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AMERICAS

Paramount clears early US antitrust hurdle for $77.9bn Warner Bros deal. (Bloomberg)

Paramount Skydance said there is no statutory impediment to closing its proposed $77.9bn acquisition of Warner Bros. Discovery after complying with the US Justice Department’s second-request review under the Hart-Scott-Rodino Act. Following the expiration of the 10-day waiting period, the DOJ signaled it has no antitrust concerns with the combination of Paramount and Warner Bros.

Warner Bros is advised by Allen & Company, Evercore (led by Daniel Mendelow), JP Morgan, Covington & Burling, Debevoise & Plimpton (led by Jonathan Levitsky), Fried Frank Harris Shriver & Jacobson, Potter Anderson & Corroon (led by Mark Morton), Wachtell Lipton Rosen & Katz (led by Hannah Clark, Karessa Cain and Andrew Nussbaum), Ropes & Gray, White & Case, and Joele Frank (led by Kelly Sullivan and Daniel Katcher). Paramount Skydance is advised by Bank of America, Barclays, Centerview Partners, Citigroup, M. Klein & Co, RedBird Advisors (led by Gerald J. Cardinale), Cleary Gottlieb Steen & Hamilton, Cravath Swaine & Moore (led by Faiza Saeed), Latham & Watkins (led by Ian A. Nussbaum), Paul Hastings (led by David Ambler and Eric Schiele), Cahill Gordon & Reindel, Brunswick Group (led by Jonathan Doorley), and Okapi Partners. Debt financing is advised by Apollo Global Management, Bank of America and Citigroup, according to press releases and MergerLinks data.

Exact Sciences stockholders approve acquisition by Abbott. (Press Release)

Exact Sciences shareholders have approved the proposed acquisition of the cancer diagnostics company by Abbott at a special meeting. Preliminary results show more than 99% of votes cast, representing about 67% of outstanding shares, were in favor of the transaction, with final results to be filed with the US Securities and Exchange Commission.

Exact Sciences is advised by Centerview Partners, XMS Capital Partners, Skadden Arps Slate Meagher & Flom (led by Richard Witzel), and Collected Strategies. Abbott is advised by Morgan Stanley, Cleary Gottlieb Steen & Hamilton (led by Nicholas Levy and John Messent), Covington & Burling (led by Elizabeth Canter, Scott Danzis and Sarah A. Franklin), Wachtell Lipton Rosen & Katz (led by David Lam), and Alston & Bird (led by Stuart Rogers), according to press releases and MergerLinks data.

FERC clears Blackstone Infrastructure’s acquisition of TXNM Energy. (Press Release)

The Federal Energy Regulatory Commission has approved Blackstone Infrastructure’s acquisition of TXNM Energy, finding the transaction consistent with the public interest. FERC said the deal would not impair regulation, harm rates or reduce competition, and rejected objections related to data center ownership and private equity control of utilities.

TXNM Energy is advised by Citigroup, Wells Fargo Securities, Troutman Pepper Locke (led by Mason Bayler), and Gibson Dunn & Crutcher (led by Saee Muzumdar). Blackstone Infrastructure is advised by JP Morgan, RBC Capital Markets, and Kirkland & Ellis, according to press releases and MergerLinks data.

OceanSound Partners completes the acquisition of Automated Financial Systems.

OceanSound Partners, a private equity firm, completed the acquisition of Automated Financial Systems, a provider of commercial loan servicing and loan lifecycle management technology to the financial services industry, according to press releases. Financial terms were not disclosed.

Automated Financial Systems was advised by Houlihan Lokey and Troutman Pepper Locke. OceanSound was advised by Skadden Arps Slate Meagher & Flom (led by Alexandra McCormack) and Stanton PRM (led by Alex Goss), according to Mergerlinks data and press releases.

Visa takeover of Prosa rejected by Mexico antitrust watchdog. (Bloomberg)

Mexico’s National Antitrust Commission has blocked Visa’s proposed acquisition of a 51% stake in payment processor Prosa, marking an early decision by the country’s new competition authority. The deal, announced in December 2023, was rejected after regulators maintained that market conditions do not allow for effective competition in the payments sector.

Prosa is advised by Santander. Visa is advised by Gibson Dunn & Crutcher (led by Saee Muzumdar), according to press releases and MergerLinks data.

Clean Harbors to acquire the industrial and rail services business from Depot Connect for $130m.

Clean Harbors, a provider of environmental and industrial services, agreed to acquire the industrial and rail services business from Depot Connect, a provider of mission-critical services to the transportation industry, for $130m, according to press releases.

Depot Connect is advised by Simpson Thacher & Bartlett (led by Ana Sanchez), according to Mergerlinks data.

Frazier Healthcare Partners-backed RevSpring completes the acquisition of TrustCommerce from Waud Capital Partners.

Frazier Healthcare Partners-backed RevSpring, a provider of healthcare communications and payment solutions, completed the acquisition of TrustCommerce, a provider of end-to-end integrated healthcare payment and security solutions, from Waud Capital Partners, a private equity company, according to press releases. Financial terms were not disclosed.

Lone View Capital-backed CargoSprint completes the acquisition of Dray Dog.

Lone View Capital-backed CargoSprint, a company specializing in supply chain orchestration SaaS solutions, completed the acquisition of Dray Dog, a port drayage software platform, according to press releases. Financial terms were not disclosed.

Lead Edge Capital led a $50m Series C round in Pepper.

Lead Edge Capital, a private equity firm, led a $50m Series C round in Pepper, an end-to-end technology platform for independent food distributors, with participation from ICONIQ, Index Ventures, Greylock, Harmony Partners, and Interplay, according to press releases.

Pleasant Lake is urging Funko to evaluate potential strategic options for the company. (Reuters)

Pleasant Lake Partners has revealed a nearly 10% ownership stake in Funko and is urging the toymaker to evaluate strategic alternatives, including a potential sale.

Funko’s shares jumped roughly 25% on February 20, giving the company a market value of about $245m as of February 19’s close.

ConocoPhillips considers selling $2bn in Permian assets. (Bloomberg)

ConocoPhillips is considering selling portions of its Permian Basin portfolio as part of an effort to streamline its operations.

The assets—acquired over time through deals with Concho Resources and Shell—could bring in about $2bn.

First Citizens, buyer of collapsed SVB, weighs a new acquisition target. (Bloomberg)

First Citizens BancShares is reportedly seeking acquisition opportunities that would help it surpass the crucial $250bn asset mark.

The bank has instructed its advisers to compile a list of potential deals that could provide the additional scale needed to better absorb regulatory and compliance costs. As part of this evaluation, First Citizens has explored the possibility of acquiring Cleveland‑based KeyCorp.

Carnival plans to merge its dual‑listed structure. (Reuters)

Carnival said that it will combine its parallel listings in New York and London and move its corporate home to Bermuda.

The UK‑listed Carnival will become a wholly owned subsidiary, while the merged parent company will keep trading on the New York Stock Exchange.

Saba Capital and Cox Capital Partners plan to launch a tender offer for shares of several Blue Owl BDCs. (Press Release)

Saba Capital Management and Cox Capital Partners announced that they notified Blue Owl Capital Corporation II on February 17, 2026, of their plan to launch a cash tender offer for a portion of OBDC II’s outstanding shares.

They later issued similar notices to Blue Owl Technology Income and Blue Owl Credit Income, stating their intention to begin comparable tender offers for those entities as well.

Mavis Tire, owner of Midas Auto Repair, said to pick banks for IPO. (Bloomberg)

Mavis Tire Express Services, the auto‑repair and tire‑service company behind brands like Midas and Tuffy, has selected banks to guide a potential US IPO.

Bank of America and Goldman Sachs are working with the company on the offering, which could come as early as this year. The share sale may raise around $2bn.

EMEA

Stone Point Capital to invest in Penta Capital-backed Amber River Group.

Stone Point Capital, a financial services-focused investment firm, agreed to invest in Penta Capital-backed Amber River Group, an independent wealth management advice firm, according to press releases.

Amber River is advised by Rothschild & Co, Dickson Minto and MRM London. Stone Point is advised by Continuum Advisory Partners and Paul Weiss Rifkind Wharton & Garrison (led by Roger Johnson), according to Mergerlinks data and press releases.

Solabia Group to acquire Mibelle Biochemistry from Persán.

Solabia Group, a biotechnology-driven active ingredients manufacturer, for health and beauty industries, agreed to acquire Mibelle Biochemistry, a natural active ingredients developer, from Persán, a home and personal care company, according to press releases. Financial terms were not disclosed.

Solabia Group is advised by Homburger (led by Daniel Hasler), according to Mergerlinks data.

IMCD to acquire Willows Ingredients.

IMCD, a partner for the distribution and formulation of speciality chemicals and ingredients, agreed to acquire Willows Ingredients, a distributor of ingredients serving the food and nutrition sector, according to press releases. Financial terms are not disclosed.

i80 Group completes a $200m investment in Yendo.

i80 Group, a SEC-registered global investment firm, completed a $200m investment in Yendo, a provider of business management software including CRM and accounting, according to press releases.

Axel Springer backs Dovid Efune’s $675M Telegraph bid, challenging DMGT. (Reuters)

Axel Springer has thrown its support behind a fresh bid for Britain’s Telegraph Media Group put forward by US publisher Dovid Efune.

This move directly challenges DMGT’s effort to acquire the Telegraph. Meanwhile, DMGT — the parent company of the Daily Mail — previously reached an agreement in November to buy the Telegraph for £500m ($675m) as part of its plan to build one of the UK’s most influential right‑leaning media groups. However, that transaction is now under review due to public‑interest and competition concerns.

France’s SNCF considers selling a stake in rail logistics Europe. (Bloomberg)

France’s state‑owned SNCF is weighing the possibility of selling a stake in its Rail Logistics Europe division.

SNCF is working with Lazard on the potential deal, which could value the rail freight logistics and transport business at as much as €800m ($941m). The business could draw interest from industry rivals such as CMA CGM, AP Moller-Maersk and DSV.

FTI said to begin sale of Bain Capital and MV Credit’s Pronovias. (Bloomberg)

FTI Consulting has begun the sale process for Pronovias Group, the Spanish bridalwear maker owned by Bain Capital and MV Credit.

The firm has been appointed to oversee the court‑ordered sale of Pronovias’s global assets and is inviting investors to submit non‑binding bids in the coming days, the sales document shows. The goal of the transaction is to “maximize creditor recovery,” and FTI aims to complete the sale by the end of March.

Alfa Gomma’s CEO and ICG reportedly team up on €1bn buyout plan. (Bloomberg)

Alfa Gomma’s CEO, Enrico Gennasio, has partnered with asset manager ICG to prepare a joint bid for the Italian industrial group, a deal that could value the company at more than €1bn ($1.2bn).

As part of the proposal, Gennasio—who holds a 50% stake in Alfa Gomma—would stay on as chief executive. ICG, listed in London, would co‑invest alongside him through a court‑supervised process aimed at stabilizing governance and securing long‑term ownership of the firm.

Billionaire Preqin seller’s family office boosts its bet on a buyout firm. (Bloomberg)

The family office of Preqin founder Mark O’Hare is deepening its investment in buyout firm Hg, shaping the entrepreneur’s next chapter following BlackRock’s acquisition of his private‑capital data business in one of the UK’s largest deals last year.

Regulatory filings show that O’Hare and his family vehicle, Valhalla Ventures, have steadily built their stake by purchasing additional shares in the publicly listed trust tied to the tech-focused buyout firm. Their holding is now valued at roughly $200m.

APAC

Thai hotel group considers $1bn REIT and unit IPO to reduce debt. (Bloomberg)

Minor International, the country’s biggest operator of hotels and restaurant chains, is preparing to launch its first real estate investment trust valued at roughly $1bn. The company is also considering listing its restaurant division in Hong Kong to help generate funds for paying down debt.

According to Chief Executive Officer Dillip Rajakarier, Minor plans to place 14 hotels located in Europe and Thailand into the REIT. The trust is scheduled to be listed in Singapore in the second half of the year.

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