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AMERICAS

Apollo to invest $9bn in ONEOK.

Apollo, an alternative investment manager, agreed to invest $9bn in ONEOK, an American diversified corporation focused primarily on the natural gas industry, according to press releases.

Apollo is advised by RBC Capital Markets and Milbank. ONEOK is advised by Barclays, Lazard and Latham & Watkins, according to press releases.

Tri‑County Bank completes the merger with Mayville State Bank.

Tri‑County Bank, a US community banking group, completed the merger with Mayville State Bank, a Michigan-chartered community bank, according to press releases. Financial terms were not disclosed.

Tri‑County Bank was advised by Performance Trust Capital Partners and Warner Norcross & Judd. Mayville State Bank was advised by Donnelly Penman & Partners, FHN Financial and Varnum, according to press releases.

Eli Lilly to acquire Merida Biosciences for up to $2.875bn.

Eli Lilly, a pharmaceutical company, agreed to acquire Merida Biosciences, a biotechnology company, for up to $2.875bn, according to press releases.

Eli Lilly is advised by Ropes & Gray. Merida Biosciences is advised by Centerview Partners, Goodwin and Clayton Bio Communications (led by Cynthia Clayton), according to press releases.

Levine Leichtman Capital Partners completes the acquisition of Colt Group.

Levine Leichtman Capital Partners, a private equity and venture capital firm, completed the acquisition of Colt Group, a provider of online leak sealing, repair, and prevention solutions, according to press releases. Financial terms were not disclosed.

Levine Leichtman Capital Partners was advised by Harris Williams & Co and Kirkland & Ellis. Colt Group was advised by Houlihan Lokey and Willkie Farr & Gallagher, according to press releases.

ONEOK to acquire the Permian Midland Basin assets of Brazos Midstream for $4.425bn.

ONEOK, an American diversified corporation focused primarily on the natural gas industry, agreed to acquire the Permian Midland Basin Assets of Brazos Midstream, a full-service midstream company, for $4.425bn, according to press releases.

ONEOK is advised by Barclays and Latham & Watkins. Brazos Midstream is advised by Akin Gump Strauss Hauer & Feld, according to press releases.

CVC DIF to acquire American Tower’s Canadian wireless tower portfolio.

CVC DIF, the infrastructure strategy of CVC, agreed to acquire digital communications infrastructure company American Tower’s Canadian wireless tower portfolio, according to MergerLinks data. Financial terms were not disclosed.

CVC DIF is advised by Mintz Levin (led by Matthew T. Simpson) and H/Advisors (led by Finlay Donaldson), according to MergerLinks data and press releases.

W.W. Grainger completes the acquisition of the technology assets from Adroit Worldwide Media for $210m.

W.W. Grainger, a distributor of maintenance, repair and operating products, completed the acquisition of the technology assets from Adroit Worldwide Media, a technology solutions company focused on autonomous inventory and frictionless operations technology, for $210m, according to MergerLinks data.

W.W. Grainger was advised by Jones Day (led by Benjamin Stulberg), according to MergerLinks data and press releases.

Goldman Sachs Alternatives led a $240m financing round in Owner.

Goldman Sachs Alternatives, the alternative investments division of Goldman Sachs, led a $240m financing round in Owner, a restaurant technology company, with participation from Meritech, Redpoint, Headline and Jack Altman, according to press releases.

RA Capital Management led a $120m Series C round in AusperBio.

RA Capital Management, a multi-stage investment manager, led a $120m Series C round in AusperBio, a clinical‐stage biopharma company, with participation from HanKang Capital, Sherpa Capital, InnoPinnacle Fund, Qiming Venture Partners, YuanBio Venture Capital and CDH Investments, according to press releases.

Deloitte completes the acquisition of Wavicle Data Solutions.

Deloitte, a multinational professional services network, completed the acquisition of Wavicle Data Solutions, a provider of data engineering, cloud, analytics, and artificial intelligence consulting services, according to press releases. Financial terms were not disclosed.

Inside Trump’s plan to give the Pentagon a stake in Venezuela’s oil riches. (WSJ)

The US government is planning to take a 35% passive stake in North American Blue Energy Partners, owned by Venezuelan businessman Alejandro Betancourt.

The government would also secure preferential rights to purchase 20% of the company’s production at cost. Terms of the transaction are still being negotiated and could change.

Permanent Capital Ventures unveils $200m Fund II for AI. (Press Release)

Chicago-based Permanent Capital Ventures has publicly launched and is investing from PCV Fund II, a $200m vehicle, bringing total capital raised since its 2024 founding to more than $350m.

Co-founded by former LinkedIn sales executive Mike Gamson and former project44 Chief Growth Officer Jason Duboe, the firm focuses on Series A investments in applied AI companies with product-market fit, particularly those targeting legacy industries and looking to scale enterprise sales.

EMEA

SLB to acquire Kelvion from Apollo and Triton for $4.1bn.

SLB, an oil services company, agreed to acquire Kelvion, a global manufacturer of industrial heat exchangers, from Apollo, an alternative investment manager, and Triton, a European private equity firm, for $4.1bn, according to press releases.

Kelvion and Apollo are advised by Guggenheim Partners and UBS. Apollo is advised by Paul Weiss Rifkind Wharton & Garrison and Sidley Austin, according to press releases.

Point72 Private Investments to invest $75m in HubX.

Point72 Private Investments, a private equity firm, agreed to invest $75m in HubX, a Türkiye-based consumer technology company, according to MergerLinks data.

Point72 is advised by Gibson Dunn & Crutcher (led by Stefan dePozsgay) and Paksoy (led by Stephanie Beghe Sonmez), according to MergerLinks data and press releases.

Colman's Mustard is put up for sale ahead of merger. (BBC)

Unilever is considering the sale of its Colman’s Mustard brand ahead of the planned merger of its food business with US food giant McCormick.

The Norwich-linked mustard brand could be valued at about £48m ($65m), as Unilever seeks to address potential competition concerns from the combination. Colman’s was founded in Norfolk in 1814 and has maintained deep ties to the region.

German insurer Allianz weighs £5bn takeover of AA roadside rescue giant. (SkyNews)

Allianz is considering a takeover of UK breakdown recovery group the AA in a deal that could value the company at about £5bn ($6.77bn).

The German insurer is one of a small number of potential bidders that have held discussions with the AA’s advisers about a possible transaction. Talks are ongoing and may not result in a finalized deal.

Zambian state mine investor weighs share sale to boost liquidity. (Bloomberg)

ZCCM Investments Holdings is considering selling a stake in the business, which holds minority interests in most of Zambia’s largest copper mines.

Other shareholders may also sell part of their holdings to help meet the local stock exchange’s requirement that at least 25% of the company’s shares are freely tradeable. Any stake sale could take place within the next one to two years.

Norwegian steel group Blastr lines up new funding for SSUK bid. (SkyNews)

Blastr Green Steel is in talks with special situations credit fund Aptior Capital to secure financing for its bid to acquire SSUK, Britain’s third-largest steel producer.

The Norwegian steel group has been pursuing the acquisition for most of the year and is seeking additional backing to advance its “oven-ready” offer. Talks are ongoing and may not result in a finalized transaction.

Anglo and Teck up against Glencore’s ‘hardball’ negotiators to deliver merger gains. (FT)

Glencore is threatening to complicate Anglo American’s planned $50bn merger with Teck Resources as the companies negotiate the integration of their mining assets.

Anglo American aims to complete the transaction as soon as next month but is still awaiting Chinese regulatory approval. The deal, announced last September, would create a major global copper producer and represents one of the largest mining mergers in years.

APAC

KKR, IMM and Stonebridge to invest $2.23bn in SK Horizon.

Private equity firms KKR, IMM and Stonebridge to invest $2.23bn in SK Horizon, a planned South Korean AI data center infrastructure company to be created through the spin-off of SK Broadband’s data center and submarine cable businesses, according to MergerLinks data.

IMM is advised by Edelman. KKR is advised by Simpson Thacher & Bartlett (led by Ian Ho), according to MergerLinks data and press releases.

Japan's biggest curry chain CoCo Ichibanya headed for sale. (Bloomberg)

Ichibanya, the owner of Japan’s largest curry rice chain CoCo Ichibanya, is considering a sale of the business, a move that sent shares of the company higher in Tokyo.

CoCo Ichibanya operates nearly 1.5k restaurants in Japan and overseas markets including the US, UK and India. Discussions are ongoing and may not result in a finalized transaction.

China's Fosun International wins approval for ClubMed Hong Kong spin- off. (Reuters)

Fosun International has received approval from the Hong Kong Stock Exchange to proceed with the proposed spin-off and separate listing of its resort-operator unit Club Med Lifestyle.

Details of the initial public offering have yet to be finalized.

Nvidia and MediaTek deepen long-standing partnership to build AI edge-to-cloud computing platforms. (Press Release)

Nvidia has invested $3.5bn in convertible bonds issued by MediaTek as the companies deepen their collaboration across AI infrastructure, local AI computing and automotive technology.

MediaTek will adopt Nvidia’s NVLink Fusion platform to help customers develop custom AI processors that can integrate with Nvidia’s rack-scale AI systems. The companies will also continue developing chips for AI-powered PCs and vehicles.

Indian billionaire taps $700m private credit for Megha buyout by Saikat Das and Baiiu Kalesh. (Bloomberg)

A key shareholder of India’s Megha Engineering & Infrastructures is seeking to raise about $700m from global private credit investors to finance the purchase of his uncle’s stake in the company, in what could be one of India’s largest deals in 2026.

A consortium of lenders including Davidson Kempner Capital Management, Elham Credit Partners and Varde Partners has begun preliminary work on the financing structure. Terms have yet to be finalized, and discussions could still change.

Tempsens Instruments IPO debuts with 111% share surge. (Rediff)

Tempsens Instruments shares surged more than 110% in their market debut, opening at INR631.20 ($6.61) on the BSE and INR634 ($6.64) on the NSE, compared with an IPO price of INR300 ($3.14). The listing gave the temperature sensing and heating solutions provider a market valuation of about INR4,935 ($517m).

Linklaters advised Tempsens Instruments on the IPO, with its team led by Juhi Singh. The firm said it has more than 50 years of experience in Asia and has advised on a range of India-related capital markets transactions.

Shein at $26bn still stirs unease over growth outlook. (Bloomberg)

Shein Global Holdings has completed its Hong Kong initial public offering at a valuation of about $26bn, well below the roughly $100bn valuation the fast-fashion retailer once commanded.

The company raised $1.7bn in the offering, while slowing growth and tariff pressures could weigh on investor sentiment as its shares prepare to begin trading.

Tencent-backed China chipmaker Enflame seeks $911m in IPO. (Bloomberg)

Shanghai Enflame Technology, backed by Tencent, is seeking to raise about $911m in a Shanghai initial public offering, becoming the latest Chinese AI chipmaker to tap the public market.

The company has priced its offering at CNH142.18 ($21.16) per share and plans to sell about 43m shares, representing 10% of its enlarged share capital. Tencent holds about 20% of Enflame and remains a major customer.

Chinese chipmaker Longsys seeks $800m in HK Listing. (Bloomberg)

Shenzhen Longsys Electronics is seeking to raise up to HKD6.28bn ($801m) in a Hong Kong initial public offering, as Chinese companies tied to the artificial intelligence supply chain increasingly tap the market.

The memory-chipmaker is offering about 26m shares at a maximum price of HKD240.60 each ($30.7), implying a valuation of as much as $24.9bn. The offering could raise up to $1.06bn with an upsize option.

India's NIIF secures $2b first close of infrastructure fund II. (DealStreetAsia)

NIIF has raised INR19bn ($2bn) in the first close of its second infrastructure fund, securing more than 60% of its targeted corpus from the Indian government and leading global and domestic institutional investors.

The fund will focus on infrastructure investments in India.

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