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Top Highlights
Apollo Global-backed Athora, a savings and retirement services group, completed the acquisition of Pension Insurance Corporation Group, a specialist insurer of UK defined benefit pension schemes, from private equity investors Reinet, ADIA, CVC and HPS Investment Partners, for £5.7bn ($7.8bn), according to press releases.
Crane NXT, an industrial technology company, completed the acquisition of 97% stake in Antares Vision, an Italian multinational company, from Regolo and Sargas, for €432m ($518m), according to press releases.
Blackstone, a company specializing in alternative asset management, completed a $250m investment in Advanced Digital Gaming Technology, a technology platform focused on payments, compliance, and data‑intelligence solutions for regulated digital markets, according to press releases.
ADGT was advised by Morgan Lewis & Bockius. Blackstone was advised by Alaeddini & Co, Brownstein Hyatt Farber Schreck, and Kirkland & Ellis, according to press releases.
AMERICAS
Unilever and McCormick discuss food business combination. ( Reuters)
Citigroup dismisses speculation over US bank acquisition. ( Reuters)
Anthropic weighs IPO as soon as October. ( Bloomberg)
Kailera Therapeutics files for US IPO. ( Bloomberg)
Yesway revives US IPO plans with filing. ( Reuters)
EMEA
Poste seeks Telecom Italia board meeting over €10.8bn bid. ( Reuters)
CVC explores divestments for Recordati after €10.9bn takeover. ( Bloomberg)
Nestlé advances €5bn water business stake sale. ( FT)
Austria may block JD.com’s €2.2bn Ceconomy takeover. ( Bloomberg)
Blackstone in talks to acquire Senior. ( FT)
Pernod Ricard, Brown-Forman in merger talks. ( Bloomberg)
Mastercard explores sale of Nets payments unit. ( Reuters)
Prosus considers sale of 10% Delivery Hero stake to Aspex. ( Bloomberg)
TDR, I Squared select banks for $15bn Aggreko US IPO. ( Bloomberg)
Visma delays London IPO to next year. ( Bloomberg)
Germany signals plan to take stake in KNDS. ( Bloomberg)
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COMPANIES
INVESTORS
FINANCIAL ADVISORS
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AMERICAS
Two Harbors Investment, an MSR-focused REIT, terminated the $1.3bn merger with UWM Holdings, the parent of United Wholesale Mortgage, according to press releases.
Advent International, a private equity investor, agreed to invest in Atwell, a provider of engineering, consulting, and construction services to critical infrastructure, according to press releases. Financial terms were not disclosed.
Atwell is advised by Morrissey Goodale, Goldman Sachs and Wachtell Lipton Rosen & Katz (led by Eric Feinstein). Advent is advised by Morgan Stanley and Weil Gotshal and Manges, according to MergerLinks data and press releases.
Novartis, a Swiss multinational pharmaceutical corporation, agreed to acquire Excellergy, a private biotech company, for $2bn, according to press releases.
Excellergy is advised by JP Morgan and Wilson Sonsini Goodrich & Rosati, DNA Communications (led by Jenn Gordon) and New Street Investor Relations (led by Laurence Watts), according to MergerLinks data and press releases.
Lone Star Funds, a private equity firm, completed the acquisition of Alliance Ground International, a North American airport services provider, from Greenbriar Equity Group and Audax Private Equity, private equity firms, according to press releases. Financial terms are not disclosed.
Lone Star Funds was advised by Evercore and Vinson & Elkins. Alliance Ground International was advised by Bank of America and Ropes & Gray, according to press releases.
CrossCountry Mortgage, a retail mortgage lender, agreed to acquire Two Harbors Investment, a real estate investment trust, for $1.13bn, according to press releases.
Two is advised by Houlihan Lokey and Jones Day. CrossCountry is advised by Simpson Thacher & Bartlett (led by Ravi Purushotham), according to MergerLinks data and press releases.
Otsuka Pharmaceutical, a total healthcare company, agreed to acquire Transcend Therapeutics, a clinical stage biotechnology company, for $1.225bn, according to press releases.
Transcend is advised by Centerview Partners. Otsuka is advised by Skadden Arps Slate Meagher & Flom (led by Mitsuhiro Kamiya), according to MergerLinks data and press releases.
SAP, an enterprise applications and business AI company, agreed to acquire Reltio, a master data management software provider, according to press releases. Financial terms were not disclosed.
SAP is advised by Jones Day (led by Bret J. Stancil), according to MergerLinks data.
GIC, a global institutional investor, agreed to acquire a minority stake in Envu, an environmental science solutions provider, from Cinven, a private equity firm, according to press releases. Financial terms were not disclosed.
GIC is advised by Morgan Stanley, according to MergerLinks data.
Motorola Solutions, a company specializing in mission‑critical communications technologies, agreed to acquire the land mobile radio networks services business of Bell Mobility, a provider of mobile network services, for CAD675m ($488m), according to press releases.
Health Management Associates, a company specializing in health and human services consulting, completed the acquisition of HealthTech Solutions, a provider of Medicaid‑focused technology, analytics, and compliance solutions, according to press releases. Financial terms were not disclosed.
Herschend, a major US-based family-held theme-park company, completed the acquisition of the Theme Park and Boulder Beach Water Park of Silverwood, a family-owned theme and water park, according to press releases. Financial terms were not disclosed.
Unilever and McCormick discuss food business combination. ( Reuters)
Unilever is in talks with McCormick over a potential combination of its food division that could give its shareholders a majority stake in the new entity.
The structure may also provide tax benefits as the companies explore options following an offer from the US group.
Citigroup dismisses speculation over US bank acquisition. ( Reuters)
Citigroup has dismissed reports that it is considering acquiring a US regional bank, calling the claims baseless speculation.
The bank said it remains focused on organic growth despite earlier reports of preliminary internal discussions on a potential deal.
Anthropic weighs IPO as soon as October. ( Bloomberg)
Anthropic is considering an IPO as early as October and has held initial discussions with banks about leading roles on the listing.
The move comes as the AI company competes with peers to access public markets.
Kailera Therapeutics files for US IPO. ( Bloomberg)
Kailera Therapeutics has filed for a US IPO to fund development of its obesity drug pipeline.
The clinical-stage biotech reported ongoing losses as it advances research and prepares for public markets.
Yesway revives US IPO plans with filing. ( Reuters)
Yesway has revived its US initial public offering and filed for a listing, advancing plans to return to public markets.
The private equity-backed convenience store operator had previously paused IPO plans in 2022 amid market uncertainty.
EMEA
Bending Spoons, a European technology company, agreed to acquire Tractive, a location tracking and health monitoring company for pets, according to press releases. Financial terms were not disclosed.
Tractive is advised by Houlihan Lokey, E+H Rechtsanwälte (Eisenberger & Herzog), Milbank and ECOVIS. Bending Spoons is advised by Ernst & Young, JP Morgan and Freshfields, according to MergerLinks data and press releases.
Creative Planning, a registered investment advisor, agreed to acquire MASECO, an established RIA in London, according to press releases. Financial terms were not disclosed.
Creative Planning is advised by Houlihan Lokey, Spencer House Partners, Herbert Smith Freehills Kramer and Paul Weiss Rifkind Wharton & Garrison (led by Roger Johnson), according to MergerLinks data and press releases.
Raiffeisen Bank, a commercial banking institution, agreed to acquire the Romanian unit from Garanti BBVA, a financial services company, for €591m ($681m), according to press releases.
Raiffeisen Bank is advised by Barclays and Schoenherr, according to MergerLinks data and press releases.
Imaginary Ventures, a venture capital fund, led a $100m investment in Nordic Knots, a home textiles company specializing in rugs, curtains, and bedding with Scandinavian-inspired designs, with participation from Creades, IRIS Ventures, and Lauren Santo Domingo, according to press releases.
Nordic Knots was advised by Rothschild & Co (led by Marcel Gleichmann), according to MergerLinks data.
Zeaside Capital-led investor consortium completed the acquisition of Alba Tankers, an owner and commercial operator of chemical- and oil tankers, according to MergerLinks data. Financial terms were not disclosed.
Zeaside Capital was advised by Gorrissen Federspiel (led by Morten Berggreen), according to MergerLinks data.
Poste seeks Telecom Italia board meeting over €10.8bn bid. ( Reuters)
Poste Italiane has requested a meeting with Telecom Italia’s board to present its €10.8bn ($12bn) cash-and-share takeover bid.
The state-backed group aims to take TIM private and create a national digital champion, increasing control over critical data infrastructure.
CVC explores divestments for Recordati after €10.9bn takeover. ( Bloomberg)
CVC Capital Partners is considering potential divestments for Recordati following its €10.9bn ($12.5bn) takeover of the Italian drugmaker.
Options include a possible sale of the company’s rare-diseases unit as the firm evaluates strategic alternatives.
Nestlé advances €5bn water business stake sale. ( FT)
Nestlé has progressed the sale of a 50% stake in its water business, with bidders including CD&R, KKR and PAI advancing to the next round.
The deal could value the Perrier and San Pellegrino unit at about €5bn.
Austria may block JD.com’s €2.2bn Ceconomy takeover. ( Bloomberg)
The parties remain in discussions with regulators as uncertainty persists around foreign investment clearance.
Blackstone in talks to acquire Senior. ( FT)
Blackstone and industrial investor Tinicum are in advanced talks to take control of UK aerospace parts supplier Senior.
The consortium could present an offer acceptable to the board in the coming weeks, though discussions remain ongoing.
Pernod Ricard, Brown-Forman in merger talks. ( Bloomberg)
Pernod Ricard and Brown-Forman are in discussions over a potential merger as the spirits companies explore consolidation amid an industry downturn.
The combination would bring together two major global drinks groups as they seek to strengthen scale and market position.
Mastercard explores sale of Nets payments unit. ( Reuters)
Mastercard is exploring a sale of its real-time payments unit acquired from Nets in 2019 and has hired advisers for the process.
The asset could attract interest from private equity buyers as the company reviews its portfolio.
Prosus considers sale of 10% Delivery Hero stake to Aspex. ( Bloomberg)
Prosus is considering selling a roughly 10% stake in Delivery Hero to Aspex Management, potentially reshaping the company’s shareholder base.
The deal would increase Aspex’s holding to about 19% and could see it become the largest shareholder, replacing Prosus.
TDR, I Squared select banks for $15bn Aggreko US IPO. ( Bloomberg)
TDR Capital and I Squared Capital have selected banks including Goldman Sachs, JP Morgan and Bank of America for a US IPO of Aggreko.
The listing could take place as soon as the second half of the year and may value the power generator rental firm at about $15bn.
Visma delays London IPO to next year. ( Bloomberg)
Visma is postponing its planned London IPO to next year after earlier delays linked to weakness in technology stocks.
The Hg-backed software company had previously targeted a 2026 listing but pushed timelines amid AI-related market volatility.
Germany signals plan to take stake in KNDS. ( Bloomberg)
Germany is considering acquiring a significant stake in Franco-German tank maker KNDS as part of efforts to secure influence in the defense group.
The move would align Berlin with France, which already holds a 50% stake in the company.
APAC
Xanadu Quantum, a quantum computing hardware and software company, went public via a SPAC merger with Crane Harbor Acquisition, a publicly traded special purpose acquisition company, in a $3.1bn deal, according to press releases.
Vena Solutions, an AI-powered financial planning and analysis platform, completed the acquisition of Acterys, a Power BI–based operational planning and app development platform, according to press releases. Financial terms were not disclosed.
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