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- Climb's M&A Weekly: Netflix, Silver Lake, and Ares all feature
Climb's M&A Weekly: Netflix, Silver Lake, and Ares all feature
Netflix makes massive acquisition and Silver Lake backs a merger
Climb Advisors Weekly
December 07, 2025
Welcome back to the Climb Advisors weekly newsletter with five deals from across the B2B tech landscape.
Climb Advisors focuses on sell-side advisory for B2B Software and services companies generating $5m-$15m in revenue. We also advise on credit solutions for companies of the same profile & in select cases engage in retained buy-side processes for quality buyers. We love to talk markets and make introductions - please don’t hesitate to reach out if you’re a founder or investor looking to transact.
Netflix acquires Warner Bros
Overview: Netflix will acquire parts of Warner Bros. Discovery's media portfolio, including its film and TV studio, HBO, and HBO Max, for nearly $83 billion in a cash and stock deal. The deal does not include WBD's cable networks like CNN. WBD's shareholders will receive $27.75 per share, with $23.25 in cash and $4.50 in Netflix stock. The transaction follows a bidding war with Comcast and Paramount Skydance. Read more here.
Climb Comment: A massive acquisition from Netflix that is already attracting regulatory scrutiny. It is a rare "buyer" move for Netflix, which has historically focused on building organically. By incorporating WBD's assets, including major franchises like Harry Potter, Game of Thrones, and the DC Universe, Netflix significantly expands its content and production capacity, while also committing to maintaining theatrical releases for Warner's films. However, the prospect of this concentration in the streaming market has already raised anti-monopoly concerns from some political leaders and industry groups.
Cegid, backed by Silver Lake, acquires a majority stake in Shine
Overview: Silver Lake-backed Cegid, a global cloud software provider, enters into an agreement to acquire a majority stake in Shine, a European fintech unicorn. The deal brings together Cegid's expertise in finance, accounting, and HR solutions with Shine's digital business accounts, payments, and card capabilities. Shine, a platform for small and medium-sized businesses (SMBs) and accountants, will operate within Cegid’s Small Business division. Read more here.
Climb Comment: This combination will create Europe's first fully integrated, cloud-native financial hub serving over one million SMBs and 15,000 accountants. The transaction is a significant consolidation in the European financial management solutions sector, reinforcing Cegid's market leadership. The combined platform will strengthen the relationship between accountants and entrepreneurs, providing a shared digital environment with real-time data access. The deal also provides a successful exit for Investcorp, which first invested in Shine in 2017.
PayRange acquires Kiosoft technologies
Overview: PayRange, a commerce platform for unattended retail, acquires KioSoft Technologies, a global provider of cashless payment and IoT solutions. The acquisition brings together PayRange's mobile-first payment platform with KioSoft's operator network and card-present and connectivity solutions. KioSoft provides solutions for a variety of industries, including laundry, car wash, parking, and vending. Read more here.
Climb Comment: This deal is a strategic step to accelerate the digital transformation of the unattended retail industry, which PayRange’s CEO calls "one of the last frontiers". By bringing their skills together, the combined entity will offer a more powerful, end-to-end solution for machine operators to increase revenue and improve customer engagement, while providing consumers with a modernized and convenient payment experience.
Bluejay Capital Partners recapitalized Quality Life Science Logistics & Transportation
Overview: Bluejay Capital Partners recapitalizes Quality Life Science Logistics & Transportation (QLS), a provider of specialized cold chain logistics. QLS specializes in transporting high-value, life-saving cargo for the pharmaceutical and life sciences industries using advanced dual-temperature trailers. The company is the only U.S. pharmaceutical carrier to hold the TAPA Level 1 Certification, which underscores its commitment to security. Read more here.
Climb Comment: This partnership is designed to mark the next chapter of growth for QLS, allowing it to advance its position and expand its market reach. Bluejay Capital brings extensive operating and investing experience in the transportation and logistics sectors to help enhance QLS's operational and financial performance. The demand for specialized, secure cold chain services is mission-critical in the pharmaceutical space, and the alliance is positioned to capitalize on the increasing need for reliable transportation of sensitive cargo.
Ares recapitalized MGT, a technology and advisory solutions company
Overview: Ares Management Corporation makes a $350 million investment in MGT, a national technology and advisory solutions leader serving state, local, and education (SLED) and government clients. The investment values MGT at $1.25 billion. Ares joins existing backers The Vistria Group, J.P. Morgan, and WhiteHorse Capital. MGT's portfolio includes solutions for technology modernization, AI, cybersecurity, and K-12 school improvement. Read more here.
Climb Comment: The capital injection from Ares is a significant growth investment that increases MGT's capacity to pursue larger acquisitions on its four-year value-creation plan. Since The Vistria Group's majority investment in April 2023, MGT has tripled its EV, completed 13 acquisitions, and grown its revenue to $600 million.
Article of the week
Article this week is the always amazing Goehring & Rozencwajg quarterly commentary.
Thanks for following along & hope you found something useful or interesting. Please don’t hesitate to reach out if you’re considering a sale this year - we’re always glad to chat & share perspective.
All the best,
Nick