Couchbase acquired in $1.5bn cash deal

BY Fraser Tennant

In a transaction that will take the US software company private, Couchbase is to be acquired by private equity firm Haveli Investments for $1.5bn.

Under the terms of the definitive agreement, Couchbase stockholders will receive $24.50 per share in cash – representing a premium of approximately 67 percent to the closing stock price of 27 March 2025, the last full trading day prior to the announcement of Haveli’s investment into Couchbase.

Upon completion of the transaction, Couchbase will become a privately-held company, its common stock no longer being listed on any public market.

“The data layer in enterprise IT stacks is continuing to increase in importance as a critical enabler of next-generation artificial intelligence applications,” said Sumit Pande, senior managing director at Haveli Investments. “Couchbase’s innovative data platform is well positioned to meet the performance and scalability demands of the largest global enterprises. We are eager to collaborate with the talented team at Couchbase to further expand its market leadership.”

Technology-focused Haveli seeks to invest in the highest quality companies in the technology sector through control, minority or structured equity and debt investments with a focus on software, data, gaming and adjacent industries.

The firm partners with innovative companies throughout their lifecycle, providing operational and strategic support that enables portfolio companies to focus on driving innovation and increasing growth, scale and operating margins.

“Couchbase has been at the forefront of modern database technology, empowering developers and enterprises to build high-performance applications,” said Matt Cain, chair, president and chief executive of Couchbase. “This acquisition marks a significant milestone for our stockholders and an exciting new chapter for Couchbase.”

The transaction, which has been approved by the Couchbase board, is expected to close in the second half of 2025, subject to customary closing conditions, including approval by Couchbase’s stockholders and the receipt of required regulatory approvals.

“Haveli's investment is a strong affirmation of Couchbase’s market position and future potential,” concluded Mr Cain. “We are thrilled to partner with Haveli to accelerate our vision and deliver even greater value to our customers.”

News: Couchbase to be acquired by Haveli Investments for $1.5B in cash

BPCE to acquire Novo Banco in $7.4bn deal

BY Fraser Tennant

In a deal that values Portugal’s fourth-largest lender at $7.4bn, global private equity firm Lone Star has sold its 75 percent stake in Novo Banco to French banking group BPCE.

The acquisition comes amid a wave of cross-border and domestic banking mergers in Europe, where regulators have long urged industry consolidation to better integrate the financial sector and counter growing competition from US banking giants.

The transaction is the biggest cross-border acquisition in the eurozone for more than 10 years.

By welcoming Novo Banco into the group, alongside the Banque Populaire and Caisse d’Epargne banking networks, which already serve the French economy, BPCE will further strengthen its role as an important development partner for the Portuguese economy, recognised for its solid fundamentals and resilience.

Through the transaction, BPCE intends to facilitate financing for local companies and individuals’ projects, while also expanding the range of services offered to Portuguese customers. BPCE will leverage all of its expertise to strengthen value creation in close collaboration with Novo Banco.

“This agreement marks a defining moment in Novo Banco’s journey and a powerful endorsement of the transformation we have achieved,” said Mark Bourke, chief executive of Novo Banco. “By becoming part of BPCE, Novo Banco now can access the strength and depth of one of Europe’s financial powerhouses.”

Portugal’s fourth-largest bank with 290 branches and 4200 employees, in recent years Novo Banco has become one of the most profitable banks in Europe, posting a cost-income ratio under 35 percent and a return on tangible equity exceeding 20 percent. These results have been underpinned by the quality of Novo Banco’s teams, together with the engagement of its shareholders for the last eight years.

Currently employing over 3000 staff in Portugal, the opening of a multi-business centre of expertise in Porto in 2017 has deepened BPCE’s local ties. “Novo Banco possesses excellent fundamentals, strong growth potential and an already high level of profitability,” said Nicolas Namias, chief executive of BPCE. “The financial terms of the transaction reflect a disciplined and stringent valuation approach, as well as our confidence in Novo Banco’s ability to create value over time.”

The acquisition is expected to be completed in the first half of 2026.

“This transaction enhances our ability to serve Portuguese families and businesses, deepens our commitment to the national economy, and secures a long-term future built on strength, trust and shared ambition,” concluded Mr Bourke. “It is a great moment for Novo Banco, and we now move forward with renewed confidence and clarity of purpose.”

News: France's BPCE agrees deal to buy Portugal's Novo Banco for $7.4 billion

Sanofi acquires Blueprint Medicines in $9.5bn deal

BY Fraser Tennant

In a deal that expands its portfolio in rare immunological disease and adds to its early-stage pipeline in immunology, French multinational drugmaker Sanofi is to acquire US-based, publicly traded biopharmaceutical company Blueprint Medicines.

Under the terms of the acquisition, Sanofi will pay $129 per share in cash at closing, representing an equity value of approximately $9.1bn. Sanofi plans to finance the transaction with a combination of cash on hand and proceeds from new debt.

In addition, Blueprint’s shareholders will receive one non-tradeable contingent value right (CVR) per Blueprint share with two potential milestone payments. In addition, Blueprint’s shareholders will receive one non-tradeable CVR per Blueprint share with two potential milestone payments for future development and regulatory milestones for Blueprint medicine BLU-808.

“The acquisition of Blueprint Medicines enhances our pipeline and accelerates our transformation into the world’s leading immunology company,” said Paul Hudson, chief executive of Sanofi. “This acquisition is fully aligned with our strategic intent to strengthen our existing therapeutic areas, to bring relevant and differentiated medicines to patients and to secure attractive returns to our shareholders.”

The acquisition also includes a rare immunology disease medicine, Ayvakit, approved in the US and the European Union, and a promising advanced and early-stage immunology pipeline. Ayvakit is the only approved medicine for advanced and indolent systemic mastocytosis – a rare immunology disease characterised by the accumulation and activation of aberrant mast cells in bone marrow, skin, the gastrointestinal tract and other organs.

“Since our founding, Blueprint Medicines has worked at the intersection of scientific innovation and operational excellence,” said Kate Haviland, chief executive of Blueprint Medicines. “We have translated our unique scientific understanding of mast cell biology into a portfolio of important therapies including Ayvakit – the first and only medicine approved to treat the root cause of systemic mastocytosis.”

Blueprint’s established presence among allergists, dermatologists and immunologists is expected to enhance Sanofi’s growing immunology pipeline.

The transaction is expected to be completed in the third quarter of 2025.

“We are excited to welcome Blueprint’s talented people and we look forward to chasing the miracles of science together,” concluded Mt Hudson. “This acquisition makes sense for science, for both companies, for healthcare professionals and – most of all – for patients.”

News: Sanofi to buy US biopharma group Blueprint for up to $9.5 billion

EOG Resources to acquire Encino for $5.6bn

BY Richard Summerfield

Shale producer EOG Resources has agreed to acquire Encino Acquisition Partners (EAP) from the Canada Pension Plan Investment Board (CPP) and Encino Energy in a deal worth $5.6bn, inclusive of EAP’s net debt.

The deal, which is expected to close in the second half of 2025, and which is subject to clearance under the Hart-Scott-Rodino Act and other customary closing conditions, will be funded through $3.5bn of debt and $2.1bn of cash on hand.

The deal will greatly expand EOG’s existing Utica Shale Basin footprint and add a sizeable wedge of oil, gas and liquids-rich production.

EAP was established in 2017 by Encino Energy and CPP to acquire high-quality oil & gas assets with an established base of production in mature basins across the lower 48 states in the US. Since 2017 CPP Investments has held a 98 percent ownership position in the company alongside Encino Energy. Encino Energy will also be exiting from EAP, representing a full sale to EOG Resources.

“This acquisition combines large, premier acreage positions in the Utica, creating a third foundational play for EOG alongside our Delaware Basin and Eagle Ford assets,” said Ezra Y. Yacob, chairman and chief executive of EOG. “Encino’s acreage improves the quality and depth of our Utica position, expanding EOG’s multi-basin portfolio to more than 12 billion barrels of oil equivalent net resource. We are excited to execute on this unique opportunity that is immediately accretive to our per share metrics and meets our strict criteria for acquisitions - high quality acreage with exploration upside, competitive with our current inventory, gained at an attractive price.

“Our ability to execute on the Encino acquisition without diluting our shareholders will be a textbook example of how EOG utilizes its industry leading balance sheet to take advantage of counter cyclical opportunities to enhance the returns of our business and create long-term value for our shareholders,” he added.

“When we established Encino Acquisition Partners with Encino Energy in 2017 we envisioned creating a company that would be a leader in acquiring U.S. oil and gas assets,” said Bill Rogers, head of sustainable energies at CPP Investments. “Since then, it has done just that, and we are pleased with EAP’s success and the strong returns this investment has delivered. The acquisition of Encino’s 675,000 net core acres increases EOG’s Utica position to a combined 1.1 million net acres, representing more than 2 billion barrels of oil equivalent of undeveloped net resources, with pro forma production totalling 275,000 barrels of oil equivalent per day (boepd).”

EOG said that the acquisition significantly expands its contiguous liquids-rich acreage, adds premium-priced gas exposure and increases working interest. The company averages 65 percent liquids production, with 235,000 net acres for a combined contiguous position of 485,000 net acres.

News: Shale producer EOG boosts Utica footprint with $5.6 billion Encino deal

Salesforce agrees $8bn Informatica deal

BY Richard Summerfield

In a deal designed to bolster its push into artificial intelligence (AI), Salesforce has agreed to acquire cloud data management company Informatica for $8bn.

Under the terms of the deal, which is expected to close early in Salesforce’s fiscal year 2027, subject to the receipt of required regulatory clearances and satisfaction of other customary closing conditions, holders of Informatica’s class A and class B-1 common stock will receive $25 in cash per share held.

Salesforce, which specialises in customer relationship management software, said it would look to combine Informatica’s data catalogue, integration, governance, privacy and data management services with its agentic AI solution, dubbed Agentforce. The deal will be funded through a combination of cash on Salesforce’s balance sheet and new debt, the company said.

“Together, Salesforce and Informatica will create the most complete, agent-ready data platform in the industry,” said Marc Benioff, chair and chief executive of Salesforce. “By uniting the power of Data Cloud, MuleSoft, and Tableau with Informatica’s industry-leading, advanced data management capabilities, we will enable autonomous agents to deliver smarter, safer, and more scalable outcomes for every company, and significantly strengthen our position in the $150 billion-plus enterprise data market.”

“Joining forces with Salesforce represents a significant leap forward in our journey to bring ​​data and AI to life by empowering businesses with the transformative power of their most critical asset – their data,” said Amit Walia, chief executive of Informatica. “We have a shared vision for how we can help organizations harness the full value of their data in the AI era.”

Upon close, Salesforce plans to rapidly integrate Informatica’s technology stack, including data integration, quality, governance and unified metadata for Agentforce, and a single data pipeline with MDM on Data Cloud, seamlessly embedding this “system of understanding” into the Salesforce ecosystem.

“Truly autonomous, trustworthy AI agents need the most comprehensive understanding of their data,” said Steve Fisher, president and chief technology officer of Salesforce. “The combination of Informatica’s advanced catalog and metadata capabilities with our Agentforce platform delivers exactly this. Imagine an AI agent that goes beyond simply seeing data points to understanding their full context – origin, transformation, quality, and governance. This clarity, from a unified Salesforce and Informatica solution, will allow all types of businesses to automate more complex processes and make more reliable AI-driven decisions.”

The deal for Informatica is the latest is a series of high-profile acquisitions made by Salesforce in recent years. The company has completed a number of deals aimed at expanding its product portfolio and gaining market share. It bought Slack in 2021 for $27.7bn, Tableau in 2019 for $15.7bn and MuleSoft in 2018 for $6.5bn.

News: Salesforce to buy Informatica for $8 billion to bolster AI data tools