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AMERICAS

Tamarack Valley Energy to merge with Headwater Exploration in a CAD10bn deal.

Tamarack Valley Energy, a Canadian pure-play heavy oil producer in Alberta's Clearwater region, agreed to merge with Headwater Exploration, a Canadian oil and gas exploration and development company, in a CAD10bn deal, according to press releases. Upon completion of the transaction, Tamarack shareholders will own 66.5%, and Headwater shareholders will own 33.5% of the total common shares outstanding in the combined entity.

Tamarack Valley Energy is advised by CIBC Capital Markets, National Bank of Canada, RBC Capital Markets and Stikeman Elliott. Headwater Exploration is advised by BMO Capital Markets, Peters & Co and Burnet Duckworth & Palmer, according to press releases.

GE Aerospace to acquire Consolidated Precision Products from Warburg Pincus and Berkshire Partners for $11.75bn.

GE Aerospace, an American aircraft engine supplier, agreed to acquire Consolidated Precision Products, a manufacturer of engineered cast metal components intended for the global aerospace and defense industries, from Warburg Pincus and Berkshire Partners, private equity companies, for $11.75bn, according to press releases.

GE Aerospace is advised by Evercore, PJT Partners and Paul Weiss Rifkind Wharton & Garrison (led by Michael Darby, Steven Williams and Scott Barshay). Consolidated Precision Products is advised by Guggenheim Partners, Morgan Stanley (led by Tom Miles) and Cleary Gottlieb Steen & Hamilton, according to press releases and MergerLinks data.

WaFd Bank to merge with EverBank in a $3.9bn deal.

WaFd Bank, a commercial bank providing retail and commercial banking services, agreed to merge with EverBank, a provider of retail and commercial banking services, in a $3.9bn deal. Following the transaction, EverBank investors, including Stone Point Capital, Warburg Pincus, Reverence Capital Partners, Sixth Street, Bayview Asset Management and TIAA, will own approximately 59.2% of the combined company, while WaFd shareholders will own approximately 40.8%, according to press releases.

EverBank is advised by JP Morgan, Piper Sandler and Wachtell Lipton Rosen & Katz. WaFd Bank is advised by Keefe Bruyette & Woods and Simpson Thacher & Bartlett, according to press releases.

AEVEX completes the acquisition of BlackSea Technologies for $650m.

AEVEX, a defense and intelligence company, completed the acquisition of BlackSea Technologies, a provider of unmanned surface and subsea vessels, for $650m, according to press releases.

AEVEX Aerospace is advised by Jefferies & Company, Crowell & Moring and Kirkland & Ellis. BlackSea Technologies is advised by Raymond James and Cooley (led by Andrew Lustig and Aaron Binstock), according to press releases and MergerLinks data.

Khosla family completes the acquisition of Seattle Seahawks from The Estate of Paul G. Allen.

Khosla family completed the acquisition of Seattle Seahawks, a professional American football team competing in the National Football League, from The Estate of Paul G. Allen, a private investment and philanthropic organization, according to press releases. Financial terms were not disclosed.

Khosla family was advised by Andalusian Sports Advisors, Debevoise & Plimpton (led by Matthew E. Kaplan, Jonathan Levitsky and Julian Wright) and Sullivan & Cromwell (led by Joseph C. Shenker). The Estate of Paul G. Allen was advised by Allen & Company and Latham & Watkins (led by Matthew Eisler, Michael V Anastasio and Russell Hedman), according to press releases and MergerLinks data.

JAB Insurance completes the acquisition of Columbian Mutual Life Insurance Company and Columbian Life Insurance Company.

JAB Insurance, a fully integrated life insurance platform, completed the acquisition of Columbian Mutual Life Insurance Company, a provider of life insurance coverage, and Columbian Life Insurance Company, a company which specialises in various life insurance products, including term, whole life and final expense policies, according to press releases. Financial terms were not disclosed.

JAB Insurance is advised by Agam Capital (led by Chak Raghunathan), Skadden Arps Slate Meagher & Flom (led by Elena Coyle) and H/Advisors Abernathy. Columbian Mutual Life Insurance Company is advised by Keefe Bruyette & Woods (led by Seth Bair) and Morgan Lewis & Bockius (led by Jeffrey MacDonald), according to press releases.

John Marshall Bancorp to merge with Eagle Financial Services in a $253m deal.

John Marshall Bancorp, a bank holding company that provides commercial banking services, agreed to merge with Eagle Financial Services, the parent company of Bank of Clarke, a Virginia state-chartered bank, in a $253m deal, according to press releases.

Eagle Financial Services is advised by Piper Sandler and Troutman Pepper Locke. John Marshall Bancorp is advised by Keefe Bruyette & Woods and Skadden Arps Slate Meagher & Flom, according to press releases.

Labcorp completes the acquisition of MLM Medical Labs.

Labcorp, a global life sciences company, completed the acquisition of MLM Medical Labs, a provider of centralized laboratory services for clinical trials and drug development, according to press releases. Financial terms were not disclosed.

Labcorp was advised by Evercore, Hogan Lovells Cadwalader and Pierson Ferdinand, according to press releases.

Sernova to merge with Seraxis.

Sernova, a developer of an implantable cell-delivery platform paired with therapeutic cells to enable long-term delivery of proteins or hormones for chronic diseases, agreed to merge with Seraxis, a developer of a regenerative cell replacement therapy that replaces missing islets to restore normal glucose control in people with Type 1 diabetes, according to press releases. Financial terms were not disclosed.

Sernova is advised by Noble Capital Markets (led by Nathan Cali) and LifeSci Communications, according to press releases.

Visual Graphic Systems completes the acquisition of ImageLife.

Visual Graphic Systems, a fully integrated visual-communications, design and manufacturing company, completed the acquisition of ImageLife, a Nashville-based architectural-signage company, according to press releases. Financial terms were not disclosed.

Visual Graphic Systems was advised by The DAK Group, according to press releases.

Norwest-backed Naviam to acquire Cohesive from Bentley Systems.

Norwest-backed Naviam, a provider of IBM Maximo enterprise asset management solutions, agreed to acquire Cohesive, a solutions provider and systems integrator for IBM Maximo, from Bentley Systems, a US-based software development company, according to press releases. Financial terms were not disclosed.

Anthropic said to walk away from $6bn Decart purchase. (Bloomberg)

Anthropic has abandoned plans to acquire AI startup Decart after exploring a potential transaction and completing due diligence on the company. The proposed acquisition had been valued at about $6bn.

The companies could still pursue other forms of collaboration following the collapse of the acquisition talks. Decart develops technology designed to improve AI chip efficiency and reduce the cost of training and operating AI models.

Robinhood wins a new role in the Oura IPO: underwriter. (WSJ)

Smart-ring maker Oura has named Robinhood Markets as an underwriter for its planned US initial public offering, marking the retail brokerage’s first official underwriting mandate. Oura’s listing is expected to value the company at more than $11bn.

Robinhood joins an underwriting group led by Goldman Sachs, Morgan Stanley, JP Morgan, Allen & Co. and Jefferies. The mandate represents another expansion beyond Robinhood’s traditional equity and options trading businesses and could help broaden retail investor access to new listings.

Holtec Nuclear targets $10.2bn valuation in US IPO as fall window opens. (Reuters)

Nuclear technology company Holtec is targeting a valuation of up to $10.2bn in its US initial public offering as it seeks to raise as much as $900m.

The New Jersey-based company plans to offer 50m shares at between $15 and $18 each and list on the Nasdaq under the ticker HNUC. JPMorgan, Guggenheim Securities, Goldman Sachs, Citigroup and Bank of America are acting as joint lead book-running managers.

Rohati Capital closes oversubscribed $50m inaugural fund. (Press Relase)

Rohati Capital has raised $50m for its inaugural venture fund, exceeding its initial $30m target. The fund attracted commitments from Amazon executives and alumni, venture and private equity investors, founders, CEOs and institutional investment professionals across 16 countries.

Rohati Fund I will pursue a diversified investment strategy spanning different vintages, geographies and approaches. The firm was founded by former Amazon executives who previously helped build and lead Amazon Lending, which extended more than $1.5bn in credit across the US, UK, India and Japan within two years of its launch.

EMEA

Tenzing-backed Tillo completes the acquisition of Amilon.

Tenzing-backed Tillo, a rewards and incentives platform and global gift card network, completed the acquisition of Amilon, a provider of digital gift card and reward solutions, according to press releases. Financial terms were not disclosed.

Tillo was advised by Clearwater, EMC Corporate Finance, Simmons & Simmons and Caliber Corporate Advisers. Amilon was advised by Intermonte and Gianni & Origoni, according to press releases.

Holiferm to merge with Organica UK.

Holiferm, a biotechnology company that develops and manufactures eco-friendly biosurfactants using a specialised fermentation process, agreed to merge with Organica UK, a privately owned British manufacturer that specialises in environmentally friendly household cleaning and laundry products, according to press releases. Financial terms were not disclosed.

Holiferm is advised by Brown Rudnick. Organica UK is advised by Debrett’s and Franklins Solicitors, according to press releases.

Franklin Templeton-owned Clarion Partners to acquire a majority stake in Stoneshield Capital.

Franklin Templeton-owned Clarion Partners, a global commercial real estate investment firm, agreed to acquire a majority stake in Stoneshield Capital, a private equity firm focused on real estate, infrastructure, and technology-driven investments, according to press releases. Financial terms were not disclosed.

Stoneshield Capital is advised by Goldman Sachs, according to press releases.

Main Capital Partners completes the acquisition of a majority stake in Orgvue.

Main Capital Partners, a private equity firm, completed the acquisition of a majority stake in Orgvue, a provider of strategic workforce management software, according to press releases. Financial terms were not disclosed.

UniCredit completes the acquisition of a minority stake in VC Trade.

UniCredit, an Italian global banking and financial services company, completed the acquisition of a minority stake in VC Trade, a Frankfurt-based fintech company developing a digital platform and marketplace that automates and digitises private debt and corporate lending transactions, according to press releases. Financial terms were not disclosed.

Samsung Electronics led a €3bn Series D round in Mistral AI.

Samsung Electronics led a €3bn Series D round in Mistral AI, with participation from Scaleup Europe Fund, PSG Equity, Advent, BlackRock, the Grand Duchy of Luxembourg, a16z, ASML, Belfius, BNP Paribas CIB, Bpifrance, Carmignac, DST Global, Eurazeo, General Catalyst, Headline, Hillspire, Index Ventures, Korelya Capital, Lightspeed, NVIDIA, Phoenix Court, and Salesforce Ventures, according to press releases.

Poste boosts cash offer in Telecom Italia takeover bid. (Reuters)

Poste Italiane has raised the cash component of its takeover offer for Telecom Italia (TIM), sweetening the terms as the state-controlled group seeks to secure control of the Italian telecommunications company.

Poste, which already owns a 20% stake in TIM, increased the cash portion of its offer by 18% to €1.97 ($2.29) per share while maintaining an exchange ratio of 0.218 newly issued Poste shares for each TIM share tendered. The proposed combination is aimed at creating a national champion in digital infrastructure and services.

VW weighs selling motorcycle maker Ducati in asset review. (Bloomberg)

Volkswagen is considering a potential sale of Italian motorcycle manufacturer Ducati as part of a broader restructuring aimed at streamlining the German automaker’s portfolio. Ducati is among 600 of the group’s roughly 2k businesses currently under review.

The Audi-owned motorcycle brand could be valued at around €1.25bn ($1.5bn) based on peer valuations. Volkswagen plans to reduce its portfolio of businesses and holdings by roughly a third, although no decision has been made on a Ducati sale.

Dubai Future District Fund bets on 'width' as it accelerates global GP commitments. (Deal Street Asia)

Dubai Future District Fund is accelerating commitments to global and local fund managers, targeting roughly one to two new managers each month as it expands its private markets portfolio. The Dubai government-backed investment platform is pursuing a broad network of managers that can contribute both investment returns and strategic value to the emirate’s innovation ecosystem.

The fund is particularly interested in managers with exposure to AI, robotics, mobility, logistics, health and life sciences, fintech and construction technology, while also reserving capital for emerging managers. DFDF is already significantly engaged in Korea and is seeking to deepen its understanding of China as it strengthens investment links between Asia and the Gulf.

Spotify-backed coalition urges CMA to speed up curbs on app store fees. (Sky News)

A coalition of technology companies including Spotify and Epic Games is urging the UK Competition and Markets Authority to accelerate restrictions on commissions charged by Apple and Google to third-party app developers.

The Coalition for App Fairness wants app store steering fees barred until a new framework is established and any charges can be justified. The group is also pushing for the proposed implementation period for the new rules to be shortened from three months to a matter of days.

APAC

Stressed Philippine builder Vista Land mulls how to pay bond. (Bloomberg)

Philippine property developer Vista Land & Lifescapes is considering asset sales and other funding options as it prepares to meet upcoming debt obligations, including a $420m bond due in July 2027.

The Manuel Villar-controlled company could raise up to PHP15bn ($240m) from non-core asset disposals, including two shopping malls. Other liquidity options include bank financing, operating cash flows, financial investments and potential transactions involving VistaREIT.

Longsys shares slip in HK debut after $903m listing. (Bloomberg)

Shenzhen Longsys Electronics shares slipped in their Hong Kong trading debut after the Chinese data storage company raised HKD7.08bn ($903m) in an upsized initial public offering.

Longsys sold about 30m shares at HKD236 ($30.10) each, with the stock trading slightly below the offer price after opening flat. The company, already listed in Shenzhen, plans to use most of the proceeds to expand research and development in chip design and advanced memory products.

Reliance plans $1.3bn bond in first sale since 2023. (Bloomberg)

Reliance Industries is planning to raise up to INR125bn ($1.32bn) through a local-currency bond sale, marking its return to India’s rupee bond market after nearly three years. The offering would be the largest single-tranche fundraising by a rated Indian company since November 2023.

The company plans to issue five-year AAA-rated notes carrying an annual coupon of 7.47%, with investor bids expected in the week ending September 18. Reliance is also considering a potential 10-year bond issuance.

Asian capital widens private market footprint: Ardian. (Deal Street Asia)

Ardian is expanding its private markets business across Asia as institutional and private wealth investors in the region increase allocations to alternative assets. The French investment firm raised $6.7bn from Asia-Pacific investors in 2025, highlighting the region’s growing role as a source of capital for global private market strategies.

The firm is seeking to deepen relationships with sovereign wealth funds, pension funds, insurers and private wealth investors as Asian capital broadens its exposure to private equity and other alternative investments.

Nvidia-backed Firmus signs deal with OpenAI for Malaysia data centre capacity. (Reuters)

Australian AI infrastructure firm Firmus has signed a multi-year agreement with OpenAI to provide computing capacity from two data centers in Malaysia, making the ChatGPT developer an anchor customer for the facilities.

The agreement increases Firmus’ contracted capacity across customers to more than 900 megawatts and expands its Asia-Pacific footprint. The Nvidia-backed company, valued at more than $10.5bn in its latest funding round, is also considering an initial public offering in Australia this year.

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