Aldebaran Capital Partners and Bpifrance complete the acquisition of a majority stake in Carveam Group from Patrick Besnier and Yotta Capital Partners.

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AMERICAS

Cencora to acquire American Oncology Network for $2.4bn.

Cencora, a US pharmaceutical distribution and healthcare solutions company, agreed to acquire American Oncology Network, a US physician-led oncology practice management organisation, for $2.4bn, according to press releases.

American Oncology Network is advised by Moelis & Co, Cleary Gottlieb Steen & Hamilton, McDermott Will & Schulte and Longacre Square Partners. Cencora is advised by Citigroup, JP Morgan, Holland & Knight and Sidley Austin, according to press releases and MergerLinks data.

Alcon completes the acquisition of Neurotech Pharmaceuticals for $550m.

Alcon, a Switzerland-based global eye-care company, completed the acquisition of Neurotech Pharmaceuticals, a US biotechnology company specialising in cell-based therapies for retinal diseases, for $550m, according to press releases.

Neurotech Pharmaceuticals is advised by JP Morgan, Rothschild & Co, Cravath Swaine & Moore (led by Robert I. Townsend, Jin‑Kyu Baek and Patrick Taylor), Elrifi Law, Fenwick & West and Ropes & Gray. Alcon is advised by Goldman Sachs and Gibson Dunn & Crutcher, according to press releases and MergerLinks data.

Salesforce to acquire Braze for $5.66bn.

Salesforce, a provider of cloud-based customer relationship management software, agreed to acquire Braze, a customer engagement platform, for $5.66bn, according to press releases.

Braze is advised by Qatalyst Partners and Davis Polk & Wardwell (led by Nicole Brookshire, Cheryl Chan and Paul S. Scrivano). Salesforce is advised by JP Morgan, Covington & Burling and Wachtell Lipton Rosen & Katz. The financial advisor was advised by Cravath Swaine & Moore, according to press releases.

Global Gaming Solutions completes the acquisition of Wyoming Horse Racing.

Global Gaming Solutions, a provider of gaming, hospitality and casino management services, completed the acquisition of Wyoming Horse Racing, an operator of horse racing, pari-mutuel wagering and historical horse racing gaming facilities, according to press releases. Financial terms were not disclosed.

Global Gaming Solutions was advised by Citizens M&A, Brownstein Hyatt Farber Schreck and Koch Communications (led by Shaundra North). Wyoming Horse Racing was advised by Valtus Capital Group and Taft Stettinius & Hollister, according to press releases.

Morgan Stanley Capital Partners to acquire The Rapid Group.

Morgan Stanley Capital Partners, a middle-market private equity platform, agreed to acquire The Rapid Group, a provider of inspection, repair and maintenance services for rotating equipment across municipal, commercial and industrial end markets, according to press releases. Financial terms were not disclosed.

Morgan Stanley Capital Partners is advised by William Blair & Co and Latham & Watkins. The Rapid Group is advised by Harris Williams & Co and McDermott Will & Schulte, according to press releases.

Labcorp to acquire the prenatal health testing business of Myriad for $210m.

Labcorp, a global life sciences company, agreed to acquire the prenatal health testing business of Myriad, a provider of genetic testing and precision medicine, for $210m, according to press releases.

Labcorp is advised by Barclays and Polsinelli. Myriad is advised by Guggenheim Partners and Covington & Burling, according to press releases.

Oridian Capital-backed ACR completes the acquisition of Ultra Green Packaging.

Oridian Capital-backed ACR, a US foodservice packaging and operational supplies distributor backed by Oridian Capital Partners, completed the acquisition of Ultra Green Packaging, a US supplier of sustainable molded-fiber packaging products, according to press release. Financial terms were not disclosed.

Ultra Green Packaging was advised by Tamarack Partners and Taft Stettinius & Hollister. ACR was advised by Greenberg Traurig, according to press releases and MergerLinks data.

Savillex completes the acquisition of the life sciences fluid management business from Entegris.

Savillex, a manufacturer of high-performance fluoropolymer labware, completed the acquisition of the life sciences fluid management business from Entegris, a provider of advanced materials and process solutions for the semiconductor and high-technology industries, according to press releases. Financial terms were not disclosed.

Savillex was advised by EC M&A (led by David Zimbalist and Raffaele Bonavitacola), Sidley Austin and Gregory FCA (Camaryn Sapienza), according to press releases.

SPM completes the acquisition of Carolina Site.

SPM, a full-service paving company specializing in asphalt paving, completed the acquisition of Carolina Site, a commercial paving and pavement maintenance provider serving customers throughout the Carolinas, according to press releases. Financial terms were not disclosed.

SPM was advised by DLA Piper. Debt financing was provided by Avante Capital Partners, according to press releases.

Korai Flix to go public via SPAC merger with APEX Tech Acquisition at $3.5bn valuation.

Korai Flix, a provider of an AI-powered interactive online entertainment platform, agreed to go public via SPAC merger with APEX Tech Acquisition, a special purpose acquisition company, at $3.5bn valuation, according to press releases.

Korai Flix is advised by DLA Piper. APEX Tech Acquisition is advised by Lewis Brisbois Bisgaard & Smith, according to press releases.

Abbott Laboratories to spin off its global Nutrition business.

Abbott Laboratories, a US healthcare company, agreed to spin off its global Nutrition business, a manufacturer of infant, paediatric, adult and medical nutrition products, according to press releases. Financial terms were not disclosed.

Abbott Laboratories is advised by Goldman Sachs and Wachtell Lipton Rosen & Katz (led by David Lam and Ahsan M. Barkatullah), according to press releases and MergerLinks data.

Spark Capital led a $325m Series C round in ASI.

Spark Capital, a technology investment firm, led a $325m Series C round in ASI, the frontier AI company orchestrating critical infrastructure and national security, with participation from Citadel Securities, Meritech Capital, Craft Ventures, Energy Impact Partners and Andreessen Horowitz, according to press releases.

General Catalyst led a $320m funding round in Otter.ai.

General Catalyst, a venture capital firm, led a $320m funding round in Otter.ai, a company behind AI notetaker and conversational knowledge platform, according to press releases.

Altimeter, Accel and Khosla led a $160m Series A funding round in Arda Industries.

Private equity firms Altimeter, Accel and Khosla led a $160m Series A funding round in Arda Industries, a US artificial intelligence company developing manufacturing engineering software, with participation from XYZ Venture Capital, 8VC, SVAngel and Felicis, according to press releases.

Musk says SpaceX and Tesla have begun exploring a merger. (Bloomberg)

SpaceX and Tesla have formed special committees of independent directors to explore a potential merger, which could become the largest corporate combination in history.

Elon Musk, CEO of both companies, expressed support for the proposal, citing potential synergies across artificial intelligence, electric vehicles, satellites, and space infrastructure. Discussions remain preliminary, with no formal agreement announced.

Blackstone, Warburg explore IntraFi sale at over $10bn. (Reuters)

Blackstone and Warburg Pincus are exploring the sale of fintech company IntraFi in a transaction that could value the business at more than $10bn. The firms have appointed Morgan Stanley and Guggenheim Securities to advise on the potential sale.

IntraFi, acquired by Blackstone in 2019 with Warburg Pincus investing in 2022, generates around $630m in annual EBITDA. The process remains at an early stage and may not result in a transaction.

Legendary revives Lionsgate takeover talks, submits offer. (Bloomberg)

Apollo-backed Legendary Entertainment has revived takeover discussions with Lionsgate Studios and submitted an acquisition offer for the entertainment company.

Legendary, owned by Apollo Global Management and its management team, previously considered a bid in 2025 and has held intermittent talks with Lionsgate since then.

Starboard's Smith unveils stake in Solstice, presses for improvements. (Reuters)

Activist investor Starboard Value has disclosed a stake in Honeywell spin-off Solstice Advanced Materials, arguing the company is undervalued and urging management to improve performance.

Starboard is calling for a stronger focus on Solstice’s refrigerants and nuclear businesses and around $100m in cost reductions. The move follows the collapse of Solstice’s planned $14.5bn acquisition of Element Solutions in August 2026.

Optimum nears restructuring deal to hand keys to creditors. (Bloomberg)

Optimum Communications is nearing a restructuring agreement that would transfer control of the telecom provider to its lenders and resolve ongoing litigation.

Controlling shareholder Patrick Drahi and creditors have narrowed their differences over his stake in the restructured company, with the treatment of preferred shareholders remaining a key issue before a deal can be finalized.

Getty files for bankruptcy in process that will take it private. (Bloomberg)

Getty Images has filed for Chapter 11 bankruptcy as part of a restructuring plan to take the company private, following the collapse of its proposed merger with Shutterstock.

Getty family affiliates and Koch Equity Development will acquire 100% ownership after the restructuring, committing up to $533m in new equity. The company expects to complete the process by year-end while continuing normal operations.

Centerbridge, Mubadala in talks to buy Canaccord's UK wealth unit. (Bloomberg)

Canaccord Genuity is in talks to sell its UK wealth management business to a consortium led by private equity firm Centerbridge Partners and including Abu Dhabi sovereign wealth fund Mubadala Investment.

The discussions follow the expiry of an exclusive negotiation period with Warburg Pincus and Clayton, Dubilier & Rice. No agreement has been announced.

Dangote buys 25% stake in Kenya pipeline for $327m. (Bloomberg)

Aliko Dangote’s business group has acquired a 25% stake in Kenya Pipeline, expanding its presence in Africa’s energy infrastructure sector.

Dangote confirmed the acquisition of the petroleum products distribution network but did not disclose which of his companies purchased the stake or the transaction value.

National Express owner in talks over £282m take-private deal. (FT)

Mobico, owner of National Express, is in takeover talks with Spanish transport company Autobuses de Leon over a cash offer valuing the business at approximately £282m ($377m).

The proposed £0.46-per-share ($0.61) offer represents a 55% premium to Mobico’s previous closing price. Autobuses de Leon is backed by CMC Group, Mobico’s largest shareholder with a 26% stake. Mobico has indicated it is inclined to recommend the offer, although no firm agreement has been reached.

Belgian government facing push to sell 5.7% BNP stake. (Bloomberg)

Belgium is considering the sale of its 5.7% stake in BNP Paribas as part of efforts to divest banking holdings acquired during the global financial crisis.

Some members of Prime Minister Bart de Wever’s government are pushing to prioritize the sale following other divestments, although no immediate transaction is expected.

Arini announces final close of inaugural Direct Lending Fund, targeting over $4bn of deployment. (Press Release)

Arini has closed its inaugural Direct Lending Fund I, with the fund and related vehicles targeting deployment of more than $4bn, including anticipated leverage, making it one of Europe’s largest debut direct lending strategies.

The fund focuses on senior secured loans to European middle-market businesses and has already deployed nearly $2bn. Arini manages $22bn in assets globally.

EMEA

Ember Infrastructure Management to acquire Ashtead Technology Holdings for £505m.

Ember Infrastructure Management, a US private equity firm, through Pine Acquisition UK Bidco, agreed to acquire Ashtead Technology Holdings, a UK subsea technology and offshore energy equipment provider, for £505m ($674m), according to press release.

Ashtead is advised by Deutsche Numis (led by Oliver Ives and Julian Cater), Peel Hunt (led by Michael Nicholson and Sam Cann), Ashurst Perkins Coie (led by Jonathan Parry and Tom Mercer) and DGA Group (led by Jonathon Brill). Ember Infrastructure is advised by Santander (led by Brian O'Keeffe and Mitul Patel) and Weil Gotshal and Manges, according to press releases and MergerLinks data.

Naxicap Partners to acquire a majority stake in Bharal Développement from FrenchFood Capital.

Naxicap Partners, a private equity company, agreed to acquire a majority stake in Bharal Développement, a French distributor of animal nutrition and livestock farming products, from FrenchFood Capital, a private equity firm, according to press releases. Financial terms were not disclosed.

FrenchFood Capital is advised by Edmond de Rothschild Corporate Finance (led by Jonathan Jacquin and Nicolas Manceau), KPMG (led by Arnaud Colas), Kea & Partners (led by Christophe Burtin), ODDO BHF (led by Thomas Devineau), Jeantet (led by Maxime Brotz) and Racine (led by Clément Baron), according to press releases and MergerLinks data.

APAC

Taiwan rejects Grab's $600m takeover of Foodpanda arm. (Bloomberg)

Taiwan’s Fair Trade Commission has blocked Grab Holdings’ $600m acquisition of Foodpanda’s local business, citing concerns over reduced competition in the food delivery market.

The regulator rejected the transaction after determining that the proposed remedies were insufficient to address its antitrust concerns.

Warburg is said to consider sale of Chinese car park firm Sunsea. (Bloomberg)

Warburg Pincus is exploring the potential sale of Chinese car park operator Sunsea Parking Industry Group in a transaction that could be worth around $300m.

The private equity firm is working with advisers on the possible divestment, although discussions remain preliminary and no agreement has been announced.

CVC in talks to acquire a stake in Thai soy milk maker Tofusan. (DealStreetAsia)

CVC Capital Partners is in advanced discussions to invest in Thai soy milk producer Tofusan following a competitive sale process that attracted interest from private equity firms and strategic buyers.

Tofusan’s management appointed The Quant as sell-side adviser to manage the process. No final agreement has been announced.

Tiffany Japan building faces 30% price cut as debt costs rise. (Bloomberg)

Kurosawa Group has reduced the asking price for its Ginza building in Tokyo, home to Tiffany & Co.’s largest boutique in Asia, by about a third after struggling to attract buyers.

The owner is now open to offers as low as JPY80bn, down from JPY120bn ($760m), amid cooling demand in Japan’s real estate market.

Nvidia in talks to back Firmus after IPO flop. (Bloomberg)

Nvidia is reportedly in talks to invest hundreds of millions of dollars in Australian AI cloud provider Firmus Grid following the company’s decision to abandon its planned initial public offering.

Nvidia is already an investor in Firmus, and the potential funding would reinforce its support for AI cloud infrastructure providers facing financial pressures.

Ambani's Jio has record India IPO fully subscribed within hours. (Bloomberg)

Jio Platforms’ initial public offering was fully subscribed within the first two hours of bidding, keeping Mukesh Ambani’s digital venture on track for India’s largest-ever listing.

Institutional investors subscribed 3.25 times their allocated shares, while wealthy and retail investors subscribed 26% and 23% of their respective portions.

VVDN Technologies said to consider up to $300m India IPO. (Bloomberg)

VVDN Technologies is considering an initial public offering in India that could raise up to $300m, as the technology and contract manufacturing company explores a potential public listing.

The Gurugram-based firm has invited investment banks to pitch for advisory roles and is expected to appoint advisers soon.

DayOne said to weigh options for IPO after data center rout. (Bloomberg)

Singapore-based DayOne Data Centers is considering delaying or downsizing its planned US initial public offering amid increased market volatility affecting the data center sector.

The company could proceed with a smaller IPO raising $2.5bn–$3bn, roughly half its original target, or postpone the listing until market conditions improve.

OrbiMed secures more than $1bn commitment for sixth Asia healthcare fund. (DealStreetAsia)

OrbiMed has raised over $1bn for its sixth Asia-focused healthcare fund, OrbiMed Asia Partners VI, exceeding its $850m target and surpassing the $751m raised by its predecessor in 2022.

The fund will target growth-stage healthcare, biotechnology and pharmaceutical companies across Asia. The closing forms part of OrbiMed’s broader $3bn fundraising, including $1.9bn for its US and European fund.

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