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AMERICAS
Netflix and Warner Bros. Discovery announced they have amended their definitive agreement for Netflix's pending acquisition of Warner Bros. to an all-cash transaction.
Warner Bros is advised by Allen & Company, Evercore, JP Morgan, Covington & Burling, Debevoise & Plimpton (led by Jonathan Levitsky), Fried Frank Harris Shriver & Jacobson, Wachtell Lipton Rosen & Katz (led by Hannah Clark, Karessa Cain and Andrew Nussbaum) and Joele Frank (led by Kelly Sullivan and Daniel Katcher). Financial advisor was advised by White & Case. Paramount Global is advised by Bank of America, Barclays, Centerview Partners, Citigroup, M. Klein & Co, RedBird Advisors, Cleary Gottlieb Steen & Hamilton, Cravath Swaine & Moore (led by Faiza Saeed), Latham & Watkins (led by Ian A. Nussbaum), Brunswick Group (led by Jonathan Doorley) and Okapi Partners. Debt financing is provided by Apollo Global Management, Bank of America and Citigroup. Debt providers are advised by Cahill Gordon & Reindel. Netflix is advised by Moelis & Co, Wells Fargo Securities, Borden Ladner Gervais and Skadden Arps Slate Meagher & Flom (led by Kenton J. King). Debt financing is provided by BNP Paribas, HSBC and Wells Fargo Securities , according to press releases.
Platinum Equity, an investment firm, completed the acquisition of Czarnowski Collective, a collection of integrated agencies providing end-to-end solutions for trade shows, corporate events, meetings, conferences, and other live experiences, from Nagle family, an organization that provides financial aid for projects which are beneficial to the public, according to press releases. Financial terms were not disclosed.
Czarnowski Collective was advised by Robert W Baird and Perkins Coie. Platinum Equity was advised by Fifth Third Bancorp and Willkie Farr & Gallagher, according to press releases.
D-Wave, a practical quantum computing company, completed the merger with Quantum Circuits, a developer of full-stack quantum computing systems, in a $550m deal, according to press releases.
ASGN, a provider of IT services and professional solutions, agreed to acquire Quinnox, an agile digital solutions provider, for $290m, according to press releases.
ASGN was advised by Clearsight Advisors (led by Philo Tran and Rishabh Mishra) and Sullivan & Cromwell, according to press releases.
Zeeco, a provider of advanced combustion and environmental solutions, completed the acquisition of Devco Process Heaters, a fired-heater design and technology company, according to press releases. Financial terms were not disclosed.
Zeeco was advised by Crossroads, according to press releases.
SPX Technologies, a diversified, global supplier of highly engineered products and technologies, completed the acquisition of Thermolec, a manufacturer of custom electric duct heating and related solutions, for CAD195m ($140m), according to press releases.
Elliott invests in hypersonic-flight firm Stratolaunch. ( WSJ)
Elliott Investment Management has taken a stake in Stratolaunch, a hypersonic-flight company that has tested a reusable hypersonic vehicle for the US military.
The investment is valued at several hundred million dollars and includes board representation at the privately held company.
Mexican billionaire Carlos Slim buys remaining stake in offshore oil fields. ( Bloomberg)
Carlos Slim is moving to acquire the remaining 50% stake in the Ichalkil and Pokoch offshore oil fields, expanding his push into Mexico’s energy sector in a deal valued at $270m.
Grupo Carso will buy Fieldwood Mexico from Lukoil, giving Slim full ownership of the fields after acquiring the first 50% stake in 2023.
Quantinuum works with Morgan Stanley and JPMorgan on IPO. ( Bloomberg)
Quantinuum is working with Morgan Stanley and JPMorgan on an initial public offering, as the Honeywell-backed quantum computing company prepares for a stock market debut in the first half of the year.
The listing is expected to raise more than $1.5bn and value the company at between $15bn and $20bn, with the banking lineup potentially expanding.
Batistas’ PicPay fintech seeks $2.5bn market cap in US IPO. ( Bloomberg)
PicPay is aiming to raise more than $400m in a US initial public offering, in what would be Brazil’s first IPO in the country in four years.
The fintech plans to sell about 22.9m shares at $16–$19 each, implying a market value of more than $2.5bn at the top of the range.
Insurance platform Ethos seeks $211m in IPO. ( Bloomberg)
Ethos Technologies and some of its shareholders are seeking to raise about $211m in an initial public offering, as the insurance platform prepares to debut in US markets.
The San Francisco-based company plans to offer 10.5m shares priced at $18–$20 each, according to its filing.
Heitman raises $2.6bn for value-add investment series. ( Press Release)
Heitman has closed its sixth value-add real estate fund after securing $2bn in commitments, exceeding its $1.75bn target and reaching the hard cap, marking its largest closed-end fundraise to date.
Investors also committed $620m in co-investment capital, bringing total deployable capital to about $6.55bn including leverage, with backing from more than 30 investors across seven countries.
Citi hires former Paramount executive to head media banking. ( WSJ)
Citigroup has hired former Paramount executive Alex Berkett to lead its media banking division, as the firm continues to strengthen its advisory ranks.
Berkett oversaw Paramount’s sale of Simon & Schuster and was involved in its merger with Skydance, joining Citi amid a broader push under banking head Vis Raghavan to win larger deal mandates.
Barrick changes CFO as overhaul continues ahead of possible IPO. ( Bloomberg)
Barrick Mining has appointed Helen Cai as chief financial officer, replacing Graham Shuttleworth, as the miner continues a management overhaul amid speculation about a potential IPO or breakup.
Cai, a board member since 2021, will assume the CFO and senior executive vice president roles on March 1, with Shuttleworth supporting the transition.
EMEA
Banca March, a Spanish investment bank and financial services company, and Stoneshield Capital, an investment group, completed the acquisition of a 10% stake in Exolum, a company specializing in transportation, management and storage of energy products, with a strong international expansion strategy, from APG, a pension investor, according to press releases. Financial terms were not disclosed.
APG was advised by Jefferies & Company (led by Cesar Rodriguez Figuera), Macquarie Group and Clifford Chance, according to press releases and MergerLinks data.
Hera Group, a multiutility company, agree to acquire Sostelia, a private group in industrial and civil water treatment, from Xenon, a private equity firm, for €138m ($161m), according to press releases.
Hera Group is advised by PricewaterhouseCoopers and GA-Alliance. Xenon is advised by Rothschild & Co, according to press releases and MergerLinks data.
Piper Sandler, an investment bank, completed the acquisition of MENA Growth Partners, a merchant bank, according to press releases. Financial terms were not disclosed.
MENA Growth Partners was advised by TMF Group and Charles Russell Speechlys. Piper Sandler was advised by Al Tamimi & Company, according to press releases.
Shionogi, a pharmaceutical company, agreed to acquire an additional 11.7% stake in ViiV Healthcare, a specialist HIV company, from Pfizer, a multinational pharmaceutical and biotechnology corporation, for $2.1bn, according to press releases.
Pfizer is advised by Wachtell Lipton Rosen & Katz (led by Jacob A. Kling), according to MergerLinks data.
Houlihan Lokey, an investment bank, agreed to acquire a majority stake in Audere Partners, a French corporate finance firm, according to press releases. Financial terms are not disclosed.
Houlihan Lokey, an investment bank, completed the acquisition of real estate capital advisory business of Mellum Capital, a real estate capital advisory firm, according to press releases. Financial terms were not disclosed.
Tycoon Drahi nears launch of €9bn XpFibre sale. ( Bloomberg)
Patrick Drahi is preparing to launch a sale of a controlling stake in French fiber optic company XpFibre, with advisers circulating preliminary information and a formal process expected to start shortly.
Drahi could seek an enterprise value of €9bn ($10.5bn) or more for XpFibre, including about €5bn of debt, with first-round bids expected in early March.
Deutsche Boerse nears €5.3bn deal for Allfunds. ( Bloomberg)
Deutsche Boerse is close to acquiring European fund distribution platform Allfunds in a transaction valued at about €5.3bn ($6.2bn), combining cash and stock.
The German exchange operator is finalising an agreement with Allfunds after entering exclusive talks last year, with an announcement possible this week.
Henkel in talks with Wendel to acquire chemical maker Stahl. ( Bloomberg)
Henkel is in discussions with Wendel about a potential acquisition of Dutch chemical company Stahl, with both sides confirming non-exclusive talks.
Stahl could be valued at up to €2bn ($2.3bn), with Wendel working with JPMorgan and Morgan Stanley on a possible sale.
Three Ireland owner in talks over sale to Liberty Global. ( FT)
CK Hutchison is in advanced talks to sell its Irish mobile operator Three Ireland to Liberty Global, as the Hong Kong-based group continues to reduce its exposure to European telecoms.
The deal could value Three Ireland at up to €1.5bn ($1.75bn), strengthening Liberty Global’s position in Ireland, where it currently operates Virgin Mobile alongside its broadband network.
Abivax CEO dismisses talk of Eli Lilly takeover. ( Reuters)
Abivax chief executive Marc de Garidel said reports suggesting Eli Lilly may bid for the company are unfounded, describing the speculation as “noise” amid recent share price volatility.
De Garidel also rejected claims of an ongoing review by French authorities, saying such suggestions do not align with France’s foreign-investment oversight process.
Ferretti investor plots move to oust board’s Chinese directors. ( Bloomberg)
Ferretti’s second-largest shareholder is preparing to seek a shareholder vote to remove board members linked to the yacht maker’s main owner, China’s Weichai Group, as tensions over governance escalate.
KKCG Maritime plans to propose a new board slate at the company’s annual general meeting this spring, aiming to replace most current directors and reshape Ferretti’s leadership.
CSG owner Strnad seeks €2.55bn in Amsterdam IPO. ( Bloomberg)
Michal Strnad is seeking to raise €2.55bn ($2.98bn) in an initial public offering of Czechoslovak Group, which is set to be the largest defence IPO on record.
The Prague-based armoured vehicle and munitions maker is targeting a €25bn ($29bn) valuation, with total proceeds potentially rising to €3.3bn ($3.84bn) including primary shares and an overallotment option.
Kenya Pipeline to triple capital spend to $853m post IPO. ( Bloomberg)
Kenya Pipeline plans to increase capital expenditure to KES110bn ($852.6m) over the next five years, following its initial public offering of a 65% stake.
The state-owned company aims to expand its pipeline network, boost storage capacity and diversify into natural gas, funding the investment through cash flows, debt markets and project financing.
APAC
VINCI, a company that builds civil engineering structures worldwide, agreed to acquire Fletcher Construction, a New Zealand construction company, from Fletcher Building, a significant employer, manufacturer, home builder, and partner on major construction and infrastructure projects, according to press releases. Financial terms were not disclosed.
VINCI is advised by Rothschild & Co, according to MergerLinks data.
TWG, a diversified holding company, agreed to acquire Airentity International, a wine trading group, for $125m, according to press releases.
India regulator clears Emirates NBD stake acquisition in RBL Bank. ( Reuters)
India’s competition regulator has approved Emirates NBD’s acquisition of shares in RBL Bank, clearing a key hurdle for the transaction.
Emirates NBD announced plans in October to buy a 60% stake in the Indian lender for $3bn.
Bain makes binding bid for Japan’s FineToday. ( Bloomberg)
Bain Capital has submitted a binding offer for Japanese personal-care group FineToday, as the buyout firm looks to expand its exposure to Asia’s beauty and personal-care market.
Rival bidders KKR and Blackstone have exited the process, leaving Bain as the sole remaining contender.
CK Hutchison weighs London, Hong Kong listing of global telco assets. ( Reuters)
CK Hutchison is considering listing its global telecommunications business in London and Hong Kong as early as the third quarter, following plans to spin off the unit from the broader conglomerate.
Preparations for the spin-off began last year after the group secured regulatory approvals for the $19bn merger of its UK telecom assets with Vodafone.
Jiangxi Copper plans $3.6bn bond sales to fund expansion. ( Bloomberg)
Jiangxi Copper plans to issue up to CNY25bn ($3.6bn) of bonds, as the Chinese smelter looks to fund expansion after copper prices climbed to record levels.
Proceeds from medium-term notes and short-term commercial paper may be used for debt repayment, working capital or merger-and-acquisition activity.
Walmart-backed PhonePe gets regulatory approval for Indian IPO. ( Reuters)
PhonePe has received regulatory approval for its stock market listing in India after confidentially filing for an initial public offering in September.
Shareholders including Walmart, Microsoft and Tiger Global are expected to sell part of their stakes in the offering.
India property developer K Raheja weighs $700m IPO. ( Bloomberg)
K Raheja is considering an initial public offering that could raise up to $700m, as one of India’s largest real estate developers explores a public listing.
The Mumbai-based group is seeking a valuation of about $7bn, with preliminary talks held with bankers ahead of a potential offering later this year.
AI chip startup FuriosaAI plans $500m funding round before IPO. ( Bloomberg)
FuriosaAI is seeking to raise between $300m and $500m in a Series D funding round as it prepares for a potential initial public offering.
The Seoul-based AI chip designer has appointed Morgan Stanley and Mirae Asset Securities as advisers for the fundraising.
China mulls national M&A fund to boost tech innovation. ( Bloomberg)
China is considering setting up a national merger-and-acquisition fund to support technology development and strengthen competitiveness with the US.
The proposal was outlined by a senior official at the National Development and Reform Commission.
Brookfield to move to Roppongi Hills in Japan office expansion. ( Bloomberg)
Brookfield Asset Management plans to double its Tokyo office space by relocating to Roppongi Hills, as the investment firm expands its presence in Japan.
The move from Kasumigaseki is expected in April and will accommodate a local team that has doubled in size in recent years.
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