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Top Highlights
Aker Property Group, a real estate company, agreed to invest in Public Property Invest, a Norwegian property company, and Samhallsbyggnadsbolaget i Norden AB, a residential property managers company, according to press releases. Financial terms were not disclosed.
Public Property Invest is advised by Roschier Attorneys and Thommessen. Aker Property is advised by Arctic Securities, DNB Bank, BAHR and Mannheimer Swartling, according to press releases.
TXO Partners, a company that focuses on the acquisition, development, and exploration of oil, natural gas, and natural gas liquid reserves, and North Hudson Resource Partners, an investment firm, agreed to acquire Elm Coulee assets from White Rock Energy, an upstream energy operator, for $475m, according to press releases.
TXO Partners is advised by Kelly Hart & Hallman and Latham & Watkins. North Hudson is advised by Gibson Dunn & Crutcher. White Rock Energy is advised by Jefferies & Company and Vinson & Elkins (led by John Grand and Robert Hughes), according to press releases and MergerLinks data.
Hightower, a wealth management firm that provides investment, financial and retirement planning services, completed the investment in Lindbrook Capital, a financial planning and wealth management practice, according to press releases. Financial terms were not disclosed.
Hightower was advised by McDermott Will & Emery and Magnitude (led by Daniel Delson). Lindbrook Capital was advised by Colchester Partners and Kirkland & Ellis, according to press releases.
Deal Round up
AMERICAS
Pony AI confidentially files for Hong Kong IPO to fund expansion. ( Bloomberg)
Chime Financial files publicly for IPO with $12.9m Q1 profit. ( Bloomberg)
EMEA
EToro and backers raise $620m in upsized US IPO. ( Bloomberg)
APAC
Frasers Property launches second bid to privatize Frasers Hospitality Trust in $1.1bn deal. ( Reuters)
CATL to raise $4.6bn in Hong Kong’s largest 2025 listing. ( Reuters)
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AMERICAS
bluebird bio, together with Carlyle and SK Capital Partners, has announced an amendment to their previously agreed acquisition deal. Under the revised terms, bluebird shareholders now have two options: they can either receive the original offer of $3.00 per share in cash plus a contingent value right (CVR) of $6.84 per share—payable if a specific net sales milestone is reached—or choose a new alternative of $5.00 per share in immediate cash.
The amended agreement has been unanimously approved by bluebird’s board of directors, which strongly recommends that all shareholders tender their shares without delay. The board maintains that the deal with Carlyle and SK Capital remains the only realistic path for stockholders to obtain value for their shares. Without majority support, bluebird faces a high risk of defaulting on its loan agreements with Hercules Capital. In such a scenario, bankruptcy or liquidation could result in shareholders receiving little to no return.
Corinthian Capital Group, a middle-market private equity firm, and Valesco Industries, a small and lower middle market private equity firm, completed the acquisition of Trimlight, an outdoor lighting systems company, according to press releases. Financial terms were not disclosed.
Trimlight was advised by D.A. Davidson & Co. Corinthian Capital Group was advised by Latham & Watkins and CohnReznick. Debt financing was provided by FS Investments, according to press releases.
Revau, a managing general agent specializing in property and casualty insurance company, completed the merger with Brazos Specialty Risk Insurance and Twenty Mile Insurance Services, two independent MGAs, according to press releases. Financial terms were not disclosed.
Revau was advised by Fasken and Willkie Farr & Gallagher. Brazos and Twenty Mile were advised by Howden and Covington & Burling, according to press releases.
ARA Partners, a Texas-based private equity firm, and Kelso, a private equity investment firm focusing on leveraged buyouts, recapitalizations and growth capital transactions, completed the investment in Galloway & Company, a multidisciplinary architecture and engineering company, according to press releases. Financial terms were not disclosed.
Galloway & Company was advised by AEC Advisors, according to press releases.
Keyfactor, a management company, completed the acquisition of InfoSec Global, a cryptographic management company, and CipherInsights, a cryptographic discovery solution company, according to press releases. Financial terms were not disclosed.
Keyfactor was advised by Marketbridge, according to press releases.
Lower, a digital mortgage lender, completed the acquisition of Movoto, a real estate portal, from Ojo Labs, a real estate technology company, according to press releases. Financial terms were not disclosed.
Ojo Labs was advised by Houlihan Lokey, according to press releases.
Databricks, the data and AI company, agreed to acquire Neon, a database platform, according to press releases.
Magnetar, a hedge fund, and AMD Ventures, a venture capital firm, led a $100m Series A round in TensorWave, a provider of AMD-powered AI infrastructure solutions, with participation from Maverick Silicon, Nexus Venture Partners, and Prosperity7, according to press releases.
Insignia Capital-backed Chocolate Works, a manufacturer of branded and private label chocolate products, completed the acquisition of Thompson Chocolate, a manufacturer of specialty and foil-wrapped chocolate novelties, according to press releases. Financial terms were not disclosed.
PartnerOne, a company that acquires and grows enterprise software companies, completed the acquisition XYPRO, a cybersecurity provider of risk management and compliance solutions, according to press releases. Financial terms were not disclosed.
Pony AI confidentially files for Hong Kong IPO to fund expansion. ( Bloomberg)
Pony AI has confidentially filed for a Hong Kong initial public offering as it looks to raise funds to support business growth. The filing aims to avoid volatility in the company’s US-traded shares while it prepares for a potential listing later this year.
While the size and timing of the IPO are still being finalized, the move signals Pony AI’s intent to expand its capital base amid increased interest in autonomous vehicle technologies. A Hong Kong listing could also strengthen its visibility in the Asian market, where much of its operations and commercial rollout are centered.
Chime Financial files publicly for IPO with $12.9m Q1 profit. ( Bloomberg)
Chime Financial has publicly filed for an initial public offering after a prior confidential filing, positioning itself among a wave of companies aiming to list before the typical summer slowdown. The US-based fintech reported net income of $12.9m on revenue of $518.7m in Q1 2025, up from $15.9m in profit on $392m revenue in the same quarter last year.
The firm, which offers no-fee digital banking services, is leveraging its recent profitability to attract investor interest. The filing reflects a maturing financial performance and a bid to access public capital markets to support continued growth and user acquisition.
EMEA
Aviva's bid to become Britain's largest home and motor insurer via a £3.7bn ($4.9bn) takeover of smaller rival Direct Line suffered a potential snag on May 14, after Britain's antitrust watchdog said it would review the deal, according to press releases.
MFE-MediaForEurope, the TV broadcaster controlled by Italy's Berlusconi family, is considering raising its offer for Germany's ProSiebenSat.1.
PPF Group is advised by Jefferies & Company, Kirkland & Ellis (led by Benjamin Leyendecker and Achim Herfs) and Brunswick Group, according to press releases and MergerLinks data.
Samsung Electronics, a technology company, agreed to acquire FläktGroup, a global HVAC solutions provider, from Triton, an investment firm, for €1.5bn ($1.6bn), according to press releases.
Triton is advised by UBS, according to press releases and MergerLinks data.
Sureserve, a provider of energy and compliance services, agreed to acquire Kinovo, a specialist property services group, for £56.4m, according to press releases.
Sureserve is advised by Rothschild & Co, according to press releases and MergerLinks data.
HitecVision, a Norwegian investment company specializing in energy, agreed to acquire a 50% stake in Polska Grupa Biogazowa, a biogas producer in Poland, from TotalEnergies, a global integrated energy company, for €95m ($105), according to press releases.
DHL, a global logistics company that delivers parcels and packages, agreed to merge with Evri, a parcel delivery company, according to press releases. Financial terms were not disclosed.
EToro and backers raise $620m in upsized US IPO. ( Bloomberg)
EToro Group and several of its shareholders raised nearly $620m through an upsized US IPO, pricing 11.92m shares at $52 each, above the initially marketed range. The strong investor demand reflects continued interest in digital trading platforms following fluctuating public equity market conditions.
A portion of the shares were sold by existing investors, while the remaining proceeds are expected to fund business expansion and platform development. BlackRock-managed funds signaled interest in up to $100m worth of shares at the IPO price, indicating support from major institutional backers.
APAC
Insignia Financial announced that Bain Capital has withdrawn its buyout offer. However, the company remains in talks with another bidder, investment manager CC Capital. Bain’s proposal had valued Insignia at AUD3.34bn ($2.2bn), matching the offer from CC Capital, according to press releases.
Insignia Financia is advised by Citigroup, Gresham and King & Wood Mallesons, according to press releases.
Frasers Property launches second bid to privatize Frasers Hospitality Trust in $1.1bn deal. ( Reuters)
Frasers Property, controlled by Thai billionaire Charoen Sirivadhanabhakdi, has made a renewed attempt to take Frasers Hospitality Trust (FHT) private in a deal valuing the REIT at SGD1.37bn ($1.1bn). The offer of SGD0.71 ($0.52) per unit is aimed at acquiring the remaining shares not already held by the family and the company, which currently control just over 60% of FHT.
This is the second effort by Frasers to delist the REIT after a previous bid failed to gain enough minority shareholder support. The company said the offer provides certainty amid a challenging environment for the hospitality sector. The deal, if successful, would give Frasers full ownership and operational control over FHT’s portfolio of hotels and serviced residences.
CATL to raise $4.6bn in Hong Kong’s largest 2025 listing. ( Reuters)
Chinese EV battery manufacturer CATL is set to price its shares at HKD263 ($33.70) each in its Hong Kong IPO. The offering is expected to raise $4.6bn, making it the largest global listing so far in 2025. The final pricing is consistent with the top of the previously marketed range, reflecting strong investor demand.
The upsized offering signals investor confidence in CATL's position as a dominant player in the global EV battery sector. Proceeds will likely support further expansion and R&D efforts as the company scales its operations and strengthens supply chain capabilities in and beyond China.
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