Top Highlights
Agility Robotics, a humanoid robotics and physical AI company, went public via a SPAC merger with Churchill Capital Corp XI, a publicly traded special purpose acquisition company, in a $2.5bn deal, according to press releases.
Strathcona Resources, a heavy oil producer, agreed to acquire Greenfire Resources, an oil sands producer, in a CAD2.9bn ($2bn) deal, according to press releases.
Greenfire is advised by CIBC Capital Markets, RBC Capital Markets, Bennett Jones, Norton Rose Fulbright and Scale LLP. Strathcona is advised by JP Morgan, Jefferies & Company, Blake Cassels & Graydon (Blakes), Skadden Arps Slate Meagher & Flom (led by John Zelenbaba) and Torys, according to press releases and MergerLinks data.
Permira, a private equity firm, agreed to acquire a majority stake in Flint Group, a consolidator and operator of residential home service businesses, from General Atlantic, a global growth equity firm, according to press releases. Financial terms were not disclosed.
Permira is advised by Goldman Sachs and Ropes & Gray. Flint Group and General Atlantic are advised by Jefferies & Company, William Blair & Co and Paul Weiss Rifkind Wharton & Garrison. Flint Group is advised by Dorsey & Whitney, according to press releases.
AMERICAS
EMEA
Crédit Agricole proposes merger of Italian business with Banco BPM. ( Press Release)
Botswana agrees to raise De Beers stake, easing Anglo’s exit. ( Bloomberg)
Ardian raises €1bn Europe semiconductor fund with Middle East backing. ( Bloomberg)
APAC
BC Partners seeks control of LIV Golf bankruptcy process from Saudi PIF. ( FT)
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COMPANIES
FINANCIAL ADVISORS
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AMERICAS
Jacobs Private Equity, a family office investment firm, and HRTG Partners, a private alternative asset management firm, agreed to invest $1bn in CKX Lands, a land management company, according to press releases.
Jacobs Private Equity is advised by Morgan Stanley, Paul Weiss Rifkind Wharton & Garrison and Gladstone Place Partners (led by Steven Lipin). CKX Lands is advised by TAP Advisors and Fishman Haygood, according to press releases.
argenx, an immunology company, agreed to acquire Unnatural Products, a biotech company developing orally-delivered macrocyclic peptides, for $1.15bn, according to press releases.
Unnatural Products is advised by Latham & Watkins and LifeSci Communications (led by Danielle Cantey). argenx is advised by Morgan Stanley and DLA Piper, according to press releases.
LS Power, a development, investment, and operating company focused on power generation, electric transmission and energy infrastructure, agreed to acquire ix natural gas generation assets from NRG Energy, a provider of electricity, natural gas, and smart home solutions, for $4bn, according to press releases.
NRG Energy is advised by Barclays and White & Case, according to press releases.
Moelis family, a highly prominent, multi-generational New York business and finance dynasty, led a $100m funding round in Gotham FC, a professional women’s soccer club, with participation from David R. Giroux, Anne Welsh McNulty, Next 3 Ventures, the Tisch family and Jennifer Mackesy, according to press releases.
Gotham FC was advised by Inner Circle Sports and Simpson Thacher & Bartlett, according to press releases.
Huaxin Building Materials, a company that manufactures building materials, agreed to acquire a 99.99% stake in the cement unit of Companhia Siderúrgica Nacional, a Brazilian industrial group operating across steelmaking, mining, logistics, cement, and energy, for $2.3bn.
Codan, a global technology group that develops and delivers communications solutions, agreed to acquire Eventide Communications, a provider of mission-critical communications recording, logging, analytics and operational intelligence software, for $244m, according to press releases.
EMEA
Barings, an asset management firm, agreed to acquire Irish Residential Properties, an Irish residential property company focused on owning and managing rental housing, for €731m ($814m), according to press releases.
Kobe Steel-owned Kobelco Construction Machinery, a global manufacturer of construction equipment, including excavators, cranes, and related machinery, and CNH Industrial, a global industrial equipment manufacturer, agreed to form a $1bn joint venture, according to press releases.
Kobelco Construction Machinery is advised by Mitsubishi UFJ Morgan Stanley Securities and White & Case. CNH Industrial is advised by Bank of America, Goldman Sachs and Pillsbury Winthrop Shaw Pittman, according to press releases.
Lux Capital, a venture capital firm, led a $300m Series A round in Onodrim Industries, a European defence technology and industrial investment platform, with participation from General Catalyst, Lakestar, Altimeter, Strike Capital, 137 Ventures, 8090 and Expeditions, according to press releases.
Crédit Agricole proposes merger of Italian business with Banco BPM. ( Press Release)
Crédit Agricole has proposed merging Crédit Agricole Italia with Banco BPM to create Italy’s third-largest banking group, serving 6.5m customers through more than 2.3k. The combined entity would remain listed in Milan, with Banco BPM’s current CEO retained, while Crédit Agricole would increase its ownership from 29.6% to about 45%.
The proposal values Banco BPM at a 20% premium and includes an extraordinary €1bn ($1.16bn) dividend for existing shareholders. Crédit Agricole expects about €800m ($928m) of annual pre-tax synergies and estimates the deal would increase Banco BPM’s 2027 earnings per share by around 24%. Completion is targeted for the second half of 2027, subject to shareholder and regulatory approvals.
Botswana agrees to raise De Beers stake, easing Anglo’s exit. ( Bloomberg)
Botswana will double its stake in De Beers to 30% from 15%, making the country the diamond miner’s largest single shareholder and removing a key obstacle to Anglo American’s planned exit.
The agreement could support a takeover led by former De Beers CEO Gareth Penny, with Botswana’s increased ownership helping align the government with a new control structure for the miner.
Ardian raises €1bn Europe semiconductor fund with Middle East backing. ( Bloomberg)
Ardian has raised €1bn ($1.16bn) for its debut semiconductor investment platform, including nearly €700m ($812m) of fund commitments alongside co-investments, with significant backing from Middle Eastern investors.
Launched with semiconductor specialist Silian Partners, the Europe-focused strategy will invest across the chip sector as AI-driven demand boosts spending on data center processors and related semiconductor infrastructure.
APAC
Mitsui Chemicals, a Japanese chemicals company, and Development Bank of Japan, a Japanese government-owned development bank, agreed to acquire JSR, a materials technology company developing and manufacturing products for semiconductor, life sciences, and industrial applications, from Japan Investment, an investment firm, for $11.6bn, according to press releases.
Service Stream Holdings, a diversified provider of essential network services, agreed to acquire Persol Australia, an Australian workforce and outsourced services company, from Persol Holdings, a human resources and workforce solutions group, for JPY120bn ($757m), according to press releases.
CTP, a developer, owner, and operator of logistics and industrial real estate, agreed to acquire the Vietnam portfolio and operating platform from Ares Management-backed South-East Asia Logistics Partners, an industrial and logistics infrastructure development and operation platform, for $500m, according to press releases.
BC Partners seeks control of LIV Golf bankruptcy process from Saudi PIF. ( FT)
BC Partners is seeking to acquire the $50m debtor-in-possession loan provided by Saudi Arabia’s Public Investment Fund to bankrupt LIV Golf, a move that could give the private equity firm greater control over the Chapter 11 process and more time to revive a successor league.
The plan remains preliminary and comes after BC publicly abandoned its broader “LIV 2.0” proposal. BC had previously committed $300m to a revamped league and is also exploring ways to preserve LIV’s roughly $5bn of accumulated tax losses, potentially for use in a future acquisition vehicle.
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