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AMERICAS

Advent to acquire Sapiens for $2.5bn.

Advent, a global private equity investor, agreed to acquire Sapiens, a SaaS-based software solutions company, for $2.5bn, according to press releases.

Advent is advised by Citigroup, Herzog Fox & Neeman, Kirkland & Ellis (led by Will Boothby and Michael Chung) and Teneo. Sapiens is advised by William Blair & Co, Latham & Watkins (led by Joshua Kiernan, Josh Dubofsky and Gilad Zohari) and Meitar Law Offices, according to press releases.

Hubbell to acquire DMC Power from Golden Gate Capital for $825m.

Hubbell, an American company that designs, manufactures, and sells electrical and electronic products, agreed to acquire DMC Power, a company specializes in providing high voltage and extra high voltage transmission and substation connectors, from Golden Gate Capital, a private equity company, for $825m, according to press releases.

Hubbell is advised by Stephens and Holland & Knight. Golden Gate Capital is advised by Harris Williams & Co, Lincoln International, Paul Weiss Rifkind Wharton & Garrison (led by Jeremy M. Veit) and FGS Global, according to press releases and MergerLinks data.

26North completes the acquisition of a majority stake in AVI-SPL from Marlin.

26North Partners, an integrated, multi-asset class investment platform, completed the acquisition of a majority stake in AVI-SPL, an audio-video and unified communication technologies provider, from Marlin Equity Partners, a private equity firm. Financial terms were not disclosed.

AVI-SPL was advised by Guggenheim Partners, William Blair & Co and Goodwin Procter. 26North Partners was advised by Silver Point Capital, Santander and Kirkland & Ellis, according to press releases.

First Financial Bank to acquire BankFinancial for $142m.

First Financial Bank, a company that offers a range of personal and business banking products and services, agreed to acquire BankFinancial, a provider of banking products and services, for $142m, according to press releases.

BankFinancial is advised by Keefe Bruyette & Woods, Kirkland & Ellis and Luse Gorman. First Financial Bank is advised by Morgan Stanley and Squire Patton Boggs, according to press releases.

Nexa Equity to invest in Facility Grid.

Nexa Equity, a private equity firm, agreed to invest in Facility Grid, a provider of cloud-based software, according to press releases. Financial terms were not disclosed.

Nexa Equity is advised by Weil Gotshal and Manges and Gasthalter & Co (led by Mark Semer and Nathaniel Garnick), according to press releases.

CVC DIF to acquire ASTP from Access Holdings.

CVC DIF, a global mid-market infrastructure equity fund manager, agreed to acquire ASTP, a national network of reliable transportation providers that focuses on providing safe, reliable student transportation programs to ensure access to education, from Access Holdings, Baltimore-based, lower middle market private equity firm, according to press releases. Financial terms were not disclosed.

CVC DIF is advised by BMO Capital Markets, according to press release.

Blue Sea Capital completes the acquisition of MicroCare.

Blue Sea Capital, a private equity firm, completed the acquisition of MicroCare, a provider of innovative branded consumables for non-discretionary precision cleaning applications, according to press releases. Financial terms were not disclosed.

Blue Sea Capital was advised by Kirkland & Ellis, according to press releases.

VL Mineração to acquire potash mining operations from Mosaic for $27m.

VL Mineração, an agribusiness group, agreed to acquire potash mining operations from Mosaic, a producer of concentrated phosphate and potash crop nutrients, for $27m, according to press releases.

KeyData Cyber completes the acquisition of BeyondID.

KeyData Cyber, a North American provider of end-to-end identity and access management services, completed the acquisition of BeyondID, a managed identity services provider, according to press releases. Financial terms were not disclosed.

TridentCare to acquire Shoreline Diagnostics.

TridentCare, a provider of portable diagnostic services, agreed to acquire Shoreline Diagnostics, a clinical diagnostics company, according to press releases. Financial terms were not disclosed.

Ruppert Landscape completes the acquisition of Greatscapes Property Management.

Ruppert Landscape, a provider of commercial landscaping services, completed the acquisition of Greatscapes Property Management, a full-service landscape contractor that offers landscape management, grounds maintenance, and snow removal services, according to press releases. Financial terms were not disclosed.

Nevco Sports completes the acquisition of Scorebird.

Nevco Sports, an electronic scoreboards, digital displays, and integrated game provider, completed the acquisition of Scorebird, a provider of real-time scoring data solutions, according to press releases. Financial terms were not disclosed.

Allegion completes the acquisition of Brisant.

Allegion, a global security products and solutions provider, completed the acquisition of Brisant, a security hardware provider, according to press releases. Financial terms were not disclosed.

Perplexity AI makes unsolicited offer for Chrome. (Reuters)

Perplexity AI has submitted an unsolicited all-cash bid of $34.5bn for Alphabet’s Chrome browser, a move significantly exceeding the startup’s own valuation. The acquisition would give Perplexity access to Chrome’s large user base, seen as key in the AI search competition.

Led by Aravind Srinivas, the company has previously made high-profile proposals, including a January offer to merge with TikTok US to address US concerns over its Chinese ownership.

Cenovus in talks with Indigenous groups for MEG acquisition. (Bloomberg)

Cenovus Energy is in discussions with Indigenous groups in Canada to jointly acquire MEG Energy, which is the target of a $4bn unsolicited takeover bid from a Canadian oil tycoon.

The proposed plan involves First Nations and Metis communities, including Chipewyan Prairie First Nation and Heart Lake First Nation, taking a CAD$2bn ($1.45bn) stake in MEG, supported by federal and provincial funding, while Cenovus would acquire the remaining shares.

Bullish prices IPO above expectations. (Reuters)

Bullish, the cryptocurrency exchange operator backed by Peter Thiel, priced its US IPO at $37 per share, higher than its earlier target range of $32–$33.

The IPO involved the sale of 30m shares, raising $1.11bn and valuing the company at $5.41bn. Proceeds are expected to support Bullish’s platform expansion and growth initiatives as it competes in the global cryptocurrency exchange market.

TPG Twin Brook closes $3bn continuation vehicle. (DealStreetAsia)

TPG Twin Brook Capital Partners, the middle-market direct lending arm of TPG, has raised $3bn for a credit-focused continuation vehicle backed by Coller Capital.

The vehicle will recapitalize a portfolio of floating-rate, senior secured loans originated from its 2016 and 2018 vintage funds.

Audax Strategic Capital closes inaugural fund at $1.3bn. (Press Release)

Audax Strategic Capital has completed the final close of its first fund, Audax Private Equity Solutions Fund, with total deployable capital of about $1.3bn, including related vehicles and the GP commitment. The fund exceeded its initial target.

Investors include a mix of domestic and international institutions, while Audax Private Equity contributed roughly 20% of the LP commitments as its GP stake.

EMEA

Bain Capital to acquire a majority stake in HSO from The Carlyle Group.

Bain Capital, a private investment firm, agreed to acquire a majority stake in HSO, a global Microsoft services partner, from The Carlyle Group, an American multinational private equity, alternative asset management, and financial services corporation, according to press releases. Financial terms were not disclosed.

Bain Capital is advised by Barclays and Camarco, according to press releases and MergerLinks data.

PainReform completes the investment in LayerBio.

PainReform, a biopharmaceutical company that focuses on developing non-opioid pain treatments for patients, completed the investment in LayerBio, a provider of drug delivery solutions, according to press releases. Financial terms were not disclosed.

PainReform was advised by Crescendo Communications, according to press releases.

IK Partners to invest in Francks Kylindustri.

IK Partners, a private equity firm, agreed to invest in Francks Kylindustri, a provider of installation and maintenance of commercial and industrial refrigeration systems, according to press releases. Financial terms were not disclosed.

General Atlantic backs PPF in ProSieben stake sale. (Reuters)

General Atlantic has sold its 2.4% stake in German media group ProSiebenSat.1 to Czech investment firm PPF. The deal was made at PPF’s cash offer of €7 ($8.17) per share.

This move goes against ProSieben management’s endorsement of a higher rival bid from MFE-MediaForEurope, which included partial payment in MFE shares, signaling challenges for MFE’s bid to gain control of ProSieben.

KKR plans £7bn sale of Viridor. (FT)

KKR is preparing to launch the sale of its recycling group Viridor next month, aiming to benefit from strong demand for infrastructure assets.

Potential bidders include CK Hutchison’s infrastructure arm and investor Equitix, though other interested parties may also emerge.

Porsche owners plan defense investment fund amid European arms spending rise. (Bloomberg)

Porsche Automobil, controlled by the Porsche-Piëch family, is creating a platform with unnamed partners to invest in defense industry startups. The move comes as European military spending increases.

The company has dropped its earlier requirement that investments must have both military and civilian uses, allowing a broader range of defense-focused opportunities.

APAC

Orion Breweries preparing for Tokyo IPO. (Bloomberg)

Orion Breweries is planning to list in Tokyo as early as next month, six years after being acquired by Carlyle Group and Nomura Holdings.

The Okinawa-based brewery has appointed Nomura’s securities unit, SMBC Nikko Securities, and Mizuho Financial Group as underwriters. Details, including the listing date and offering size, are expected to be announced next week.

Horizon Industrial Parks mulls $500m India IPO at $4bn valuation. (Bloomberg)

Blackstone-owned Horizon Industrial Parks is considering an IPO in Mumbai next year that could raise about $500m. The company is targeting an enterprise valuation of $4bn.

Talks are ongoing with banks about the planned share sale, and the process is still in early stages.

Iluvatar CoreX explores $300m–$400m Hong Kong IPO. (Bloomberg)

Centurium Capital-backed Iluvatar CoreX, formally known as Shanghai Tianshu Zhixin Semiconductor, is considering a Hong Kong IPO that could raise between $300m and $400m. The move comes amid rising interest in Chinese AI chipmakers as Beijing discourages reliance on Nvidia processors.

The Shanghai-based firm is working with advisers on the planned share sale, though details remain preliminary.

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