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Top Highlights
Apollo, an alternative investment manager, agreed to acquire Emerald, a B2B events and media company, from Onex, an investment company, for $1.5bn, according to press releases.
Apollo is advised by PJT Partners, RAN Advisory, RBC Capital Markets, Joele Frank (led by Kate Thompson) and Sidley Austin. Onex is advised by Solomon Partners and William Blair & Co. Emerald is advised by Goldman Sachs and Fried Frank Harris Shriver & Jacobson, according to press releases and MergerLinks data.
Coursera, a world-wide online learning platform, merged with Udemy, an e-learning company, in a $2.5bn deal, according to press releases.
Providence Equity Partners-backed 365 Retail Markets, an innovator in unattended retail technologies, completed the acquisition of Cantaloupe, a global technology company offering end-to-end technology solutions for self-service commerce, for $848m, according to press releases.
Providence Equity Partners and 365 Retail Markets were advised by William Blair & Co and Weil Gotshal and Manges (led by Ramona Nee and James Griffin). Providence Equity Partners was advised by FGS Global (led by Kelsey Markovich) and Profile Advisors. Cantaloupe was advised by JP Morgan, King & Spalding and ICR Inc. JP Morgan was advised by Cravath Swaine & Moore (led by Bethany A. Pfalzgraf and Minh Van Ngo), according to press releases and MergerLinks data.
AMERICAS
UWMC increases Two Harbors acquisition proposal to $12.50 per share for stockholders that elect to receive cash. ( Press Release)
Cerebras to raise IPO price range to $150-$160 as demand surges. ( RNS Announcement)
Bill Gates-backed Fervo Energy boosts IPO target to $1.8bn. ( RNS Announcement)
Investment bank Lincoln International seeks $421m in IPO. ( RNS Announcement)
EMEA
Armani could split 15% stake among L'Oreal, LVMH, EssilorLuxottica. ( Reuters)
Dangote to seek $50bn IPO valuation for refinery arm. ( Bloomberg )
APAC
oOh!media gets rival $554m cash bid from I Squared. ( Bloomberg)
China’s Zhaojin Mining eyes overseas gold assets as M&A heats up. ( Bloomberg)
Reliance to offer all new shares in Jio IPO in u-turn. ( Bloomberg)
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COMPANIES
FINANCIAL ADVISORS
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AMERICAS
Boost Run, a rapidly growing provider of AI Cloud Infrastructure and high-performance compute, went public via a SPAC merger with Willow Lane Acquisition, a publicly traded special purpose acquisition company, according to press releases. Financial terms were not disclosed.
Boost Run was advised by Winston & Strawn (led by Michael Blankenship). Willow Lane was advised by BTIG, Craig-Hallum Capital Group, D.A. Davidson & Co, Ellenoff Grossman & Schole, Ogier, Riveron (led by April Scee) and Vested (led by Abby Trexler), according to press releases and MergerLinks data.
Blackstone Tactical Opportunities, a specialized investment platform, and Halliburton Company, a global provider of products and services to the energy industry, agreed to invest $1bn in VoltaGrid, a Texas-based company specializing in engineered power solutions for remote and grid-paralleling applications, according to press releases.
Blackstone is advised by Lazard, Morgan Stanley and Simpson Thacher & Bartlett. VoltaGrid is advised by Goldman Sachs, Kirkland & Ellis and Sidley Austin, according to press releases.
VoltaGrid, a Texas-based company specializing in engineered power solutions for remote and grid-paralleling applications, agreed to acquire Propell, a technology and energy services company, according to press releases. Financial terms were not disclosed.
VoltaGrid is advised by Goldman Sachs, Kirkland & Ellis and Sidley Austin. Propell is advised by Deloitte and Mogan Daniels Slager, according to press releases.
Apollo, an alternative investment manager, agreed to acquire Questex, a US-based information and events company, according to press releases. Financial terms were not disclosed.
Apollo is advised by PJT Partners, RAN Advisory, RBC Capital Markets and Sidley Austin. Questex is advised by Gibson Dunn & Crutcher, according to press releases.
SRS Distribution, a building products distributor and a subsidiary of The Home Depot, an American multinational home improvement retail corporation, completed the acquisition of Mingledorff's, a major wholesale distributor of heating, ventilation, and air conditioning equipment, according to press releases. Financial terms were not disclosed.
Mingledorff's was advised by Houlihan Lokey and Greenberg Traurig. The Home Depot was advised by Bank of America and Weil Gotshal and Manges (led by Eoghan Keenan and Michael J. Aiello), according to MergerLinks data and press releases.
Dominus Capital-backed Seaga Manufacturing, an automated retail and intelligent inventory control solutions provider, completed the acquisition of Three Square Market, a provider of micro-market solutions to vending operators, from Cantaloupe, a digital payments and software company, according to press releases. Financial terms were not disclosed.
Three Square Market was advised by KPMG. Seaga Manufacturing was advised by Holland & Knight. Cantaloupe was advised by Weil Gotshal and Manges (led by James Griffin), according to MergerLinks data and press releases.
Bain Capital-backed Rocket Software, a privately held software development company, completed the acquisition of Vertica, a part of Open Text's non-core Analytics portfolio, from Open Text, a global software company, for $150m, according to press releases.
Open Text was advised by Goldman Sachs and Skadden Arps Slate Meagher & Flom (led by Christopher Barlow), according to MergerLinks data and press releases.
Rialtic, a healthcare technology company, agreed to merge with Exponential AI, a healthcare technology company providing AI‑driven decision intelligence software, according to press releases. Financial terms were not disclosed.
Rialtic is advised by Oak HC/FT (led by Jackie Kahn), according to press releases.
Index Ventures, a venture capital firm, led a $275m Series B round in Cowboy Space, a US-based space infrastructure company, with participation from IVP, Blossom Capital, SAIC, Breakthrough Energy Ventures, Construct Capital, Andreessen Horowitz, NEA, Interlagos and Baiju Bhatt, according to press releases.
Cowboy Space was advised by SBS Comms, according to press releases.
UWMC increases Two Harbors acquisition proposal to $12.50 per share for stockholders that elect to receive cash. ( Press Release)
UWMC has increased its takeover proposal for Two Harbors Investment to $12.50 per share, offering stockholders the choice of cash or UWMC shares in a revised bid aimed at blocking Two Harbors’ pending merger with CrossCountry Mortgage. The proposal values Two Harbors above the $12.00‑per‑share all‑cash deal agreed with CCM and is not subject to any cash cap or proration.
UWMC has urged Two Harbors shareholders to vote against the CCM merger at a May 19 special meeting and press the board to engage with UWMC. The company argues its offer delivers higher value and a faster path to closing, and has filed preliminary proxy materials with the SEC as it seeks to solicit votes in opposition to the CCM transaction.
Cerebras to raise IPO price range to $150-$160 as demand surges. ( RNS Announcement)
Cerebras Systems is preparing to increase the price range and size of its US IPO as demand for shares of the AI chipmaker surges. The company is considering raising the price range to $150–$160 per share from an earlier $115–$125, and increasing the number of shares offered to 30m from 28m.
At the top of the revised range, the IPO could raise about $4.8bn, up from roughly $3.5bn under the original terms. Orders are said to exceed supply by more than 20 times ahead of expected pricing on May 13. The offering is being led by Morgan Stanley, Citigroup, Barclays, and UBS, with shares set to trade on Nasdaq under the ticker CBRS.
Fervo Energy, the geothermal developer backed by Bill Gates, has increased the size of its planned US IPO and is now seeking to raise up to $1.82bn. The move lifts the target from a previous $1.33bn, reflecting strong investor demand for clean‑energy infrastructure assets.
The company plans to offer 70m shares priced between $25 and $26, up from an earlier plan to sell 55.6m shares at $21–$24. At the top of the revised range, Fervo would be valued at about $7.4bn, based on shares outstanding.
Lincoln International, a mid‑market investment bank, and some of its shareholders are seeking to raise $421m in a US IPO. The Chicago‑based firm plans to offer about 21m Class A shares.
The shares are being marketed at a price range of $18–$20 each, with proceeds split between the company and selling shareholders. The listing would bring Lincoln International to public markets as advisory firms continue to test investor appetite amid an active dealmaking environment.
EMEA
inMusic, a Rhode Island-based music technology company, agreed to acquire Native Instruments, a Berlin-based music technology company, according to press releases. Financial terms were not disclosed.
inMusic is advised by Gleiss Lutz (led by Matthias Tresselt) and Jessup PR, according to MergerLinks data and press releases.
Marks and Spencer, a British multinational retailer, agreed to acquire the Lichfield fulfilment centre from ASOS, an online fast-fashion and cosmetic retailer, for £66m ($90m), according to press releases.
ASOS is advised by Teneo (led by Jonathan Sibun), according to press releases.
Aspex Management, an investment management company, agreed to acquire an additional 5% stake in Delivery Hero, a delivery platform, from Prosus, a global consumer internet group, for €335m ($395m), according to press releases.
Prosus is advised by Investec, according to press releases.
National Bank of Greece, a global banking and financial services company, agreed to acquire a 30% stake in Allianz European Reliance, a Greek insurance entity, according to press releases. Financial terms were not disclosed.
NBG is advised by Barclays, according to MergerLinks data.
Blackstone, a multinational private equity, alternative asset management, and financial services firm, agreed to acquire a majority stake in Skroutz, an e‑commerce platform, from CVC Capital Partners, a Luxembourg-based private equity and investment advisory firm, according to press releases. Financial terms were not disclosed.
Blackstone is advised by UBS, according to MergerLinks data.
Tenaris, a manufacturer and supplier of steel pipes and related services for the energy industry, agreed to acquire Artrom Steel Tubes, a Romania‑based producer of seamless steel tubes and continuous cast steel billets, from GLGH Steel, an industrial holding company, for €86m ($101m), according to press releases.
E.ON, an international and privately-owned energy supplier, agreed to acquire OVO, a UK-based energy provider, according to press releases. Financial terms were not disclosed.
Cimpress, a mass customization of printing and related products provider, agreed to acquire the SAXOPRINT and viaprinto businesses from CEWE, a German printing company, according to press releases. Financial terms were not disclosed.
Balderton Capital Growth, a UK-based investment firm, led a $70m Series B round in Grand Games, an Istanbul‑based mobile gaming studio, with participation from Bek Ventures, Laton Ventures and angel investor Mert Gur.
Armani could split 15% stake among L'Oreal, LVMH, EssilorLuxottica. ( Reuters)
Giorgio Armani is considering selling a 15% stake in the fashion group in line with provisions set out following the founder’s death, potentially splitting the holding among LVMH, L’Oréal, and EssilorLuxottica. The three companies were identified by Armani as preferred strategic partners, and the sale is required to take place within 12–18 months under the terms of his will.
Preparations remain at an early stage, with CEO Giuseppe Marsocci expected to appoint advisers and finalise a five‑year business plan ahead of a formal process.
Dangote to seek $50bn IPO valuation for refinery arm. ( Bloomberg)
Aliko Dangote is targeting a valuation of up to $50bn for a planned IPO of Dangote Petroleum Refinery & Petrochemicals. The billionaire businessman is considering listing the refinery arm in Nigeria later in 2026, supported by stronger oil prices and improving market conditions.
The transaction could involve selling up to 10% of the business, implying proceeds of as much as $5bn. The proposed scale broadly aligns with the group’s current internal thinking, while key details such as valuation, structure, and timing remain under discussion and subject to market conditions.
APAC
oOh!media gets rival $554m cash bid from I Squared. ( Bloomberg)
I Squared Capital has made an unsolicited, all‑cash bid for Australian outdoor‑advertising group oOh!media, valuing the company at AUD765.9m ($554m). The AUD1.45‑per‑share ($1.05) offer is non‑binding and conditional, and represents a 15% premium to oOh!media’s prior closing price.
The approach rivals an earlier AUD1.40‑per‑share ($1.01) non‑binding proposal submitted in April 2026 by Pacific Equity Partners, raising the prospect of a competitive takeover process. oOh!media has yet to indicate whether it is prepared to engage with either bidder, and there is no certainty that a transaction will proceed.
China’s Zhaojin Mining eyes overseas gold assets as M&A heats up. ( Bloomberg)
Zhaojin Mining Industry is pursuing overseas gold mine acquisitions as consolidation picks up in the sector, Chief Investment Officer Xu Jianzhuo stated. The Chinese miner is looking to expand outside China to secure long‑term resources.
The Shandong‑based company is targeting assets in West Africa, including Côte d’Ivoire, Ghana, and Guinea, particularly where European and US miners are exiting. Zhaojin is also evaluating opportunities in Central Asia and the Asia‑Pacific, reflecting broader outbound M&A by Chinese gold producers.
Reliance to offer all new shares in Jio IPO in u-turn. ( Bloomberg)
Reliance Industries is revising plans for the IPO of Jio Platforms, opting to issue only new shares rather than allowing existing investors to sell stock. The shift marks a change from earlier thinking and would make the listing a primary capital raise, potentially creating India’s largest IPO.
The move was prompted by differing valuation expectations, with some Jio shareholders pressing for a higher price band while Reliance, led by Mukesh Ambani, favours a more conservative valuation to limit the risk of losses for retail investors on debut. Details of size, timing, and pricing of the offering remain under discussion.
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