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Top Highlights
Apollo-backed New Home, a diversified asset-light homebuilder, completed the acquisition of Landsea Homes, a Dallas-based residential homebuilder, for $1.2bn, according to press releases.
Landsea Homes was advised by Moelis & Co, Latham & Watkins (led by Charles Ruck, Michael Treska and Darren J. Guttenberg), Cornerstone Communications (led by Annie Noebel) and Mackintosh Investor Relations (led by Drew Mackintosh). New Home was advised by Houlihan Lokey, JP Morgan, RBC Capital Markets, Vestra Advisors, Wells Fargo Securities, Paul Weiss Rifkind Wharton & Garrison (led by Usman Arain, Brian Kim and Brian Finnegan) and Joele Frank (led by Tim Ragones), according to press releases and MergerLinks data.
KKR, a global investment firm, completed the acquisition of Biotage, a drug discovery and development, diagnostics and analytical testing solutions provider, for SEK11.6bn ($1.2bn), according to press releases.
Biotage was advised by Grant Thornton, Lazard and Vinge. KKR was advised by JP Morgan, Nordea Bank, Kirkland & Ellis (led by Ian Barratt), Roschier Attorneys, Simpson Thacher & Bartlett (led by Clare Gaskell) and Brunswick Group (led by Peter Lindell), according to press releases and MergerLinks data.
HGGC, a private equity firm, agreed to acquire Inspired, an energy and sustainability advisor, for £183.6m ($250m), according to press releases.
Deal Round up
AMERICAS
Bain Capital raises $1bn in debt to finance the Sizzling Platter deal. (Bloomberg)
JetBlue's No. 2 investor may exit if turnaround efforts stall. ( Reuters)
Jefferson Capital prices US IPO at $15, raising $150m. ( Reuters)
Vista raises $5.6bn for Cloud Software continuation fund. ( Bloomberg)
EMEA
Shell denies BP takeover interest, triggering UK bid restriction. ( WSJ)
Ferrovie dello Stato to seek minority investors in high-speed rail assets. ( Bloomberg)
Trolley plans rare IPO in Kuwait amid quiet Gulf listing market. ( Bloomberg)
Visma backed by Hg Capital selects London for potential IPO. ( Bloomberg)
APAC
JSW Steel seeks review of court ruling on Bhushan Power deal. ( Reuters)
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AMERICAS
Mars has received antitrust approval in the US for its $36bn acquisition of Pringles maker Kellanova, while the European Union has launched an in-depth investigation into the deal over concerns it could drive up prices.
Although US regulators signed off on the transaction, EU authorities are scrutinizing its potential impact on competition. The review comes amid heightened global scrutiny of large-scale mergers.
STG, a private equity firm, agreed to acquire Yodlee, an open finance, data aggregation, and analytics firm, from Envestnet, an American financial technology corporation, according to press releases. Financial terms were not disclosed.
STG is advised by Jefferies & Company, KPMG, RBC Capital Markets and Paul Hastings. Envestnet is advised by Bank of America and Ropes & Gray, according to press releases and MergerLinks data.
GreyLion, a private equity firm, completed the acquisition of Torginol, a manufacturer and marketer of decorative flakes, according to press releases. Financial terms were not disclosed.
Torginol was advised by CIBC World Markets and Godfrey & Kahn. Greylion Partners was advised by Latham & Watkins, according to press releases.
ArcLight and DigitalBridge, investment firms, completed the $500m investment in Takanock, a provider of innovative digital and power infrastructure solutions, according to press releases.
Takanock was advised by Houlihan Lokey. DigitalBridge was advised by Simpson Thacher & Bartlett (led by Gabriel Silva), according to press releases and MergerLinks data.
Turnspire Capital-backed Swanson Industries, a provider of distribution services, completed the acquisition of off-highway business from TransAxle, a provider of remanufactured drivetrain and hydraulic components, according to press releases. Financial terms were not disclosed.
Swanson Industries was advised by Freshfields Bruckhaus Deringer and Gasthalter & Co, according to press releases.
Redwood Holdings, an investment firm, agreed to acquire Canal Barge Company, a provider of marine transportation services, according to press releases. Financial terms were not disclosed.
Canal Barge is advised by JP Morgan, according to press releases and MergerLinks data.
FCA Venture Partners, a venture capital firm, led a Series A round in Vellum Health, a healthcare platform, with participation from Green Park & Golf Ventures, according to press releases. Financial terms were not disclosed.
Bain Capital raises $1bn in debt to finance the Sizzling Platter deal. ( Bloomberg)
Bain Capital has secured approximately $1bn in debt financing to support its buyout of Sizzling Platter, a franchise operator for brands such as Little Caesars, Dunkin’, Jersey Mike’s, and Wingstop.
The financing includes a $425m seven-year first-lien term loan, priced at 5 percentage points over SOFR and issued at a 97-cent discount on the dollar. Additional funding came from bond issuances to complete the transaction.
This debt-backed acquisition highlights Bain's continued interest in scaling operations within the multi-brand restaurant franchise space.
JetBlue's No. 2 investor may exit if turnaround efforts stall. ( Reuters)
JetBlue Airways’ second-largest shareholder, Vladimir Galkin, has indicated he may sell his nearly 10% stake in the airline if current efforts to reduce costs and improve performance do not produce results. The investor’s comments reflect mounting pressure on JetBlue's leadership amid financial struggles and strategic uncertainty.
Galkin’s position adds weight to investor dissatisfaction, especially as the company continues to face challenges following regulatory pushback on past merger efforts and rising operational expenses.
Jefferson Capital prices US IPO at $15, raising $150m. ( Reuters)
Jefferson Capital and its existing shareholders raised $150m in a Nasdaq IPO by pricing about 10m shares at $15 each, the bottom of the marketed range. The company had initially aimed to sell shares in the $15 to $17 range. The offering reflects ongoing investor appetite for new listings, despite the more cautious pricing.
The Minneapolis-based company is backed by private equity and intends to benefit from recent positive sentiment in equity markets. Proceeds from the offering will be used to support growth and shareholder liquidity.
Vista raises $5.6bn for Cloud Software continuation fund. ( Bloomberg)
Vista Equity Partners has secured $5.6bn to extend its ownership of Cloud Software through a large single-asset continuation fund. The transaction includes $2.7bn in fresh capital from new investors, while Vista also committed about $2.2bn from its existing funds, primarily Vista Equity Partners VII and VIII. The move allows Vista to retain control of the asset while providing liquidity options to older fund investors.
This deal ranks among the largest continuation fund transactions in private equity, highlighting the increasing use of such vehicles to manage portfolio assets over longer durations.
EMEA
Global Student Accommodation, a real estate asset management firm within the student housing sector, and Nuveen, a student housing company, completed the acquisition of YouFirst Campus, a student housing, portfolio from Gecina, a real estate company, for €540m ($628m), according to press releases.
GSA was advised by Barclays, TD Securities and FGS Global (led by Chris Sibbald). Gecina was advised by Morgan Stanley, according to press releases.
Gimv, a Belgian European investment company, agreed to acquire a majority stake in Alpine, an international brand in passive, premium consumer hearing protection, from Vendis Capital, an investment firm, according to press releases. Financial terms were not disclosed.
Gimv is advised by Jones Day (led by Floris Pierik), according to press releases and MergerLinks data.
Nrep, a private equity real estate firm, agreed to acquire a residential building at Islands Brygge in Copenhagen from Nuveen Real Estate, a real estate investment manager, according to press releases. Financial terms were not disclosed.
Nrep is advised by Gorrissen Federspiel (led by Steen Puch Holm-Larsen), according to press releases and MergerLinks data.
UI Investissement, an investment firm, completed the acquisition of Maison Guinguet, a chocolate shop, according to press releases. Financial terms were not disclosed.
Maison Guinguet is advised by Rothschild & Co (led by Romain Massiah), according to press releases and MergerLinks data.
ESAB, a global fabrication technology company, agreed to acquire EWM, a company focused on heavy industrial welding equipment, for €275m ($320m), according to press releases.
Tiderock, a diversified holding company, agreed to acquire Premier Composites, a company focused on fiber-reinforced plastic solutions, according to press releases. Financial terms were not disclosed.
Danone, a food-products corporation, agreed to acquire The Akkermansia Company, a biotech company, according to press releases. Financial terms were not disclosed.
Shell denies BP takeover interest, triggering UK bid restriction. ( WSJ)
Shell issued a categorical denial that it is pursuing a takeover of BP, stating it has not made a bid and is not actively considering such a move. Under UK takeover rules, this denial imposes a six-month restriction preventing Shell from making a formal approach.
Shell CEO Wael Sawan emphasized that share buybacks are a better use of capital than acquisitions when asked about BP. The clarification was made to eliminate speculation and comply with regulatory disclosure requirements.
Ferrovie dello Stato to seek minority investors in high-speed rail assets. ( Bloomberg)
Ferrovie dello Stato, Italy’s state-owned railway operator, plans to sell minority stakes in its high-speed rail network. The initiative is aimed at broadening the ownership base of key national transport infrastructure while supporting long-term investment needs.
The company operates nearly 17k kilometers of track across Italy and plays a central role in the country’s transportation system. The planned stake sales are part of a broader push to attract private capital into strategic public assets.
Trolley plans rare IPO in Kuwait amid quiet Gulf listing market. ( Bloomberg)
Trolley, a Kuwaiti convenience store chain, is preparing for an initial public offering in a market that has seen few listings recently. The potential IPO could occur as early as this year, though specifics regarding its size and timeline remain undecided. The plan, still in the early stages, reflects a rare equity issuance in Kuwait’s subdued IPO landscape.
The move suggests cautious optimism about investor appetite for retail plays in the Gulf region. Trolley is working with EFG Hermes and National Investments as advisors on the potential transaction.
Visma backed by Hg Capital selects London for potential IPO. ( Bloomberg)
Visma, a software company backed by Hg Capital, has reportedly chosen London as the venue for its initial public offering, setting the groundwork for one of the largest tech listings in the UK in recent years. The IPO could occur as soon as early next year, with the company currently inviting banks to pitch for roles on the deal.
Visma had considered other options, including Amsterdam, before leaning toward London as its preferred listing destination. The decision may offer a boost to London’s IPO market, which has struggled to attract high-profile tech floats.
APAC
CarUX, a company focused on smart cockpit solutions, agreed to acquire Pioneer Corporation, an automotive technology company, from EQT, a private equity firm, for $1.1bn, according to press releases.
EQT Infrastructure is advised by Bank of America, Deutsche Bank, Morrison Foerster, Nagashima Ohno & Tsunematsu and White & Case, according to press releases.
General Catalyst, a venture capital firm, led a $100m round in Raphe mPhibr, a drone technology company, with participation from Ascent Capital, Evolute Ventures, Munish Financial, Lollapalooza Enterprise, Dovetail Capital, Pivotal Software and Anjana Projects, according to press releases.
JSW Steel seeks review of court ruling on Bhushan Power deal. ( Reuters)
JSW Steel has filed a review petition with India’s Supreme Court following the recent rejection of its $2.3bn takeover plan for Bhushan Power and Steel. The court had ordered BPSL’s liquidation, despite the fact that the acquisition had been completed four years earlier under India’s insolvency resolution framework.
The Supreme Court's earlier decision marked a significant setback for JSW Steel and raised questions about legal certainty for resolved insolvency cases. The steelmaker is now seeking a reversal or modification of the ruling through the review petition process.
FWD Group, backed by billionaire Richard Li, is aiming to raise HKD3.5bn ($442m) in its Hong Kong IPO by offering 91.3m shares at HKD38 each. This long-awaited listing comes after multiple delays over the past four years and capitalizes on improving equity market conditions. The shares are expected to begin trading on July 7.
The listing marks a major step for FWD as it seeks broader investor backing and market visibility in Asia. The Hong Kong offering could also signal a renewed interest in regional IPO activity following a sluggish period.
Pine Labs, a fintech company backed by Peak XV, has filed draft papers for an initial public offering in India to raise INR26bn ($304m) through a fresh issue of shares. The offering marks a significant step for the company as it seeks to expand its presence in the competitive digital payments market.
The firm provides a full range of payment solutions, including point-of-sale devices for card transactions, and faces competition from players like Paytm and PhonePe. The IPO would help strengthen its capital base for future growth.
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