Databricks to acquire Neon for $1bn

BY Richard Summerfield

Data analytics startup Databricks has agreed to acquire Neon, a cloud-based database software vendor, for around $1bn.

The deal, which is expected to close later this year, is subject to customary closing conditions, including required regulatory clearances. It will see Databricks significantly strengthen its analytics platform with technology that can help businesses develop and use artificial intelligence (AI) agents more easily.

Neon was founded in 2021 and currently has over 130 employees. The company offers a managed cloud-based database platform (with free and usage-based paid plans) that lets developers clone databases and preview changes before they go to production. Neon has so far raised $129.6m in funding, according to Crunchbase, and its investors include Microsoft’s venture arm M12, General Catalyst, Menlo Ventures and Notable Capital. Neon has over 18,000 customers. Clients include OpenAI, Adobe, Boston Consulting Group, Replit and Vercel, according to Neon’s website.

Databricks has so far accumulated more than $19bn in financing, and in January closed a $15.3bn financing at a $62bn valuation.

“The era of AI-native, agent-driven applications is reshaping what a database must do,” said Ali Ghodsi, co-founder and chief executive at Databricks. “Neon proves it: four out of every five databases on their platform are spun up by code, not humans. By bringing Neon into Databricks, we’re giving developers a serverless Postgres that can keep up with agentic speed, pay-as-you-go economics and the openness of the Postgres community.”

“Four years ago, we set out to build the best Postgres for the cloud that was serverless, highly scalable, and open to everyone,” said Nikita Shamgunov, chief executive of Neon. “With this acquisition, we plan to accelerate that mission with the support and resources of an AI giant. Databricks was founded by open source pioneers committed to making it easier for developers to work with data and AI at any scale. Together, we are starting a new chapter on an even more ambitious journey.”

According to Mr Shamgunov, the ultimate goal of merging with Databricks is to “build the best Postgres experience in the world” and one of the most important pieces of the modern AI-native app stack.

Databricks, which was founded in 2013, has completed a number of notable acquisitions in recent years. In June 2024 it acquired data management company Tabular for nearly $2bn, and in 2023 it bought MosaicML, an open-source platform for training large language models and deploying AI tools, for $1.3bn.

News: Databricks to buy Neon for $1 billion to boost AI-agent development

UK healthcare M&A robust in Q1 2025, reveals new report

BY Fraser Tennant

Despite global economic uncertainty, M&A activity in the UK healthcare sector remained robust throughout Q1 2025 with deals continuing to flow, according to a new report by Heligan Group.

In its ‘UK Healthcare M&A Update: A Look Back at March 2025’, Heligan reveals that transaction activity across the sector remained on par with 2024 deal levels, with 59 deals completed in Q1 of 2025 – 17 in January, 17 in February and 25 in March.

Drilling down, health and social care remained the most active sector in Q1, accounting for 48 percent of total deal volume in March, driven by several lower-value transactions in the care home space.

Activity in pharma and life sciences also increased in March, representing 28 percent of deal volume, from two deals in February to seven, with oncology deals being a significant proportion of this subsector.

“Healthcare providers are increasingly adopting technologies such as remote monitoring, virtual consultations and artificial intelligence (AI)-driven triage systems to address growing patient demand and workforce challenges,” said Ramesh Jassal, a partner at Heligan Group. “These innovations are particularly focused on mental health, chronic condition management, and resource-efficient staffing, reflecting the evolving needs of modern healthcare systems.”

Key health and social care deals highlighted in the report include Eden Futures’ acquisition of Care Wish, BGF’s investment in OCL Vision, M&D Green Pharmacy Group’s acquisition of Nine Gordons Chemists stores and UK-based Pebbles Care acquiring Nurture Childcare Services.

In terms of pharmaceutical and life science deals, the majority of these were strategic acquisitions, including Swedencare’s acquisition of Summit Veterinary Pharmaceuticals and Surface Technologies’ acquisition of Accentus Medical.

However, a potential obstacle to a sustained international interest in UK healthcare assets are recent US tariffs, which are likely to introduce uncertainties that could influence future M&A activity, warranting close observation in the coming months.

“As we navigate 2025, weaker UK currency and recent US tariffs may enhance the appeal of UK healthcare assets to foreign buyers, potentially positioning the UK as a strategic gateway to the US market,” noted Mr Jassal. “However, the effectiveness of this opportunity depends on the evolving nature of US trade policies and their impact on global supply chains.”

 Report: UK Healthcare M&A Update: A Look Back at March 2025

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

Ascend files for Chapter 11 to deliver “stronger” future

BY Fraser Tennant

In a move designed to strengthen its balance sheet and improve its financial foundation, chemical manufacturing company Ascend Performance Materials, along with 10 of its affiliates, has filed for Chapter 11 bankruptcy protection.

With the support of its lenders, Ascend will use the process to pursue a value-maximising restructuring transaction that will enable the company to emerge from Chapter 11 as a healthy, well-capitalised business.

To help achieve that end, the bankruptcy process will enable Ascend to deleverage its balance sheet and continue providing best-in-class materials. Ascend’s subsidiaries that are located outside of the US are not included in the Chapter 11 filings.

Ascend has also received a commitment for $250m in debtor-in-possession financing from its lenders, which is expected to provide the company with sufficient liquidity to support it throughout the Chapter 11 process, which Ascend aims to complete in approximately six months.

“Ascend has made significant strides in transforming our business, with a focus on efficiency and driving cost reductions while ensuring that we are able to operate safer than we ever have before,” said Phil McDivitt, president and chief executive of Ascend Performance Materials. “Over the last several months, we have been working with our lenders to define the best path forward for Ascend.

“We expect that the restructuring will substantially reduce Ascend’s funded debt obligations and ensure that we are well-positioned to continue executing on our long-term strategy,” he continued. “We are confident that the Chapter 11 process will put us on a path to becoming an even stronger company with a healthier financial structure and better positioned to continue delivering high-performance materials that improve the lives of our customers.”

Founded in 2009 and headquartered in Houston, Texas, Ascend has nine global locations, including five fully integrated manufacturing facilities in the southeastern US and an engineering plastics compounding facility in Europe. The company has nearly 1650 customers globally.

The company intends to operate as usual throughout the Chapter 11 process and will continue to manufacture and produce high-performance materials.

“Our lenders, who believe in the underlying value and potential of our business, have provided us with funding to support our business throughout the process,” concluded Mr McDivitt. “We are also grateful to our customers and partners for their ongoing support and to our employees for their hard work and commitment to working safely and supporting Ascend’s other values.”

News: Ascend Files For Chapter 11 Bankruptcy; Local Site To Continue Normal Operations

Nomura acquires Macquarie’s US, European asset management units in $1.8bn deal

BY Richard Summerfield

Nomura has agreed to acquire Macquarie’s US and European asset management business for $1.8bn as part of the Japanese firm’s mission to expand globally.

In 2024, Nomura announced plans to have 20 percent of its revenues from global markets within the next few years, a move this deal will help achieve. According to a statement announcing the deal, the $180bn in assets that Nomura is set to take over from Macquarie will boost its holdings by 30.5 percent to $770bn. Upon completion, over 35 percent of Nomura’s assets will be managed on behalf of overseas investors.

The transaction is targeted to close by the end of the calendar year, subject to customary closing conditions and regulatory approvals.

“This acquisition will align with our 2030 global growth and diversification ambitions to invest in stable, high margin businesses,” said Kentaro Okuda, president of Nomura and group chief executive. “It will be transformational for our Investment Management Division’s presence outside of Japan, adding significant scale in the U.S., strengthening our platform, and providing opportunities to build our public and private capabilities. We are delighted with the prospect of welcoming all 700-plus employees that will be joining the Nomura Group.”

“This transaction will accelerate the expansion of our global Investment Management business and will be a significant step in building a truly global franchise with a comprehensive set of solutions to serve investors worldwide,” said Chris Willcox, chairman of the investment management division at Nomura.

“We are proud of the public investments business we have built and grown over many decades,” said Ben Way, head of Macquarie Asset Management (MAM). “We are pleased that Nomura will carry it forward into a new phase of growth in North America and Europe. We are also excited to further strengthen our collaboration with Nomura, creating benefits for our respective clients. This transaction will allow MAM to build on our leading global position in private markets, and our leading position in Australian public markets, as we focus on providing solutions for our Institutional, Insurance and Wealth clients.”

As part of the transaction, Nomura and Macquarie have agreed to collaborate on product and distribution opportunities, including Nomura being a US wealth distribution partner for MAM and providing continued access for US wealth clients to MAM’s alternative investment capabilities. Additionally, Nomura has committed to providing seed capital for a range of MAM’s alternative funds tailored for US wealth clients.

Furthermore, MAM will retain its public investments business in Macquarie’s home market of Australia, where it will continue to operate a leading, integrated, full-service asset management business across public and private markets, servicing institutions, governments and individual investors.

News: Nomura to buy Macquarie's US, European asset management units for $1.8 billion