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

Blackstone acquires TXNM Energy in $11.5bn deal

BY Fraser Tennant

In the latest in a series of power deals in the US, investment firm Blackstone Infrastructure is to acquire energy holding company TXNM Energy in a transaction valued at $11.5bn.

Under the terms of the agreement, Blackstone Infrastructure will acquire TXNM Energy for $61.25 per share in cash upon closing, including net debt and preferred stock, and will fund the purchase price entirely with equity.

Based in Albuquerque, New Mexico, TXNM Energy delivers energy to more than 800,000 homes and businesses across Texas and New Mexico through its regulated utilities, TNMP and PNM.

“Our successes at TXNM Energy have stemmed from a deliberate approach to investing in PNM and TNMP in a manner aligned with the priorities of our customers and communities,” said Pat Collawn, chair and chief executive of TXNM Energy. “We have integrated new resources to supply over two-thirds of PNM electricity needs with carbon-free energy and supported double-digit demand growth at TNMP.”

Blackstone Infrastructure is also investing $400m through the purchase of 8 million newly issued shares of TXNM Energy common stock at $50 per share, by way of a private placement agreement, to support TXNM Energy’s industry-leading growth plans. This issuance is expected to be completed in June 2025.

“We back industry-leading companies using our perpetual capital to support economic development,” said Sean Klimczak, global head of Blackstone Infrastructure. “We are focused on being great long-term partners to the communities in which we invest, and we look forward to having the opportunity to engage in meaningful dialogue about how we can create win-win, growth-oriented investments across Texas and New Mexico.”

The transaction has been unanimously approved by TXNM Energy’s board of directors and is estimated to close in the second half of 2026, subject to TXNM Energy shareholder approval, regulatory approvals and other customary closing conditions.

“We are excited to form this long-term partnership with Blackstone Infrastructure to build upon these successes,” concluded Ms Collawn. “We will continue to collaborate with customers, communities, legislators and regulators to achieve our shared goals for a reliable, resilient grid to support economic prosperity and clean energy.”

News: Blackstone bets on soaring power demand with $11.5 billion TXNM Energy deal

3G Capital takes Skechers private in $9bn deal

BY Fraser Tennant

In the footwear industry’s biggest buyout to date, shoe brand company Skechers is to be acquired by global investment firm 3G Capital in a transaction valued at $9.42bn.

Under the terms of the definitive merger agreement, 3G Capital has agreed to pay $63 per share in cash for all outstanding shares of Skechers. The transaction will be financed through a combination of cash provided by 3G Capital as well as debt financing.

Upon completion of the transaction, Skechers’ common stock will no longer be listed on the New York Stock Exchange, and Skechers will become a private company.

“Over the last three decades, Skechers has experienced tremendous growth,” said Robert Greenberg, chairman and chief executive of Skechers. “Our success has been due to our commitment to excellence and innovation across the entire Skechers organisation, in-demand comfort-focused product offering and loyal partners.”

One of the largest founder-led consumer product companies in the world with $9bn in annual sales, Skechers’ significant growth over the past 30 years has been driven by a relentless focus on delivering style, comfort, quality and innovation at an affordable price.

“With a proven track-record, Skechers is entering its next chapter in partnership with the global investment firm 3G Capital,” continued Mr Greenberg. “Given their remarkable history of facilitating the success of some of the most iconic global consumer businesses, we believe this partnership will meet the needs of our consumers and customers while enabling the company’s long-term growth.”

The deal represents a transformational long-term partnership opportunity for Skechers to further evolve as a global leader in both lifestyle and performance footwear. The company’s senior management team will lead that transition alongside 3G Capital, one of the foremost growth-focused investors in the world.

“We are thrilled to be partnering with Skechers and look forward to working with an entrepreneur of Robert’s calibre and the talented Skechers team,” said Alex Behring, co-founder and co-managing partner, and Daniel Schwartz, co-managing partner, of 3G Capital. “Skechers is an iconic, founder-led brand with a track record of creativity and innovation.”

Following the completion of the transaction – which has been unanimously approved by the Skechers board of directors – Skechers will continue to execute its ongoing strategic initiatives including designing award-winning and innovative product, international development, direct-to-consumer expansion, domestic wholesale growth, and strategic investments in global distribution, infrastructure and technology.

Mr Behring and Mr Schwartz concluded: “We have immense admiration for the business that the Skecher’s team has built, and look forward to supporting the company’s next chapter.”

News: Skechers to go private for $9.42 billion in biggest sneaker industry deal

Bain Capital acquires Namirial in $1.2bn deal

BY Fraser Tennant

In a deal aimed at consolidating its leadership in the digital transaction management software sector, global private investment firm Bain Capital is to acquire Italian software developer Namirial from European asset manager Ambienta for $1.2bn.

The financial terms of the transaction have not been disclosed.

Founded in 2000 in Italy, Namirial is operating today in over 85 countries, employing approximately 1000 people. Together with its international network of over 1000 strategic partners, Namirial serves thousands of customers worldwide, processing several million transactions every day.

The company has successfully expanded its product offerings and market presence through both organic growth and strategic acquisitions, with a strong core market presence in Italy and growing international reach across Europe.

“Ambienta has been an invaluable partner in driving our growth and innovation,” said Max Pellegrini, chief executive of Namirial. “Now we are thrilled to welcome Bain Capital as a strategic partner as we embark on the next phase of our journey.

Founded in 1984, Bain Capital is one of the world’s leading private investment firms. Its global platform invests across five focus areas: private equity, growth & venture, capital solutions, credit & capital markets, and real assets.

“With Bain Capital's support and expertise, we are poised to elevate our business to new and exciting heights, driving innovation, and setting industry standards,” continued Mr Pellegrini. “Together, we are well-equipped to unlock our full business potential and shape the future of our industry.”

The partnership between Namirial and Bain Capital aims to capitalise on regulatory tailwinds and growing demand for secure and compliant digital transactions in an increasingly digital world.

“This investment further builds on our successful technology and Italian franchises,” said Giovanni Camera, a partner at Bain Capital. “Namirial stands out with its impressive track record of sustained growth and relentless innovation in the digital transaction management space.”

The transaction is expected to close in the second quarter of 2025, subject to customary closing conditions and regulatory approvals.

Enrico Giacomelli, founder of Namirial, concluded: “We are very excited about what the future holds for us and believe that Bain Capital is the ideal partner to support us in our next stage of growth and to create the global industry champion.”

News: Bain Capital to acquire Namirial