An investor consortium led by Thomas Priore to acquire the remaining stake in Priority Technology Holdings in a $1.6bn deal.

Read on...

Scroll down to read deal descriptions. Your suggestions and comments support the democratisation of M&A data. If you'd like to contribute to the future editions, drop us a line.

AMERICAS

National CineMedia completes the acquisition of Captivate Holdings from Generation Partners for $275m.

National CineMedia, an American cinema advertising company, completed the acquisition of Captivate Holdings, a digital out-of-home media company, from Generation Partners, a private equity firm, for $275m, according to press releases.

National CineMedia was advised by Bank of America and Hogan Lovells Cadwalader. Captivate Holdings was advised by Solomon Partners and Gibson Dunn & Crutcher, according to press releases.

PAR Excellence completes the acquisition of Terso Solutions from Promega.

PAR Excellence, a supply chain integrity and cost management solutions provider, completed the acquisition of Terso Solutions, a provider of automated inventory management solutions, from Promega, a manufacturer of enzymes and other products for biotechnology and molecular biology, according to press releases. Financial terms were not disclosed.

PAR Excellence was advised by Stanton PRM (led by Thomas Zadvydas), according to press releases.

Vanguard Renewables to acquire the North American operations of Generate Upcycle.

Vanguard Renewables, a company specializing in organics recycling and renewable energy production, agreed to acquire the North American operations of Generate Upcycle, a circular waste management and organics recycling company, according to press releases. Financial terms were not disclosed.

EQT Real Estate completes the acquisition of a logistics portfolio from Rexford Industrial Realty.

EQT Real Estate, a real estate investment manager, completed the acquisition of a 32-building, 5.2m sq. foot logistics portfolio from Rexford Industrial Realty, a self-administered, self-managed full-service real estate investment trust, according to press releases. Financial terms were not disclosed.

Paramount discussed $1.5bn California investment to clear merger hurdle. (WSJ)

Paramount has discussed investing $1.5bn in film and television production in California as part of advanced settlement talks with a coalition of state attorneys general seeking to block its $81bn merger with Warner Bros. Discovery.

Other concessions under discussion include keeping both studio lots in California, potential penalties if Paramount fails to meet its pledge to produce 30 films annually after the merger, and possible asset sales. No settlement has been finalized.

Smart ring maker Oura, backers seek $2.2bn in US IPO. (Bloomberg)

Oura and some of its existing shareholders are seeking to raise as much as $2.2bn in a US IPO, with 50m shares being marketed at $40 to $44 each.

The company plans to sell 13.5m new shares, while investors including Forerunner Ventures and Lifeline Ventures will offer 36.5m existing shares. Oura makes smart rings that track health metrics including heart health, activity, and sleep.

RNA drug developer ADARx seeks $1.74bn valuation in US IPO. (Reuters)

ADARx Pharmaceuticals is seeking to raise up to $372m in a US IPO by offering 21.9m shares at $15 to $17 each, implying a valuation of up to $1.74bn.

The San Diego-based biotech develops RNA-based treatments for rare immune, kidney, cardiovascular and neurological diseases. AbbVie has agreed to invest up to $100m in a concurrent private placement, which would give it about a 4.9% stake after the IPO.

EMEA

Peugeot Invest and Conti to acquire a minority stake in Mérieux NutriSciences.

Peugeot Invest, a financial services company, and Conti, an investment company, agreed to acquire a minority stake in Mérieux NutriSciences, a food safety and quality services provider, according to press releases. Financial terms were not disclosed.

ABIO-owned Pinta Energy completes the acquisition of seven UK facilities of Generate Upcycle.

ABIO-owned Pinta Energy, a renewable energy platform, completed the acquisition of seven UK facilities of Generate Upcycle, a circular waste management and organics recycling company, according to press releases. Financial terms were not disclosed.

MSC said in talks to buy German state-held Meyer Werft stake. (Bloomberg)

MSC Mediterranean Shipping is in talks to acquire the roughly 80% stake in German cruise-ship builder Meyer Werft currently held by Germany’s federal government and the state of Lower Saxony.

The discussions are ongoing, and no agreement has been reached, with other potential buyers still able to emerge.

Botswana vows spending caution as it seeks bigger De Beers stake. (Bloomberg)

Botswana plans to increase its ownership of De Beers when Anglo American divests its stake, with Vice President and Finance Minister Ndaba Gaolathe saying the government wants to own more than its current 15%.

Gaolathe said Botswana has not settled on a target stake and will remain disciplined on spending, even as diamonds continue to play a central role in the country’s economy.

Trafigura launches Volare Shipping with $500m private placement and Oslo listing. (Press Release)

Trafigura has launched Volare Shipping, a new tanker company that will own and operate a fleet of six VLCCs currently on the water and eight newbuild vessels scheduled for delivery through 2028. Trafigura will commercially manage the fleet and remain the majority shareholder after the proposed listing.

Volare Shipping is seeking to raise about $500m through a private placement ahead of a planned listing on Euronext Growth Oslo, with trading expected to begin around October 5 under the ticker VLCC. The proceeds are intended to fully fund the company’s current newbuilding programme.

Dangote Refinery seeks New York listing after 2029 expansion. (Bloomberg)

Dangote Petroleum Refinery plans to list shares on the New York Stock Exchange after completing an expansion that will double the capacity of its Nigerian refinery, founder Aliko Dangote stated.

The refinery currently processes about 700k barrels of crude per day and is separately seeking to raise up to $1.6bn in a Nigerian IPO to help fund the expansion. That offering opened last week and is scheduled to close on October 13.

APAC

Ingenia rejects revised AUD5.05 per security offer from Warburg Pincus. (Press Release)

Ingenia Communities has rejected a revised non-binding proposal from Warburg Pincus to acquire 100% of the company for AUD5.05 ($3.64) per stapled security, up from its previous AUD4.75 ($3.43) offer. The board said the improved proposal still substantially undervalues Ingenia.

The offer remains conditional on due diligence, regulatory approvals, unanimous board support and Ingenia abandoning its proposed acquisition of Peet. Ingenia said it remains open to proposals offering compelling value but continues to back its existing strategy.

Perpetual rejects EQT’s revised AUD22.50 per share proposal. (ASX Announcement)

Perpetual has rejected EQT’s further revised non-binding proposal to acquire 100% of the company for AUD22.50 ($15.73) per share, saying the offer undervalues the business and carries an unacceptable level of execution risk. The proposal was expressed as EQT’s best and final offer in the absence of a competing bid.

The offer also allowed Perpetual to pay a 1H27 dividend of up to AUD0.60 ($0.42) per share without reducing the scheme consideration. Perpetual said its engagement process with EQT has now concluded and that the planned sale of its wealth management business remains on track for completion in Q4 2026.

Philippines’ First Gen rules out geothermal unit sale amid takeover speculation. (Reuters)

First Gen said it has no plans to sell geothermal subsidiary Energy Development, despite takeover interest from Indonesia’s Barito Renewables. First Gen had previously confirmed that Barito made a non-binding offer of about $5bn for EDC in July 2026.

EDC owns and operates 13 integrated geothermal power stations across the Philippines. First Gen also said it plans to invest up to $2.55bn over the next five years in renewable energy projects spanning hydropower, geothermal, wind and solar.

OIA-backed fund OIJIF in talks to invest in Flo Sleep. (DealStreetAsia)

Oman India Joint Investment Fund is in talks to invest in Bengaluru-based mattress and sleep solutions company Flo Sleep Solutions, as part of its strategy of backing mid-market businesses in India.

OIJIF is backed by Oman Investment Authority and State Bank of India. The potential investment would add to the fund’s portfolio of Indian growth companies, while Flo operates in the consumer sleep and mattress market.

Firmus seeks to raise $5bn in landmark Australian IPO. (Bloomberg)

Firmus is seeking to raise at least $5bn in an Australian IPO, launching what would be one of the country’s largest-ever listings.

The data center operator is targeting an ASX debut on October 26, with bookbuilding scheduled for October 6-7 and the retail offer running from October 12-19. The deal also includes an overallotment option of up to 10% of the base offering.

Carlyle to prepare for $400m IPO of India auto unit. (Bloomberg)

Carlyle has begun preparations for a potential IPO of its India-based auto-parts platform Highway Roop Precision Technologies, with the offering potentially raising as much as $400m.

The private equity firm is working with Kotak Mahindra Capital, JM Financial, Goldman Sachs and Nomura on the transaction, which is planned for the first half of 2027 and is expected to include both primary and secondary shares.

Bee Alternatives closes seventh secondaries fund above $150m. (DealStreetAsia)

Bee Alternatives has closed its seventh secondaries fund at more than $150m, giving the firm fresh capital to pursue smaller private equity secondary transactions after fully deploying its 2022-vintage predecessor fund.

The vehicle will invest by acquiring existing stakes in private funds or companies from investors seeking liquidity. Bee Alternatives has also been expanding its platform, including into venture capital through its acquisition of JAFCO Asia.

Daily Review

Connect the World of Dealmakers