chartered, Animoca Brands and HKT to form a joint venture.

Standard Chartered Bank, a multinational bank with operations in wealth management, corporate and investment banking, and treasury services, Animoca Brands, a game software company, and HKT, a telecommunication company, have entered into agreements to establish a joint venture with the intention to apply for a license from the Hong Kong Monetary Authority in the new regulatory regime in order to issue a Hong Kong dollar-backed stablecoin, according to press releases. Financial terms were not disclosed.

Baidu share slide wipes $2.4bn off market value amid speculation over Xi meeting. (Reuters)

Baidu's Hong Kong shares plummeted on February 17, wiping out $2.4bn in market value, after its founder, Robin Li, was not seen at a high-profile meeting between President Xi Jinping and top business leaders.

The event included figures like Alibaba's Jack Ma and Huawei's Ren Zhengfei, but Li's absence raised speculation about Baidu losing influence in China’s tech industry.

Shein is said to face investor pressure to slash valuation to $30bn. (Bloomberg)

Fast-fashion giant Shein is facing pressure to lower its valuation to around $30bn, a significant drop from its previous valuation, which was more than three times higher.

Shareholders are reportedly urging this adjustment to facilitate Shein’s potential UK IPO, which the company aims to complete in the first half of the year.

China hints a state backer for Rednote’s owner could smooth IPO. (Bloomberg)

Chinese regulators have informally suggested Xiaohongshu Technology, the owner of the Rednote app, to bring in a state-owned investor to ease approval processes for a potential stock market listing.

Following a regulatory crackdown on tech firms, China’s government is now encouraging investment in the sector, particularly in fields like artificial intelligence, signaling a shift in policy to support the country’s tech industry.

Singapore Exchange veterans leave amid stock market revival push. (Bloomberg)

Several longtime employees of Singapore Exchange are leaving as the company seeks to revitalize its struggling equities business.

Among those departing are Frieda Choong, who leads IPO approvals, and June Sim, head of listing compliance at the exchange’s regulatory division. Additionally, Nico Torchetti, SGX’s head of operations and market services and a former HSBC banker, is also set to leave.

Lendela appoints CFO and CTO. (DealStreetAsia)

Singapore-based fintech startup Lendela has appointed Kent Huang as CFO and Steven Wong as CTO to support its expansion across the Asia-Pacific region.

Huang will oversee financial strategy, risk management, and compliance while Wong will focus on enhancing Lendela’s infrastructure to improve the experience for both borrowers and lenders.

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