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AMERICAS

Eldorado Gold to acquire Foran Mining.

Eldorado Gold, a gold and base minerals mining development and exploration company, agreed to acquire Foran Mining, a mining company, according to press releases. Financial terms were not disclosed.

Foran Mining is advised by Mills Dunlop Capital Partners, Morgan Stanley, National Bank Financial, Stifel and McCarthy Tetrault. Eldorado is advised by BMO Capital Markets, RBC Capital Markets, Blake Cassels & Graydon and Fasken, according to press releases.

Terex completes the acquisition of REV Group for $3.2bn.

Terex, an American global manufacturer of industrial equipment, completed the acquisition of REV Group, an American manufacturer of specialty vehicles and related aftermarket parts and services, for $3.2bn, according to press releases.

REV Group was advised by JP Morgan (led by Chris Ventresca), Davis Polk & Wardwell (led by James P. Dougherty) and Brunswick Group (led by Jonathan Doorley). JP Morgan was advised by Latham & Watkins (led by Andrew C. Elken). Terex was advised by Barclays (led by Larry Hamdan), Fried Frank Harris Shriver & Jacobson (led by Philip Richter), Pryor Cashman and Joele Frank. Barclays was advised by Sullivan & Cromwell (led by Stephen M. Kotran), according to press releases and MergerLinks data.

Meiji Yasuda completes the acquisition of the US term life business from Legal & General for $2.3bn.

Meiji Yasuda, a Japanese life insurance company, completed the acquisition of the US term life business from Legal & General, a UK financial services provider, for $2.3bn, according to press releases.

Meiji Yasuda was advised by Mitsubishi UFJ Morgan Stanley Securities, Debevoise & Plimpton (led by Alexander Cochran), Linklaters (led by Yoshiyuki Asaoka). Legal & General was advised by JP Morgan, Clifford Chance (led by Joe Cosentino), Edelman (led by Carolyn Gasbarra) and Headland Consultancy (led by Lucy Legh), according to press releases and MergerLinks data.

GE Vernova completes the acquisition of the remaining 50% stake in Prolec GE from Xignux for $5.3bn.

GE Vernova, a company specializing in energy and grid technologies, completed the acquisition of the remaining 50% stake in Prolec GE, a transformer manufacturer and grid equipment supplier, from Xignux, a Mexican industrial conglomerate engaged in energy and electrical manufacturing businesses, for $5.3bn, according to press releases.

GE Vernova was advised by Morgan Stanley, McCarthy Tetrault (led by Pavan Jawanda, and Claire Sung), Skadden Arps Slate Meagher & Flom (led by Ralph Perez, Jeffrey Brill, and June Dipchand) and Teneo (led by Dara Pavlich). Xignux was advised by JP Morgan (led by Ked Fisseha) and Sidley Austin (led by Alyssa Grikscheit, and Eduardo Marquez Certucha), according to press releases and MergerLinks data.

Apollo Global Management completes an investment in GoodLife Group.

Apollo Global Management, an alternative investment manager, completed an investment in GoodLife Group, a Canadian fitness company, according to press releases. Financial terms were not disclosed.

Apollo Global Management was advised by Jefferies & Company, Blake Cassels & Graydon and Paul Weiss Rifkind Wharton & Garrison. GoodLife Group was advised by Guggenheim Partners and McMillan, according to press releases.

The Marzetti to acquire Bachan’s for $400m.

The Marzetti, a manufacturer and marketer of specialty food products, agreed to acquire Bachan’s, a Japanese barbecue sauce, for $400m, according to press releases.

Bachan’s is advised by Centerview Partners and Wachtell Lipton Rosen & Katz (led by Raaj Narayan). Marzetti is advised by Goldman Sachs and King & Spalding, according to press releases and MegrerLinks data.

Bain Capital-backed Rocket Software to acquire Vertica from Open Text for $150m.

Bain Capital-backed Rocket Software, a privately held software development company, agreed to acquire Vertica, a part of Open Text's non-core Analytics portfolio, from Open Text, a global software company, for $150m, according to press releases.

Open Text is advised by Goldman Sachs and Skadden Arps Slate Meagher & Flom (led by Christopher Barlow), according to press releases and MergerLinks data.

Brean Capital completes the acquisition of strategic business units from Janney Montgomery Scott.

Brean Capital, an independent investment bank focused on capital markets and advisory services, completed the acquisition of strategic business units from Janney Montgomery Scott, a wealth management firm, according to press releases. Financial terms were not disclosed.

Janney Montgomery was advised by Houlihan Lokey, according to press releases.

Center Rock Capital completes the acquisition of Control Devices segment from Stoneridge for $59m.

Center Rock Capital, a private investment firm specializing in driving long-term value creation for middle-market industrial businesses, completed the acquisition of Control Devices segment from Stoneridge, a designer and manufacturer of highly engineered electrical and electronic systems, for $59m, according to press releases.

Stoneridge was advised by UBS, according to press releases.

AEA Investors completes the majority investment in Magna5.

AEA Investors, a private equity company, completed the majority investment in Magna5, a provider of managed IT, cybersecurity, and cloud-based services to small and mid-sized, according to press releases. Financial terms were not disclosed.

AEA Investors was advised by Joele Frank (led by Kate Thompson), according to press releases.

Flexpoint Ford-backed Clearstead Advisors completes the acquisition of The Clarius Group.

Flexpoint Ford-backed Clearstead Advisors, a registered investment advisor and financial consulting firm, completed the acquisition of The Clarius Group, a multi-family office registered financial advisor, according to press releases. Financial terms were not disclosed.

The Clarius Group was advised by Houlihan Lockey, according to press releases.

SpaceX, xAI set share exchange ratio at 0.1433. (Reuters)

SpaceX has set the exchange ratio for its acquisition of Elon Musk’s AI company xAI, offering 0.1433 SpaceX shares for each xAI share. xAI executives also have the option to take $75.46 per share in cash instead of SpaceX stock. SpaceX has not commented publicly on the transaction.

xAi is advised by Sullivan & Cromwell (led by Mike Ringler and Peter Jones), according to press releases.

Dragoneer Investment Group, DST Global and Sequoia Capital led a $16bn financing round in Waymo.

Dragoneer Investment Group, DST Global and Sequoia Capital, private equity and venture capital firms, led a $16bn financing round in Waymo, an autonomous vehicle development company, with participation from Alphabet, Andreessen Horowitz, Mubadala Capital, Bessemer Venture Partners, Silver Lake, Tiger Global, T. Rowe Price, BDT & MSD Partners, CapitalG, Fidelity Management & Research Company, GV, Kleiner Perkins, Perry Creek Capital, and Temasek, according to press releases.

Donerail offers to buy superyacht service company MarineMax in all-cash deal valued at roughly $1bn. (Reuters)

Donerail Group has made an offer to acquire MarineMax for $35 per share in an all-cash transaction that would value the superyacht services company at slightly over $1bn.

The offer follows several months of pressure from the investment group for MarineMax to undertake significant changes, including a potential sale of the company or a change in management, as marina and yacht-related businesses attract increased investor interest.

BlackRock’s GIP teams up with EQT in bid to acquire power firm AES. (Bloomberg)

BlackRock’s Global Infrastructure Partners has teamed up with EQT in a bid to acquire power company AES Corp.

The two investment firms are in discussions to reach an agreement to acquire AES, which supplies renewable power to technology companies including Microsoft. No final decision has been made, and the talks may continue or ultimately not proceed.

GDI’s top investors oppose Birch Hill’s takeover bid as too low. (Bloomberg)

Two major shareholders in Canada’s GDI Integrated Facility Services have said they will reject a take‑private offer from Birch Hill Equity Partners Management and the company’s chief executive.

Gestion de Portefeuille Stratégique Medici, which holds 15.4% of GDI’s subordinate voting shares, said the offer of C$36.60 ($26.79) per share is inadequate and does not reflect the company’s intrinsic value or its medium‑ and long‑term prospects.

Convenience store firm Arko’s fuel unit seeks $210m in IPO. (Bloomberg)

Arko Petroleum Corp., the fuel wholesaler subsidiary of convenience store operator Arko, is seeking to raise up to $210m in an initial public offering that could value the company at close to $1bn.

The Richmond, Virginia‑based fuel distributor plans to offer 10.5m shares at a price range of $18 to $20 per share.

Otro raises $1.2bn for first buyout fund amid sports boom. (Bloomberg)

Otro Capital has raised $1.2bn for its first flagship private equity fund, as the sports‑focused investment firm benefits from rising demand among large institutional investors for the asset class.

Founded in 2023 by former RedBird Capital Partners executives with experience in sports investing, the firm exceeded its initial $500m target for Otro Capital Fund I, according to co‑founder Alec Scheiner.

CAZ debuts fund for wealthy to buy stakes of private-asset firms. (Bloomberg)

Alternative investment manager CAZ Investments has launched a fund for high‑net‑worth individuals that will invest in private‑asset firms, a specialised strategy gaining traction amid increased activity in the secondaries market.

The CAZ GP Stakes Fund will be available through major wealth‑management platforms and will offer daily subscriptions and quarterly redemptions, the firm said in a statement on February 3rd.

Disney taps parks head Josh D'Amaro as CEO to lead post-Iger era. (Reuters)

Walt Disney on the 2nd of February appointed theme parks chief Josh D’Amaro as chief executive, ending a prolonged succession process and placing a long‑serving internal executive at the helm of the company.

D’Amaro, 54, will succeed Bob Iger, 74, at Disney’s annual shareholder meeting on March 18. Iger is credited with shaping the modern company through acquisitions including Pixar, Marvel, Lucasfilm and 21st Century Fox.

EMEA

Copenhagen Infrastructure Partners to acquire European onshore business of Ørsted for €1.44bn.

Copenhagen Infrastructure Partners, a dedicated fund manager for greenfield renewable energy investments, agreed to acquire the European onshore business of Ørsted, a multinational renewable energy company, for €1.44bn, according to press releases.

Banks ready $3.75bn debt sale to back BP Castrol buyout. (Bloomberg)

Banks are preparing to sell $3.75bn of debt to finance Stonepeak Partners’ acquisition of a majority stake in BP’s Castrol division, aiming to reduce their exposure ahead of the expected deal completion amid strong credit market conditions.

Underwriters including BNP Paribas, Goldman Sachs, UBS and Wells Fargo are planning to begin marketing the financing to institutional investors around the end of the first quarter or the start of the second. The debt package is expected to comprise a mix of leveraged loans and high‑yield bonds denominated in euros and US dollars.

Virgin Media O2 owners to seal £2bn acquisition of UK broadband rival. (FT)

Telefónica and Liberty Global, the joint owners of Virgin Media O2, are preparing to lead an acquisition of the UK’s fourth‑largest broadband network valued at around £2bn, a transaction that would narrow the gap with market leader BT’s Openreach.

Virgin Media O2’s owners are working with private equity firm InfraVia Capital to acquire Netomnia through their fibre joint venture, Nexfibre. Nexfibre, which is jointly owned by Telefónica, Liberty Global and InfraVia, currently covers 2.4m homes across the UK.

EQT weighs sale of stake in software firm Thinkproject. (Bloomberg)

EQT is considering a sale of its stake in software‑as‑a‑service provider Thinkproject.

The Swedish investment firm is working with Arma Partners to assess potential investor interest in Thinkproject.

EIG Global Energy plans new fund to keep Aramco pipeline stake and bring new investors. (Reuters)

EIG Global Energy Partners has hired PJT Partners to advise on the structuring of a new fund for its stake in Saudi Aramco’s oil pipeline assets, as the existing investment vehicle approaches its expiry.

The proposed continuation fund would allow the U.S.-based infrastructure investor to retain the Aramco pipeline stake, which was acquired in 2021, for a longer period while bringing in new investors.

APAC

Advent International to acquire a 14.3% stake in Aditya Birla Housing Finance for $304m.

Advent International, a private equity firm, agreed to acquire a 14.3% stake in Aditya Birla Housing Finance, an India-based housing finance company, from Aditya Birla Capital, a financial services provider operating as a diversified non-banking financial company, for $304m, according to press releases.

SiTime is said near $3bn deal for Renesas timing unit. (Bloomberg)

Analog chipmaker SiTime is close to reaching an agreement to acquire Renesas Electronics’ timing unit in a transaction that could be valued at around $3bn.

Santa Clara, California‑based SiTime is finalising the purchase of the Renesas division that manufactures timing devices used to synchronise signals in wireless infrastructure. Shares of Renesas rose by as much as 6.7% in Tokyo following reports of the talks.

Elliott intensifies standoff over Toyota Industries buyout. (Bloomberg)

Elliott Investment Management said it continues to oppose the Toyota Group’s proposal to acquire Toyota Industries at a valuation of JPY6.1trn ($39bn), maintaining pressure on the Japanese conglomerate after it declined to raise its tender offer.

The US-based activist investor, which held a 6.7% stake in Toyota Industries as of Jan. 15, said the revised tender offer of JPY18,800 ($121.15) per share still “very significantly undervalues” the company.

Leonardo, Adani sign partnership for helicopter manufacturing in India. (Reuters)

Italy’s Leonardo and India’s Adani Defence & Aerospace have signed a preliminary agreement to establish a helicopter manufacturing ecosystem in India.

The memorandum of understanding focuses on Leonardo’s AW169M and AW109 TrekkerM helicopter models and is intended to address growing demand and new military requirements in India. The agreement may also be extended to civil aviation applications.

Australia's Qantas to exit Jetstar Japan to focus on domestic operations. (Reuters)

Australia’s Qantas Airways will sell its stake in low-cost carrier Jetstar Japan as the airline shifts away from its international budget businesses to focus on its core domestic operations.

The decision to sell its 33.32% stake in Jetstar Japan follows the closure of Singapore-based Jetstar Asia in July, as Qantas faced intense regional competition and higher fuel and supplier costs, which weighed on performance.

Billionaire Quek said to weigh taking Guocoland Malaysia private. (Bloomberg)

Billionaire Quek Leng Chan is considering taking his Malaysian property development unit private.

GuocoLand, a Singapore-listed property developer controlled by Quek, is planning to make an offer to acquire the Kuala Lumpur-listed unit.

Refiner Eneos to expand oil-trading portfolio outside of Japan. (Bloomberg)

Eneos plans to expand its team to handle increased oil-derivatives trading at its overseas offices, including Singapore, as Japan’s largest refiner seeks to strengthen its presence in major trading hubs.

The company intends to increase trading in oil derivatives, arbitrage strategies and time spreads, as well as other paper market instruments.

Chip designer Montage is said set to price $902m Hong Kong listing at top. (Bloomberg)

Chinese chip designer Montage Technology plans to price its Hong Kong listing at the top of the indicated range, which would put the offering on track to raise about HKD7bn ($902m).

The Shanghai‑based company is set to price 65.9m shares in the Hong Kong listing at HKD106.89 ($13.68) each, representing a discount of 47% to February 2nd closing price of HKD177.93 ($22.78).

Indian jewelry maker Emerald Jewel said planning IPO for up to $300m. (Bloomberg)

Emerald Jewel Industry India, a large Indian jewellery manufacturer, is considering an initial public offering that could raise up to $300m, which could rank among the largest listings in the sector in India.

The Coimbatore-based company has appointed Axis Bank, Motilal Oswal Investment Advisors and SBI Capital Markets as advisers for the proposed share sale, with the possibility of additional advisers being added at a later stage.

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