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AMERICAS
Great Hill Partners, a private equity firm, completed the acquisition of a majority stake in Vision Government Solutions, a provider of appraisal, CAMA, and property tax software and services, according to press releases. Financial terms were not disclosed.
Vision was advised by Shea & Co, Cooley and FGS Global. Great Hill was advised by Robert W Baird, Kirkland & Ellis (led by Nils Remole and Christian A. Atwood) and FGS Global. Rubicon Technology Partners was advised by Shea & Co, according to press releases and MergerLinks data.
Corpay, a corporate payments company, and TPG, a private equity company, agreed to acquire a 33% stake in AvidXchange, a provider of accounts payable automation solutions to lower middle market companies, for $500m, according to press releases.
AvidXchange is advised by Barclays and Financial Technology Partners. Financial Technology Partners is advised by Sullivan & Cromwell (led by Stephen M. Kotran). Corpay is advised by Goldman Sachs and Eversheds Sutherland. TPG is advised by RBC Capital Markets, according to press releases and MergerLinks data.
bluebird bio, Carlyle, SK Capital Partners, and Beacon Parent Holdings, announced on May 5 that all required regulatory approvals to complete the previously announced acquisition of the Company by Carlyle and SK Capital have been received.
General Atlantic, a global investor, agreed to acquire a minority stake in Liftoff, a global leader in performance marketing and monetization solutions for the app economy, from Blackstone, a private equity firm, at a $4.3bn valuation, according to press releases.
Liftoff is advised by Goldman Sachs, Jefferies & Company and Simpson Thacher & Bartlett (led by Anthony Vernace). General Atlantic is advised by Morgan Stanley and Paul Weiss Rifkind Wharton & Garrison, according to press releases.
Dunes Point Capital, a private equity firm, completed the acquisition of Greenwood Industries, a company focused on aftermarket commercial roofing and building envelope services, according to press releases. Financial terms were not disclosed.
Dunes Point Capital was advised by Alvarez & Marsal and Kirkland & Ellis. Debt financing was provided by Adams Street Partners and Stepstone. Greenwood Industries was advised by Deloitte, according to press releases.
Madison Dearborn Partners, a private equity investment firm, agreed to acquire a stake in NextGen Healthcare, a provider of innovative healthcare technology and data solutions, from Thoma Bravo, a software investment firm, according to press releases. Financial terms were not disclosed.
NextGen Healthcare is advised by Goodwin Procter. Madison Dearborn is advised by Kirkland & Ellis and ICR (led by Chuck Dohrenwend). Thoma Bravo is advised by FGS Global (led by Liz Micci), according to press releases.
I Squared, an infrastructure investment firm, MPLX, a midstream company, and Enbridge, a pipeline operator, agreed to acquire a majority stake in Matterhorn Express Pipeline, a gas pipeline, according to press releases. Financial terms were not disclosed.
I Squared is advised by Kirkland & Ellis (led by Kyle M. Watson). WhiteWater is advised by Simpson Thacher & Bartlett (led by Shamus Crosby), according to press releases and MergerLinks data.
NEA and Accel, two venture capital firms, led a $275m Series C round in CHAOS Industries, a technology company focused on creating next-generation solutions for defense and critical industries, with participation from StepStone Group, Overmatch Ventures, Tru Arrow Partners, and Valor Equity Partners, according to press releases.
CHAOS Industries was advised by Rubenstein Associates, according to press releases.
Strategic Value Partners, completed the acquisition of Birdsboro Power, a natural gas-fired combined-cycle generation facility, according to press releases. Financial terms were not disclosed.
Strategic Value Partners was advised by Kekst CNC (led by Todd Fogarty), according to press releases and MergerLinks data.
Veolia, an environmental management services provider, agreed to acquire the remaining 30% stake in Veolia Water Technologies & Solutions from CDPQ, an institutional investor, for $1.75bn, according to press releases.
A group of investors, including ARCH Venture Partners, Deerfield Management, Bezos Expeditions, Tao Capital Partners, Rsquared VC, Earth Foundry and In-Q-Tel, led a $155m seed funding round in Atlas Data Storage, a technology company building end-to-end DNA data storage, according to press releases.
ICONIQ, an investment management firm, led a $100m Series C round in Statsig, a platform for data-driven product development, with participation from Sequoia and Madrona, according to press releases.
HGGC, a middle-market private equity firm, and Snapdragon Capital, a private equity firm investing in consumer, e-learning, and education sectors, completed the investment in Fullscript, a healthcare platform, according to press releases. Financial terms were not disclosed.
Accenture, a company specializing in technology and professional services, completed the acquisition of Ascendient Learning, a provider of digital and instructor-led IT training, from Alpine Investors, a private equity firm, according to press releases. Financial terms were not disclosed.
Oxford Properties to buy CPPIB stake in $1.1bn of offices. ( Bloomberg)
Oxford Properties has agreed to acquire Canada Pension Plan Investment Board’s stake in a portfolio of seven office buildings, valuing the assets at CAD1.5bn ($1.1bn).
The deal will give Oxford, the real estate arm of the Ontario Municipal Employees Retirement System, full ownership of the portfolio by purchasing the remaining 50% it does not already hold.
Gene-editor Synthego files bankruptcy with plans to sell itself to lenders. ( Bloomberg)
Synthego, a provider of gene-editing tools for drug developers and researchers, has filed for bankruptcy with plans to sell the company to its primary lender, an affiliate of private equity firm Perceptive Advisors.
The proposed deal would see Perceptive Credit Holdings III exchange up to $85m in debt for ownership of Synthego, unless a superior bid is submitted. The proposal was filed on May 5 in federal court in Wilmington, Delaware. Perceptive manages approximately $8bn, with a focus on health-care technology.
EQT explores tie-up with US-based sports investor Arctos. (Bloomberg)
EQT is in early discussions to merge with Arctos Partners, a US investment firm specializing in minority stakes across major sports leagues. The potential tie-up would expand EQT’s footprint in the fast-growing sports investment market.
Arctos holds interests in teams across the NBA, MLB, NHL, and MLS, and a deal could create one of the largest global platforms for institutional capital in professional sports assets. No final agreement has been reached, and talks are ongoing.
Li-Cycle seeks new buyers after Glencore sale talks stall. (Bloomberg)
Li-Cycle is exploring alternative buyers after its potential sale to Glencore fell through. The Canada-based lithium-ion battery recycler had been in discussions with the commodities giant, but the deal did not advance to completion.
The company is now working with advisers to evaluate strategic options, including a full sale or capital injection. Li-Cycle has faced mounting financial pressure and is seeking partners to support the scale-up of its commercial operations.
KKR-backed Crescent Energy weighs asset sales to focus on Eagle Ford and Uinta basins. ( Bloomberg)
Crescent Energy, a US oil and gas producer backed by KKR, is looking to streamline its drilling portfolio to concentrate on core assets in the Eagle Ford and Uinta basins.
The Houston-based company is working with financial advisers to explore the sale of holdings in regions such as the Denver-Julesburg basin in Colorado. Deliberations are ongoing and no final decisions have been made.
Apollo's Aspen Insurance raises $397.5m in US IPO. ( Reuters)
Aspen Insurance raised $397.5m in its New York initial public offering on May 7, pricing shares within its marketed range.
The Bermuda-based specialty insurer, owned by Apollo Global Management, sold 13.25m shares at $30 each, within the targeted range of $29 to $31.
Rotunda Capital Partners closes oversubscribed Fund IV at $735m. ( Release Press)
Rotunda Capital Partners has announced the successful closing of Rotunda Capital Partners Fund IV, L.P., with total capital commitments of $735m.
The private equity firm, which focuses on industrial businesses and takes an operationally driven approach, said the fund will support its continued strategy of investing in lower middle-market companies across North America.
Performance Equity Management holds final close of fifth direct co-investment fund. ( Press Release)
Performance Equity Management, a Sagard partner, has announced the final close of its fifth co-investment fund, Performance Direct Investments V, raising $383m—surpassing its $300m target.
The fund attracted a diverse group of investors, including public and corporate pension plans, university endowments, private foundations, insurance companies, family offices, and ultra-high-net-worth individuals.
Diamond’s Atlas raises ~$150m to invest in US regional banks. (Bloomberg)
Atlas Merchant Capital, co-founded by former Barclays CEO Bob Diamond, has raised approximately $150m for a new investment vehicle focused on US regional banks. The firm aims to capitalize on valuation dislocations and consolidation trends within the sector.
The fund will target minority stakes in small- to mid-sized banks, positioning itself to benefit from potential M&A activity and restructuring in a volatile interest rate environment. Atlas is also exploring opportunities in financial services platforms adjacent to banking.
Warren Buffett to stay on as Berkshire Hathaway chairman after stepping down as CEO. ( Press Release)
Warren Buffett will remain chairman of Berkshire Hathaway even after stepping down as chief executive at the end of the year. The announcement follows Buffett’s statement at the firm’s annual meeting that Greg Abel will take over as CEO, a succession plan that had been signalled years earlier.
The move marks a historic leadership shift at the conglomerate, long guided by Buffett’s investment philosophy. While ceding day-to-day operations, Buffett’s continued role as chairman ensures his influence on major strategic decisions remains intact.
Blackstone, Vanguard, Wellington to launch private markets fund. ( Bloomberg)
Blackstone, Vanguard Group and Wellington Management are launching a new fund that will invest across public equities, bonds, and private markets, aiming to broaden access to private-market strategies for retail investors.
The firms plan to structure the product as an interval fund, allowing investors to make quarterly withdrawals limited to between 5% and 25% of the fund’s net asset value.
EMEA
Apollo, an asset management company, agreed to acquire Hav Energy, an energy infrastructure company that aims to become the preferred partner for European energy and utility companies, from HitecVision, an investor in the European energy industry, according to press releases. Financial terms were not disclosed.
Apollo is advised by Stephenson Harwood, Thommessen and Vinson & Elkins (led by Francisco Morales Barrón). HitecVision is advised by DNB Bank and BAHR, according to press releases and MergerLinks data.
TA Associates, a private equity company, offered to acquire FD Technologies, provider of products and consulting services to some of the world's largest finance, technology and energy institutions, for $722m, according to press releases.
Tristan Capital Partners, a private equity firm, agreed to acquire easyHotel, a budget hotel chain focused on affordable accommodations, from Citrus, a holding company, for €242m ($274m), according to press releases.
CVC Capital Partners, a global private equity firm, agreed to acquire a minority stake in Dream Games, a mobile game developer known for titles like Royal Match and Royal Kingdom, from private equity firms Balderton Capital, Makers Fund, Index Ventures, and IVP, according to press releases. Financial terms were not disclosed.
Dream Games is advised by Goldman Sachs and White & Case. CVC is advised by PJT Partners and Latham & Watkins, according to press releases and MergerLinks data.
Private equity firms GRO and Kirk Kapital, agreed to acquire a majority stake in Omada, a company specializing in identity governance and administration software, from CVC, a private equity firm, according to press releases. Financial terms were not disclosed.
Omada is advised by Evercore and Bruun & Hjejle, according to press releases and MergerLinks data.
Macquarie, a financial services group, agreed to acquire the remaining 50% stake in Island Green Power, a UK-based renewable energy developer specializing in utility-scale solar and battery energy storage projects, for £400m ($530m), according to press releases.
Macquarie is advised by Jones Day (led by Vica Irani and Ben Larkin). Island Green Power is advised by Gowling WLG, according to press releases and MergerLinks data.
Insight Partners, a private equity company, completed the acquisition of a majority stake in OptoScale, a measuring instruments supplier, according to press releases. Financial terms were not disclosed.
OptoScale was advised by ABG Sundal Collier (led by Anders Aune Berntsen). Insight Partners was advised by Willkie Farr & Gallagher (led by Morgan Elwyn), according to press releases.
GTT, a technology and engineering group, agreed to acquire Danelec, a provider of advanced digital solutions for maritime data collection and analysis, from Verdane, an investment fund, for €194m ($220m), according to press releases.
GTT is advised by Rothschild & Co, according to MergerLinks data.
Durable Capital Partners, Altimeter Capital, and General Catalyst led a $120m Series C round in Parloa, an agentic AI company, with participation from EQT Ventures, RPT Capital, Senovo, and Mosaic Ventures, according to press releases.
Parloa was advised by Chameleon Collective (led by Michelle Barry), according to press releases.
Riverwood Capital, an investment firm, completed the acquisition of Quicklizard, an ML & AI-powered dynamic pricing platform, for $52m, according to press releases.
Apax emerges as frontrunner to acquire Finastra unit in ~$2bn deal. ( Reuters)
Buyout firm Apax Partners has emerged as the leading bidder to acquire Finastra’s banking unit for approximately $2bn. The deal would mark a significant divestment for Finastra, which is backed by Vista Equity Partners and has been restructuring its portfolio.
The unit up for sale provides software solutions for community and regional banks, and has attracted strong interest from private equity firms due to its recurring revenue model and client base across North America and Europe.
AB Foods in talks with Hovis owner over Allied Bakeries deal. ( Reuters)
Associated British Foods is in discussions with private equity firm Endless about a potential deal involving its Allied Bakeries division, which could unite two major UK bread brands, Kingsmill and Hovis.
AB Foods, the owner of Primark, has been reviewing strategic options for the loss-making Allied Bakeries business following the loss of a key contract with supermarket giant Tesco.
Alpha Group rejects all-cash takeover proposal from US-based Corpay. ( Reuters)
Alpha Group International, a UK-based financial services provider, has rejected an all-cash takeover proposal from US business payments firm Corpay.
Corpay, which provides solutions for vendor payments, had approached Alpha Group last week with interest in a potential acquisition.
Tank maker KNDS hits snag in buying Triton's Renk stake. ( Bloomberg)
A plan by Franco-German defense firm KNDS to become the largest shareholder in tank parts supplier Renk Group has encountered a setback due to disagreements over regulatory approvals.
On February 11, KNDS announced it had exercised an option to increase its stake in Renk from 6.7% to 25% through a share purchase from Triton Partners. The deal is contingent on merger control and other regulatory clearances, which remain unresolved.
Saudi Arabia's Flynas considers seeking about $1bn in IPO. ( Bloomberg)
Saudi Arabia’s Flynas, backed by billionaire Prince Alwaleed bin Talal, is considering raising around $1bn through its initial public offering.
The low-cost carrier recently announced plans to sell 51.26m shares—equivalent to 30% of its share capital—in an IPO on the Riyadh exchange. The offering will include a mix of newly issued shares and existing stock held by Kingdom Holding and National Flight Services.
Lone Star-backed Novo Banco targets possible IPO in June 2025. ( Bloomberg)
Novo Banco, the Portuguese lender backed by Lone Star, is progressing with preparations for a potential initial public offering, aiming for a listing as early as June 2025.
Bourke stated that June remains the target, but if market conditions are unfavourable, the IPO could be postponed to September.
Corsair closes $600m continuation and secondary fund to back European fintech portfolio.
Corsair Capital has completed a $600m continuation vehicle and secondary fund, representing its first multi-asset transaction of this nature.
The new fund will consolidate high-performing European financial services assets from several Corsair-managed funds, including ZEDRA, Redpin, and IDnow.
APAC
TPG, a private equity firm, agreed to acquire 35% stake in SCHOTT Poonawalla, a provider of packaging solutions for the pharmaceutical and biotech industries, from Serum Institute of India, an Indian multinational biotechnology and biopharmaceuticals company, according to press releases. Financial terms were not disclosed.
TPG Capital is advised by Jefferies & Company, AZB & Partners and Edelman. Serum Institute of India is advised by J. Sagar Associates, according to press releases.
Greater Sum Ventures, a private equity firm, completed the majority investment in MyVenue, an event venue point-of-sale technology, according to press releases. Financial terms were not disclosed.
MyVenue was advised by TI Partners, according to press releases.
British International Investment, the UK’s development finance institution and impact investor, completed the $100m investment in ReNew Energy, a decarbonisation solutions company, according to press releases.
Japan’s SMBC nears deal to acquire 51% stake in India’s Yes Bank. ( Reuters)
Sumitomo Mitsui Banking is nearing an agreement to acquire a 51% stake in Indian lender Yes Bank.
If completed, the transaction could become one of the largest deals in India’s banking sector, where foreign acquisitions remain uncommon.
Bain Capital aims to position Japanese aviation firm Jamco for more M&A. ( WSJ)
Bain Capital is positioning Japanese aircraft parts maker Jamco to shift from being a takeover target to a consolidator in the industry, equipping it with the financial backing to pursue acquisitions of its own.
Masashi Suekane, a Tokyo-based partner at Bain Capital, stated that the firm sees Jamco as a potential leader in industry consolidation, with the ability to drive mergers from Japan rather than be absorbed by competitors.
CATL's Hong Kong listing draws interest from Qatar Sovereign Fund, KIA, Sinopec and Hillhouse. ( Bloomberg)
Qatar Investment Authority and Sinopec are considering investments in CATL's upcoming Hong Kong listing, which is expected to be one of the city’s largest share sales in recent years.
The two firms may each seek to purchase several hundred million dollars' worth of stock in the offering. Alternative asset manager Hillhouse Investment is also weighing participation in the deal. Deliberations are ongoing, and final commitments have not yet been made.
Former Temasek India executives launch $400m growth equity fund. ( Bloomberg)
Padmanabh Sinha and Vibhor Kumar Talreja, former Temasek executives, have launched LaunchBay Capital, a growth equity firm focused on India.
The firm is targeting a $400m fundraising from both international and domestic institutional investors, including $100m to $150m allocated for co-investment capital.
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