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Top Highlights
A consortium led by Allianz, BlackRock and T&D Holdings completed the acquisition of Viridium, a European life insurance consolidation platform, from Cinven, a private equity firm, in a €3.5bn ($4.05bn) deal, according to press releases.
Viridium was advised by Sullivan & Cromwell (led by Carsten Berrar and Peter Klormann) and FGS Global (led by Alexander Otto). BlackRock was advised by Morgan Stanley (led by Guillaume Gabaix) and Skadden Arps Slate Meagher & Flom (led by Richard Youle). Allianz was advised by UBS, A&O Shearman, Arendt & Medernach (led by Alexander Olliges) and Hengeler Mueller (led by Carl-Philipp Eberlein). T&D Holdings was advised by Barclays and Herbert Smith Freehills Kramer (led by Joseph Fisher and Christian Johnen). Generali Financial was advised by Noerr (led by Michael Brellochs, Florian Becker and Thomas Heitzer). Hannover Re was advised by Hogan Lovells (led by Mesut Korkmaz). Cinven was advised by Willis Towers Watson, Bearing Point, Deloitte, Fenchurch Advisory Partners, Goldman Sachs, KPMG, Freshfields Bruckhaus Deringer, Brunswick Group, Community Group (led by Roberto Patriarca), FTI Consulting, Ernst & Young and Capgemini, according to press releases and MergerLinks data.
T-Mobile, a mobile telecommunication company, completed the acquisition of the wireless operations and select spectrum assets of UScellular, a mobile network operator company, and TDS, an American telecommunications company, for $4.4bn, according to press releases.
Mallinckrodt, an American-Irish domiciled manufacturer of specialty pharmaceuticals, completed the merger with Endo, an American diversified pharmaceutical company, in a $6.7bn deal, according to press releases.
Deal Round up
AMERICAS
Alphabet’s CapitalG and Nvidia in talks to back Vast Data at $30bn valuation. (Reuters)
Reuben Brothers in talks to join Forest Road-led $7bn bid for OnlyFans. (FT)
Harley-Davidson forms $5bn financing JV with KKR and PIMCO, sells 4.9% HDFS stake. (Press Release)
Blackstone emerges as frontrunner to acquire Enverus. (Reuters)
Panama Ports to discuss potential sale with Panamanian government. (Reuters)
Ericsson in talks to invest in Intel’s standalone 5G network business. (Bloomberg)
Exxon Mobil actively scouting for acquisitions, says CEO Woods. (Bloomberg )
Dextra Partners closes Co-Investment Fund VII at $825m hard cap. ( Press Release)
EMEA
Goldman Sachs poised to buy stake in Froneri at $17bn valuation. (Reuters)
GIC leads bid for 20–30% stake in Spanish broadband JV valued up to $8.1bn. (Bloomberg)
Kering in talks with Qatar to sell Milan property for over €1bn. (Bloomberg)
General Atlantic, Oakley near $1.1bn deal to acquire Brevo. (Bloomberg)
Air France-KLM pulls out of talks to acquire stake in Spain’s Air Europa. (Reuters)
APAC
Tencent, Hillhouse among bidders for $4bn stake in Starbucks China. (Bloomberg)
Star Entertainment’s $2.3bn Brisbane casino property deal collapses. (Reuters)
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AMERICAS
Bosch, the supplier of technology and services, completed the acquisition of the HVAC solutions business from Johnson Controls, a machinery industry company, and Hitachi, a Japanese multinational conglomerate, for $8.1bn, according to press releases.
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.
Zello, a private investment platform, completed the acquisition of Cinelease, a lighting and grip rentals company, from Herc Rentals, an equipment rental company, according to press releases. Financial terms were not disclosed.
Zello was advised by Ernst & Young, American Discovery Capital and Proskauer Rose. Debt financing was provided by MidCap Financial Services. MidCap Financial was advised by Paul Hastings. Herc Rentals was advised by Goldman Sachs and Sidley Austin, according to press releases and MergerLinks data.
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, 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.
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.
LevelBlue, a cloud-based, AI-driven managed security services provider, completed the acquisition of the cybersecurity and IP litigation consulting groups from Aon, a British-American professional services firm, according to press releases. Financial terms were not disclosed.
LevelBlue was advised by Santander, Kirkland & Ellis and InkHouse. Aon was advised by Lazard and Latham & Watkins, according to press releases.
BCE, a provider of wireless, broadband, television, and landline phone services in Canada, completed the acquisition of Ziply Fiber, an American telecommunications company, for CAD7.6bn ($5.5bn), according to press releases.
Grupo Aeroportuario del Sureste, a Mexican airport operator, agreed to acquire URW Airports, an airport retail concessions platform, from Unibail-Rodamco-Westfield, an operator of shopping centers and retail concessions, for $295m, according to press releases.
ASUR is advised by JP Morgan and Cleary Gottlieb Steen & Hamilton. Unibail-Rodamco-Westfield is advised by RBC Capital Markets and Debevoise & Plimpton, according to press releases and MergerLinks data.
Circet USA, a provider of network services, agreed to acquire Gemini Communications, the parent company of two outside plant construction, maintenance, repair and event-related restoration services providers, according to press releases. Financial terms were not disclosed.
Gemini is advised by Truist Securities and Stearns Weaver Miller Weissler Alhadeff & Sitterson. Circet USA is advised by Lazard and A&O Shearman, according to press releases.
LPL Financial, a provider of investment solutions and tools for independent financial advisors, completed the acquisition of Commonwealth Financial Network, a wealth management firm, for $2.7bn, according to press releases.
Salesforce, a cloud-based software company, and ServiceNow, an AI platform that delivers IT operations, field service management, and app engine solutions, agreed to invest $1.5bn in Genesys, a provider of omnichannel customer experience (CX) and contact center solutions in the cloud and on-premises, according to press releases.
Genesys is advised by Goldman Sachs, JP Morgan and Skadden Arps Slate Meagher & Flom (led by Laura Kaufmann Belkhayat), according to press releases and MergerLinks data.
WisdomTree, a provider of innovative exchange-traded products, agreed to acquire Ceres Partners, a specialist investment manager focused on food, agriculture, and most recently, water resources, for $500m.
Ceres Partners is advised by Berkshire Global Advisors and Nutter McClennen & Fish. WisdomTree is advised by Goodwin Procter.
Resideo, a global manufacturer, developer, and distributor of technology-driven sensing and controls products and solutions, agreed to spin off ADI Global Distribution, a distributor of security, audiovisual, and smart living solutions, according to press releases. Financial terms were not disclosed.
Resideo is advised by Evercore, Willkie Farr & Gallagher and Collected Strategies (led by Dan Moore and Jim Golden) , according to press releases.
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.
Piper Sandler, an investment bank, agreed to acquire G Squared Capital Partners, a boutique investment bank specializing in government services and defense technology, according to press releases. Financial terms were not disclosed.
G Squared is advised by Holland & Knight. Piper Sandler is advised by Faegre Drinker Biddle & Reath, according to press releases.
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.
Atlantica Sustainable Infrastructure, a sustainable infrastructure company, agreed to acquire Enerfín Canada, an operator of wind farms, from Statkraft, Norway’s state‑owned renewables utility and Europe’s largest generator of renewable energy company, according to press releases. Financial terms were not disclosed.
Atlantica Sustainable Infrastructure is advised by Lazard. Statkraft is advised by Rothschild & Co, according to press releases and MergerLinks data.
SAP, a technology company that develops enterprise application software, agreed to acquire SmartRecruiters, a talent acquisition software provider, according to press releases. Financial terms were not disclosed.
SmartRecruiters is advised by JP Morgan, according to press releases and MergerLinks data.
Mirion, a global provider of radiation detection, measurement, analysis, and monitoring solutions, completed the acquisition of Certrec, a supplier of regulatory compliance and digital integration solutions for the energy industry, for $81m, according to press releases.
Certrec is advised by Robert W Baird, according to press releases and MergerLinks data.
Huron, a global professional services firm, completed the acquisition of Treliant, a multidisciplinary team of industry, regulatory, and compliance experts, according to press releases. Financial terms were not disclosed.
Huron is advised by Skadden Arps Slate Meagher & Flom (led by Shilpi Gupta), according to press releases and MergerLinks data.
Perella Weinberg Partners, global independent advisory firm, agreed to acquire Devon Park Advisors, an independent, employee-owned firm, providing strategic advisory and capital raising services within the private markets, according to press releases. Financial terms were not disclosed.
Devon Park Advisors is advised by Simpson Thacher & Bartlett (led by Ravi Purushotham), according to press releases and MergerLinks data.
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.
Zscaler, a cloud security company, completed the acquisition of Red Canary, a provider of managed detection and response services to help organizations defend against cyber threats, according to press releases. Financial terms were not disclosed.
Red Canary was advised by JP Morgan, according to press releases and MergerLinks data.
Cox, a water and energy management company, agreed to acquire the Mexico assets from Iberdrola, an electric utility company, for $4.2bn, according to press releases.
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.
Reuben Brothers in talks to join Forest Road-led $7bn bid for OnlyFans. (FT)
The billionaire Reuben brothers, David and Simon, are in talks to invest hundreds of millions of dollars in a consortium led by Los Angeles-based investment firm The Forest Road Company, which is pursuing a majority stake in OnlyFans. The deal could value the controversial content platform at up to $7bn, with the Reubens investing via a holding company into a special purpose vehicle formed by Forest Road. While discussions are ongoing, the Reubens have not committed and could still opt out. Forest Road’s SPAC history includes a previously considered blank-cheque merger with OnlyFans that never materialised.
Fenix International, the parent company of OnlyFans and wholly owned by Leonid Radvinsky, began exploring a partial sale of the platform earlier this year. The company has over 300m registered users and generated $657m in pre-tax profits in 2023 from $7.9bn in creator payments, keeping a 20% commission. Radvinsky is expected to retain a stake post-transaction. Among potential deal complexities are reputational concerns and compliance hesitations tied to OnlyFans' adult content legacy, despite efforts to reposition itself more broadly as a content platform for celebrities, athletes, and influencers.
Boutique investment bank Raine Group is reportedly informally advising Forest Road on equity fundraising. The consortium already includes a dozen interested parties. The deal, if completed, would mark one of the largest investments in the adult tech and creator economy sector, but the final outcome remains uncertain amid possible competing bids or deal collapse.
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.
Blackstone emerges as frontrunner to acquire Enverus. ( Reuters)
Blackstone has emerged as the lead bidder to acquire Enverus, a US-based energy analytics and software company, in a deal that could value the business at over $4bn, including debt.
Enverus, currently owned by Genstar Capital, provides data analytics and SaaS tools for energy companies spanning oil, gas, power, and renewables. The business has attracted interest from multiple private equity firms amid increasing demand for energy intelligence platforms.
The potential acquisition is still under negotiation and not yet finalized. A successful deal would add to Blackstone’s growing portfolio of digital infrastructure and data-driven energy investments.
Panama Ports to discuss potential sale with Panamanian government. (Reuters)
Panama Ports Company, a subsidiary of Hong Kong-based CK Hutchison, has confirmed it will enter discussions with the Panamanian government regarding a potential sale of its port operations in the country. The announcement follows increasing political scrutiny over the company’s longstanding concession to operate the ports of Balboa and Cristobal.
No valuation or sale terms have been disclosed. The discussions could mark a major shift in Panama’s maritime infrastructure landscape, which plays a critical role in global trade logistics.
Ericsson in talks to invest in Intel’s standalone 5G network business. (Bloomberg)
Ericsson is in advanced discussions to invest in Intel’s standalone 5G network unit. The potential investment could involve a minority stake and aims to deepen collaboration between the telecom equipment giant and the chipmaker as they look to accelerate next-generation network deployments globally.
Intel’s standalone 5G business includes software and infrastructure supporting core networks separate from traditional mobile architectures, which is critical for enterprise and industrial applications. The move aligns with Intel’s broader effort to carve out and potentially divest or partner in non-core businesses, while allowing Ericsson to reinforce its position in virtualized and cloud-native network offerings.
Exxon Mobil actively scouting for acquisitions, says CEO Woods. (Bloomberg )
Exxon Mobil is actively looking for new acquisition opportunities, particularly in low-cost, high-quality resource basins, according to CEO Darren Woods. Speaking after the company’s Q2 earnings release, Woods emphasized that Exxon’s balance sheet strength gives it flexibility to pursue strategic M&A across oil, gas, and low-carbon sectors.
Exxon is also accelerating investments in carbon capture and hydrogen, and Woods hinted that acquisitions in those segments could complement its growing low-emissions business. The company ended the quarter with $33bn in cash and equivalents, positioning it well to capitalize on opportunities amid continued energy sector consolidation.
Dextra Partners closes Co-Investment Fund VII at $825m hard cap. ( Press Release)
Dextra Partners has announced the final close of its Co-Investment Fund VII at its $825m hard cap, exceeding its initial target. The fund will pursue non-control equity co-investments alongside leading private equity sponsors in North America and Europe.
Fund VII continues Dextra’s strategy of backing high-quality companies across a diversified range of sectors and transaction types, with a focus on growth-oriented and resilient businesses. The vehicle has already deployed capital across multiple investments since its first close, building a portfolio that aligns with sponsor-led opportunities.
EMEA
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.
Everli, an e-grocery technology & fulfillment platform, agreed to go public via a SPAC merger with Melar Acquisition Corp I, a special purpose acquisition company, in a $180m deal, according to press releases.
Everli is advised by Jones Trading, Palella Holdings, Ortoli Rosenstadt and SW Investor Relations (led by Ethan Walfish). Melar is advised by Cohen & Company Capital Markets and Ellenoff Grossman & Schole.
Euronext, a pan-European exchange group, agreed to acquire ATHEX, the operator of the Athens Stock Exchange, in a $474m deal, according to press releases.
ATHEX is advised by Morgan Stanley, Milbank and Papapolitis & Papapolitis, according to press releases and MergerLinks data.
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.
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.
Phoenix Tower International, a wireless infrastructure operator, offered to acquire Infracos, a joint venture managing approximately 3.7k wireless tower sites in medium‑density suburban areas of France from French telecom operators Bouygues Telecom and SFR, for €870m ($1bn), according to press releases.
Phoenix Tower International is advised by Freshfields Bruckhaus Deringer. Bouygues Telecom is advised by Rothschild & Co, according to press releases and MergerLinks data.
Aker, an industrial investment company, and AI infrastructure companies Nscale Global and OpenAI, agreed to form a joint venture Stargate Norway, an advanced AI infrastructure project in Narvik, Northern Norway, according to press releases. Financial terms were not disclosed.
Aker is advised by Skadden Arps Slate Meagher & Flom, according to press releases and MergerLinks data.
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.
Graco, a supplier of technology and expertise for the management of fluids and coatings, completed the acquisition of Color Service, a company in the production of automatic dosing systems, for €63m ($73m), 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.
The investment reflects strong institutional interest in consumer packaged goods with resilient demand profiles.Transaction terms and exact stake size were not disclosed.
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.
Kering in talks with Qatar to sell Milan property for over €1bn. (Bloomberg)
Kering is reportedly in negotiations to sell a prime property in Milan to Qatar’s sovereign wealth fund in a deal that could exceed €1bn ($1.09bn). The luxury group owns the asset on Via Monte Napoleone, one of the most prestigious shopping streets in Europe.
The move aligns with Kering’s broader strategy to optimize its asset portfolio and unlock capital following recent acquisitions, including the purchase of Creed fragrances. Proceeds from the Milan sale could help strengthen its balance sheet amid ongoing luxury sector headwinds.
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.
Bridgepoint and Bpifrance are likely to retain minority positions post-transaction. An announcement could come within days, though talks remain subject to final agreement.
Air France-KLM pulls out of talks to acquire stake in Spain’s Air Europa. (Reuters)
Air France-KLM has withdrawn from the process to acquire a stake in Spain’s Air Europa, ending months of negotiations to expand its presence in the Iberian aviation market. The company said it was no longer pursuing the deal after IAG Group - owner of British Airways and Iberia - expressed renewed interest in the Spanish carrier.
The move comes amid heightened regulatory scrutiny over consolidation in Europe’s airline sector. Air France-KLM had been exploring options with Globalia, Air Europa’s parent company, to secure a foothold in Spain following its deeper integration of SAS.
APAC
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.
Star Entertainment’s $2.3bn Brisbane casino property deal collapses. (Reuters)
Star Entertainment Group’s planned AUD3.6bn ($2.32bn) sale of its stake in the Queen’s Wharf Brisbane casino development has collapsed after partner Far East Consortium International withdrew from the agreement. The news sent Star’s shares to a record low, further deepening investor concerns.
The deal was part of Star’s broader strategy to reduce debt amid escalating regulatory scrutiny and mounting financial pressures. Queen’s Wharf, a major integrated resort project, has already faced delays and cost overruns. With the collapse of the sale, Star will now explore alternative funding options to complete the development.
The company is also contending with ongoing regulatory probes in New South Wales and Queensland. Star shares have dropped over 60% year-to-date, reflecting growing uncertainty around its recovery efforts and project execution.
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