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Top Highlights
Apollo Global Management, a private equity firm, completed the acquisition of Everi and Gaming & Digital business of IGT, for $6.3bn, according to press releases.
James Hardie Industries, a global building materials company and a manufacturer of fibre cement products, completed the acquisition of AZEK Company, a manufacturer of wood decking, pergolas and outdoor living products, for $8.75bn.
Brightstar Capital Partners, a middle market private equity firm, completed the acquisition of PlayAGS, a gaming products manufacturer, for $1.1bn, according to press releases.
Deal Round up
AMERICAS
US judge orders Argentina facing $16.1bn judgment to give up YPF stake. ( Reuters)
Airline SAS to buy up to 55 aircraft from Embraer in deal worth $4bn. ( Press Release)
Shore Capital closes $450m Food & Beverage Fund III. ( Press Release)
Catalio Capital closes $400m healthcare venture fund. ( Press Release)
EMEA
Blackstone to consider options for UK's Warehouse REIT bid. (Reuters)
Banca Mediolanum sells entire stake in Mediobanca for about $646m. ( Press Release)
APAC
Chip-design firm SkyeChip is close to a Malaysian IPO. ( Bloomberg)
Chinese AI chipmakers Moore Threads and MetaX plan $1.7bn IPOs amid rising domestic demand. ( DealStreetAsia)
Indian auto parts maker Hero Motors files for up to $140m IPO. ( Reuters)
Citigroup hires ex-Nomura executive for Japan investment banking. ( Bloomberg)
Blackstone hires former MUFG Bank executive as Japan vice chairman. ( Press Release)
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AMERICAS
Lactalis, a French multinational dairy products corporation, and Sodiaal, a French dairy cooperative, completed the acquisition of North American Yogurt business of General Mills, an American multinational manufacturer and marketer of branded processed consumer foods, for $2.1bn, according to press releases.
Merck, a global pharmaceutical and chemicals company, completed the acquisition of SpringWorks Therapeutics, a commercial-stage biopharmaceutical company focused on severe rare diseases and cancer, for $3.4bn, according to press releases.
Alimentation Couche-Tard, an operator of a network of 24-hour convenience stores, completed the acquisition of GetGo Café + Markets, an food-first convenience store chain, from Giant Eagle, an American supermarket chain, for $1.57bn, according to press releases.
Giant Eagle was advised by Centerview Partners, Matrix Capital Markets Group, Troutman Pepper Locke and Weil Gotshal and Manges ( Ramona Nee and Emily Willey), according to press releases and MergerLinks data.
Marubeni, a company that operates in the food and agriculture sector, completed the acquisition of Bubbies Ice Cream, an ice cream manufacturing company based in Arizona, according to press releases. Financial terms were not disclosed.
Bubbies was advised by Lazard and Kilpatrick Townsend. Marubeni was advised by Spayne Lindsay & Co (led by Justine Moldenhauer) and Mayer Brown, according to press releases and MergerLinks data.
AbbVie, a pharmaceutical company, agreed to acquire Capstan Therapeutics, a clinical-stage biotechnology company dedicated to advancing in vivo engineering of cells through RNA delivery using tLNPs, according to press releases. Financial terms were not disclosed.
Capstan Therapeutics is advised by Centerview Partners, Cooley (led by Rama Padmanabhan) and Ten Bridge Communications, according to press releases and MergerLinks data.
Symetra, a family of companies providing retirement plans, employee benefits, annuities and life insurance through independent distributors nationwide, agreed to acquire life and disability business from HCSC-backed Dearborn, an insurance company, according to press releases. Financial terms were not disclosed.
Symetra is advised by Eversheds Sutherland. Dearborn is advised by Barclays and Sidley Austin (led by Vincent Onorato and Amanda Todd), according to press releases.
Packaging Corporation of America, an American containerboard and corrugated packaging products producer, agreed to acquire containerboard business of Greif, an industrial packaging and containers producer, for $1.8bn, according to press releases.
Packaging Corporation of America is advised by Bank of America, according to press releases.
Grupo Aeroportuario de la Ciudad de Mexico, a company that operates several civilian airports in Mexico, completed the merger with Aeropuerto Internacional de la Ciudad de Mexico, a commercial airport serving the metropolitan area of the Valley of Mexico, resulting in the creation of Grupo Aeroportuario Marina, a Mexican airports administrator, according to press releases. Financial terms were not disclosed.
Grupo Aeroportuario Marina was advised by Jones Day, according to MergerLinks data.
General Atlantic, a global growth equity firm, led a $190m Series C round in Klar, a Mexican fintech company, with participation from IFC, Prosus, Mouro Capital, Quona Capital, Santander, Grupo Formula and Grupo Televisa, according to Bloomberg.
US judge orders Argentina facing $16.1bn judgment to give up YPF stake. ( Reuters)
A US federal judge has directed Argentina to hand over its 51% stake in oil and gas company YPF to help satisfy a $16.1bn court ruling against the country.
Judge Loretta Preska of the US District Court in Manhattan ruled on June 30 that Argentina must transfer the shares to BNY Mellon within 14 days. The bank is then expected to transfer them to the plaintiffs within one business day. The decision marks a significant legal setback for Argentina, which is already grappling with financial strain.
Airline SAS to buy up to 55 aircraft from Embraer in deal worth $4bn. ( Press Release)
Scandinavian Airlines has agreed to purchase 45 Embraer E195-E2 aircraft, with options for 10 more, marking its largest direct jet order from a manufacturer since 1996. The roughly $4bn deal, excluding optional aircraft, is central to SAS’ strategy to modernize its fleet, cut emissions, and expand operations from its Copenhagen hub and throughout its wider network.
Initial deliveries are expected to begin in late 2027 and will continue over a four-year period.
Accelerant has filed a registration statement with the US Securities and Exchange Commission for a proposed underwritten initial public offering of its Class A common shares.
Details such as the number of shares to be offered and the price range are yet to be determined. Shares are expected to be offered by both Accelerant and certain selling shareholders, with the launch subject to market and other conditions.
Morgan Stanley and Goldman Sachs are leading the offering as active bookrunners, with BMO Capital Markets and RBC Capital Markets also acting as bookrunners.
Shore Capital closes $450m Food & Beverage Fund III. ( Press Release)
Shore Capital, a Chicago-based private equity firm with an additional office in Nashville, has closed its third food and beverage-focused fund, Shore Capital Food & Beverage Partners Fund III, securing more than $450m in capital commitments. The close brings the firm’s total assets under management to approximately $13bn.
Kirkland & Ellis acted as legal advisor on the fundraise. No placement agent was involved in the process.
Catalio Capital closes $400m healthcare venture fund. ( Press Release)
Catalio Capital Management has closed its fourth venture vehicle, Catalio Nexus Fund IV, with over $400m in commitments across the fund and its related co-investment structures.
The raise attracted continued support from existing backers as well as new institutional investors globally, including RIAs, foundations, and endowments. The fund will continue Catalio’s strategy of investing in cutting-edge healthcare and life sciences companies.
EMEA
Sofina Foods, a food & beverage company, completed the acquisition of Finnebrogue, a food manufacturing business, according to press releases. Financial terms were not disclosed.
Finnebrogue was advised by Ernst & Young, Piper Sandler and Carson McDowell (led by Gerard Armstrong). Sofina Foods was advised by PricewaterhouseCoopers, Ashurst, Taylor Wessing and Tughans, according to press releases.
BNP Paribas, a multinational universal bank and financial services holding company, completed the acquisition of AXA Investment Managers, a global investment management firm, from AXA, a French multinational insurance company, for €5.1bn ($6bn), according to press releases.
BNP Paribas was advised by Cleary Gottlieb Steen & Hamilton and Freshfields Bruckhaus Deringer (led by Hervé Pisani). AXA was advised by JP Morgan (led by Kyril Courboin), Sullivan & Cromwell (led by Mitchell S. Eitel), according to press releases and MergerLinks data.
ABN AMRO, a Dutch banking company, completed the acquisition of Hauck Aufhäuser Lampe, a German private bank, from Fosun International, a Chinese multinational conglomerate holding company, for €672m ($789m), according to press releases.
ABN AMRO was advised by Morgan Stanley, White & Case (led by Sebastian Pitz and Roger Kiem) and Brunswick Group. Fosun International was advised by Linklaters (led by Dirk Horcher), according to press releases and MergerLinks data.
Onto Innovation, a company engaged in process control, combining global scale with an expanded portfolio of leading-edge technologies, agreed to acquire Materials Analysis Business from Semilab International, a company that designs, produces and sells metrology equipment for the characterization of semiconductor and photovoltaic materials, for $545m, according to press releases.
Onto Innovation is advised by Barclays and Simpson Thacher & Bartlett (led by Joseph Conahan). Semilab International is advised by Needham & Co and Hill Ward Henderson, according to press releases.
Stellex Capital, a private equity firm, agreed to acquire environmental technology business from Dürr Group, a mechanical and plant engineering firm, according to press releases. Financial terms were not disclosed.
Stellex Capital is advised by Sidley Austin (led by Bjoern Holland). Dürr is advised by Skadden Arps Slate Meagher & Flom (led by Holger Hofmeister), according to MergerLinks data.
Spring Hotels, a hotels group, completed the acquisition of Mare Nostrum Resort, a hotel located on the 'Golden Mile' in Playa Las Americas, from Brookfield-backed Selenta Group, a hospitality services provider, for €430m ($504m), according to press releases.
Spring Hotels was advised by AZ Capital, according to MergerLinks data.
Rubicon Partners, an investment partnership focused on the acquisition of complex industrial businesses, agreed to acquire Air Pollution Control business from FLSmidth, a flowsheet technology and service supplier to the global mining industry, according to press releases. Financial terms were not disclosed.
FLSmidth is advised by Rothschild & Co, according to MergerLinks data.
Tabreed, a district cooling company, and CVC DIF, an infrastructure strategy of CVC, agreed to acquire PAL Cooling, a district cooling plants owner, from Multiply Group, an investment holding company. Financial terms were not disclosed.
Tabreed and CVC were advised by Citigroup, according to MergerLinks data.
Blackstone to consider options for UK's Warehouse REIT bid. ( Reuters)
The US private equity firm had previously submitted a best and final offer of £470m ($644m). However, with Warehouse REIT now backing a higher competing bid, Blackstone’s “no increase” statement is no longer in effect.
Historically, Blackstone has worked with Simpson Thacher & Bartlett, Kirkland & Ellis, Citigroup and Morgan Stanley, according to MergerLinks data.
Banca Mediolanum sells entire stake in Mediobanca for about $646m. ( Press Release)
Banca Mediolanum has divested its entire 3.5% stake in Mediobanca, raising €548m ($646m) through an accelerated bookbuilding process. The sale involving 29.1m shares held jointly by Mediolanum and its insurance unit, Mediolanum Vita, was priced at €18.85 ($22) per share.
The transaction comes as Mediobanca finds itself at the center of a takeover bid from Banca Monte dei Paschi di Siena. The exit by Mediolanum removes one shareholder from the equation as the ownership reshuffle around Mediobanca continues.
Morgan Stanley acted as a sole bookrunner on the placement, according to press release.
APAC
The Rohatyn Group, an investment firm, completed the acquisition of a 77% stake in the New Zealand joint venture from Rayonier, a timberland real estate investment trust, for $710m, according to press releases.
The Rohatyn Group was advised by DonovanPR and Kekst CNC (led by Todd Fogarty). Rayonier Perella was advised by Morgan Stanley, Weinberg Partners and Wachtell Lipton Rosen & Katz (led by David Lam), according to press releases and MergerLinks data.
CVC Capital, a private equity and investment advisory firm, completed the acquisition of a 26.47% stake in Aavas Financiers, a housing finance company known for providing home loans in the rural and semi-urban locations of India, from Kedaara Capital, an operationally oriented private equity firm pursuing control and minority investment opportunities in India, and Partners Group, a Swiss-based global private equity firm, for $408m, according to press releases.
Aavas Financiers was advised by Jefferies & Company. Kedaara was advised by Cyril Amarchand Mangaldas, according to MergerLinks data.
SC Ventures, a venture capital firm, led a $120m Series D round in Jumbotail, an Indian B2B marketplace and new retail platform for food and grocery, with participation from Artal Asia, according to press releases.
Jumbotail was advised by Adfactors PR (led by Hannah Javvaji). SC Ventures was advised by Concept PR (led by Niti Kalyangal), according to press releases.
KKR, a global investment firm, agreed to acquire finexis, a Singaporean financial advisory firm, according to press releases. Financial terms were not disclosed.
finexis and Ascend Asia are advised by SEC Newgate (led by Xiaorong Guo), according to press releases.
A consortium of investors including Beijing Green Energy and Low-Carbon Industry Investment Fund, FOTON, BAIC Capital, Bosch Ventures, Boyuan Capital, Guotai Junan, CICC and Jinyuan, led a $167.5m Series Pre-A round in Cavan Auto, a company developing commercial vehicles powered by battery-electric and hydrogen fuel technologies, according to DealStreetAsia.
Chip-design firm SkyeChip is close to a Malaysian IPO. ( Bloomberg)
Malaysian semiconductor designer SkyeChip is approaching an initial public offering following several consecutive years of robust financial performance. The company, founded in 2019, has delivered approximately 30% annual revenue growth and maintained a 30% net profit margin.
With consistent profitability and growing momentum in Southeast Asia’s semiconductor industry, SkyeChip is preparing to enter the public markets. The listing is expected to support its expansion efforts, though details around timing and valuation remain under wraps.
Chinese AI chipmakers Moore Threads and MetaX plan $1.7bn IPOs amid rising domestic demand. ( DealStreetAsia)
Two Chinese artificial intelligence chipmakers - Moore Threads and MetaX - are aiming to raise a combined CNY12bn ($1.7bn) through initial public offerings on Shanghai’s STAR Market.
Beijing-based Moore Threads is targeting CNY8bn ($1.1bn), while Shanghai’s MetaX is seeking CNY4bn ($558m). The companies are positioning themselves to capitalize on growing domestic interest in locally developed semiconductors, as US export restrictions continue to limit access to advanced foreign chips.
Indian auto parts maker Hero Motors files for up to $140m IPO. ( Reuters)
Indian auto parts manufacturer Hero Motors has filed draft papers for an initial public offering worth up to INR12bn ($140m).
The listing will consist of a fresh issue of shares totaling INR8bn ($93m) and an offer for sale of shares worth INR4bn ($47m) by existing shareholders. Proceeds from the fresh issue are expected to support growth initiatives and general corporate purposes.
Citigroup hires ex-Nomura executive for Japan investment banking. ( Bloomberg)
Citigroup has hired Akira Kiyota from Nomura Holdings as co-head of investment banking for Japan, marking another move in the competition among global banks to tap into the country’s accelerating dealmaking activity.
Kiyota, formerly a senior managing director at Nomura Securities, will assume the role in October. He will serve alongside Taiji Nagasaka, Citigroup’s current head of investment banking products and equity underwriting in Japan, according to an internal memo.
Blackstone hires former MUFG Bank executive as Japan vice chairman. ( Press Release)
Blackstone has appointed Muneya Taniguchi as vice chairman of Japan, a newly created role aimed at advancing the firm’s expansion in the country.
Taniguchi, formerly an executive at Mitsubishi UFJ Financial Group, will focus on relationship-building and strategic development in western Japan. His remit includes the region from Osaka to Kyushu, where large-scale investments such as TSMC's facilities are underway.
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