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AMERICAS

Greenbriar completes the acquisition of West Star Aviation from The Sterling Group.

Greenbriar, a private equity firm, completed the acquisition of West Star Aviation, an independent Maintenance, Repair, and Overhaul services provider, from The Sterling Group, a private equity investment firm, according to press releases. Financial terms were not disclosed.

West Star Aviation was advised by Harris Williams & Co, Jefferies & Company, Solomon Partners and Latham & Watkins. Greenbriar was advised by Evercore and Kirkland & Ellis, according to press releases.

Bain Capital led a $2.1bn round in Acrisure.

Bain Capital, a private investment firm, led a $2.1bn round in Acrisure, a global fintech company offering financial services solutions to insurance, reinsurance, payroll, benefits, cybersecurity and real estate, with participation from Bain Capital Special Situations, Fidelity Management & Research Company, Apollo, Gallatin Point Capital and BDT & MSD Partners, according to press releases.

Acrisure was advised by Morgan Stanley, Skadden Arps Slate Meagher & Flom (led by Todd Freed), Varnum and Prosek Partners (led by Kate Dillon). Bain Capital was advised by Stanton PRM (led by Scott Lessne), according to press releases and MergerLinks data.

Transom to merge with SigmaTron in a $83m deal.

Transom Capital Group, a private equity firm, agreed to merge with SigmaTron International, an electronic manufacturing services provider, in a $83m deal, according to press releases.

SigmaTron is advised by Lincoln International, Greenberg Traurig and Howard & Howard. Transom is advised by Kirkland & Ellis (led by Marshall Shaffer) and FGS Global, according to press releases and MergerLinks data.

Sunstone Partners and Cressey & Company completes the investment in ProgenyHealth.

Sunstone Partners, a growth-oriented equity firm, and Cressey & Company, a private investment firm, completed the investment in ProgenyHealth, a company specializing in maternity and NICU care management, according to press releases. Financial terms were not disclosed.

ProgenyHealth was advised by TripleTree and Goodwin Procter. Cressey & Company was advised by Robert W Baird (led by Sasha Kelemen) and Ropes & Gray, according to press releases.

Argano completes the acquisition of Anavate Partners.

Argano, a digital services consultancy firm, completed the acquisition of Anavate Partners, a consulting firm specializing in cloud-based planning and forecasting solutions, according to press releases. Financial terms were not disclosed.

Argano was advised by Ernst & Young, Kirkland & Ellis and Edelman (led by Jessica Resnick-Ault), according to press releases.

BWX Technologies completes the acquisition of Kinectrics for $525m.

BWX Technologies, a nuclear components and fuel supplier, completed the acquisition of Kinectrics, an energy lifecycle management services company, for $525m, according to press releases.

BWX Technologies was advised by JP Morgan, according to MergerLinks data.

RBC Bearings to acquire VACCO Industries from ESCO Technologies for $310m.

RBC Bearings, a prominent international manufacturer of highly engineered precision bearings, components and essential systems for the aerospace, defense and industrial industries, agreed to acquire VACCO Industries, a designer and manufacturer of specialty valves, filters and advanced fluid control products, from ESCO Technologies, a provider of highly-engineered products and solutions, for $310m, according to press releases.

Motorola Solutions nears $4.5bn deal for radio maker Silvus. (Bloomberg)

Motorola Solutions is in advanced discussions to acquire privately held wireless radio manufacturer Silvus Technologies in a deal valued at approximately $4.5bn.

The two companies are aiming to finalize and announce the transaction within the coming weeks, though the timeline could still shift as talks continue.

Historically, Motorola Solutions has worked with Goldman Sachs, Winston & Strawn and Wachtell, Lipton, Rosen & Katz, according to MergerLinks data.

Blackstone, CVC split from group set to invest in NFL Teams. (Bloomberg)

Blackstone and CVC Capital Partners are no longer part of a private equity consortium that had received preliminary approval to invest in NFL teams.

The group, which included Dynasty Equity, Carlyle Group, and former NFL running back Curtis Martin, was one of four consortia granted initial clearance by the league last year to acquire up to 10% stakes in franchises. The reasons for the change in group composition have not been disclosed.

OpenAI’s biggest data center secures $11.6bn in funding. (WSJ)

Crusoe, the startup building a Texas data center for OpenAI, has secured an additional $11.6bn in funding commitments to significantly expand the facility, which is central to supporting the ChatGPT developer’s long-term computing capacity.

The new financing - comprising both debt and equity - will scale the project from two buildings to eight, bringing the total secured funding to $15bn. Crusoe and investment firm Blue Owl Capital are among the contributors to the latest round.

Take-Two, QXO launch $2bn wave of share sales after hours. (Bloomberg)

Three companies launched sizable share sales after US markets closed on 20 May, initiating a wave of offerings that could raise at least $2bn in total.

Among them, video game publisher Take-Two Interactive is aiming to raise $1bn through a new share offering. The company, known for franchises such as Grand Theft Auto and Sid Meier’s Civilization, is marketing the shares at a price range of $225 to $232 each. A spokesperson for Take-Two declined to comment on the transaction.

Kraft Heinz looking at M&A opportunities while Berkshire Hathaway leaves board. (Press Release)

Kraft Heinz announced on May 20 that it is evaluating strategic transactions in response to weakening demand for its higher-priced snacks and ready-to-eat meals amid ongoing economic uncertainty.

The company also said that Timothy Kenesey and Alicia Knapp—executives from Berkshire Hathaway-owned companies—will step down from its board of directors, following Warren Buffett’s decision for the conglomerate to relinquish its board seats.

EMEA

Canal+ set to gain conditional approval for MultiChoice takeover. (Reuters)

South Africa’s Competition Commission has conditionally approved Canal+’s proposed $1.9bn acquisition of pay-TV broadcaster MultiChoice, a key step in the French firm's expansion into English-speaking Africa.

The approval includes conditions to protect public interest, such as no job cuts for three years, ownership by historically disadvantaged persons, and continued investment in local content and social initiatives.

MultiChoice is advised by Citigroup and Morgan Stanley (led by Dominique Cahu). Vivendi is advised by Societe Generale and Cleary Gottlieb Steen & Hamilton (led by Valerie Lemaitre). Canal+ is advised by Credit Agricole, JP Morgan, Cleary Gottlieb Steen & Hamilton and Brunswick Group (led by Timothy Schultz and Iris Sibanda), according to press releases and MergerLinks data.

Medtronic to spin-off its diabetes business.

Medtronic, a medical technology manufacturer, agreed to spin-off its diabetes business, according to press releases. Financial terms were not disclosed.

Medtronic is advised by Goldman Sachs, Baker McKenzie, Skadden Arps Slate Meagher & Flom (led by B. Chase Wink) and Cleary Gottlieb Steen & Hamilton. Goldman Sachs is advised by Davis Polk & Wardwell, according to press releases and MergerLinks data.

Stonepeak-backed Textainer to acquire Seaco from Bohai Leasing for $1.75bn.

Stonepeak-backed Textainer, a lessor of intermodal containers, agreed to acquire Seaco, a container supplier, from Bohai Leasing, a company in the leasing industry, for $1.75bn, according to press releases.

Stonepeak is advised by Bank of America and Simpson Thacher & Bartlett (led by Brian Chisling). Bohai Leasing is advised by Deutsche Bank and Hogan Lovells (led by Sarah Shaw), according to press releases and MergerLinks data.

Paradigm to acquire Rwanda operations from IHS for $275m.

Paradigm, a telecommunications service provider, agreed to acquire Rwanda operations from IHS, an independent owners, operators and developers of shared communications infrastructure in the world by tower count, for $275m, according to press releases.

IHS is advised by JP Morgan, according to MergerLinks data.

Centre Patronal completes the acquisition of Trianon from La Mobilière.

Centre Patronal, a Swiss employers' organization, completed the acquisition of Trianon, a personnel and pension fund management company, from La Mobilière, a private insurance company, according to press releases. Financial terms were not disclosed.

La Mobilière is advised by Bar & Karrer (led by Cedric Chapuis), according to MergerLinks data.

Rosneft completes the acquisition of Vostok Engineering. (Reuters)

Rosneft, petroleum products producer and marketer, completed the acquisition of Vostok Engineering, a rare earth metal deposit operator. Financial terms were not disclosed.

Mediobanca CEO to pitch Banca Generali bid to Italian investors on June 4. (Reuters)

Mediobanca CEO Alberto Nagel is set to present the bank’s proposed €6.3bn ($7.1bn) acquisition of Banca Generali to a group of Italian investors on June 4, ahead of a mid-June shareholders' meeting to vote on the deal, a source familiar with the matter said on May 20.

The offer targets Banca Generali, which is majority-owned by Italy’s largest insurer, Generali, and aims to strengthen Mediobanca’s position in the private banking sector.

London-listed miner Adriatic Metals in £700m takeover talks. (Sky News)

Adriatic Metals confirmed on May 20 that it is in discussions with Canadian mining company Dundee Precious Metals regarding a possible takeover.

The deal could value the UK-based firm at approximately £700m ($935.3m), citing banking sources. Adriatic Metals noted that it has granted Dundee access to limited due diligence materials.

UK takeover panel cancels Harmony Energy auction. (Reuters)

The UK’s Takeover Panel cancelled an auction scheduled for May 21 to determine the outcome of the sale of Harmony Energy Income Trust, after bidder Drax chose not to raise its offer.

The panel had initiated the auction process after two funds managed by Foresight Group submitted proposals last month valuing Harmony at approximately £209.9m ($278.1m), surpassing Drax’s earlier bid of £199.9m ($264.9m).

UK's Revolution Beauty explores sale after takeover approach. (Reuters)

Revolution Beauty announced on May 21 that it is exploring a potential sale following a preliminary takeover approach.

The decision comes shortly after the British makeup and skincare retailer said it was reviewing its funding structure and considering a capital raise from key shareholders, after reporting an annual sales decline of more than 25%.

Saudi airline Flynas draws $109bn in orders for IPO. (Bloomberg)

Saudi Arabia’s Flynas attracted approximately SAR410bn ($109bn) in orders for its $1.1bn initial public offering, reflecting robust investor demand for Middle Eastern listings.

The low-cost carrier priced its shares at SAR80 ($21) each, the top of its marketed range, giving the company a market capitalization of SAR13.7bn ($3.6bn).

Dubai ruler's firm gets $15bn in orders for REIT listing. (Bloomberg)

Dubai Holding drew $15bn in orders for the $584m initial public offering of its residential real estate investment trust, highlighting strong investor appetite amid the city’s surging property market.

The investment firm, owned by Dubai’s ruler, increased the size of the offering earlier this week and saw full subscription within minutes of opening the books. The listing of Dubai Residential REIT marks the city’s first IPO of 2025.

Swedish startup Einride shuffles management ahead of IPO push. (Press Release)

Einride is restructuring its leadership team as the Swedish driverless truck startup prepares for a potential initial public offering.

Founder and CEO Robert Falck will transition to the role of executive chairman to focus on IPO preparations. CFO Roozbeh Charli has been appointed as the new CEO, effective immediately.

APAC

Central Asia Metals to acquire New World Resources for $119m.

Central Asia Metals, a mining company, agreed to acquire New World Resources, a company focused on the exploration and development of mineral resources projects, for $119m, according to press releases.

Central Asia Metals is advised by BMO Capital Markets (led by Thomas Rider), Peel Hunt (led by Ross Allister), Clayton Utz (led by Stephen Neale and Mark Paganin), Mayer Brown and BlytheRay (led by Tim Blythe), according to press releases and MergerLinks data.

China Mobile closer to taking over Hong Kong broadband company HKBN. (Reuters)

China Mobile is nearing a deal to acquire Hong Kong broadband provider HKBN after rival bidder I Squared Capital exited the race.

I Squared, a US-based infrastructure investor, had been preparing to outbid China Mobile’s December offer of HKD5.23 ($0.67) per share, but was reportedly unwilling to exceed HKD6 ($0.77).

China Mobile is advised by China International Capital and Freshfields Bruckhaus Deringer (led by Alan Wang and Sarah Su), according to press releases and MergerLinks data.

EQT completes the investment in Pulnovo Medical.

EQT, an investment company, completed the investment in Pulnovo Medical, a pioneer in medical devices for pulmonary hypertension, according to press releases. Financial terms were not disclosed.

EQT was advised by Ropes & Gray, according to MergerLinks data.

A consortium of investors led a $300m Series F round in Airwallex.

A consortium of investors, including Square Peg, DST Global, Lone Pine Capital, Blackbird, Airtree, Salesforce Ventures, and several leading pension funds in Australia, led a $300m Series F round in Airwallex, a digital payments and financial platform, according to press releases.

SeaTown completes the SGD115m investment in AddVita.

SeaTown, an Asia-focused alternative investment firm, completed the SGD115m ($89m) investment in AddVita, a Singaporean healthcare and life sciences distribution company, according to press releases.

World's biggest listing gets bigger after CATL exercises option. (Press Release)

Contemporary Amperex Technology has raised HKD41bn ($5.2bn) from its Hong Kong share sale after arrangers exercised the greenshoe option, boosting what is already the world’s largest listing of 2025.

The Chinese EV battery giant is issuing an additional 20.3m shares, representing about 15% of the total shares offered in the deal. The upsized offering increases the total from an initial HKD35.7bn ($4.6bn).

China's Jiangsu Hengrui to raise $1.27bn in Hong Kong listing. (Reuters)

Chinese drug developer Jiangsu Hengrui Pharmaceuticals is set to price its shares at HKD44.05 ($5.63) each - at the top of its marketed range, raising approximately $1.27bn in its Hong Kong listing.

The pricing reflects strong investor demand for the offering, positioning it among the largest healthcare IPOs in the region this year.

Chandra Asri said to seek $1bn valuation for unit in IPO. (Bloomberg)

Chandra Asri Pacific’s infrastructure investment arm, Chandra Daya Investasi, is targeting a valuation of at least $1bn in its planned initial public offering in Indonesia.

The unit aims to raise $100m or more through the listing, which could take place in the coming months. Preparations are underway, though the final timing and structure may still evolve.

SG’s CapitaLand Investment launches first onshore China fund with $693m in equity. (DealStreetAsia)

CapitaLand Investment has launched its first onshore master fund in China, supported by a total equity commitment of CNY5bn ($692.5m).

The move marks a significant step in CLI’s strategy to deepen its presence in the Chinese market and expand its real asset management capabilities within the country.

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