A consortium led by Allianz, BlackRock and T&D Holdings completed the acquisition of Viridium from Cinven in a €3.5bn deal.

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AMERICAS

Brookfield Infrastructure completes the acquisition of Colonial Enterprises for $9bn.

Brookfield Infrastructure, one of the largest owners and operators of critical global infrastructure networks, completed the acquisition of Colonial Enterprises, a world-class midstream asset portfolio, for $9bn.

Brookfield was advised by Greenhill & Co, Jefferies & Company, Morgan Stanley and Kirkland & Ellis (led by Kim Hicks and Brittany A. Sakowitz). Debt financing is provided by Mizuho Securities and Morgan Stanley. Debt providers are advised by Milbank (led by Marcus Dougherty). KKR was advised by Barclays (led by Nelson Mabry), Evercore (led by Robert Pacha), Milbank (led by Aaron Stine and John Franchini) and Simpson Thacher & Bartlett (led by Shamus Crosby and Ana Sanchez), according to press releases and MergerLinks data.

Cortland Partners to acquire a 19-asset portfolio from Elme for $1.6bn.

Cortland Partners, an investor, agreed to acquire a 19-asset portfolio from Elme, a value-oriented multifamily owner and operator, for $1.6bn, according to press releases.

Cortland Partners is advised by Citigroup, Evercore, Morgan Stanley and King & Spalding. Debt providers are advised by Evercore and Goldman Sachs. Elme is advised by Goldman Sachs, JLL Corporate Finance, Hogan Lovells and Joele Frank (led by Andrew B. Siegel), according to press releases.

FTAI Infrastructure to acquire Wheeling & Lake Erie Railway for $1bn.

FTAI Infrastructure, a company that invests in rail, ports, terminals, and power and gas assets, agreed to acquire Wheeling & Lake Erie Railway, a transportation company offering rail transportation services, for $1bn, according to press releases.

W&LE is advised by Calfee Halter & Griswold and Fletcher & Sippel. FTAI Infrastructure is advised by Barclays, Deutsche Bank, Sidley Austin (led by Terence Hynes) and Skadden Arps Slate Meagher & Flom (led Michael Schwartz). Debt financing is provided by Deutsche Bank and Barclays, according to press releases and MergerLinks data.

Machinify to acquire Performant Healthcare for $670m.

Machinify, a healthcare intelligence company, agreed to acquire Performant Healthcare, a provider of technology-enabled payment integrity, eligibility, and related analytics services, for $670m, according to press releases.

Performant Healthcare is advised by Truist Securities and Pillsbury Winthrop Shaw Pittman. Machinify is advised by JP Morgan, Ropes & Gray and 120/80 (led by Jen Long). New Mountain Capital is advised by H/Advisors Abernathy (led by Dana Gorman), according to press releases and MergerLinks data.

Vista Equity Partners completed the acquisition of Acumatica from EQT.

Vista Equity Partners, a company specializing in enterprise software investments, completed the acquisition of Acumatica, a company focused on cloud-native ERP solutions for small and mid-sized businesses, from EQT, a private equity firm, according to press releases. Financial terms were not disclosed.

Acumatica was advised by Jefferies & Company, Moelis & Co, Simpson Thacher & Bartlett and Communique PR. Vista Equity was advised by Barclays and Greenberg Traurig, according to press releases and MergerLinks data.

CCMP Growth Advisors completes the acquisition of Airo Mechanical from Thomas Investments and Stephens Capital Partners.

CCMP Growth Advisors, a private equity firm specializing in high-growth industrial and consumer companies, completed the acquisition of Airo Mechanical, a company focused on HVAC and plumbing installation services, from Thomas Investments and Stephens Capital Partners, two private equity firms, according to press releases. Financial terms were not disclosed.

Airo Mechanical was advised by Stephens and Holland & Knight. CCMP Growth Advisors was advised by Houlihan Lokey, Ropes & Gray and ICR (led by Chuck Dohrenwend). Debt financing was provided by Houlihan Lokey, according to press releases.

Blackstone to acquire Enverus from Hellman & Friedman and Genstar Capital.

Blackstone, an American multinational private equity, alternative asset management, and financial services firm, agreed to acquire Enverus, a data, software, and insights company focused on the energy industry, from Hellman & Friedman and Genstar Capital, a private equity firms, according to press releases. Financial terms were not disclosed.

Enverus and Hellman & Friedman are advised by Citigroup, Morgan Stanley and Kirkland & Ellis. Hellman & Friedman is advised by FGS Global (led by Dan Abernethy). Blackstone is advised by RBC Capital Markets and Simpson Thacher & Bartlett, according to press releases and MergerLinks data.

GHK Capital completes the acquisition of Rogers Building Solutions.

GHK Capital, a private equity firm, completed the acquisition of Rogers Building Solutions, a provider of specialty mechanical HVAC, according to press releases. Financial terms were not disclosed.

Rogers Building Solutions was advised by Fifth Third Securities and Neal Gerber & Eisenberg. GHK Capital was advised by Citizens Bank, William Blair & Co and Weil Gotshal and Manges, according to press releases.

Snowhawk and Nuveen completes an investment in Prime Data Centers.

Private equity investors Snowhawk and Nuveen completed an investment in Prime Data Centers, a data center developer and operator focused on hyperscale and wholesale facilities for cloud, AI/HPC, and enterprise customers, according to press releases. Financial terms were not disclosed.

Prime Data Centers was advised by Guggenheim Partners, Moelis & Co, Goodwin Procter and Simpson Thacher & Bartlett. Snowhawk was advised by Kirkland & Ellis, according to press releases and MergerLinks data.

Brightstar Capital Partners completes the acquisition of Analyte Health.

Brightstar Capital Partners, a private equity firm, completed the acquisition of Analyte Health, a technology-driven, direct-to-consumer digital health company, according to press releases. Financial terms were not disclosed.

Analyte Health was advised by Intrepid Investment Bankers and Kastner Gravelle. Brightstar Capital Partners was advised by JP Morgan, Kirkland & Ellis and Prosek Partners, according to press releases.

GreyLion Partners and Denali Growth Partners completes the investment in Slipstream.

GreyLion Partners and Denali Growth Partners, a private equity firms, completed the investment in Slipstream, a technology partner serving the pharmaceutical and biopharmaceutical industry, according to press releases. Financial terms were not disclosed.

Slipstream was advised by Guggenheim Partners, Fox Rothschild and Kirkland & Ellis (led by Daniel W. Vaczy and Christian A. Atwood). GreyLion Partners was advised by Latham & Watkins. Denali Growth Partners was advised by Choate Hall & Stewart, according to press releases.

Francisco Partners to acquire Elite from TPG and Thomson Reuters.

Francisco Partners, a private equity firm, agreed to acquire Elite, a provider of software and integrated payment solutions for the legal industry, from TPG, a private equity investment firm, and Thomson Reuters, a multinational media conglomerate, according to press releases. Financial terms were not disclosed.

Elite and TPG are advised by Evercore and Davis Polk & Wardwell (led by Oliver H. Smith and Darren M. Schweiger). Francisco Partners is advised by Centerview Partners, Kirkland & Ellis (led by Kyle P. Elder and Sean Kramer) and Prosek Partners, according to press releases and MergerLinks data.

Vista-backed Cloud Software Group to acquire Arctera from Carlyle.

Vista-backed Cloud Software Group, a software provider, agreed to acquire Arctera, a global data management company, from Carlyle, an investment firm, according to press releases. Financial terms were not disclosed.

Cloud Software Group is advised by Skadden Arps Slate Meagher & Flom and Joele Frank (led by Haley Salas and Kelly Sullivan). Arctera is advised by Citigroup and Alston & Bird, according to press releases.

BDT & MSD Partners completes the acquisition of a majority stake in Summit Companies from BlackRock.

BDT & MSD Partners, a merchant bank built to serve the distinct needs of founders and family business owners, completed the acquisition of a majority stake in Summit Companies, a provider of fire and life safety services, from BlackRock, an investment company, according to press releases. Financial terms were not disclosed.

Summit Companies was advised by JP Morgan, Jefferies & Company and Simpson Thacher & Bartlett. BDT & MSD Partners was advised by Davis Polk & Wardwell (led by Evan Rosen), according to press releases and MergerLinks data.

Hercules Capital-backed Snappt completes the acquisition of Trigo.

Hercules Capital-backed Snappt, a platform for applicant trust in multifamily housing, completed the acquisition of Trigo, a rental payment history company, according to press releases. Financial terms were not disclosed.

Hercules Capital was advised by Morrison Foerster (led by Will Gerber). Snappt was advised by Fenwick & West (led by Stephen Fisher) and Walker Sands Communications. Trigo was advised by Quarles & Brady, according to press releases.

Brookfield to acquire a 19.7% stake in Duke Energy Florida from Duke Energy for $6bn.

Brookfield, an infrastructure investor, agreed to acquire a 19.7% stake in Duke Energy Florida from Duke Energy, an electric power and natural gas holding company, for $6bn, according to press releases.

Brookfield is advised by RBC Capital Markets and Kirkland & Ellis (led by Brittany A. Sakowitz and Kim Hicks). Duke Energy is advised by JP Morgan and Skadden Arps Slate Meagher & Flom, according to press releases.

Apollo to acquire a majority stake in Stream Data Centers from Stream Realty Partners.

Apollo, a private equity firm, agreed to acquire a majority stake in Stream Data Centers, a manager of data centers, from Stream Realty Partners, a commercial real estate services, investment, and development company, according to press releases. Financial terms were not disclosed.

Stream Data Centers is advised by Goldman Sachs and Akin Gump Strauss Hauer & Feld. Apollo is advised by Moelis & Co and Latham & Watkins, according to press releases.

Albéa Group to acquire a majority stake in Amfora Packaging from ACON Investments.

Albéa Group, a sustainable cosmetic packaging company, agreed to acquire a majority stake in Amfora Packaging, a packaging company focused on the beauty and personal care segment from ACON Investments, a private equity investment firm, according to press releases. Financial terms were not disclosed.

ACON is advised by Brigard Urrutia, Hogan Lovells and Grant Thornton, according to press releases.

CorMedix to acquire Melinta Therapeutics from Deerfield Management Company for $325m.

CorMedix, a public biopharma company, agreed to acquire Melinta Therapeutics, a commercial-stage biopharmaceutical company, from Deerfield Management Company, a private equity firm, for $325m, according to press releases.

Melinta Therapeutics is advised by Evercore and Fenwick & West. Deerfield Management Company is advised by Katten Muchin Rosenman, according to press releases.

Audax and Parthenon completes the investment in Elevate.

Audax and Parthenon, the private equity firms, completed the investment in Elevate, a provider of front-end eligibility and enrollment and back-end revenue cycle management, according to press releases. Financial terms were not disclosed.

Elevate was advised by Robert W Baird and Goodwin Procter. Audax and Parthenon was advised by Kirkland & Ellis, according to press releases.

PPC Enterprises completes the investment in SHOOK Research.

PPC Enterprises, a middle-market private equity firm, completed the investment in SHOOK Research, a research organization for evaluating financial advisors, according to press releases. Financial terms were not disclosed.

SHOOK Research was advised by Piper Sandler and Dechert (led by Michael Darby). PPC Enterprises was advised by Covington & Burling, according to press releases and MergerLinks data.

JMI Equity completes the $355m investment in First Due.

JMI Equity, a growth equity software investor, completed the $355m investment in First Due, an all-in-one software platform for public safety agencies, according to press releases.

First Due was advised by Shea & Co. JMI Equity was advised by Robert W Baird and Prosek Partners, according to press releases and MergerLinks data.

L Catterton completes the acquisition of a majority stake in L.A.B. Golf.

L Catterton, a private equity firm, completed the acquisition of a majority stake in L.A.B. Golf, a company that specializes in the manufacturing of high-precision golf putters designed with a unique Lie Angle Balance (L.A.B.) technology, according to press releases. Financial terms were not disclosed.

L.A.B. Golf was advised by Robert W Baird and The Brand Amp. L Catterton was advised by Kirkland & Ellis, according to press releases and MergerLinks data.

ATL and BCI-backed Valence Surface Technologies to acquire CIL Metal Finishing & Electroplating.

ATL and BCI-backed Valence Surface Technologies, an aerospace surface finishing platform, agreed to acquire CIL Metal Finishing & Electroplating, a provider of surface treatment, according to press releases. Financial terms were not disclosed.

Valence Surface Technologies is advised by Gasthalter & Co (led by Nathaniel Garnick), according to press releases.

TA Associates completes the investment in HealthMark.

TA Associates, a global private equity firm, completed the investment in HealthMark, a provider of clinical information exchange solutions for healthcare providers, according to press releases. Financial terms were not disclosed.

HealthMark was advised by Robert W Baird, according to press releases and MergerLinks data.

RedBird-backed Arax Investment Partners completes the acquisition of Summit Wealth Strategies.

RedBird-backed Arax Investment Partners, a wealth and asset management platform, completed the acquisition of Summit Wealth Strategies, an independent registered investment advisor, according to press releases. Financial terms were not disclosed.

Arax was advised by Gagnier Communications (led by Dan Gagnier), according to press releases.

Nonantum Capital-backed Helix Traffic to acquire Highway Safety Services.

Nonantum Capital-backed Helix Traffic, a provider of traffic safety solutions, agreed to acquire Highway Safety Services, a traffic control company, according to press releases. Financial terms were not disclosed.

CapitalG led a $100m Series C round in Clay.

CapitalG, a private equity firm under Alphabet, led a $100m Series C round in Clay, an AI go-to-market development platform, with participation from Sequoia Capital, Meritech Capital, First Round Capital, BoxGroup, Boldstart, and Sapphire Ventures, according to press releases.

Insight Partners led a $150m Series C round in Anaconda.

Insight Partners, a global software investor, led a $150m Series C round in Anaconda, a company committed to advancing AI with open source at scale, with participation from Mubadala Capital, according to press releases.

Alphabet’s CapitalG and Nvidia in talks to back Vast Data at $30bn valuation. (Reuters)

Alphabet’s CapitalG and Nvidia are in advanced discussions to invest in Vast Data, a US-based AI data infrastructure company, in a new funding round that could value the business at up to $30bn.

The deal would mark a major step in Vast’s capital trajectory after raising funds at a $9.1bn valuation in late 2023, and signals strong strategic interest from tech giants deeply invested in the AI stack. Terms are still under negotiation and may not result in a finalized transaction.

Harley-Davidson forms $5bn financing JV with KKR and PIMCO, sells 4.9% HDFS stake. (Press Release)

Harley-Davidson has entered a strategic partnership with KKR and PIMCO involving a $5bn transaction to expand Harley-Davidson Financial Servicesand adopt a capital-light model. The agreement includes the formation of a joint venture for originating and servicing new motorcycle loans, and the sale of a 4.9% common equity stake in HDFS to investment vehicles managed by KKR and PIMCO, at an implied valuation of ~1.75x price-to-book. The transaction is expected to close in Q4 2025, pending regulatory approvals.

Despite the minority stake sale, Harley-Davidson will retain control of HDFS, which will continue managing both legacy and new consumer loans under the HDFS brand. The company expects HDFS operating income to recover to pre-transaction levels over time, supported by increased loan capacity and operational efficiencies. The deal aims to unlock new value while preserving Harley’s ability to engage directly with its financing customers.

Barclays acted as exclusive financial advisor to Harley-Davidson. Legal counsel was provided by Latham & Watkins and Sidley Austin. The deal underscores Harley’s strategy to drive long-term growth and profitability while aligning with institutional capital partners in the evolving consumer finance landscape.

Genstar explores $5bn sale of automotive software maker OEConnection. (Reuters)

Genstar Capital is preparing to sell OEConnection, the automotive software firm it co-owns with Ford and General Motors, targeting a valuation of $5bn, including debt.

Evercore is advising on the sale, expected to launch later this year. OEConnection provides systems for OEM parts distribution and generates about $400m in revenue and $200m in EBITDA.

Teneo valued at $2.3bn after Liechtenstein’s LGT invests. (Bloomberg)

LGT Capital Partners, a fund supported by Liechtenstein's Royal family, is acquiring a minority stake in New York-based communications and consulting firm Teneo, giving the company an estimated valuation of $2.3bn.

While the exact investment in Teneo was not disclosed, the deal marks a notable rise in the New York-based company’s acquisition-driven valuation.

Schroders writes off stake in US real estate lender A10 Capital. (Bloomberg)

Schroders has written off its stake in US commercial real estate lender A10 Capital, five years after acquiring a 20% interest in the Idaho-based firm.

A10’s other investors include Gemspring Capital, which holds a controlling stake, as well as H.I.G. Capital and BlackRock.

Silversmith secures $1.7bn for fifth buyout fund. (Private Equity Wire)

Silversmith Capital Partners has closed its fifth fund, raising $1.7bn in capital commitments for Silversmith Capital Partners Fund V.

The raise includes $1.6bn from limited partners and $110m from the Silversmith team, bringing the firm’s total capital commitments to more than $5bn over the past decade. Fund V will continue Silversmith’s strategy of backing bootstrapped entrepreneurs in growth-stage technology and healthcare companies, with over 70% of the firm’s capital typically deployed as the first institutional investor.

Kirkland & Ellis served as legal counsel for the fund formation.

KKR and Capital Group to launch hybrid equity fund combining public and private investments. (PE Insights)

KKR and Capital Group are preparing to launch a new hybrid equity fund aimed at giving US investors exposure to both public and private markets, amid growing demand for access to alternative assets.

The fund, Capital Group KKR US Equity+, is expected to debut in early 2026, pending regulatory approval. Structured as an interval fund, the vehicle will allocate around 60% of its assets to listed equities, with the remaining 40% targeting private equity investments sourced by KKR.

EMEA

KKR trumps Advent in Spectris takeover battle with £4.8bn bid. (FT)

KKR has taken the lead in the takeover battle for Spectris after increasing its offer to just over £4.8bn ($6.38bn), prompting the UK-based scientific instruments maker to back the revised bid over a rival proposal from Advent International.

Spectris is advised by Bank of America (led by James Robertson), Barclays (led by Neal West), Goldman Sachs (led by Anthony Gutman), Rothschild & Co (led by Nick Ivey), Slaughter & May (led by Victoria MacDuff and Harry Hecht) and Teneo (led by Martin Robinson). Advent is advised by Morgan Stanley (led by Anthony Zammit), PJT Partners (led by Gwen Billon and Orlando Knauss), Cleary Gottlieb Steen & Hamilton (led by Nick Rumsby), Freshfields Bruckhaus Deringer (led by David Sonter), Weil Gotshal and Manges (led by Jonathan Wood) and Headland Consultancy (led by Matt Denham and Susanna Voyle). Morgan Stanley is advised by Norton Rose Fulbright (led by Paul Whitelock). KKR is advised by JP Morgan and Simpson Thacher & Bartlett (led by Etienne Renaudeau), according to press releases and MergerLinks data.

Sixth Street Partners completes the acquisition of 38% stake in Sorgenia from Asterion and F2i.

Sixth Street Partners, a private equity firm, completed the acquisition of 38% stake in Sorgenia, an Italian green-tech energy company, from Asterion and F2i, an investment management companies, according to press releases. Financial terms were not disclosed.

Sixth Street Partners was advised by Rothschild & Co and Cleary Gottlieb Steen & Hamilton. Asterion was advised by JP Morgan and Gibson Dunn & Crutcher. F2i was advised by Bank of America, Intesa SanPaolo, Lazard, Mediobanca, Nomura, Societe Generale, PedersoliGattai and Tremonti & Associati, according to press releases and MergerLinks data.

AURELIUS to acquire FIAMM Energy from Resonac Corporation.

AURELIUS, an investor, agreed to acquire FIAMM Energy, a manufacturer of energy storage solutions and advanced battery technologies, from Resonac Corporation, a chemical company producing chemical products and industrial materials, according to press releases. Financial terms were not disclosed.

AURELIUS is advised by Boston Consulting Group, ERM Group, DC Advisory, Ernst & Young, Advant NCTM and Haver Mailänder. Resonac is advised by Ernst & Young, Houlihan Lokey, BonelliErede and Nishimura & Asahi, according to press releases.

Albion River completes the acquisition of Wescom Signal & Rescue from Sun European.

Albion River, a private direct investment firm, completed the acquisition of Wescom Signal & Rescue, a manufacturer of pyrotechnic products for the global marine and defence industries, from Sun European, a private equity firm, according to press releases. Financial terms were not disclosed.

Albion River was advised by RSM International, Renaissance Strategic Advisors, BDO and Bryan Cave Leighton Paisner. Sun European was advised by Ernst & Young, Roland Berger, DC Advisory, Milbank and Camarco (led by Jennifer Renwick), according to press releases.

H.I.G. Capital completes the acquisition of Kantar Media from Bain Capital-backed Kantar Group for $1bn.

H.I.G. Capital, a global alternative investment firm, completed the acquisition of Kantar Media, a media measurement and analytics company, from Bain Capital-backed Kantar Group, a marketing data and analytics company, for $1bn, according to press releases.

H.I.G. Capital was advised by ING Bank, Morgan Stanley, Gorrissen Federspiel (led by Sven Frode Frolund), Simpson Thacher & Bartlett and Uria Menendez (led by Pedro Ravina). Kantar Group was advised by JP Morgan and Jefferies & Company, according to press releases and MergerLinks data.

EMZ Partners completes the acquisition of a minority stake in implid.

EMZ Partners, a French private equity firm, completed the acquisition of a minority stake in implid, a multidisciplinary business services group based in Lyon, according to press releases. Financial terms were not disclosed.

implid is advised by D&A Corporate Finance. EMZ Partners is advised by CMI Strategies, Oderis, Amala Partners, Lawderis Avocats and Paul Hastings. Debt financing is provided by Ardian, according to press releases and MergerLinks data.

ADQ completes the acquisition of a 63% stake in Aramex from Geopost for AED4.4bn.

ADQ, a sovereign wealth fund based in Abu Dhabi, completed the acquisition of a 63% stake inAramex, an Emirati multinational logistics, courier and package delivery company, from Geopost, a parcel delivery company, for AED4.4bn ($1.2bn), according to press releases.

Aramex was advised by Clifford Chance. ADQ was advised by Rothschild & Co and A&O Shearman. Geopost was advised by Morgan Stanley, Squire Patton Boggs (led by Matthew Powell) and Sullivan & Cromwell (led by Arnaud Berdou), according to press releases and MergerLinks data.

AS Equity Partners completes the acquisition of a 60% stake in Servinform.

AS Equity Partners, a private equity firm, completed the acquisition of a 60% stake in Servinform, a Spanish provider of digital transformation and business process outsourcing services, according to press releases. Financial terms were not disclosed.

Servinform was advised by Jefferies & Company and A&O Shearman. AS Equity Partners was advised by Addleshaw Goddard, according to press releases and MergerLinks data.

Cinven to acquire a majority stake in Smart Communications from Accel-KKR.

Cinven, a global private equity firm, agreed to acquire a majority stake in Smart Communications, a provider for cloud-based enterprise customer communications, from Accel-KKR, a global software and technology-focused private equity firm, according to press releases. Financial terms were not disclosed.

Smart Communications is advised by Robert W Baird. Cinven is advised by Arma Partners. Accel-KKR is advised by Kekst CNC (led by Todd Fogarty), according to press releases and MergerLinks data.

GIC to acquire a 25% stake in MasOrange and Vodafone Spain from Zegona.

GIC, a global investment firm, agreed to acquire a 25% stake in MasOrange, a provider of fixed, mobile and TV services for residential and business customers across Spain, and Vodafone Spain, a national provider of fixed, mobile and TV services in Spain, from Zegona, a company that engages in investing in the telecommunications, media, and technology businesses in Europe, according to press releases.

GIC is advised by Nomura. Zegona is advised by Sodali & Co (led by Elly Williamson), according to press releases and MergerLinks data.

StepStone and Greykite to acquire Vitalia Home from CVC for €900m.

StepStone, a recruitment platform, and Greykite, a real estate investment firm, agreed to acquire Vitalia Home, a retirement home, from CVC, a private equity company, for €900m ($1bn), according to press releases.

CVC is advised by Cuatrecasas Goncalves Pereira (led by Javier Martí-Fluxá), according to MergerLinks data.

Graham Partners to acquire Smithstown Light Engineering.

Graham Partners, a private investment firm, agreed to acquire Smithstown Light Engineering, a medical device manufacturer, according to press releases. Financial terms were not disclosed.

Graham Partners is advised by Dechert (led by John LaRocca), according to press releases and MergerLinks data.

Carlyle completes the investment in Ingentis.

Carlyle, an investment firm, completed the investment in Ingentis, a provider of org charting, org design and org analytics software, according to press releases. Financial terms were not disclosed.

Ingentis was advised by Robert W Baird (led by Marco Krass), according to MergerLinks data.

KKR-backed Clinisupplies to acquire renew insert portfolio from Renew Medical.

KKR-backed Clinisupplies, a manufacturer and supplier of medical appliances, agreed to acquire renew insert portfolio from Renew Medical, a manufacturer of continence products, according to press releases. Financial terms were not disclosed.

Clinisupplie is advised by FGS Global (led by Alastair Elwen), according to press releases.

Oakley Capital to acquire a majority stake in Brevo for £22m.

Oakley Capital, a private equity firm, agreed to acquire a majority stake in Brevo, a customer relationship management company, for £22m ($29m), according to press releases.

Goldman Sachs poised to buy stake in Froneri at $17bn valuation. (Reuters)

Goldman Sachs is set to acquire a minority stake in Froneri, the global ice cream joint venture between Nestlé and PAI Partners, at a valuation of around $17bn. The deal will make Goldman a strategic investor alongside existing shareholders.

Froneri, formed in 2016, is one of the world’s largest ice cream companies, producing brands such as Häagen-Dazs, Nestlé, Nuii, and several private labels across over 20 countries. The company has grown rapidly through consolidation and brand expansion in the frozen dessert segment.

GIC leads bid for 20–30% stake in Spanish broadband JV valued up to $8.1bn. (Bloomberg)

GIC, Singapore’s sovereign wealth fund, has emerged as the lead bidder for a 20–30% stake in a Spanish fiber-optic broadband joint venture formed by MasOrange and Zegona Communications, in a deal that could value the business at €6-7bn ($6.9–8.1bn) including debt.

The joint venture, covering over 12m premises, was created earlier this year from the combination of Vodafone Spain and MasOrange-a merger of Masmovil and Orange’s Spanish unit. The owners originally sought to sell a 40% stake, with expectations to close a deal by year-end 2025, according to Orange CFO Laurent Martinez.

Spain’s fiber market, one of Europe’s largest, has attracted infrastructure investors due to its stable cash flows and low maintenance costs. While talks with GIC are at an advanced stage, final terms are still under negotiation and could change.

General Atlantic, Oakley near $1.1bn deal to acquire Brevo. (Bloomberg)

A consortium led by General Atlantic and Oakley Capital is close to acquiring Brevo, a French SaaS company formerly known as Sendinblue, in a deal that values the business at approximately €1bn ($1.1bn). The firms are in exclusive talks with existing shareholders Bridgepoint, Bpifrance, and Partech, with the latter expected to fully exit its stake.

Investcorp explores sale of Saudi Arabian IT firm NourNet. (Bloomberg)

Investcorp is exploring a potential sale of Saudi-based information technology firm NourNet, amid rising investor interest in digital infrastructure assets in the kingdom.

The alternative asset manager is working with HSBC on the possible transaction. Deliberations are ongoing, and a final decision has not yet been made.

Bridgepoint and Bpifrance are likely to retain minority positions post-transaction. An announcement could come within days, though talks remain subject to final agreement.

MasOrange, Vodafone Spain and GIC join forces to create Spain’s largest fibre optic company. (Press Release)

MasOrange, Vodafone Spain and GIC have signed an agreement to establish a joint fibre optic network company in Spain, FibreCo, with stakes of approximately 58%, 17% and 25%, respectively.

The new venture will combine around 12m premises and 5m customers from MasOrange and Vodafone Spain into a single fibre network dedicated exclusively to the two operators. Both companies will continue to maintain and operate the respective networks they contribute to FibreCo.

Masdar, NBIM said to be shortlisted in Iberdrola portfolio sale. (Bloomberg)

Masdar, Norway’s Norges Bank Investment Management, and Australia’s Fortescue have been shortlisted to acquire a stake in Iberdrola's Spanish solar portfolio.

The utility is selling 49% of its 1-gigawatt Proyecto Julieta portfolio, with a targeted valuation of at least €900m ($1bn).

Macquarie to buy stake in Portuguese hospital group Luz Saude. (Bloomberg)

Macquarie Group is acquiring a minority stake in Luz Saude, a Portuguese hospital operator. The deal follows a competitive bidding process where Macquarie outbid private equity firms CVC Capital Partners and KKR.

Luz Saude operates several hospitals and clinics in Portugal, providing a range of healthcare services. The transaction aligns with Macquarie’s strategy of investing in infrastructure and essential services.

TA considers $4.7bn sale of software firm Unit4. (Bloomberg)

TA Associates is preparing to sell Dutch enterprise software company Unit4 and has asked select banks to pitch for a sellside mandate. The investment firm may seek a valuation of around €4bn ($4.7bn) for the sale.

Details remain private as discussions continue.

Abu Dhabi’s MGX weighs raising billions for AI investment fund. (Bloomberg)

Abu Dhabi-based MGX is exploring raising billions in external capital to accelerate its artificial intelligence investments.

The company plans to establish a fund focused on AI infrastructure and could raise up to $25bn, positioning it among the largest vehicles of its type globally.

The transaction is subject to regulatory approvals and is expected to close in the fourth quarter.

Regional & City Airports forms strategic partnership with ICG. (Press Release)

Regional & City Airports has entered into a new partnership with global alternative asset manager ICG, following over a decade of collaboration with Rigby Group. The transaction is expected to close later this month.

ICG’s European Infrastructure team will support RCA’s continued expansion across its airport, cargo, and executive aviation operations, while also helping to accelerate sustainable aviation initiatives. RCA, which operates Bournemouth, Exeter, and Norwich Airports as well as XLR Executive Jet Centres, is set to enter a new growth phase with its strategic priorities unchanged.

APAC

JD.com led a $140m Series A round in PaXini. (DealStreetAsia)

JD.com, an online direct sales company, led a $140m Series A round in PaXini, a technology company that specializes in the development of 3D smart tactile sensors for robots and other systems, with participation from Puxin Capital, XGD, TCL Capital, and Addor Capital, according to DealStreetAsia.

Tencent, Hillhouse among bidders for $4bn stake in Starbucks China. (Bloomberg)

Tencent Holdings, Hillhouse Investment, and more than ten other firms have been shortlisted to acquire a minority stake in Starbucks’ China operations, which could be valued at up to $4bn. The investment process is part of Starbucks’ plan to bring in strategic or financial partners to support growth in its largest international market.

Final terms and the stake size have yet to be determined, and a decision is expected in the coming months as discussions advance.

China aviation giant mulls spinoff of two financial units. (Bloomberg)

Aviation Industry Corporation of China, the country’s largest state-owned aviation conglomerate, is considering spinning off its securities and trust units to address debt challenges.

AVIC has held discussions with state-owned China Merchants about the potential transaction. The company controls AVIC Trust and AVIC Securities through its subsidiary.

Blackstone to buy Japanese staffing company TechnoPro for $3.4bn. (Nikkei Asia)

Blackstone intends to acquire TechnoPro, a Japanese engineering professionals staffing company, for roughly JPY500bn ($3.4bn).

TechnoPro confirmed it is reviewing Blackstone’s privatization proposal as a potential way to boost shareholder value but said no final decision has been made.

Sify’s data-center unit plans $500m India IPO. (Bloomberg)

Sify Infinit Spaces, the data-center arm of Sify Technologies, is preparing to file for a $500m IPO in India. The filing with the Securities and Exchange Board of India is expected in the coming weeks.

The offering will include both new and existing shares and could value the company at around $3bn. Kotak Private Equity Group is a backer of the unit.

Trustar Capital closes $626m RMB M&A fund focused on control buyouts. (DealStreetAsia)

Trustar Capital, the private equity arm of CITIC Capital, has closed a new RMB-denominated M&A fund at over CNY4.5bn ($626m). The fund will target control buyouts in China, especially in strategic sectors.

Based in Suzhou Industrial Park, the fund attracted commitments from government guidance funds, insurers, FOFs, securities firms, and corporates. This brings Trustar’s total AUM to $9.6bn.

Airtree closes $425m fund with new global LPs backing Australian tech. (DealStreetAsia)

Airtree Ventures has closed its fifth fund at $425m, attracting first-time global limited partners to Australia’s venture capital scene. The fund is divided into $165m for early-stage investments and $260m for growth-stage opportunities.

The Sydney-based firm now manages around AUD2bn ($1.3bn) in total assets. Airtree noted that the fund was oversubscribed, reflecting increased international interest in Australia's tech ecosystem.

TPG-backed SK Finance to launch reduced IPO in India. (Bloomberg)

SK Finance, backed by TPG, is expected to open its IPO for investor orders as early as next week after cutting the deal size. The offering is now set to raise about INR16bn ($182m), down from the earlier target of INR22bn ($251m).

The plan remains under discussion and final terms could still change.

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