Ardian to acquire Energia Group from I Squared Capital.

Read on...

Scroll down to read deal descriptions. Your suggestions and comments support the democratisation of M&A data. If you'd like to contribute to the future editions, drop us a line.

AMERICAS

Fifth Third to merge with Comerica in a $10.9bn deal.

Fifth Third, a provider of a wide range of banking products and services, including personal banking, small business banking, commercial banking, wealth management, and investment advisory services, agreed to merge with Comerica, a provider of financial products and services, in a $10.9bn deal, according to press releases.

Comerica is advised by JP Morgan, Keefe Bruyette & Woods and Wachtell Lipton Rosen & Katz (led by Edward D. Herlihy and Matthew M. Guest). Fifth Third is advised by Goldman Sachs and Sullivan & Cromwell, according to press releases and MergerLinks data.

G2 Risk Solutions completes the acquisition of EverC.

G2 Risk Solutions, a provider of risk and compliance business intelligence for financial institutions and online platforms, completed the acquisition of EverC, a company that provides AI-driven risk intelligence and management solutions for marketplaces, payment service providers, banks, and merchants in the online seller ecosystem, according to press releases. Financial terms were not disclosed.

EverC was advised by Deutsche Bank and Meitar Law Offices. G2 Risk Solutions was advised by PJT Partners, DLA Piper and KPPR Collective, according to press releases.

Firefly Aerospace to acquire SciTec for $855m.

Firefly Aerospace, a private aerospace firm that designs, manufactures, tests, and launches space launch vehicles, agreed to acquire SciTec, a compamny specializes in delivering cutting-edge advanced sensor systems, data-processing algorithms, and testing equipment, for $855m, according to press releases.

Firefly Aerospace is advised by Goldman Sachs and Kirkland & Ellis. SciTec is advised by Robert W Baird and Cooley, according to press releases.

TransDigm completes the acquisition of the Simmonds business of Goodrich from RTX for $765m.

TransDigm, a designer, producer and supplier of highly engineered aircraft components, completed the acquisition of the Simmonds business of Goodrich, an American manufacturing company, from RTX Corporation, an American multinational aerospace and defense conglomerate, for $765m, according to press releases.

TransDigm was advised by BakerHostetler (led by John J. Allotta). RTX was advised by Wachtell Lipton Rosen & Katz (led by Joshua Cammaker), according to press releases and MergerLinks data.

Paramount completes the acquisition of The Free Press.

Paramount, an American multinational mass media and entertainment conglomerate, completed the acquisition of The Free Press, a new media company that publishes investigative stories and provocative commentary about the world, according to press releases. Financial terms were not disclosed.

The Free Press was advised by Wachtell Lipton Rosen & Katz (led by Elina Tetelbaum, Igor Kirman and Michael J. Schobel), according to press releases and MergerLinks data.

GordonMGlobal Investments, Sanofi Ventures, and Viking Global Investors lead a $125m Series D round in Star Therapeutics.

GordonMD Global Investments, Sanofi Ventures, and Viking Global Investors led a $125m Series D round in Star Therapeutics, a biotechnology company engaged in discovering and developing novel therapies for rare diseases through its portfolio of innovative biotech companies, with participation from Janus Henderson Investors and Frazier Life Sciences, according to press releases.

GordonMD Global Investments was advised by Lumentus (led by Jim Gold), according to press releases.

Abacus Global Management completes the acquisition of AccuQuote.

Abacus Global Management, a provider of a range of financial services and investment products focused on longevity-based investments, completed the acquisition of AccuQuote, an independent life insurance broker that provides a range of life insurance products to its customers, according to press releases. Financial terms were not disclosed.

Software company Qualtrics to buy health-tech firm Press Ganey for $6.7bn. (FT)

Qualtrics, the customer experience software company owned by private equity firm Silver Lake, has agreed to acquire healthcare-focused firm Press Ganey for $6.7bn, including debt. The deal aims to combine Qualtrics’ advanced AI capabilities with Press Ganey’s network of more than 41k hospitals and healthcare providers, enhancing patient and provider feedback solutions across the US.

The acquisition, funded by a consortium of banks and private capital investors, marks the largest in Qualtrics’ history and underscores growing interest in vertical technology firms that provide industry-specific data for AI applications. Press Ganey’s current owners, Ares Management and Leonard Green & Partners, will receive a mix of cash and Qualtrics stock as part of the transaction.

Insight-owned Veeam nears $1.8bn deal to buy Securiti. (Bloomberg)

Veeam Software is in advanced discussions to acquire data privacy management firm Securiti for around $1.8bn, in a deal that could be announced as soon as this week. The transaction reflects growing demand for solutions that help companies manage data privacy and compliance amid increasing regulatory scrutiny.

The talks remain private, and no final agreement has been reached. If completed, the acquisition would expand Veeam’s portfolio of data management and security solutions, strengthening its position in the fast-growing enterprise software market.

Bain Capital closes fourteenth flagship private equity fund at $14bn. (Press Release)

Bain Capital has completed fundraising for its flagship private equity vehicle, Fund XIV, securing about $14bn in total commitments — including $11.8bn from external investors — well above its initial $10bn target. The firm’s own entities made up the remaining capital and collectively stand as its single largest investor. The close brings Bain’s private equity capital raised across its recent North America, Europe, and Asia vintages to over $27bn.

The scale of Fund XIV reinforces investor confidence in Bain’s strategy of combining global reach with localized execution across five core verticals: consumer, healthcare, industrials, services and technology. The firm notes that approximately 80% of value in its portfolio over the past decade has been driven by operating improvements rather than leverage.

Bain Capital was advised by Stanton (led by Charlyn Lusk and Scott Lessne), according to press releases.

TCG Crossover announces oversubscribed $1.3bn TCGX Fund III. (Press Release)

TCG Crossover has successfully closed its third venture capital fund, TCGX Fund III, with $1.3bn in capital commitments, surpassing its initial target. The fund attracted support from both existing and new investors, including institutional investors, foundations, pensions, and endowments. This brings TCGX's total capital raised since its inception in 2021 to over $3.1bn.

The oversubscribed fund reflects strong investor confidence in TCGX’s strategy of backing healthcare and life sciences companies advancing innovative medicines. The firm plans to deploy the new capital across a range of early- and growth-stage investments, targeting transformative healthcare solutions globally.

EMEA

Plusgrade to acquire Oaky from PeakSpan Capital.

Plusgrade, a provider of ancillary revenue solutions, agreed to acquire Oaky, a hospitality software company engaged in providing automated upselling and personalization solutions that help hotels increase revenue and enhance guest experiences, from PeakSpan Capital, a growth-stage venture capital firm that specializes in providing funding and operational support to software companies, according to press releases. Financial terms are not disclosed.

Oaky was advised by Stifel and Osborne Clarke. Plusgrade was advised by Davies Ward Phillips & Vineberg, and Stibbe, according to press releases.

Infinity Engineered Products completes the merger with Meklas Otomotiv.

Infinity Engineered Products, a company specializing in the design and manufacturing of air springs for various applications, particularly in the transportation and industrial sectors, completed the merger with Meklas Otomotiv, which specializes in the production of air springs, vibration absorbers, and products for heavy vehicles, trailer manufacturers, machines, railway systems, light commercial vehicles, agricultural machinery, and the construction sector, according to press releases. Financial terms were not disclosed.

Infinity Engineered Products was advised by Pinnacle Media (led by Christine Bowser). Meklas Otomotiv was advised by Baker McKenzie (led by Orcun Solak), according to press releases and MergerLinks data.

Carlyle nears €7bn deal for BASF unit. (FT)

BASF is nearing a €7bn ($8.2bn) deal to sell its coatings business to US investment firm Carlyle, marking one of the largest private equity transactions in Europe this year. The sale is part of BASF's strategy to streamline operations and focus on core areas such as chemicals and materials. The coatings division, which includes automotive and industrial coatings, has been a significant part of BASF's portfolio, and the deal reflects ongoing consolidation in the global chemicals industry.

The transaction is expected to be finalized in the coming weeks, pending regulatory approvals. Carlyle's acquisition of the coatings business aligns with its strategy to invest in high-quality industrial assets with strong growth potential. The deal underscores the continued interest of private equity firms in the European chemicals sector, driven by opportunities for operational improvements and market expansion.

Trump administration eyes stake in company developing Greenland rare earths mine. (Reuters)

Trump administration officials have held talks about acquiring a stake in Critical Metals, which would give Washington a direct interest in Greenland’s largest rare earths project — located in the Arctic territory that Donald Trump once famously proposed buying. The potential investment underscores the US’s effort to secure strategic mineral assets amid growing competition with China.

If completed, the deal would add another political chapter to the Tanbreez rare earths deposit, which was sold to New York-based Critical Metals after former President Joe Biden successfully lobbied for the sale at a lower valuation than a Chinese bidder had offered. The move could strengthen US influence in the Arctic’s critical minerals sector, seen as vital to national security and clean-energy supply chains.

Blackstone and Lunate announce strategic partnership to invest in GCC logistics. (Press Release)

Blackstone is partnering with Abu Dhabi-based Lunate to launch a new investment platform targeting $5bn in opportunities across the broader Middle East region, as the US private equity firm expands its logistics portfolio. The collaboration will focus primarily on new developments, while also considering acquisitions and sale-and-leaseback transactions.

The venture will deploy dedicated teams across key regional markets and is expected to bring in additional investors over time. The move highlights growing demand for logistics and infrastructure assets in the Gulf, driven by regional diversification efforts and sustained growth in trade and e-commerce.

Polish private equity company MCI is betting on healthcare amid aging population. (Bloomberg)

MCI Capital, one of Poland’s largest private equity firms, is preparing to pursue new investment opportunities in the region amid reduced competition and valuations that remain below Western European levels. The fund, which focuses on mid-sized technology companies in Central and Eastern Europe, is considering its first healthcare acquisition this year.

A strong debut in February on the Warsaw bourse by lab operator Diagnostyka highlighted the appeal of the healthcare sector, particularly services catering to an aging population. Discussions are ongoing, and no final decisions have been made.

Ottobock set for biggest German IPO in more than a year. (Bloomberg)

Ottobock is expected to price its Frankfurt initial public offering at the top of the marketed range, setting up the medical prosthetics maker for Germany’s largest listing in more than a year. The Duderstadt-based company and its owner, the Näder family, are likely to sell shares at €66 ($77) each.

The offering could raise about €702m ($819m), making it the biggest German IPO since beauty retailer Douglas’s debut in March 2024. Ottobock’s listing underscores renewed momentum in Europe’s equity markets, as investor appetite for high-quality medical and technology assets continues to strengthen.

APAC

EssilorLuxottica raises stake in Nikon to 10.8%, strengthening longstanding lens partnership. (Press Release)

Nikon announced that EssilorLuxottica, a global leader in ophthalmic lenses and optical equipment, has increased its stake in the company to 10.8%, up from 9.6%, effective October 1, 2025. The acquisition was made possible following approval under Japan’s Foreign Exchange and Foreign Trade Act, which permits EssilorLuxottica to hold up to 20% of Nikon’s shares.

The two companies have maintained a partnership since 2000 through their joint venture, Nikon-Essilor, focused on the eyeglass lens business under the Nikon brand. Nikon emphasized its commitment to sustainable growth and enhancing corporate value, aiming to meet the expectations of all shareholders and stakeholders.

Aurelius is said to mull sale of ex-Lufthansa catering unit. (Bloomberg)

Private equity firm Aurelius is exploring a sale of LSG Group’s Asia Pacific airline catering business. The firm is working with a financial adviser on the potential transaction, though discussions are ongoing and no final decision has been made.

The unit could be valued at several hundred million dollars. The move reflects continued investor interest in airline catering and support services across the Asia Pacific region.

LG's India IPO is said to attract Abu Dhabi, Norway, Singapore wealth funds. (Bloomberg)

LG's planned initial public offering of its India unit has drawn interest from several major sovereign wealth funds, underscoring strong institutional demand for one of the country’s largest listings this year. Abu Dhabi Investment Authority, Norges Bank Investment Management and Singapore’s GIC are in talks to participate as anchor investors in the $1.3bn offering.

BlackRock and Fidelity International are also expected to join the anchor book. The interest from top global funds highlights growing confidence in India’s consumer electronics market, where LG has established a leading position across appliances and home entertainment products.

Maynilad targets $437m in biggest Philippine IPO since 2021. (Bloomberg)

Philippine utility firm Maynilad Water Services has begun taking institutional orders for an initial public offering that could raise up to $437m, marking the country’s largest listing in four years. The IPO includes a primary sale of as many as 1.66bn shares and a preferential offering of up to 24.9m shares.

Maynilad may also expand the offering to as much as $593m through overallotment and upsizing options, giving the company a valuation of up to $1.6bn. Discussions are ongoing and no final terms have been confirmed.

Daily Review

Connect the World of Dealmakers