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AMERICAS

Mitsubishi Electric to acquire Nozomi Networks.

Mitsubishi Electric, a Japanese multinational electronics and electrical equipment manufacturing company, agreed to acquire Nozomi Networks, a provider of cybersecurity solutions, according to press releases. Financial terms were not disclosed.

Mitsubishi Electric is advised by Ernst & Young and White & Case. Nozomi Networks is advised by Barclays and Gunderson Dettmer Stough Villeneuve Franklin & Hachigian, according to press releases.

Novartis to acquire Tourmaline Bio for $1.4bn.

Novartis, a Swiss multinational pharmaceutical company, offered to acquire Tourmaline Bio, a New York-based clinical-stage biopharmaceutical company, for $1.4bn, according to press releases.

Tourmaline Bio is advised by Leerink Partners, Cooley and ScientPR (led by Adam Silverstein), according to press releases.

Arsenal Capital to acquire ThermoSafe business unit from Sonoco for $725m.

Arsenal Capital, a private equity investment firm, agreed to acquire ThermoSafe business unit, a provider of temperature-assured packaging, from Sonoco for $725m, according to press releases.

Arsenal Capital is advised by Kirkland & Ellis (led by Kyle P. McHugh). Sonoco is advised by Morgan Stanley and Freshfields Bruckhaus Deringer (led by Damien R. Zoubek), according to press releases.

Arsenal Capital Partners-backed Polycorp completes the acquisition of Burke Industries from Mannington Mills.

Arsenal Capital Partners-backed Polycorp, a manufacturer of engineered elastomer solutions, completed the acquisition of Burke Industries, a premier supplier of custom elastomeric products, from Mannington Mills, an international flooring manufacturer, according to press releases. Financial terms were not disclosed.

Polycorp was advised by Benesch Friedlander Coplan & Aronoff. Mannington Mills was advised by Macquarie Group and Duane Morris, according to press releases.

A&M Capital Partners-backed INSPYR completes the acquisition of the professional division of BGSF for $99m.

A&M Capital Partners-backed INSPYR, a technology solutions company, completed the acquisition of the professional division of BGSF, a staffing solutions provider, for $99m, according to press releases.

BGSF was advised by Houlihan Lokey, according to MergerLinks data.

Hg completes the investment in Payworks.

Hg, an investor in transatlantic software and services businesses, completed the investment in Payworks, a Canadian leader in total workforce management, according to press releases. Financial terms were not disclosed.

Hg was advised by Brunswick Group, according to MergerLinks data.

New Enterprise Associates led a $300m Series D round in Strive Health.

New Enterprise Associates, a venture capital firm, led a $300m Series D round in Strive Health, a provider of value-based kidney care, with participation from CVS Health Ventures, CapitalG, Echo Health Ventures, Town Hall Ventures and Redpoint, according to press releases.

Strive Health was advised by Walker Sands Communications, according to press releases.

Phillips 66 to acquire the remaining 50% stake in WRB Refining from Cenovus Energy for $1.4bn.

Phillips 66, an integrated downstream energy provider, agreed to acquire the remaining 50% stake in WRB Refining, a 50/50 joint venture between Phillips 66 and Cenovus Energy, from Cenovus Energy, a Canadian integrated oil and gas company, for $1.4bn, according to press releases.

Sverica Capital Management completes the investment in Raken.

Sverica Capital Management, a private equity firm, completed the investment in Raken, a field management software provider, according to press releases. Financial terms were not disclosed.

Khosla Ventures led a $110m Series E round in Aven.

Khosla Ventures, a venture capital firm, led a $110m Series E round in Aven, a consumer FinTech company that offers a revolving credit card backed by home equity, with participation from General Catalyst, Caffeinated Capital, GIC, Electric Capital and Founders Fund, according to press releases.

Steve Cohen eyes $8bn casino project in Queens. (FT)

Steve Cohen, the billionaire owner of the New York Mets and founder of Point72, is pursuing an $8bn casino project in Queens, aiming to turn a neglected stretch of the borough into a major entertainment hub.

He has hired lobbyists and donated more than $185m locally to build support, but still faces competition from MGM Resorts, Bally’s and Caesars, along with New York’s regulatory hurdles.

WaterBridge seeks up to $540m in US IPO. (Press Release)

WaterBridge Infrastructure is seeking to raise up to $540m in a US initial public offering. The Houston-based water infrastructure company is offering 27m shares at $17 to $20 each, valuing the business at as much as $2.28bn.

JP Morgan and Barclays are acting as lead book-running managers, with Goldman Sachs, Morgan Stanley, Wells Fargo Securities, Piper Sandler, Raymond James and Stifel also participating, according to press releases.

Klarna and Netskope IPOs bring gains to Canada's top pension fund. (Bloomberg)

Canada Pension Plan Investment board is set to see two of its private equity holdings move toward public listings as technology companies capitalize on investor demand for new offerings.

Cloud security provider Netskope is seeking to raise up to $813m in a US initial public offering. The Santa Clara-based company plans to price shares between $15 and $17 each.

Stablecoin issuer Figure Technologies upsizes IPO as crypto interest soars. (Reuters)

Figure Technologies has boosted the size and pricing range of its planned Nasdaq initial public offering, seeking to raise as much as $693m amid strong demand for crypto-linked stocks.

The blockchain-based lender and stablecoin issuer is now marketing 31.5m shares at $20 to $22 each, up from 26m shares at $18 to $20. At the top of the range, Figure would be valued at about $4.1bn. Co-founded in 2018 by Mike Cagney, Figure reported a $29m profit in the first half of 2025, reversing a year-earlier loss.

EMEA

Forterro completes the acquisition of Inology.

Forterro, an industrial software provider, completed the acquisition of Inology, a provider of expense management, according to press releases. Financial terms were not disclosed.

Inology was advised by Arcano Partners, Baker McKenzie and Tramuns & Torra. Forterro was advised by Alvarez & Marsal, Ernst & Young and Garrigues, according to press releases.

Exponent-backed Natara to acquire Treatt for £157m.

Exponent Private Equity-backed Natara, a manufacturer of flavour and fragrance products, agreed to acquire Treatt, a manufacturer and supplier of ingredients and naturale, for £157m ($212m), according to press releases.

Treatt is advised by Investec (led by David Anderson), Peel Hunt (led by George Sellar), Ashurst and MHP Communications (led by Tim Rowntree). Exponent is advised by Rothschild & Co (led by Noah Gringarten), Allen & Overy and Kekst CNC (led by Neil Maitland), according to press releases.

Apollo to invest €3.2bn in RWE joint venture.

Apollo, an investment firm, agreed to invest €3.2bn ($3.75bn) in RWE joint venture, a power producer and a global leader in renewable power generation, according to press releases.

Apollo is advised by Latham & Watkins (led by Otto-Philipp von Gruben and Dominik Waldvogel) and Paul Weiss Rifkind Wharton & Garrison, according to press releases.

Aspira Partners-backed Qflow completes the acquisition of DAI.

Aspira Partners-backed Qflow, a construction company, completed the acquisition of DAI, a global development company that tackles fundamental social and economic development problems, according to press releases. Financial terms were not disclosed.

Qflow was advised by Gorrissen Federspiel (led by Gitte Dehn Lansner), according to press releases.

Outcomes First Group completes the acquisition of 12 UK schools from Cognita.

Outcomes First Group, a provider of world-class education, completed the acquisition of 12 UK schools from Cognita, a private schools group, according to press releases. Financial terms were not disclosed.

Outcomes First was advised by Houlihan Lokey, according to press releases.

Aquarian in final fundraising stage for deal to acquire Brighthouse. (FT)

Aquarian Holdings is in late-stage talks to raise more than $3bn from Mubadala Capital, Qatar Investment Authority and other investors to back its planned takeover of Brighthouse Financial. The deal would give the private capital group control of one of the last large independent US insurers.

Aquarian already has debt commitments from a bank group led by Royal Bank of Canada, Nomura and Société Générale. Equity funding is the final step before it can submit a binding offer for Brighthouse, which has about $120bn in assets and a market value of $2.5bn after years of weak performance tied to its variable annuities business.

Swiss Life will climb in the Itínere motorway group to 37.5%. (The Economist)

Swiss Life is increasing its stake in Spanish motorway operator Itínere to 37.5% under an agreement with Dutch pension fund APG, whose holding will fall to about 58% while maintaining control.

The Swiss insurer first bought 25% from APG in 2024, and the latest deal, involving share transfers and convertible bonds, values Itínere at about €1.9bn. The company is Spain’s second-largest private toll road operator, with five toll road concessions across Northern Spain.

APG is advised by Jefferies, according to press releases.

Nebius soars as Microsoft deal validates CEO's Russian breakup. (Bloomberg)

Nebius Group shares jumped 50% in early trading after the company signed an artificial intelligence infrastructure deal with Microsoft valued at up to $19.4bn.

The Amsterdam-based firm, which was spun off from Russian internet group Yandex last year, will provide Microsoft with at least $17.4bn of AI computing capacity through 2031. The agreement also includes options that could increase the total value by as much as $2bn.

Monte Paschi wins control over Mediobanca with 62% of shares. (Bloomberg)

Banca Monte dei Paschi di Siena has gained control of Mediobanca after securing 62.3% of the investment bank’s shares in its unsolicited bid. The result gives Monte Paschi a majority of voting rights.

The deal strengthens Monte Paschi’s position in Italy’s financial sector and raises questions about Mediobanca’s future strategy and governance. Further steps in the transaction are expected in the coming weeks.

Dutch to cut ABN Amro stake to 20% as bank deals heat up. (Bloomberg)

The Dutch government is reducing its stake in ABN Amro, a move that could reignite takeover interest in the lender as consolidation continues across Europe’s banking sector.

State investment vehicle NLFI stated that the sale will lower its holding to about 20% from 30.5%. The stake being sold is valued at roughly €1.55bn ($1.82bn) at current market prices.

Spar of South Africa sells Swiss unit to focus on home market. (Bloomberg)

Spar Group has agreed to sell its Swiss unit for $59m as South Africa’s second-largest retailer by revenue sharpens its focus on its domestic market.

The sale to Tannenwald Holding will help reduce debt, with the buyer assuming all obligations of the Swiss business. Spar is also preparing to divest its UK operations.

Permira and Blackstone invest $525m in Dubai property. (Bloomberg)

Permira and Blackstone have invested $525m in Dubai-based Property Finder, betting on the city’s real estate market to shed its boom-and-bust image.

The firms acquired a minority stake in the property classifieds platform, while existing investor General Atlantic sold part of its holding in the deal.

Sabadell CEO expects BBVA to improve its offer for the bank. (Reuters)

Sabadell considers BBVA’s €14.9bn takeover proposal insufficient, viewing the terms as failing to reflect the bank’s stronger market position. The board already rejected a previous approach and maintains that the current offer lacks merit.

Analysts note that BBVA may be pressed to raise its bid, as Sabadell shares have traded above the proposed price. For now, BBVA has reiterated its intention to keep the terms unchanged.

Luxury confectioner Bateel said to explore IPO in Saudi Arabia. (Bloomberg)

Bateel International, a Saudi Arabian gourmet food producer and restaurant chain, is exploring an initial public offering that would add to the wave of share sales in the kingdom.

The company is working with Morgan Stanley on a potential listing in Riyadh and has also approached local lenders about roles in the transaction. Discussions are ongoing and may not result in a finalized deal.

KNDS CEO says Franco-German tankmaker is preparing for IPO. (Bloomberg)

KNDS is preparing for an initial public offering to broaden its shareholder base and support investments and acquisitions. The Franco-German tankmaker, formed through the merger of France’s Nexter and Germany’s Krauss-Maffei Wegmann, is positioning itself for a potential market debut.

A listing in 2026 is considered “realistic” with the board asking management to be ready once a final decision is made. A decision on the IPO could come in the coming months.

HSBC's top IPO banker in Saudi Arabia is said to depart for PJT. (Bloomberg)

HSBC’s head of equity capital markets in Saudi Arabia is leaving, marking another setback for the bank as it undergoes a broad restructuring.

Ramez Halazun will join advisory firm PJT deNovo to lead its expansion into regional capital markets. PJT deNovo was created in 2024 following PJT Partners’ acquisition of Dubai-based deNovo Partners.

Apollo's lead European PE partner Raba to depart after 15 years. (Bloomberg)

Apollo Global Management’s lead partner for European private equity, Michele Raba, is leaving the firm after 15 years. The alternative asset manager confirmed his departure in response to media queries.

Apollo has named Alex van Hoek, a longtime partner based in London, as Raba’s successor.

APAC

Banker talent war spurs CICC to create new paths for promotion. (Bloomberg)

China International Capital Corp. has introduced new senior titles for investment bankers as it seeks to retain talent during a surge in dealmaking.

The roles include senior managing director and director, adding that the move comes at a time when the bank faces limits on awarding large pay increases or bonuses despite rising activity.

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