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Top Highlights
Apollo, an alternative investment manager, completed the acquisition of a majority stake in Prosol, a major French fresh food retailer, from Ardian, a private equity firm, according to press releases. Financial terms were not disclosed.
Apollo was advised by Lazard, RBC Capital Markets, UBS, Cleary Gottlieb Steen & Hamilton (led by Charles Masson), Paul Weiss Rifkind Wharton & Garrison (led by David Carmona and Annie Herdman), Sidley Austin and FGS Global (led by James Murgatroyd). Prosol was advised by JP Morgan and Agence Histoire 2 (led by Nadya Yazzaoui). Ardian was advised by Addleshaw Goddard (led by Anna-Christina Chaves), Boston Consulting Group (led by Andrea Gondekova and François-Xavier Sallé), Deloitte (led by Antoine Larcena), Eight Advisory (led by Sandrine Vouillon and Hubert Christophe), Weastem (led by Emmanuel Parmentier), JP Morgan (led by Kyril Courboin and Augustin d'Angerville), Zaoui & Co (led by Serge Mouracade and Yoel Zaoui), Frieh Brault and Associates (led by Michel Frieh and Paul Sautier), H/Advisors Abernathy, Headland Consultancy and Image Sept, according to press releases and MergerLinks data.
Brookfield, an alternative asset manager, completed the acquisition of Peakstone Realty Trust, an industrial real estate investment trust with a strategic focus on the industrial outdoor storage sector, for $1.2bn, according to press releases.
Brookfield was advised by Citigroup, Goldman Sachs, Morgan Stanley, Gibson Dunn & Crutcher (led by Brian Scrivani), Thompson Hine and Joele Frank (led by Aaron Palash). Peakstone Realty Trust was advised by Bank of America, Hogan Lovells, Latham & Watkins (led by Julian Kleindorfer, Bradley Helms, Lewis W. Kneib and Darren J. Guttenberg) and O'Melveny & Myers. Bank of America was advised by Cleary Gottlieb Steen & Hamilton, according to press releases and MergerLinks data.
Diversified, a provider of diversified energy solutions, and Carlyle, a global investment firm, agreed to acquire a portfolio of oil and natural gas producing assets in the Anadarko Basin from Camino Natural Resources, an independent oil and natural gas company, for $1.2bn, according to press releases.
Diversified is advised by Citigroup, Truist Securities, Kirkland & Ellis and FTI Consulting. Carlyle is advised by Latham & Watkins (led by Stelios Saffos, Peter J. Sluka, Chris Heasley and J. Cory Tull), Paul Hastings and Prosek Partners (led by Ben Howard). Camino Natural Resources is advised by Jefferies & Company, RBC Capital Markets and Vinson & Elkins, according to press releases and MergerLinks data.
AMERICAS
EMEA
Finnish satellite startup Iceye is in talks to raise €250m. ( Bloomberg)
German coalition bickers over size of a stake in tankmaker KNDS. ( Bloomberg)
Intertek primed to reject EQT’s latest £10bn takeover bid. ( FT)
Chipmaker Silex Micro more than doubles after Stockholm IPO. ( Bloomberg)
APAC
Li Ka-shing eyes more telco sales in a 'cash is king' strategy. ( Bloomberg)
Tata Patriarch’s resistance to the IPO creates a rift atop the India Group. ( Bloomberg)
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COMPANIES
FINANCIAL ADVISORS
LEGAL ADVISORS
PR ADVISORS
DEBT PROVIDERS
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AMERICAS
Angelini Pharma, an international pharmaceutical company, agreed to acquire Catalyst Pharmaceuticals, a biopharmaceutical company, for $4.1bn, according to press releases.
Angelini Pharma is advised by BNP Paribas, Centerview Partners, Morgan Stanley, Gatti Pavesi Bianchi Ludovici and Hogan Lovells. Debt financing is provided by BNP Paribas. Catalyst Pharmaceuticals is advised by JP Morgan, Akerman, Kirkland & Ellis and Joele Frank (led by Jed Repko and Mahmoud Siddig), according to press releases.
Devon Energy, a shale oil and gas producer, completed the merger with Coterra Energy, an independent exploration and production company, in a $58bn deal, according to press releases.
Devon Energy was advised by Evercore, Fried Frank Harris Shriver & Jacobson, Skadden Arps Slate Meagher & Flom (led by Steve Gill) and MacKenzie Partners. Coterra Energy was advised by Goldman Sachs, JP Morgan, Gibson Dunn & Crutcher (led by Hillary Holmes and Tull Florey), according to press releases and MergerLinks data.
Knox Lane, a San Francisco-based middle-market investment firm, agreed to acquire Cross Country Healthcare, a technology-driven healthcare workforce solutions company, for $437m, according to press releases.
Knox Lane is advised by MTS Health Partners, Kirkland & Ellis and Joele Frank (led by Erik Carlson and Woomi Yun). Cross Country Healthcare is advised by Bank of America, Davis Polk & Wardwell and Collected Strategies (led by Jim Golden and Clayton Erwin), according to press releases.
Siris, a private equity firm, completed the acquisition of a majority stake in TAKKION, a provider of renewable energy services, from Apollo Global Management, an alternative investment manager, according to press releases. Financial terms were not disclosed.
Siris was advised by TD Securities, Wells Fargo Securities, Sidley Austin and H/Advisors Abernathy (led by Dana Gorman and Mallory Griffin). Apollo Global Management was advised by Harris Williams & Co and Vinson & Elkins (led by Danielle Mangrum Patterson), according to press releases and MergerLinks data.
AMETEK, a global manufacturer of electronic instruments and electromechanical devices, agreed to acquire a portfolio of instrumentation businesses from CD&R and Roper Technologies-backed Indicor, a diversified industrial solutions company, for $5bn, according to press releases.
Flex, a Singaporean–American multinational manufacturing company, agreed to spin-off its power and cloud portfolio, according to press releases. Financial terms were not disclosed.
Flex is advised by Bank of America, Citigroup, PJT Partners and Collected Strategies (led by Dan Moore, Ed Hammond and Clayton Erwin), according to press releases.
Americold Realty Trust, a global temperature‑controlled logistics REIT, and EQT, an investment firm, to form a $1.3bn joint venture, according to press releases.
Americold Realty Trust is advised by Eastdil Secured and Joele Frank (led by Andrew B. Siegel and Lucas Pers). EQT is advised by JP Morgan and Morgan Stanley. Debt financing is provided by JP Morgan and Morgan Stanley, according to press releases and MergerLinks data.
Western Midstream, a Delaware master limited partnership formed to own, develop, and operate midstream energy assets, agreed to acquire Brazos Delaware II, a midstream energy platform owning and operating natural gas gathering, from Brazos Midstream, a full-service midstream company, for $1.6bn, according to press releases.
Western Midstream is advised by Greenhill & Co and Troutman Pepper Locke. Brazos Midstream is advised by Jefferies & Company and Vinson & Elkins, according to press releases.
Tri‑County Bank, a US community banking group, agreed to merge with Mayville State Bank, a Michigan-chartered community bank, according to press releases. Financial terms were not disclosed.
Tri‑County Bank is advised by Performance Trust Capital Partners and Warner Norcross & Judd. Mayville State Bank is advised by Donnelly Penman & Partners and Varnum, according to press releases.
Pye-Barker Fire & Safety, a fully integrated and full-service fire protection, life safety and security services provider, completed the acquisition of AAA Fire Extinguisher, a fire safety services provider, according to press releases. Financial terms were not disclosed.
Pye-Barker Fire & Safety was advised by Nelson Mullins Riley & Scarborough and Full Tilt Consulting (led by James Taylor), according to press releases.
HealthVerity, a US‑based healthcare data platform company, agreed to acquire Symphony Health, a US‑based commercial healthcare data and analytics provider, from ICON, a global contract research organization, according to press releases. Financial terms were not disclosed.
HealthVerity is advised by Evercore and Blank Rome, according to press releases.
Roche, a healthcare group operating across pharmaceuticals, diagnostics, and digital health solutions, agreed to acquire PathAI, a healthcare technology company, for $1.05bn, according to press releases.
EMEA
ENGIE, a multinational electric utility company, completed the acquisition of UK Power Networks, an electricity networks company, from CK Hutchison, a Hong Kong-based multinational conglomerate, for £10.5bn ($14.3bn), according to press releases.
Amulet Capital Partners, a middle-market private equity investment firm, completed the acquisition of TFP Fertility Group, a provider of fertility and reproductive health services, from Benefit Street Partners, a credit-focused alternative asset management firm, according to press releases. Financial terms were not disclosed.
Amulet Capital Partners was advised by Lincoln International, McDermott Will & Schulte and Joele Frank (led by Erik Carlson and Madeline Jones). Benefit Street Partners was advised by Rothschild & Co and Linklaters, according to press releases.
Intel Capital, the investment arm of Intel, led a $178m Series B round in QuantWare, a quantum hardware provider, with participation from IQT, ETF Partners, FORWARD.one, Invest-NL, InnovationQuarter Capital, Ground State Ventures, and Graduate Ventures, according to press releases.
DCVC, a venture capital firm, and Kembara, a Europe‑focused investment platform dedicated to backing late‑stage deep tech companies, led a $160m Series C round in Quantum Motion, a quantum computing technology company, with participation from British Business Bank, Firgun, Oxford Science Enterprises, Inkef, Bosch Ventures, Porsche Automobil Holding SE and Parkwalk Advisors, according to press releases.
Finnish satellite startup Iceye is in talks to raise €250m. ( Bloomberg)
Iceye, the Finnish satellite startup benefiting from rising European defense spending, is in talks to raise €250m ($293m) in a funding round that could nearly double its previous valuation.
The company may be valued at around €5bn ($5.9bn) or more in the new round, though some estimates suggest a significantly higher figure amid strong industry growth. The terms are not yet finalized and may still change.
German coalition bickers over size of a stake in tankmaker KNDS. ( Bloomberg)
Germany’s ruling coalition is debating the size of a potential stake purchase in KNDS ahead of the Franco-German tankmaker’s planned initial public offering.
Members of the center-left Social Democrats, who oversee the finance and defense ministries, are pushing for the government to acquire a stake of around 40%, which would place Germany’s holding on par with that of the French government following the listing.
Intertek primed to reject EQT’s latest £10bn takeover bid. ( FT)
Intertek is preparing to reject EQT’s latest takeover proposal after the Swedish private equity firm raised its offer to £58 ($78.8) per share in pursuit of a deal.
The FTSE 100 testing company considers the revised bid to still undervalue the business, although the increased offer has moved closer to a level that could support a transaction valued at more than £10bn ($13.6bn). Discussions remain ongoing, and no final decision has been made.
Chipmaker Silex Micro more than doubles after Stockholm IPO. ( Bloomberg)
Silex Microsystems surged in its Nasdaq Stockholm debut following an initial public offering that raised about SEK2bn ($220m) for the microchip maker and its Chinese shareholder, Sai MicroElectronics.
The listing marked one of the strongest openings for a major European IPO in nearly five years after the offering attracted strong demand from cornerstone investors and was multiple times oversubscribed.
APAC
Payward, a global financial infrastructure company, agreed to acquire Reap, a global financial infrastructure provider, for up to $600m, according to press releases.
Payward is advised by PJT Partners and Jones Day. Reap is advised by CRB Securities, Goldman Sachs and Latham & Watkins, according to press releases.
Li Ka-shing eyes more telco sales in a 'cash is king' strategy. ( Bloomberg)
CK Hutchison Holdings is considering additional sales of telecommunications assets following the $5.8bn disposal of its UK mobile business, as the conglomerate looks to reduce its exposure to an increasingly competitive and capital-intensive sector.
The Hong Kong-based group founded by Li Ka-shing is not expected to pursue transactions immediately as it seeks to maximize the value of its assets. Discussions remain ongoing, and no final decisions have been made.
Tata Patriarch’s resistance to the IPO creates a rift atop the India Group. ( Bloomberg)
Noel Tata’s opposition to listing Tata Sons is creating divisions within the Indian conglomerate as some trustees push for the holding company to prepare for a potential public offering.
Two trustees at Tata Trusts, which controls about two-thirds of Tata Sons, are expected to propose that the group pursue a listing in line with India’s central bank regulations. Discussions are ongoing, and no final decision has been made.
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