Apollo Funds to acquire a 50% stake in Ørsted’s Hornsea 3 for $6.5bn.

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AMERICAS

Gemspring Capital completes the acquisition of a majority stake in the chemical business from Goodyear Tire & Rubber for $650m.

Gemspring Capital, a private equity firm, completed the acquisition of a majority stake in the chemical business from Goodyear Tire & Rubber, a tire manufacturer, for $650m, according to press releases.

Gemspring Capital was advised by Greenhill & Co, Piper Sandler (led by Matthew Page) and Kirkland & Ellis (led by Michael J. Sartor). Goodyear Tire & Rubber was advised by Deutsche Bank, Lazard, Squire Patton Boggs and Latham & Watkins (led by Andrew C. Elken), according to press releases and MergerLinks data.

Manulife Financial completes the acquisition of a 75% stake in Comvest Credit Partners from AMG for $938m.

Manulife Financial, a company specializing in insurance and asset management, completed the acquisition of a 75% stake in Comvest Credit Partners, a direct lending private credit manager, from AMG, a global asset management company, for $938m, according to press releases.

Manulife Financial was advised by Morgan Stanley and Skadden Arps Slate Meagher & Flom (led by Elena Coyle). Comvest Credit Partners was advised by Bank of America, Kirkland & Ellis (led by Christopher Gandia) and Stikeman Elliott (led by Stuart S. Carruthers). AMG was advised by Paul Weiss Rifkind Wharton & Garrison (led by David Hepp), according to press releases and MergerLinks data.

TJC to acquire Lindsay Precast from MiddleGround.

TJC, a middle-market private equity firm, agreed to acquire Lindsay Precast, a concrete manufacturer, from MiddleGround, a private equity firm, according to press releases. Financial terms are not disclosed.

TJC is advised by Citigroup and Kirkland & Ellis (led by Keri Schick Norton). MiddleGround is advised by Harris Williams & Co, Raymond James, Eversheds Sutherland and Dukas Linden Public Relations (led by Doug Allen), according to press releases and MergerLinks data.

Arsenal Capital completes the acquisition of ThermoSafe business unit from Sonoco for $725m.

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

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

Oak Hill Capital-backed Greenlight Networks to acquire FastBridge Fiber.

Oak Hill Capital-backed Greenlight Networks, a leading fiber-to-the-home internet provider in New York, Pennsylvania, and Maryland, agreed to acquire FastBridge Fiber, a fiber-optic internet provider, according to press releases. Financial terms were not disclosed.

FastBridge Fiber is advised by Guggenheim Partners and A&O Shearman. Greenlight Networks is advised by Paul Weiss Rifkind Wharton & Garrison (led by Brian C. Lavin) and The Martin Group (led by Jenny LePore), according to press releases and MergerLinks data.

Intuitive Machines to acquire Lanteris Space Systems from Advent for $800m.

Intuitive Machines, a space exploration, infrastructure, and services company, agreed to acquire Lanteris Space Systems, a manufacturer of satellites and space systems, from Advent, a global private equity investor, for $800m, according to press releases.

Intuitive Machines is advised by Perella Weinberg Partners and Simpson Thacher & Bartlett. Lanteris Space Systems is advised by Barclays and Weil Gotshal and Manges, according to press releases.

Netrix completes the acquisition of IT services business from Ricoh.

Netrix, a provider of cybersecurity and digital transformation services, completed the acquisition of IT services business from Ricoh, a global technology company specializing in office imaging equipment, according to press releases. Financial terms were not disclosed.

Netrix was advised by Skadden Arps Slate Meagher & Flom (led by Brett Fleisher). Ricoh is advised by Bank Street Group and Faegre Drinker Biddle & Reath, according to MergerLinks data.

Avenir Growth led a $126m Series C round in Hippocratic AI.

Avenir Growth, a private equity investment firm, led a $126m Series C round in Hippocratic AI, a healthcare technology company, with participation from CapitalG, General Catalyst, Andreessen Horowitz, Kleiner Perkins, Premji Invest, Universal Health Services, Cincinnati Children’s Hospital Medical Center, WellSpan Health, John Doerr, Rick Klausner, and others, according to press releases.

Warwick and GRP Energy to acquire non-Permian assets of Diamondback Energy-backed Viper Energy for $670m.

Warwick and GRP Energy, private equity firms, agreed to acquire non-Permian assets of Diamondback Energy-backed Viper Energy, a corporation focused on owning and acquiring mineral and royalty interests, for $670m, according to press releases.

General Catalyst-backed Aethel to acquire drilling portfolio in the Rocky Mountain region of KKR & Co-backed Crescent Energy for $400m.

General Catalyst-backed Aethel, an energy company, agreed to acquire drilling portfolio in the Rocky Mountain region of KKR & Co-backed Crescent Energy, an energy company for $400m, according to press releases.

Crescent Energy is advised by Jefferies & Company, according to press releases and MergerLinks data.

US asks court to reject Delta, Aeromexico bid to delay end of joint venture. (Reuters)

The US government asked a federal appeals court to deny Delta Air Lines and Aeromexico’s request to halt an order forcing them to dissolve their joint venture covering US–Mexico flights.

The airlines want to extend the January 1 deadline set by the Department of Transportation to allow time for court review of the ruling issued in September.

Patria-backed Omnia joins $9bn TikTok data center project in Brazil. (Reuters)

Omnia, a data center company owned by investment firm Patria, has joined the development of a BRL50bn ($9.25bn) data center project in Brazil expected to serve TikTok as its only client.

The company partnered with renewable energy producer Casa dos Ventos to build the facility in the Pecem port complex in the state of Ceara.

Novo Nordisk says Metsera bid won't raise antitrust issues. (Reuters)

Novo Nordisk said it is confident its proposed acquisition of US drugmaker Metsera does not pose any antitrust concerns. The Danish company made the statement after launching a rival bid that topped Pfizer’s offer for the obesity-focused biotech.

The two firms are competing for position in the growing weight-loss drug market, with Pfizer filing a lawsuit last week accusing Metsera of breaching merger agreement obligations.

Electric aircraft maker Beta Technologies raises over $1bn in US IPO. (Reuters)

Beta Technologies raised $1.01bn in its US initial public offering, pricing shares at $34 each, above the indicated range of $27–33. The sale of 29.9m shares values the Vermont-based electric aircraft maker at about $7.44bn.

US IPO activity has remained strong, with several major listings in recent months following a slowdown caused by shifting trade policies and broader macroeconomic volatility under President Donald Trump.

Oncoclinicas shareholders seek subpoena for Goldman over IPO stake. (Bloomberg)

Minority shareholders in Oncoclinicas do Brasil have asked a US court to subpoena Goldman Sachs over its reported ownership in the company’s 2021 IPO prospectus.

The request is tied to a dispute over whether Centaurus Capital should have been required to launch a tender offer after acquiring a 16% stake in the cancer treatment firm.

EMEA

State Street completes a minority investment in Coller Capital.

State Street, a financial service and bank holding company, completed a minority investment in Coller Capital, a provider of secondary private capital solutions, according to press releases. Financial terms were not disclosed.

State Street was advised by Goldman Sachs, Ropes & Gray (led by Greg Davis) and Sullivan & Cromwell. Coller Capital was advised by Morgan Stanley, Kirkland & Ellis (led by Emma Lange-Novak) and Edelman, according to press releases and MergerLinks data.

TeamSystem completes the acquisition of Bizim Hesap.

TeamSystem, a tech and AI company which specializes in the development of digital platforms for business management among companies and professionals, completed the acquisition of Bizim Hesap, a cloud-based, pre-accounting and business management platform for SMEs, according to press releases. Financial terms were not disclosed.

Bizim Hesap was advised by Core Finance and BASEAK. TeamSystem was advised by Esin Attorney and Barabino & Partners (led by Georgia Colkin), according to press releases and MergerLinks data.

Pacific Avenue Capital completes the acquisition of a cement business from FLSmidth for €150m.

Pacific Avenue Capital, a private equity firm, completed the acquisition of a cement business from FLSmidth, a Danish multinational engineering company, for €150m ($173m), according to press releases.

Pacific Avenue was advised by JP Morgan. FLSmidth was advised by UBS and Gorrissen Federspiel (led by Anders Orjan Jensen), according to press releases and MergerLinks data.

TeamSystem completes the acquisition of a minority stake in Nef Solution.

TeamSystem, a software company, completed the acquisition of a minority stake in Nef Solution, a fintech company specialising in financial risk management and compliance solutions, according to press releases. Financial terms were not disclosed.

Nef Solution was advised by Ernst & Young. TeamSystem was advised by Esin Attorney and Barabino & Partners, according to MergerLinks data.

Kinbrook Group completes the acquisition of Old Mill.

Kinbrook Group, an accounting and business adviser, completed the acquisition of Old Mill, s South-West based financial services group, according to press releases. Financial terms were not disclosed.

Old Mill was advised by LAVA Advisory Partners (led by Martin Hamish), according to MergerLinks data.

TA Associates-backed MRH Trowe completes the acquisition of a majority stake in Pantheon Underwriters.

TA Associates-backed MRH Trowe, a founder-led insurance and pension brokerage consolidation platform, completed the acquisition of a majority stake in Pantheon Underwriters, an insurance agency, according to press releases. Financial terms were not disclosed.

MRH Trowe was advised by James Culverhouse Communications, according to MergerLinks data.

Magic Software Enterprises to merge with Matrix IT.

Magic Software Enterprises, a global enterprise software company, agreed to merge with Matrix IT, a global technology solutions provider that facilitates business innovation through technology, according to press releases. Financial terms were not disclosed.

Matrix IT is advised by Jefferies & Company, according to MergerLinks data.

Montagu raises €2bn vehicle to back Wireless Logic growth. (Press Release)

Montagu has closed a €2bn ($2.3bn) single-asset continuation vehicle to extend its investment in Wireless Logic, a global Internet of Things platform provider. The fund is the largest of its kind completed in Europe this year.

The vehicle will be managed by Montagu, with TPG GP Solutions as lead investor and CVC Secondary Partners and Partners Group as co-leads. Montagu was advised by Evercore, Rothschild & Co, and Paul Weiss (led by Jeremy Leggate).

Chevron looks to expand in strategic West Africa after Guinea-Bissau deal. (Reuters)

Chevron plans to grow its acreage in West Africa, calling it a strategic region following its agreement to explore two offshore blocks in Guinea-Bissau. The US oil major’s move underscores renewed interest in the area’s energy potential.

The blocks lie within the MSGBC basin, spanning Mauritania, Senegal, Gambia, Bissau, and Conakry, which has attracted industry attention after significant finds such as GTA and Sangomar.

Condor owner Attestor seeks partner for airline business. (Bloomberg)

Investment firm Attestor is looking for a partner to support its aviation portfolio, which includes German carrier Condor and Marabu Airlines.

Attestor is working with Barclays to attract a strategic investor that could help expand operations and take a minority stake in the airlines’ holding company.

ECB approves Caltagirone’s plan to increase stake in Monte dei Paschi. (Reuters)

The European Central Bank has authorised Italian entrepreneur Francesco Gaetano Caltagirone to increase his holding in Monte dei Paschi di Siena to as much as 20%. The move follows a request submitted in August and marks a further step in his growing involvement with the Tuscan bank.

The approval, reportedly granted on November 3, signals regulatory comfort with Caltagirone’s larger role in MPS, which remains partly state-owned after its 2017 bailout.

New $400m Israel-Cyprus gas pipeline awaits approval. (Reuters)

Energean’s planned $400m pipeline to transport gas from Israel to Cyprus is awaiting government approvals, CEO Mathios Rigas said, adding that Israel has expressed support for the project.

The British firm signed a letter of intent with Cyfield to supply gas from Israel to the Cypriot group’s planned power plant via the new pipeline.

UK regulator refers Getty-Shutterstock merger for in-depth probe. (Reuters)

Britain’s competition authority will conduct a detailed investigation into the planned merger between US-based Getty Images and Shutterstock after rejecting proposed remedies from the companies.

The watchdog said the offered commitments failed to resolve concerns that the deal could reduce competition, potentially leading to higher prices and lower-quality stock imagery.

Top paid UK oil CEO faces forgery claims amid North Sea deal pursuit. (Bloomberg)

An Italian businessman seeking to acquire a key North Sea energy asset faces allegations of forgery linked to past deals. The Bacton gas terminal, central to the UK’s energy network, could soon change hands as he pursues the acquisition.

The site, operated in part by Shell, supplies up to one-third of the UK’s gas and serves as the country’s main connection to continental Europe through a 235-kilometer pipeline from Belgium and the Netherlands.

AI fintech Optasia plans Asian expansion after South African IPO. (Bloomberg)

AI-driven fintech Optasia Group plans to expand across Africa, Asia, and Latin America following its Johannesburg Stock Exchange debut, which values the company at about $1.4bn.

The Dubai-based firm aims to broaden its credit portfolio with buy-now-pay-later and virtual credit products and is considering acquisitions in Asia or Latin America to boost growth, CEO Salvador Anglada said.

Ayvens investors plan $1.1bn share sale after stock surge. (Bloomberg)

A consortium of Ayvens shareholders, including TDR Capital, Abu Dhabi Investment Authority, GIC, ATP, and PGGM, is selling about 87m shares in the French car-leasing company after a 73% stock rally this year.

The sale is expected to price at €10.80 ($12.45) per share, valuing the stake at around €940m ($1.1bn). Ayvens will repurchase €275m ($316.8m) worth of shares as part of the offering through its buyback program.

UBS promotes EMEA ECM head Esteve to global co-lead role. (Bloomberg)

UBS has named Manuel Esteve as global co-head of equity capital markets to strengthen its fundraising business. Esteve, formerly head of ECM for EMEA, will lead the unit alongside Tommy Rueger.

He succeeds Gareth McCartney, who becomes global head of capital markets origination and will focus on improving coordination across UBS’s capital markets and advisory teams.

APAC

Starbucks Coffee to form a joint venture with Boyu Capital.

Starbucks Coffee, a multinational chain of coffeehouses and roastery reserves, agreed to form a joint venture with Boyu Capital, an alternative investment firm, according to press releases. Financial terms were not disclosed.

Starbucks Coffee is advised by Paul Weiss Rifkind Wharton & Garrison (led by Kyle Seifried). Boyu Capital is advised by Morgan Stanley, according to press releases and MergerLinks data.

Black Gold Recycling completes the acquisition of a majority stake in Reteck Envirotec.

Black Gold Recycling, a provider of integrated recycling solutions, completed the acquisition of a majority stake in Reteck Envirotec, a valuable partner and service provider to its clients in the Technology, Electronics and Telecom sector, according to press releases. Financial terms were not disclosed.

Black Gold Recycling was advised by Lastaki, according to press releases.

FountainVest and CPE completes the acquisition of a minority stake in SML Group.

FountainVest and CPE, private equity firms, completed the acquisition of a minority stake in SML Group, a provider of RFID solutions, according to press releases. Financial terms were not disclosed.

State Street in talks to buy stake in Indian mutual fund. (Bloomberg)

State Street Investment Management is in talks to buy a stake in an Indian mutual fund to expand its presence in the country’s $900m asset management market.

The firm plans to share technology to develop quantitative strategies and offer model portfolios of foreign stocks and ETFs through Smallcase, where it already holds a stake.

KKR plans to expand insurance investments in India. (Bloomberg)

KKR plans a larger role for its insurance unit in India as it grows its credit, infrastructure, and private equity operations. Co-CEO Scott Nuttall said the firm may partner with local insurers to invest their assets.

KKR’s insurance arm, Global Atlantic, made its first Indian investment in June with a $600m financing for Manipal Group and is also expanding in Europe and Japan.

Daiwa earnings beat estimates as M&A activity surges. (Bloomberg)

Daiwa Securities Group reported quarterly profit above expectations, supported by a rise in M&A dealmaking and stronger retail trading. Net income fell 11% year-on-year to JPY47.7bn ($309m) in the quarter ended September 30, beating analyst estimates of JPY33.7bn ($218.6m).

The performance underscores resilient deal activity in Japan’s financial sector, helping offset lower overall profit margins amid market volatility and higher operating costs.

Indian renewable energy firm SAEL Industries files for $521m IPO. (Reuters)

Renewable energy company SAEL Industries has filed draft papers for an initial public offering valued at about $521m. The IPO includes a fresh issue of shares worth up to INR37.5bn ($427m) and an offer for sale of INR8.25bn ($94m) by Norwegian state-owned investor Norfund.

SAEL operates solar and biomass power plants across India and plans to use proceeds from the issue to expand capacity and reduce debt.

Robotaxi firm WeRide raises $308m in Hong Kong listing. (Bloomberg)

WeRide raised HKD2.39bn ($308m) from its Hong Kong share sale, joining several US-listed Chinese firms pursuing secondary listings in the city.

The Guangzhou-based autonomous driving company priced shares at HKD27.10 ($3.49), about 4% below its Nasdaq close of $10.90, and sold around 88m shares. It could raise up to $354m if the overallotment option is exercised in full.

Surgery-imaging firm Ultragreen.ai begins investor outreach for Singapore IPO. (Bloomberg)

Ultragreen.ai, a Singapore-based surgical imaging technology company, has begun investor meetings for its planned initial public offering, which could raise around $400m as early as December.

The firm, known for its fluorescence imaging solutions used in surgery, is conducting investor-education sessions this week as part of the IPO preparation process.

Thailand plans new incentives to attract more tech IPOs. (Bloomberg)

Thailand’s government will introduce new measures to encourage listings by tech and electronics companies as part of efforts to boost the local stock market, said Narit Therdsteerasukdi, head of the Board of Investment.

The agency is working with the Stock Exchange of Thailand to simplify listing procedures and attract high-quality issuers, aiming to draw global investors and increase foreign inflows.

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