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AMERICAS

Lightyear Capital to invest in Prosperity Partners.

Lightyear Capital, a New York-based private equity firm, agreed to invest in Prosperity Partners, a Chicago-based public accounting firm offering tax, accounting, and personal finance services, according to press releases. Financial terms were not disclosed.

Prosperity Partners and Unity Partners are advised by Guggenheim Partners, Koltin Consulting Group and Stanton PRM (led by Trevor Blaisdell). Prosperity Partners is also advised by Kirkland & Ellis. Lightyear Capital is advised by Davis Polk & Wardwell and ThroughCo Communications (led by Elliot Sloane), according to press releases.

Greenfire Resources to acquire Connacher Oil and Gas for CAD1.27bn.

Greenfire Resources, a Canadian energy company focused on the exploration, development, and production of heavy oil and oil sands, agreed to acquire Connacher Oil and Gas, a Calgary-based bitumen producer in the Athabasca oil sands region, for CAD1.27bn ($897m), according to press releases.

Greenfire Resources is advised by BMO Capital Markets, National Bank Capital Markets and Blake Cassels & Graydon. Connacher Oil and Gas is advised by TPH&Co and Norton Rose Fulbright, according to press releases.

Warburg Pincus-led investor group to acquire a majority stake in PANTHERx Rare from Nautic Partners, General Atlantic and The Vistria Group.

Warburg Pincus-led investor group, agreed to acquire a majority stake in PANTHERx Rare, a US-based specialty pharmacy, from Nautic Partners, General Atlantic, and The Vistria Group, the private equity and investment firms. Nautic Partners and management will remain significant shareholders, according to press releases. Financial terms were not disclosed.

Warburg Pincus is advised by JP Morgan and Cleary Gottlieb Steen & Hamilton. PANTHERx Rare is advised by Centerview Partners, Goldman Sachs and Ropes & Gray, according to press releases.

Odyssey Investment Partners completes the acquisition of a majority stake in TransPak.

Odyssey Investment Partners, a private equity firm, completes the acquisition of a majority stake in TransPak, a provider of packaging engineering, logistics, testing, and supply chain solutions, serving data center, semiconductor, aerospace and defense, and medical customers, according to press release. Financial terms were not disclosed.

Odyssey Investment Partners was advised by Stifel, Latham & Watkins and Gasthalter & Co (led by Mark Semer). TransPak was advised by Accent Capital Partners and JP Morgan, according to press releases.

First Bank to acquire Carolina Bank for $166m.

First Bank, a commercial banking firm headquartered in Southern Pines, North Carolina, agreed to acquire Carolina Bank, a Florence, South Carolina-based banking institution, for $166m, according to press releases.

Carolina Bank is advised by Piper Sandler and Nelson Mullins Riley & Scarborough. First Bank is advised by Stephens and Brooks Pierce McLendon Humphrey & Leonard, according to press releases.

Blackstone-led consortium to acquire a 49% stake in the Power Innovation joint venture of Williams for $5.34bn.

A Blackstone-led consortium, including Apollo and KKR, agreed to acquire a 49% stake in the Power Innovation joint venture of Williams, an American energy company, for $5.34bn, according to press releases.

Blackstone is advised by Morgan Stanley and Kirkland & Ellis. Williams is advised by Citigroup and Davis Polk & Wardwell (led by H. Oliver Smith and Shanu Bajaj), according to press releases.

HiGro-backed Daida completes the acquisition of Foveonics Document Solutions.

HiGro-backed Daida, a national provider of business process services and digital transformation, completed the acquisition of Foveonics Document Solutions, a records management and document digitization company, according to press releases. Financial terms were not disclosed.

Daida was advised by Aprio and Moore & Van Allen. Debt financing was provided by Lafayette Square. Foveonics Document Solutions was advised by Sills Cummis & Gross, according to press releases.

Atlas Holdings-backed Stryten Energy to acquire C&D Technologies and Trojan Battery Company from KPS Capital Partners.

Atlas Holdings-backed Stryten Energy, a US-based manufacturer of advanced energy storage solutions, agreed to acquire C&D Technologies, a global technology company that manufactures industrial batteries and electronics for power conversion and storage, and Trojan Battery Company, a global manufacturer of deep-cycle batteries, from KPS Capital Partners, a New York-based private equity firm, according to press releases. Financial terms were not disclosed.

Atlas Holdings and Stryten Energy are advised by Paul Hastings. KPS Capital Partners, C&D Technologies and Trojan Battery Company are advised by Paul Weiss Rifkind Wharton & Garrison and Jefferies & Company, according to press releases.

Godspeed Capital-backed Infrastructure Consulting & Engineering completes the acquisition of Southeastern Land Company.

Godspeed Capital-backed Infrastructure Consulting & Engineering, a civil and structural engineering firm, completed the acquisition of Southeastern Land Company, a provider of right-of-way and easement acquisition and project management firm, according to press releases. Financial terms were not disclosed.

Southeastern Land Company was advised by Eide Bailly. Godspeed Capital and Infrastructure Consulting & Engineering were advised by Moore & Van Allen and Gasthalter & Co (led by Alex Jeffrey and Mark Schueler), according to press releases.

Keller Williams to acquire Jason Mitchell Group.

Keller Williams, an American technology and international real estate franchise, agreed to acquire Jason Mitchell Group, a teamerage-style, independent brokerage and real estate referral platform, according to press releases. Financial terms were not disclosed.

Jason Mitchell is advised by Citizens Capital Markets & Advisory and Buchalter. Keller Williams is advised by Herbert Smith Freehills Kramer, according to press releases.

GH Power to go public via merger with Matinas BioPharma.

GH Power, a clean energy technology company developing modular reactors that convert recycled metals and water into alumina, hydrogen and thermal energy, agreed to go public via merger with Matinas BioPharma, a biopharmaceutical company focused on delivering therapies using its lipid nano-crystal platform delivery technology, according to press releases.

Matinas BioPharma is advised by Lowenstein Sandler. GH Power is advised by Bevilacqua and Jett Capital, according to press releases.

The Caprock Group completes the acquisition of Venturi Private Wealth.

The Caprock Group, a multi-family office registered investment advisor serving ultra-high-net-worth clients, completed the acquisition of Venturi Private Wealth, an independent wealth management firm headquartered in Austin, according to press releases. Financial terms were not disclosed.

Venturi Private Wealth was advised by DLA Piper and Berkshire Global Advisors (led by Bomy Hagopian). The Caprock Group was advised by Stoel Rives, according to press releases.

Zoetis to acquire VitalRADS.

Zoetis, a global animal health company, agreed to acquire VitalRADS, a veterinary teleradiology services platform, according to press releases. Financial terms were not disclosed.

Zoetis is advised by Fenwick & West. VitalRADS is advised by Guggenheim Partners and Ropes & Gray, according to press releases.

Diodes to acquire ElevATE Semiconductor for $250m.

Diodes, a global manufacturer and supplier of discrete, logic, analog and mixed-signal semiconductors, agreed to acquire ElevATE Semiconductor, a San Diego-based fabless semiconductor company, for $250m, according to press releases.

Diodes is advised by Shelton Group (led by Leanne K. Sievers), according to press releases.

HPS Investment Partners to invest $500m in Glenfarne Group-backed Texas LNG.

HPS Investment Partners to invest $500m in Glenfarne Group-backed Texas LNG, an energy company developing a 4m-tonnes-per-year liquefied natural gas export terminal at the Port of Brownsville, TX, according to press releases.

Index Ventures, Kleiner Perkins, Sequoia Capital and Dimension led a $400m Series C round in Chai Discovery.

Index Ventures, Kleiner Perkins, Sequoia Capital and Dimension, the venture capital firms, led a $400m Series C round in Chai Discovery, an AI-driven drug development company, with participation from Bain Capital Ventures, Battery Ventures, Baillie Gifford, BDT & MSD, Sapphire Ventures, Avra Capital, Thrive Capital, OpenAI, Oak HC/FT, Menlo Ventures, General Catalyst, Glade Brook, Avenir, Lachy Groom, and Yosemite, according to press releases.

Seidler Equity is looking to sell stake in 139-year-old baseball gear maker Rawlings. (Bloomberg)

Seidler Equity Partners is exploring a sale of its stake in Rawlings Sporting Goods Co., the baseball equipment manufacturer it co‑owns with Major League Baseball.

The private‑equity firm is working with advisers to gauge investor interest in the company. Rawlings could be valued at about $2bn, including debt, in a potential transaction.

REPAY rejects revised unsolicited proposal from Forager Capital. (Press Release)

Repay Holdings Corporation has rejected a revised unsolicited, non‑binding acquisition proposal from Forager Capital Management to acquire the company for $5.25 per share in cash.

Following a review with its advisers, the board concluded that the revised offer significantly undervalues the company and is not in the best interests of shareholders.

California-led states sue to block Paramount’s $110bn Warner Bros Discovery deal. (Reuters)

A group of 12 US states has filed a lawsuit seeking to block Paramount Skydance’s proposed $110bn acquisition of Warner Bros. Discovery, arguing that the transaction would reduce competition in the media sector.

The states have also requested a preliminary injunction to prevent the merger from proceeding while antitrust litigation is underway.

Argentina's YPF Electric Energy reveals revenue jump in US IPO filing. (Reuters)

YPF Electric Energy disclosed a 45.8% increase in quarterly revenue in updated filings related to its planned initial public offering in the United States.

The Argentine power producer is seeking a New York listing amid renewed investor interest in the country’s energy sector. The filing follows recent IPO activity from other Argentine energy companies pursuing access to US capital markets.

Gold miners Cadillac, Amapa Minerals add to Canada IPO Rebound. (Bloomberg)

Cadillac Mines and Amapa Minerals have filed for initial public offerings, signalling increased activity in the Canadian listings market.

Cadillac Mines holds mining claims in Ontario and Quebec, including its flagship Kerr‑Addison project. The company is chaired by Franco‑Nevada co‑founder Pierre Lassonde.

Citation Capital closes inaugural fund with $1.2bn in total commitments. (Press Release)

Citation Capital has closed its inaugural fund, Citation Fund I, with $1.1bn in third‑party limited partner commitments. Including commitments from the firm and affiliated investors, the fund has total investable capital of $1.2bn.

The fund attracted commitments from a range of institutional investors, including pension funds, sovereign wealth funds, insurance companies, endowments, foundations and family offices

Brazil’s Oncoclinicas said to file for out-of-court debt rework. (Bloomberg)

Oncoclinicas do Brasil Servicos Medicos is preparing an out‑of‑court debt restructuring as it works to address its balance sheet and liquidity position.

The company remains in discussions with creditors and has not yet reached agreement on a restructuring plan. Negotiations are focused on potential debt reductions, with the company seeking a solution that does not involve converting debt into equity.

CEO of Jack Daniel’s maker Brown-Forman to retire. (WSJ)

Brown‑Forman has announced that chief executive Lawson Whiting plans to step down as the company navigates a challenging operating environment and follows the breakdown of recent takeover discussions.

Whiting, who has led the spirits maker since 2019, intends to retire once a successor has been appointed. The board has launched a search process that will consider both internal and external candidates.

STARTEEPO increases Xerox position to 8.8m shares, becomes second-largest common shareholder. (Press Release)

STARTEEPO Invest has increased its position in Xerox Holdings Corporation to 8.8m common shares, along with options over an additional 140k shares, becoming one of the company’s largest shareholders.

The investment firm said it has reached its targeted ownership level and continues to support initiatives focused on balance sheet improvement, capital allocation, operational performance and the integration of Lexmark. STARTEEPO indicated it may continue engaging with Xerox’s management and board regarding strategy and shareholder value creation.

EMEA

New and existing investors participated in a $1.8bn Series E funding round in Helsing.

New and existing investors, including Dragoneer Investment Group, Lightspeed Venture Partners, Disruptive, Iconiq, Growth Equity at Goldman Sachs Alternatives, JPMorgan Chase, CPP Investments, General Catalyst, Plural, Stepstone, Prima Materia, Accel and Greenoaks, participated in a $1.8bn Series E funding round in Helsing, a European defense technology startup, according to press releases.

PE fund Harith gets antitrust approval to acquire FlySafair. (Bloomberg)

South Africa’s competition regulator has approved private equity firm Harith General Partners’ proposed acquisition of budget airline FlySafair, subject to conditions.

The Competition Commission has recommended that the Competition Tribunal approve the transaction, with the deal now awaiting the final regulatory decision.

Tecnotree has received a non-binding indication of interest from a Canadian strategic party. (Press Release)

Tecnotree has received a preliminary, non‑binding expression of interest regarding a potential all‑cash acquisition of the company from a Canadian technology and media investment group.

The indicative proposal values Tecnotree at €7.98 ($9.09) to €9.12 ($10.39) per share, representing a premium of approximately 40% to 60% to the company’s market price. Any transaction remains subject to due diligence and further negotiations, and the board is evaluating the proposal.

London IPO revival faces setback as hopefuls consider delays. (Bloomberg)

Several UK companies, including Waterstones Booksellers and SumUp, are considering delaying planned London initial public offerings until 2027.

The companies are evaluating postponements to allow additional time for internal preparations. Both businesses had previously been considering launching IPO processes in the second half of 2026.

GAM special situations managers cross 5% ownership threshold in Liontrust and build a position in Impax. (Press Release)

GAM‑managed special situations portfolios have increased their stake in Liontrust Asset Management to more than 5%, building on a previously disclosed position and intensifying pressure on the UK asset manager.

The investors have argued that Liontrust is undervalued and have criticized the company’s capital allocation and acquisition strategy. Separately, the same portfolios have accumulated a stake of about 2.2% in Impax Asset Management, citing valuation considerations and potential consolidation opportunities in the UK fund‑management sector.

APAC

India’s Birla taps MUFG for $1.5bn to fund Shell asset buy. (Bloomberg)

Aditya Birla Renewables has secured approximately $1.5bn of acquisition financing from Mitsubishi UFJ Financial Group to support its planned purchase of Shell renewable‑energy assets in India.

The financing has been fully underwritten by the Japanese lender and is expected to be raised through an external commercial borrowing facility with a five‑year tenor.

New bids from Fairfax and Emirates revive stalled IDBI Bank sale. (Reuters)

India has received revised bids from Fairfax Financial and Emirates NBD for the acquisition of a majority stake in IDBI Bank, reviving a privatisation process that had stalled earlier over valuation expectations.

The Indian government and Life Insurance Corporation of India are seeking to sell a combined 60.7% stake in the lender. The transaction is expected to move toward completion in the coming weeks as the revised offers are evaluated.

Mylan to sell up to $363m stake in India's Biocon. (Reuters)

Mylan, part of Viatris, plans to sell up to 92m shares in Indian pharmaceutical company Biocon in a secondary transaction valued at up to INR34.81bn ($363m).

The sale represents up to 5.64% of Biocon’s outstanding shares. The shares are being offered at a floor price of INR378.50 ($3.95) each, representing a discount to the company’s previous closing price. Biocon will not receive any proceeds from the transaction.

Samsung Electronics denies report that it is exploring US listing. (Reuters)

Samsung Electronics has denied reports that it is evaluating a US American Depositary Receipt listing.

The company stated that it is not reviewing the issuance of ADRs, responding to market speculation regarding a potential US capital markets transaction.

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