An investor consortium to invest $1bn in Adani Airports.

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

Independence Realty Trust to merge with Centerspace in an $8.1bn deal.

Independence Realty Trust, a real estate investment trust, agreed to merge with Centerspace, an owner and operator of apartment communities, in an $8.1bn deal, according to press releases.

Independence Realty Trust is advised by RBC Capital Markets, Rothschild & Co and Troutman Pepper Locke. Centerspace is advised by BMO Capital Markets and Wachtell Lipton Rosen & Katz (led by Kyle M. Diamond and Elina Tetelbaum), according to press releases.

Franklin Electric completes the acquisition of Cat Pumps for $400m.

Franklin Electric, a manufacturer and distributor of water and fuel systems and equipment, completed the acquisition of Cat Pumps, a pressure pump manufacturer, for $400m, according to press releases.

Cat Pumps was advised by Houlihan Lokey and Glaser Weil Fink Howard Jordan & Shapiro. Franklin Electric was advised by Rothschild & Co, Bird & Bird and Taft Stettinius & Hollister, according to MergerLinks data and press releases.

Sapphire Gas Solutions to acquire the Desert Gas LNG Plant and related expansion assets from Spectrum LNG.

Sapphire Gas Solutions, a provider of distributed energy infrastructure, agreed to acquire the Desert Gas LNG Plant and related expansion assets from Spectrum LNG, a US-based small-scale liquefied natural gas producer, according to press releases. Financial terms were not disclosed.

Sapphire Gas Solutions is advised by Orrick Herrington & Sutcliffe (led by Joe Roger, Adam Kowis and Nicholas Woodruff) and Rolling Water Group (led by DeeAnn Thipgen). Spectrum LNG is advised by Piper Sandler and Hall Estill, according to press releases.

Analog Devices to acquire Alif Semiconductor for $1.55bn.

Analog Devices, a semiconductor company, agreed to acquire Alif Semiconductor, a provider of EdgeAI microcontrollers and fusion processors, for $1.55bn, according to press releases.

Alif is advised by Qatalyst Partners and DLA Piper. Analog Devices is advised by PJT Partners and Wachtell Lipton Rosen & Katz (led by Jenna E. Levine), according to MergerLinks data and press releases.

JAB Insurance completes the acquisition of Columbian Financial Group.

JAB Insurance, a fully integrated life insurance platform, completed the acquisition of Columbian Financial Group, an insurance holding company, according to press releases. Financial terms were not disclosed.

JAB Insurance was advised by Agam Capital (led by Chak Raghunathan and Avi Katz) and Skadden Arps Slate Meagher & Flom. Columbian Financial Group was advised by Keefe Bruyette & Woods and Morgan Lewis & Bockius, according to press releases.

Chime to acquire Stride Bank for $590m.

Chime, a financial technology company that provides mobile banking services, agreed to acquire Stride Bank, a commercial bank, for $590m, according to press releases.

Stride Bank is advised by Piper Sandler and McAfee & Taft. Chime is advised by Morgan Stanley and Wachtell Lipton Rosen & Katz (led by Edward D. Herlihy), according to MergerLinks data and press releases.

CBRE Investment completes the acquisition of Tenet Equity from Cerberus for $1.6bn.

CBRE Investment, a real assets investment manager, completed the acquisition of Tenet Equity, a provider of real estate financings, from Cerberus, an alternative investment firm, for $1.6bn, according to press releases.

Cerberus was advised by Evercore and Kirkland & Ellis, according to MergerLinks data and press releases.

Andreessen Horowitz and Accel lead a $2bn+ funding round in Cognition.

Andreessen Horowitz and Accel, two venture capital firms, led a $2bn+ funding round in Cognition, an artificial intelligence company, with participation from Founders Fund, General Catalyst, Avenir, Benchmark, Bessemer, Kleiner Perkins, Greylock, Lightspeed, Altimeter, Bond Capital, Meritech, Atreides, Valor, T. Rowe Price, Lux, 8VC, D1, 137 Ventures, DST, Positive Sum, HOF, Soma, BoxGroup, Battery, Ribbit, Swish, Stripes, Definition, Hanabi, Journey, Bain Capital Ventures, Layer Global, A* Capital, Alpha Wave, Alkeon, and Diffusion, according to press releases.

Cognition was advised by Latham & Watkins (led by Seth Gottlieb), according to MergerLinks data.

Point72 Ventures and Spark Capital led a $1bn Series E round in Stoke Space.

Point72 Ventures and Spark Capital, venture capital firms, led a $1bn Series E round in Stoke Space, an aerospace company, with participation from General Innovation, Glade Brook Capital, US Innovation Technology, Washington Harbour Partners, Woven Capital, Y Combinator and other new and existing investors, according to press releases.

A consortium of investors led a $275m Series C round in Celero Communications.

A consortium of investors, including Atreides Management, Valor Equity Partners and CapitalG, led a $275m Series C round in Celero Communications, a developer of advanced coherent DSP solutions, with participation from Sutter Hill Ventures and Maverick Silicon, according to press releases.

Bain Capital Ventures led a $150m Series C round in Forus.

Bain Capital Ventures, the venture capital division within Bain Capital, led a $150m Series C round in Forus, a health technology infrastructure company, with participation from Thrive Capital, General Catalyst, Accel, Redpoint, BoxGroup, Pear VC, Avra, Human Capital, Neo, Vast Ventures and SV Angel, according to press releases.

Justice Department to take a closer look at Fox’s $22bn Roku deal. (Semafor)

The US Justice Department is widening its antitrust review of Fox’s $22bn acquisition of streaming platform Roku, with regulators planning to seek additional information from the companies through a second request.

The $160-per-share deal would combine Fox’s news and sports content with Roku’s streaming platform, reaching more than 100m households. The expanded review could extend scrutiny of the transaction’s impact on streaming competition.

Dow weighs exit from $20bn Saudi chemicals venture. (Bloomberg)

Dow is considering exiting its $20bn chemicals joint venture with Saudi Aramco as the US company seeks to reshape its portfolio amid a prolonged industry downturn. Dow held a 35% stake in Sadara Chemical as of 2025.

Saudi Aramco, which owns the remaining stake, could potentially acquire Dow’s holding and increase its ownership. No final decision has been made.

Blackstone explores sale of ZO Skin Health. (Reuters)

Blackstone is exploring the sale of medical-grade skincare company ZO Skin Health in a transaction that could value the business at around $2bn.

The investment firm is working with Citigroup and Raymond James on the potential sale. The process remains at an early stage.

Buyout firm CVC explores $2bn sale of Dr Teal's parent company. (Reuters)

CVC Capital Partners is exploring the sale of personal care platform Arthea, owner of brands including Dr. Teal’s and Cantu, in a transaction that could value the business at around $2bn.

CVC is working with Moelis and William Blair on the potential sale after acquiring the business for $1.43bn in 2017. Discussions remain at an early stage.

Ramp in talks for new funding at $60bn valuation. (Bloomberg)

Ramp is in early discussions to raise about $1bn in new funding at a valuation of roughly $60bn, just three months after the fintech startup was valued at $44bn.

The talks remain ongoing, and the size and valuation of the fundraising could still change.

EIG announces final close of Senior Infrastructure Debt Fund VI. (Press Release)

EIG has closed its Senior Infrastructure Debt Fund VI at $1.9bn, nearly double the size of its predecessor. Together with $2.1bn committed to single-investor vehicles, the strategy has raised $4bn, exceeding its original $3bn target.

The fund will provide senior secured debt across energy and infrastructure, primarily in the US and Europe, and has already committed about $1bn across 16 investments since launching in July 2024.

EMEA

Esyasoft completes the acquisition of Correla from NorthEdge.

Esyasoft, an energy transition technology group, completed the acquisition of Correla, an energy technology and data services company, from NorthEdge, a private equity firm, according to press releases. Financial terms were not disclosed.

Correla was advised by Houlihan Lokey (led by Adrian Reed) and DWF Law (led by Jonathan Robinson). Esyasoft was advised by Andersen Global, Shawbrook Bank (led by Tony Dean) and Clyde & Co, according to MergerLinks data and press releases.

Cerberus to acquire the mechanical engineering division of Goodwin for £1.1bn.

Cerberus, a private equity firm, agreed to acquire the mechanical engineering division of Goodwin, an engineering group, for £1.1bn, according to press releases.

Cerberus is advised by JP Morgan, UBS and Davis Polk & Wardwell, according to press releases.

Cegid to merge with Silae in a $10bn deal.

Cegid, a provider of cloud management solutions, agreed to merge with Silae, a provider of SaaS payroll and HR solutions, in a $10bn deal, according to press releases.

Cegid is advised by Havas (led by Sarah Duparc and Estelle Bleuze), according to press releases.

L Catterton and WNDR completes the acquisition of a majority stake in Hyrox from Infront.

L Catterton, a private equity firm, and WNDR, a venture capital firm, completed the acquisition of a majority stake in Hyrox, a fitness competition provider, from Infront, a sports marketing services provider, according to press releases. Financial terms were not disclosed.

L Catterton was advised by Latham & Watkins (led by Jon Fox, Tom Evans and Linzi Thomas), according to press releases.

FinQuery to acquire Innervision from IRIS Software Group.

FinQuery, the subledger platform for financial obligations and capital assets, agreed to acquire Innervision, a provider of lease accounting software, from IRIS Software Group, a software solutions company, according to press releases. Financial terms were not disclosed.

Orsted's third-largest investor sells a $483m stake. (Bloomberg)

Andel Holding has sold a stake worth about DKK3.1bn ($483m) in Danish wind farm developer Orsted, a year after investing the same amount in the company’s capital raise.

Andel sold 22.8m shares at DKK135.5 ($21) each, representing a 4.8% discount to Orsted’s previous closing price.

Lionel Messi nears deal to buy another football team. (Bloomberg)

Lionel Messi has reached a preliminary agreement to acquire a majority stake in Spanish second-division football club Eldense, subject to due diligence.

A final agreement could be reached within days as the acquisition process advances.

CVC hires TPG’s second-in-command Todd Sisitsky as co-CEO. (Press Release)

CVC Capital Partners has announced a leadership succession plan that will see Todd Sisitsky and current President Peter Rutland become co-CEOs by Q1 2028, when Rob Lucas steps down as CEO. Sisitsky will join CVC from TPG, where he has served as President since 2021.

Lucas, who has led CVC since 2021 and through its 2024 IPO, will remain involved in the firm’s investment activities following the transition. Sisitsky will also chair the CVC Partner Board.

APAC

Indonesian tycoon Haji Isam bids $3bn for Bayan stake. (Bloomberg)

Indonesian tycoon Haji Isam has offered $3bn in cash to acquire a controlling 62% stake in coal miner Bayan Resources from billionaire Low Tuck Kwong and his daughter Elaine.

The offer follows weeks of negotiations and represents a significant discount to Bayan’s current market valuation. Discussions remain ongoing.

Another firm makes bid for Australian shipbuilder's US assets. (Press Release)

Australian shipbuilder Austal has received a non-binding offer from US investment firm Wildcat Infrastructure for its US business, valuing the assets at between $1.25bn and $1.35bn.

The proposal tops an earlier offer from a South Korean defense company, creating a competing bid for Austal’s US shipbuilding operations.

Amara said to put Singapore resort luxury hotel up for sale. (Bloomberg)

Amara Sanctuary Sentosa has been put up for sale with an indicative price of SGD200m ($158m), ahead of a major redevelopment of Singapore’s Sentosa island.

The asking price is nearly double the hotel’s valuation when owner Amara Holdings was taken private in 2025.

China's DeepSeek taps CITIC Securities for domestic IPO. (Reuters)

DeepSeek has appointed CITIC Securities to prepare for an initial public offering on Shanghai’s STAR Market, with the Chinese artificial intelligence startup aiming to begin the IPO process in 2026.

The potential offering’s size, timing and valuation have not yet been determined. DeepSeek is also raising fresh capital at a targeted valuation of CNY500bn ($75bn) to fund computing infrastructure, model development and talent.

NSE cuts IPO price range, giving up shot at India's top listing. (Bloomberg)

National Stock Exchange of India is expected to price its long-awaited initial public offering at INR1,700–INR1,785 ($17.94-$18.84) per share, about 15% below the earlier marketed range of INR2,000–INR2,100 ($21.1-$22.16) and below levels seen in the private market.

The exchange may also reduce the stake offered to about 5.5% from 6% after some shareholders opted not to sell at the lower price, leaving the deal likely to fall short of becoming India’s largest-ever IPO.

EQT launches first Asia-focused evergreen PE strategy. (Press Release)

EQT has launched EQT Nexus Asia, an evergreen strategy providing eligible individual and institutional investors access to its Asia-Pacific private capital platform across large-cap and mid-market investments.

The strategy will target healthcare, services, technology and industrial technology businesses across India, Korea, Japan, Greater China, Southeast Asia, Australia and New Zealand, building on EQT’s approximately $50bn invested in the region since 1997.

Chinese Q&A platform Zhihu commits $223m to Monolith's RMB Al fund. (DealStreetAsia)

Zhihu plans to commit CNY1.5bn ($223.5m) to an RMB-denominated artificial intelligence investment fund managed by Monolith Management, giving the company an LP interest of up to 30%.

The fund will target early- and mid-stage Chinese companies across foundation models, AI infrastructure, robotics and AI applications. The investment remains subject to Zhihu shareholder approval.

Daily Review

Connect the World of Dealmakers