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AMERICAS

Leonard Green to acquire a 60% stake in Topgolf from Topgolf Callaway Brands for $770m.

Leonard Green & Partners, a private equity investment firm, agreed to acquire a 60% stake in Topgolf business from Topgolf Callaway Brands, an unrivaled tech-enabled Modern Golf and active lifestyle company, for $770m, according to press releases.

Leonard Green is advised by Moelis & Co, Ropes & Gray (led by Jason Freedman), and Sidley Austin. Topgolf Callaway was advised by Centerview Partners, Goldman Sachs, and Latham & Watkins, according to press releases.

Halozyme completes the acquisition of Elektrofi for $900m.

Halozyme, a biopharmaceutical company, completed the acquisition of Elektrofi, a biopharmaceutical company, for $900m, according to press releases.

Elektrofi was advised by Centerview Partners and Morgan Lewis & Bockius (led by Michael A. Conza). Halozyme was advised by Bank of America, Weil Gotshal and Manges (led by Michael J. Aiello and Sachin Kohli), and Teneo, according to press releases and MergerLinks data.

Bain Capital completes the acquisition of Concert Golf Partners from Clearlake Capital Group.

Bain Capital, a global private investment firm, completed the acquisition of Concert Golf Partners, an owner-operator of private golf and country clubs with 39 locations across the United States, from Clearlake Capital Group, a private equity firm, according to press releases. Financial terms were not disclosed.

Concert Golf Partners was advised by Moelis & Co, Wachtell Lipton Rosen & Katz (led by Edward D. Herlihy). Bain Capital was advised by Goldman Sachs, Rothschild & Co, and Kirkland & Ellis, according to press releases and MergerLinks data.

Azurity Pharmaceuticals completes the acquisition of Bowel Prep Franchise from Sebela.

Azurity Pharmaceuticals, a privately held company committed to delivering innovative, high-quality medicines for overlooked patients, completed the acquisition of Bowel Prep Franchise, including two leading bowel preparation therapies for colonoscopies, from Sebela, a pharmaceutical company, according to press releases. Financial terms were not disclosed.

Azurity was advised by Barclays and Eversheds Sutherland. Sebela was advised by Jefferies & Company and Mayer Brown, according to press releases.

CHA Consulting completes the acquisition of Steger Bizzell from H.I.G. Capital.

CHA Consulting, an innovative, full-service engineering, design, consulting and construction management firm, completed the acquisition of Steger Bizzell, a civil engineering company, from H.I.G. Capital, a private equity firm, according to press releases. Financial terms were not disclosed.

Steger Bizzell was advised by Baker Tilly, GulfStar Group (led by Charles Craig) and Ewing & Jones, according to press releases.

MS&AD Insurance to acquire an 18% stake in Barings from MassMutual for $1.44bn.

MS&AD Insurance, a Japanese insurance company, agreed to acquire an 18% stake in Barings, an insurance services company, from MassMutual, an American life insurance company, for $1.44bn, according to press releases.

MassMutual is advised by Goldman Sachs and Simpson Thacher & Bartlett (led by Elizabeth Cooper), according to MergerLinks data.

IonQ to acquire Skyloom Global.

IonQ, a quantum company, agreed to acquire Skyloom Global, a high-performance optical communications infrastructure that enables secure, high-speed data links across Earth and in orbit, according to press releases. Financial terms were not disclosed.

IonQ is advised by Paul Weiss Rifkind Wharton & Garrison (led by Chelsea Darnell), according to MergerLinks data.

Fictor to acquire Banco Master for $560m. (Bloomberg)

Fictor, a holding company, agreed to acquire Banco Master, a commercial bank, for $560m, according to Bloomberg.

Continental Resources to acquire a 90% stake in Vaca Muerta shale concession from Pluspetrol. (Bloomberg)

Continental Resources, an independent energy company, agreed to acquire a 90% stake in Vaca Muerta shale concession from Pluspetrol, an oil and gas exploration and production company, according to Bloomberg. Financial terms are not disclosed.

Boise Cascade to acquire Holden Humphrey.

Boise Cascade, a producer of engineered wood products, agreed to acquire Holden Humphrey, a wholesale building materials distributor, according to press releases. Financial terms are not disclosed.

Softbank’s $6.5bn acquisition of Ampere clears FTC review. (Bloomberg)

The US Federal Trade Commission has ended its review of SoftBank’s $6.5bn acquisition of semiconductor designer Ampere Computing, granting early termination and removing a key regulatory hurdle for the all-cash deal.

The transaction advances SoftBank’s strategy to expand its AI infrastructure capabilities; Ampere designs server processors used in data-center systems.

Chevron weighs potential bid for Lukoil’s foreign assets. (Reuters)

Chevron is evaluating options to acquire parts of Lukoil’s overseas asset portfolio after receiving clearance from the US Treasury to discuss a possible transaction. The US oil major joins Carlyle and other firms reviewing the Russian company’s global holdings.

Lukoil’s foreign asset package is estimated to be worth at least $20bn, drawing interest from multiple potential buyers as sanctions continue to reshape ownership of Russian-linked energy assets.

Pfizer launches US dollar bond sale to support Metsera acquisition. (Bloomberg)

Pfizer has begun marketing a multi-tranche US dollar bond offering to help finance its acquisition of Metsera. The company is preparing to issue debt in up to seven parts, including a 40-year note.

Initial pricing discussions for the long-dated tranche indicate a spread of about 1.25 percentage points over US Treasuries, according to the report.

Judges question potential revival of private Tylenol lawsuits; Kenvue shares fall. (Reuters)

Kenvue may face the reinstatement of more than 500 private lawsuits claiming Tylenol or its active ingredient acetaminophen caused autism, after a US appeals court panel questioned whether the cases were dismissed due to improperly excluded evidence.

A federal judge previously threw out the lawsuits last December after rejecting expert testimony presented by parents alleging prenatal Tylenol use led to autism or ADHD in their children.

Thoma Bravo makes offer to buy Clearwater Analytics. (Reuters)

Thoma Bravo has submitted a bid to acquire Clearwater Analytics in a take-private transaction. Details of the proposal have not been disclosed.

The offer adds the buyout firm to ongoing interest in the software provider, which offers investment and accounting technology for institutional clients.

Cold Stone Creamery owner explores potential sale and other options. (Bloomberg)

MTY Food Group, owner of Cold Stone Creamery, Wetzel’s Pretzels and Mr. Sub, has started a strategic review that may lead to a full or partial sale. The company has hired a financial adviser to assess options to enhance shareholder value.

The review includes considering a sale as well as continuing with MTY’s existing business plan as it evaluates the best path forward for its restaurant portfolio.

Elliott takes stake in Barrick as miner underperforms peers. (Bloomberg)

Elliott Investment Management has built a significant position in Barrick Mining after a period of operational issues and rising costs left the gold producer lagging competitors despite strong bullion prices.

The move comes shortly after the departure of CEO Mark Bristow and as the company shifts its strategy toward strengthening its North American asset base.

York Space Systems files for US IPO as revenue rises. (Bloomberg)

York Space Systems, a space and defense firm backed by AE Industrial Partners, has filed for a US initial public offering, reporting higher revenue and narrower losses for the first nine months of 2025. The company posted a net loss of $54.9m on revenue of $280.9m, compared with a $73.1m loss on $176.9m in a 2024.

AE Industrial Partners will retain majority voting power after the listing. The firm had previously considered a sale of York Space that could have valued the business at more than $2bn earlier in 2025.

Lumexa Imaging files for US IPO as losses narrow. (Bloomberg)

Lumexa Imaging, a diagnostic imaging provider backed by Welsh Carson Anderson & Stowe, has filed for an initial public offering in the US, reporting rising revenue and reduced losses for the first nine months of 2025.

The company posted a net loss of $18.4m on revenue of $755.3m for the period, compared with a $69m loss on $700.8m in revenue in 2024, according to its SEC filing.

Databricks seeks funding at valuation above $130bn. (Bloomberg)

Databricks is in talks to raise new capital at a valuation exceeding $130bn, as investor demand for AI infrastructure companies remains strong despite broader concerns about an AI market bubble.

The company has not signed a term sheet, and the valuation target represents roughly a 30% increase from its previous funding round two months earlier.

Warburg raises over $12bn in first close for global PE fund. (Bloomberg)

Warburg Pincus has gathered more than $12bn in the first fundraising round for its latest global private equity fund, reaching about 70% of its $17bn target within six months of launch.

The firm is on track to exceed its goal despite a slower industry fundraising environment, according to people familiar with the process.

EMEA

Institutional investors to acquire a 7.8% stake in Convatec Group from Novo for £351m.

Institutional investors to acquire a 7.8% stake in Convatec Group, a medical products and technologies company, from Novo, a holding and investment company, for £351m ($462.2m), according to press releases.

Convatec Group is advised by Goldman Sachs (led by Tom Hartley) and Morgan Stanley (led by Martin Thorneycroft), according to press releases.

Capza-backed Simplifia to acquire Electronik Printing.

Capza-backed Simplifia, a software provider in the funeral industry, agreed to acquire Electronik Printing, an Austrian company specialising in personalised funeral product printing solutions, according to press releases. Financial terms were not disclosed.

Electronik Printing is advised by Pallas Capital (led by Maximilian Baar-Baarenfels) and Schindler (led by Florian Cvak), according to press releases and MergerLinks data.

Nordic Capital completes the acquisition of a majority stake in Evosep.

Nordic Capital, a private equity investor, completed the acquisition of a majority stake in Evosep, an innovator of sample preparation and separation solutions for LC-MS-based proteomics, according to press releases. Financial terms were not disclosed.

Evosep was advised by JP Morgan, according to MergerLinks data.

ING Bank Slaski to acquire the remaining 55% stake in Goldman Sachs TFI from Goldman Sachs.

ING Bank Slaski, a banking company, agreed to acquire the remaining 55% stake in Goldman Sachs TFI, an asset management company, from Goldman Sachs, a global investment banking firm, according to press releases. Financial terms were not disclosed.

Credit Agricole rules out cash sale of Italian unit amid Banco BPM interest. (Reuters)

Credit Agricole said it will not consider selling its Italian subsidiary for cash as it weighs the possibility of a combination with Banco BPM. The bank’s CEO stated that any approach from Banco BPM for a tie-up would be viewed positively.

He added that Credit Agricole remains committed to the Italian market and its six million local customers, emphasizing the group’s long-standing presence in the country.

Absa CEO seeks acquisitions to expand African footprint. (Bloomberg)

Absa Group is pursuing deals outside South Africa as part of a strategy to strengthen its regional presence and improve competitiveness across the continent. The Johannesburg-based bank currently operates in 12 African markets.

The lender recently completed the purchase of Standard Chartered’s wealth and retail banking business in Uganda, part of efforts to deepen its position in priority markets and broaden its service offering.

Saudi Arabia seeks US approval to expand AI infrastructure ambitions. (Bloomberg)

Saudi tech firm Humain’s CEO Tareq Amin is meeting US officials as the kingdom pushes to secure access to advanced American chips needed to scale its AI computing capacity. The effort is part of a broader strategy to position Saudi Arabia as a major global hub for AI infrastructure.

The initiative reflects the country’s shift of oil wealth toward technology investment and its drive to attract Silicon Valley partners, while requiring approval from the Trump administration for sensitive chip technology.

Grant Thornton UK plans partner hiring push after Cinven investment. (Bloomberg)

Grant Thornton UK plans to hire 160 partners over the next two years after receiving investment from private equity firm Cinven. The firm, which currently has 280 partners, has appointed Korn Ferry and Wilton & Bain to support the recruitment process.

Chief executive Malcolm Gomersall said the firm intends to expand in areas with the strongest opportunities and scale its operations to meet client demand.

Uzbekistan plans London IPO of state investment fund. (Bloomberg)

Uzbekistan is preparing to list its national investment fund, UzNIF, in what would be the country’s first-ever IPO in London, setting the stage for future offerings by other state-backed companies.

The fund is working on documentation for dual listings in London and Tashkent, with the share sale expected to launch as early as the first quarter of 2026.

UBS O’Connor leaders depart ahead of Cantor acquisition. (Bloomberg)

The co-heads of UBS O’Connor’s capital solutions strategy, Rodrigo Trelles and Baxter Wasson, have stepped down from running the firm’s funds after choosing not to take roles at Cantor Fitzgerald, which is preparing to acquire the hedge fund unit.

The pair stopped overseeing the strategies on October 20 as the planned takeover moves toward completion.

APAC

General Atlantic completes the acquisition of a minority stake in SmartHR from Coral Capital for $96m.

General Atlantic, a global growth equity firm, completed the acquisition of a minority stake in SmartHR, an information company, from Coral Capital, a venture capital firm, for $96m, according to press releases.

Manner Coffee explores Hong Kong IPO. (Bloomberg)

Manner Coffee is considering a Hong Kong listing as early as 2026, revisiting plans first discussed in 2021. The China-based coffee chain has held talks with investment banks about a potential offering that could raise a few hundred million dollars.

The company may target a valuation of up to $3bn, with discussions ongoing as it assesses market conditions for a possible flotation.

Amazon-backed More Retail picks banks for $300m India IPO. (Bloomberg)

More Retail has appointed Avendus Capital and ICICI Securities to prepare a potential initial public offering expected to raise about $300m. The Mumbai-based food and grocery chain is jointly owned by Amazon and Samara Capital Partners.

The listing could value the company at around $2.5bn, with plans for the IPO progressing as the retailer evaluates market conditions for a flotation in 2026.

KKR targets December close for second Asia private credit fund. (Bloomberg)

KKR is aiming to close its second Asia-focused credit vehicle, Asia Credit Opportunities Fund II, in December, with a fundraising target of about $2bn. The strategy focuses on performing credit investments across the region.

The fund began raising capital in January 2024 and is designed to deploy money into transactions generating low- to mid-teens returns.

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