AEA Investors and BCI complete the acquisition of a majority stake in Rensa Filtration from Audax Private Equity.

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AMERICAS

Evernorth went public via a SPAC merger with Arrington Capital-backed Armada Acquisition Corp II in a $1.4bn deal.

Evernorth, a digital asset treasury that provides investors with exposure to XRP, went public via a SPAC merger with Arrington Capital-backed Armada Acquisition Corp II, a publicly traded special purpose acquisition company, in a $1.4bn deal, according to press releases.

Evernorth was advised by Citigroup, Davis Polk & Wardwell and Prosek Partners. Citigroup was advised by Skadden Arps Slate Meagher & Flom (led by Ryan Dzierniejko). Armada Acquisition Corp I was advised by Cohen & Company Capital Markets, Northland Securities, Holland & Hart, Mourants and Wilson Sonsini Goodrich & Rosati, according to press releases and MergerLinks data.

Nippon Express completes the acquisition of Metro Supply Chain from LDC and La Caisse for CAD2.2bn.

Nippon Express, a global logistics group, completed the acquisition of Metro Supply Chain, a supply chain partner, from LDC, a diversified holding company, and La Caisse, an institutional investor, for CAD2.2bn ($1.5bn), according to press releases.

Metro Supply Chain was advised by JP Morgan, Osler Hoskin & Harcourt (led by Niko Veilleux), and NATIONAL Public Relations (led by Serge Vallieres). Nippon Express was advised by McCarthy Tetrault (led by Sean O'Neill, Chrystelle Chevalier-Gagnon, and Clemens Mayr). La Caisse was advised by Borden Ladner Gervais (BLG). LDC was advised by Stikeman Elliott (led by Kevin Kyte), according to press releases and MergerLinks data.

Fortune Favor Technology to go public via a merger with Quantumsphere Acquisition in a $600m deal.

Fortune Favor Technology, a provider of technology consulting services and medical cold-chain transportation solutions, agreed to go public via a merger with Quantumsphere Acquisition, a Nasdaq-listed special purpose acquisition company, in a $600m deal, according to press releases.

Fortune Favor Technology is advised by Chain Stone Capital Limited (CTM) and Jefferey & McCabe PLLC. Quantumsphere Acquisition is advised by Celine & Partners and Ogier, according to press releases.

Hexagon to acquire Rocscience from TA Associates for $535m.

Hexagon, a multinational industrial technology company, agreed to acquire Rocscience, a geotechnical and engineering analysis software, from TA Associates, a private equity firm, for $535m, according to press releases.

TA Associates is advised by Lazard and Kirkland & Ellis, according to press releases.

Certerra completes the acquisition of Universal Testing & Inspection Services.

Certerra, a provider of testing, inspection and engineering services for infrastructure assets, completed the acquisition of Universal Testing & Inspection Services, a provider of geotechnical drilling, special inspections, construction materials testing and laboratory services, according to press releases. Financial terms were not disclosed.

Certerra was advised by Womble Bond Dickinson. Universal Testing & Inspection Services was advised by CM&AA, according to press releases.

TKO to acquire the hospitality portfolio of Service Properties Trust for $2bn.

TKO, a hospitality investment firm focused on acquiring and operating hotel assets, agreed to acquire the hospitality portfolio of Service Properties Trust, a publicly traded REIT that owns hotel and net lease real estate assets, for $2bn, according to press releases.

Starbucks explored potential takeover of Chipotle. (FT)

Starbucks reportedly worked with advisers in recent months on a potential acquisition of Chipotle Mexican Grill.

Starbucks CEO Brian Niccol previously led Chipotle for six years before joining the coffee chain in 2024. Starbucks said it remains focused on its turnaround strategy.

Cirrus Logic made unsolicited bid for Synaptics. (Bloomberg)

Cirrus Logic reportedly submitted an unsolicited acquisition offer for Synaptics last month, seeking to disrupt its previously announced deal with On Semiconductor.

Cirrus Logic was identified as the unnamed bidder in a recent Synaptics regulatory filing. It remains unclear whether the company is still pursuing the acquisition.

CoBank seeks to block Cable One's $480m Mega Broadband acquisition. (Bloomberg)

CoBank has filed a lawsuit seeking to block Cable One's planned $480m acquisition of a 55% stake in Mega Broadband Investments from GTCR.

The lender, which holds approximately $1.1bn in secured credit issued by Cable One, claims the transaction would worsen the company's financial position and has requested an emergency restraining order.

City Therapeutics seeks up to $185m in US IPO. (Bloomberg)

Fidelity-backed City Therapeutics is seeking to raise up to $185m in a US IPO, offering 9.72m shares priced between $17 and $19 each.

The RNAi-based drug developer, backed by Arch Venture Partners and Fidelity Management & Research, could reach a valuation of approximately $956m at the top of the price range.

Iambic Therapeutics seeks up to $159m in US IPO. (Reuters)

Nvidia-backed Iambic Therapeutics, which uses AI to develop drugs, is seeking to raise up to $159m in its US IPO.

The offering could value the biotech company at up to $806m, based on its proposed price range and outstanding shares.

TRex Bio raises $117m in US IPO. (Bloomberg)

Eli Lilly-backed TRex Bio has raised $117m in a US IPO, selling approximately 8.3m shares at $14 each, the bottom of its marketed range.

The early-stage biotech company focuses on developing treatments for autoimmune and inflammatory diseases. Shares were initially marketed at $14 to $16 each.

Base Electron confidentially files for US IPO. (Reuters)

Base Electron, a power infrastructure company serving data centers and AI facilities, has confidentially filed for a US IPO.

Formed by Applied Digital, the company develops and operates energy infrastructure. In March, it approved a $2.4bn equipment agreement for a 1.2-gigawatt power project.

Bambusa Therapeutics files for US IPO. (Bloomberg)

Bambusa Therapeutics has filed for a US IPO to fund clinical trials of treatments for eczema and other inflammatory diseases.

Founded in 2024, the Boston-based biotech company is developing long-acting antibodies, with its lead drug candidates acquired from a BioNTech subsidiary.

EMEA

Iveco backs increased takeover offer from TML CV Holdings. (Press Release)

Iveco Group welcomed the increase in the offer price under TML CV Holdings's voluntary tender offer for all of its common shares, with the bid raised from €14.10 ($15.8) to €14.40 ($16.12) per share. The company's board continues to support the offer, recommending that shareholders accept the bid and vote in favour of the related resolutions at the extraordinary general meeting on 16 October 2026.

Iveco Group is advised by Goldman Sachs, Rothschild & Co (led by Luigi Labbate), BonelliErede, De Brauw Blackstone Westbroek (led by Jaap Barneveld), Greenberg Traurig (led by Bruno Cova), PedersoliGattai (led by Carlo Re), and Maisto e Associati. Financial advisors are advised by Cleary Gottlieb Steen & Hamilton (led by Roberto Bonsignore). Tata Motors is advised by Morgan Stanley (led by Regina Savage), AZB & Partners (led by Zia Mody and Vaidhyanadhan Iyer), Clifford Chance (led by Stephanie Horowitz, Paolo Sersale, Jan-Hendrik Horsmeier, Ernst van der Touw, and Philipp Girardet), and Freshfields. Exor is advised by Community Group (led by Roberto Patriarca), according to press releases and MergerLinks data.

Madison Dearborn Partners-backed Asurion completes the acquisition of Domestic & General from CVC and ADIA.

Madison Dearborn Partners-backed Asurion, a provider of phone insurance, completed the acquisition of Domestic & General, a provider of appliance repair and maintenance services, from CVC and ADIA, private equity and investment advisory firms, according to press releases. Financial terms are not disclosed.

Asurion was advised by Goldman Sachs, Morgan Stanley, Hogan Lovells (led by Nicola Evans and Elizabeth Donley) and Teneo (led by Stephen Cohen, Megan Bishop and Robert Yates). Madison Dearborn Partners was advised by H/Advisors Abernathy. CVC was advised by Rothschild & Co and Latham & Watkins (led by Kem Ihenacho and Linzi Thomas), according to press releases and MergerLinks data.

Atrato and GIC complete the acquisition of a real estate portfolio of 35 stores in France and Spain from Carrefour for €290m.

Atrato, an alternatives investment group, and GIC, a global investor, completed the acquisition of a real estate portfolio of 35 stores in France and Spain from Carrefour, a retail and wholesale corporation, for €290m ($325m), according to press releases.

Carrefour was advised by Rothschild & Co, according to MergerLinks data.

Midea completes the acquisition of Esaote.

Midea, a Chinese technology and healthcare equipment group, completed the acquisition of Esaote, an Italian developer of medical imaging equipment and healthcare IT solutions, according to press releases. Financial terms were not disclosed.

UniCredit seeks EU approval for Commerzbank takeover. (Reuters)

UniCredit has sought EU antitrust approval for its proposed takeover of Commerzbank, with regulators expected to issue a decision by November 16.

The Italian bank has already secured nearly half of Commerzbank's share capital, while the German government retains a 13.3% stake.

AkzoNobel and Axalta expected to secure EU approval for $25bn merger. (Reuters)

AkzoNobel and Axalta Coating Systems are reportedly set to receive EU antitrust approval for their $25bn merger, subject to divestment commitments.

The companies plan to sell AkzoNobel's vehicle refinish business to address competition concerns. The merger was announced in November 2025 amid consolidation in the coatings industry.

Siemens Energy's steam turbine business could fetch over €10bn in stake sale. (Bloomberg)

Siemens Energy is exploring the sale of a majority stake in its steam turbines and compressors business, which could be valued at more than €10bn ($11.3bn).

CVC Capital Partners, EQT and Bain Capital are among potential bidders, while banks are preparing debt financing packages of up to €7bn ($7.9bn) to support a transaction.

BASF considers raising offer for Evonik. (Reuters)

BASF could increase its takeover offer for German specialty chemicals maker Evonik if discussions between the companies begin.

BASF approached Evonik about a potential acquisition in September, but Evonik confirmed that no formal talks were underway.

Coca-Cola considers renewed sale of Costa Coffee. (Reuters)

Coca-Cola is reportedly considering reviving the sale of British coffee chain Costa Coffee after abandoning an earlier sale process due to disappointing offers.

The company acquired Costa for $5.1bn in 2018. The potential sale price remains unclear, and at least one strategic buyer previously declined to pursue a deal over valuation concerns.

Unipol receives regulatory approval to take control of BPER Banca. (Reuters)

Unipol has received approval from the European Central Bank and Bank of Italy to increase its stake in BPER Banca above 20%, gaining de facto control of the lender.

The insurer aims to hold over 30% of a future banking group combining BPER Banca with assets carved out of Monte dei Paschi di Siena, with potential to increase its stake further.

Galp explores sale of Iberian residential energy business. (Bloomberg)

Galp Energia is reportedly considering selling its residential energy supply business, comprising approximately 430k customers across Iberia.

The Portuguese company supplies natural gas, liquefied petroleum gas and electricity to residential customers. A potential sale could involve the entire business.

APAC

PAG in exclusive talks to acquire majority stake in Evergrande Property Services. (Bloomberg)

PAG is reportedly in exclusive negotiations with China Evergrande Group's liquidators to acquire a majority stake in Evergrande Property Services, which has a market valuation of HKD12.3bn ($1.6bn).

The private equity firm is seeking to finalise deal terms after earlier interest from Warburg Pincus and Trustar, following the collapse of talks with a Chinese state-owned bidder.

Firmus Grid scraps planned $5bn Australian IPO. (WSJ)

Nvidia-backed Firmus Grid has withdrawn its planned Australian IPO, which was expected to raise nearly $5bn at a valuation exceeding $30bn, citing market volatility and prevailing conditions.

The cloud-computing company, backed by Blackstone and Coatue Management, will instead pursue private-market funding while considering alternative public and private market options.

Jio Platforms targets $3.1bn in India's largest IPO. (Bloomberg)

Jio Platforms is reportedly planning to price its IPO shares between INR1,065 ($11) and INR1,119 ($11.6), potentially raising INR302bn ($3.1bn).

The offering could value the company at up to INR10.3tn ($107bn), positioning it to become India's largest-ever IPO.

Zetwerk plans up to $525m India IPO. (Bloomberg)

Zetwerk is reportedly preparing to launch an IPO as early as next week, seeking to raise up to $525m at a valuation of INR270bn ($2.8bn).

The Bengaluru-based manufacturing platform has met with potential investors, with the offering expected to open on October 15 and a listing targeted for October 23.

SoftBank seeks up to $100bn from Gulf investors for AI fund. (FT)

SoftBank Group is reportedly seeking to raise up to $100bn from Gulf investors for a new AI-focused investment fund, with founder Masayoshi Son holding preliminary talks with potential backers in the UAE.

The proposed fund would acquire companies and use AI and robotics to improve their operations. The initiative follows SoftBank's $65bn investment in OpenAI.

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