Affinius Capital and Vista Hill Partners to acquire Veris Residential for $3.4bn.

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AMERICAS

Kinderhook Industries to acquire Enhabit for $1.1bn.

Kinderhook Industries, a middle-market private equity firm, agreed to acquire Enhabit, a national home health and hospice provider, for $1.1bn, according to press releases.

Enhabit is advised by Goldman Sachs, Jones Day (led by Andrew M. Levine) and Joele Frank (led by Adam Pollack). Kinderhook Industries is advised by Guggenheim Partners and Kirkland & Ellis, according to press releases and MergerLinks data.

EQT-backed Scale completes the acquisition of Reload.

EQT-backed Scale, a vertically integrated distributed energy platform, completed the acquisition of Reload, a technology company that designs and develops gigawatt‑scale data center campuses and powerparks, according to press releases. Financial terms were not disclosed.

EQT was advised by Weil Gotshal and Manges. Scale was advised by Womble Bond Dickinson. Reload was advised by Gibson Dunn & Crutcher and XIP (Expedition Infrastructure Partners), according to press releases.

The Vistria Group completes the acquisition of Lumen.

The Vistria Group, a private equity firm, completed the acquisition of Lumen, an insurance solutions provider, according to press releases. Financial terms were not disclosed.

The Vistria Group was advised by MarshBerry and Winston & Strawn. Lumen was advised by Piper Sandler and Choate Hall & Stewart, according to press releases.

GHK Capital Partners completes the acquisition of CLP.

GHK Capital Partners, a middle-market private equity firm, completed the acquisition of CLP, a provider of architecture, engineering, and consulting services for the built environment, according to press releases. Financial terms were not disclosed.

CLP was advised by Harter Secrest & Emery. GHK was advised by AEC Advisors, Morrissey Goodale and Davis Polk & Wardwell, according to press releases.

Tidewater to acquire Wilson Sons Ultratug Offshore for $500m.

Tidewater, which owns and operates one of the largest fleets of offshore support vessels in the industry, agreed to acquire Wilson Sons Ultratug Offshore, a povider of marine shipping services intended to serve oil and gas industry, for $500m, according to press releases.

Tidewater is advised by Piper Sandler, Machado Meyer Sendacz e Opice Advogados and Skadden Arps Slate Meagher & Flom (led by Steve Gill), according to press releases and MergerLinks data.

Stanley Martin Homes to acquire United Homes Group for $221m.

Stanley Martin Homes, a homebuilder across the Mid-Atlantic and Southeast regions of the United States, agreed to acquire United Homes Group, a publicly traded homebuilder headquartered in Columbia, SC, for $221m, according to press releases.

United Homes Group is advised by Vestra Advisors and Paul Weiss Rifkind Wharton & Garrison (led by Lara Solomons and Jeffrey D. Marell). Stanley Martin Homes is advised by Maynard Nexsen, according to press releases and MergerLinks data.

Valsoft completes the acquisition of DigitalEd.

Valsoft, a Montreal-based company specializing in the acquisition and development of vertical market software businesses, completed the acquisition of DigitalEd, an innovative provider of online learning solutions, according to press releases. Financial terms were not disclosed.

DigitalEd was advised by Tyton Partners and Stikeman Elliott, according to press releases.

Parex Resources to acquire E&P assets of Frontera Energy for $525m.

Parex Resources, one of the largest independent oil and gas companies in Colombia, agreed to acquire E&P assets of Frontera Energy, a Canadian petroleum exploration and production company, for $525m, according to press releases.

Salesforce Ventures leads a $125m Series B round in Code Metal.

Salesforce Ventures, a venture capital firm, led a $125m Series B round in Code Metal, a provider of verifiable code translation for mission-critical industries, with participation from Accel, B Capital, Smith Point Capital, J2 Ventures, Shield Capital, Overmatch and RTX, according to press releases.

Investor Ed Garden builds stake in Fortune Brands, seeking new CEO. (WSJ)

Ed Garden, founder of Garden Investments and former Trian executive, has built a significant stake in Fortune Brands Innovations, the owner of Moen and Master Lock, and is pushing to replace the incoming CEO, along with making broader strategic changes. Garden’s firm is now one of Fortune Brands’ largest shareholders, with ambitions to eventually become the biggest.

Garden believes the company could grow substantially over the next decade and is seeking stronger leadership to accelerate performance. The exact size of Garden Investments’ stake has not been disclosed.

EMEA

Johnson Matthey accepts 26% price cut on Honeywell deal as catalyst unit underperforms. (Press Release)

Johnson Matthey agreed to cut the sale price of its Catalyst Technologies business to Honeywell by 26%, lowering the valuation from the originally agreed £1.8bn ($2.4bn) to £1.325bn ($1.8bn) after the unit’s profitability weakened, including delayed licensing projects and reduced catalyst margins; the revised terms accompany an extension of the long‑stop date as both sides work toward completing the transaction in 2026.

Honeywell is advised by Morgan Stanley (led by Adrian Doyle) and Latham & Watkins (led by Max Schleusener). Johnson Matthey is advised by Citigroup, Deutsche Numis, Goldman Sachs, Robey Warshaw, BonelliErede (led by Gianfranco Veneziano), Slaughter & May (led by Philip Linnard) and Teneo (led by Harry Cameron), according to press releases and MergerLinks data.

COSMAX to acquire a 51% stake in Keminova.

COSMAX, a beauty products manufacturer, agreed to acquire a 51% stake in Keminova, a manufacturing company that formulates and produces skincare products and medical devices, according to press releases. Financial terms are not disclosed.

DAE Capital nears deal to buy aircraft leasing firm Macquarie Airfinance. (Reuters)

DAE Capital is close to a deal to acquire Macquarie AirFinance. The move follows a competitive bidding process that also drew interest from AviLease of Saudi Arabia and Lesha Bank of Qatar.

The sale comes amid soaring demand for aircraft as Boeing and Airbus struggle to keep up with airline orders, boosting valuations for lessors. DAE previously expanded in 2017 with its acquisition of AWAS, then one of the world’s largest aircraft leasing firms.

Chevron, Iraq agree to exclusive talks over West Qurna 2 oilfield. (Reuters)

Chevron has entered exclusive talks with Iraq to take over the West Qurna 2 oilfield, moving closer to replacing Lukoil, whose stake was unwound after US sanctions prompted Iraq to nationalise the project.

The agreement with Basra Oil grants Chevron one year of exclusive negotiation rights and enables the temporary transfer of Lukoil’s contract to BOC before a final handover. Any deal will require approvals from Iraq’s Council of Ministers and the US Office of Foreign Assets Control.

Estée Lauder eyes M&A opportunities to help turn around. (Bloomberg)

Estée Lauder is exploring M&A opportunities as part of its ongoing turnaround. The cosmetics group, owner of Jo Malone and Le Labo, is reviewing its portfolio and remains active in deal discussions as it seeks to accelerate growth and restore profitability.

Chief Executive Officer Stéphane de La Faverie stated that the company is prioritising both acquisitions and the incubation of new brands as it enters the second year of its restructuring plan. No specific targets were named, but M&A is expected to play a role in strengthening Lauder’s portfolio.

Schroders chief vows to keep wealth manager Cazenove after £9.9bn takeover. (FT)

Schroders CEO Richard Oldfield stated the group will retain Cazenove Capital after its £9.9bn ($13.3bn) takeover by Nuveen, dismissing speculation the wealth‑management unit might be sold.

Oldfield said Cazenove remains core to the business and highlighted Nuveen’s commitments to preserve people, operations, and branding across the combined group.

APAC

11:11 Systems completes the acquisition of Digital Sense.

11:11 Systems, a managed infrastructure solutions provider, completed the acquisition of Digital Sense, a prominent Brisbane-based, high-quality cloud and managed services provider, according to press releases. Financial terms were not disclosed.

Chubu Electric eyes Continuum stake at over $1bn valuation. (Bloomberg)

Chubu Electric Power is in advanced talks to buy a stake in Continuum Green Energy at a valuation of over $1bn. The Japanese utility is nearing an investment of $150m–$200m in new shares, which would give it about 15% of the India‑based renewable‑energy producer.

A deal would expand Chubu Electric’s international clean‑energy footprint while providing growth capital for Continuum’s project pipeline. Discussions are ongoing and final terms have not been agreed.

Affirma weighs stake sale in Singapore-based crane supplier Tat Hong. (DealStreetAsia)

Affirma Capital has begun exploring options to fully or partially exit its roughly 29% stake in Tat Hong, the Singapore‑based cranes supplier with operations across China, Southeast Asia, and Australia. The private‑equity firm is assessing potential structures, which could involve selling individual regional businesses rather than the entire group.

Tat Hong, one of Asia’s largest crane rental and distribution players, has attracted early interest from strategic and financial buyers. The review is at a preliminary stage, and no decision has been made on the scope or timing of a transaction.

Carlsberg to begin $700m IPO process for India unit. (Bloomberg)

Carlsberg has begun preparing a potential $700m IPO of its India unit and has appointed Kotak Mahindra Capital, JP Morgan India, and Citigroup India as advisers. A draft red herring prospectus could be filed as early as May 2026.

The listing would mark a major step in expanding Carlsberg’s footprint in one of its fastest‑growing markets. Discussions remain private, and final decisions on size and timing have not yet been made.

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