Bain Capital-backed Envestnet to acquire Vestmark.

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

Axogen to acquire BioCircuit Technologies for $200m.

Axogen, a medical technology company focused on peripheral nerve repair and regeneration, agreed to acquire BioCircuit Technologies, a provider of medical devices for peripheral nerve repair and neuromodulation, for $200m, according to press releases.

Axogen is advised by Bank of America and Foley Hoag. BioCircuit Technologies is advised by Piper Sandler and Jones Day, according to press releases.

Apax Partners completes the acquisition of NextGen Security from Dunes Point Capital.

Apax Partners, a private equity firm, completed the acquisition of NextGen Security, an end-to-end integrator of electronic security systems, from Dunes Point Capital, a private investment firm, according to press releases. Financial terms were not disclosed.

Dunes Point Capital was advised by Alvarez & Marsal, Raymond James, William Blair & Co and Polsinelli, according to press releases.

Enbridge to acquire the crude oil franchise of Tallgrass Energy for $2.55bn.

Enbridge, a North American energy infrastructure company, agreed to acquire the crude oil franchise of Tallgrass Energy, a midstream energy company, for $2.55bn, according to press releases.

Enbridge is advised by Citigroup, Sidley Austin and Sullivan & Cromwell, according to press releases.

Bregal Sagemount completes the investment in A-Rent.

Bregal Sagemount, a growth-focused private capital firm, completed the investment in A-Rent, a provider of electrical test equipment rentals, according to press releases. Financial terms were not disclosed.

Bregal Sagemount was advised by Goodwin and Kirkland & Ellis. A-Rent was advised by Lincoln International, according to press releases.

HIG Capital completes the investment in Click Here Digital.

HIG Capital, an alternative asset investment firm, completed the investment in Click Here Digital, a full-service digital marketing and advertising agency, according to press releases. Financial terms were not disclosed.

HIG Capitalwas advised by Stephens and TD Securities. Click Here Digital was advised by Canaccord Genuity, according to press releases.

Berkshire Residential Investments to acquire the remaining 50% stake of MF1 from Limekiln.

Berkshire Residential Investments, a privately held real estate investment manager, agreed to acquire the remaining 50% stake of MF1, a private-label multifamily mortgage lender, from Limekiln, a commercial real estate credit-focused investor, according to press releases. Financial terms were not disclosed.

Berkshire Residential Investments is advised by Berkshire Global Advisors and Gibson Dunn & Crutcher. Limekiln is advised by Herbert Smith Freehills Kramer, according to press releases.

The Sterling Group-backed Overhead Garage Door completes the acquisition of Madisonville Garage Doors, Hall's Garage Doors and Compaan Garage Doors.

The Sterling Group-backed Overhead Garage Door, a provider of garage and overhead doors and dock equipment for residential and commercial customers, completed the acquisition of Madisonville Garage Doors, Hall's Garage Doors and Compaan Garage Doors, providers ofgarage doors and related services, according to press releases. Financial terms were not disclosed.

Overhead Garage Door was advised by HamptonRock Partners, Kelly Hart & Hallman and McDermott Will & Schulte, according to press releases.

Google Ventures led a $275m Series F round in Encoded Therapeutics.

Google Ventures, a venture capital firm, led a $275m Series F round in Encoded Therapeutics, a developer of precision gene therapies, with participation from ARCH Venture Partners, Braidwell, Farallon Capital Management, Illumina Ventures, Invus, Janus Henderson Investors, Matrix Capital Management, Nolan Capital, RTW Investments, SoftBank Vision Fund 2 and Venrock, according to press releases.

Encoded Therapeutics was advised by Red House Consulting (led by Lori Rosen), according to press releases.

Danforth Health completes the acquisition of Ambit.

Danforth Health, a unified platform of providers of business consulting and services for life science companies, completed the acquisition of Ambit, a technology-enabled solutions company specializing in commercial strategy, advanced analytics, and patient identification for rare and specialty biopharma companies, according to press releases. Financial terms were not disclosed.

Ambit was advised by Clearsight Advisors (led by Tory Steel and Greg Treger), according to press releases and MergerLinks data.

Banneker Partners-backed Fabric Data to merge with TMT Insights.

Banneker Partners-backed Fabric Data, a company that offers data solutions for the entertainment industry, agreed to merge with TMT Insights, a provider of media supply‑chain orchestration software and professional services, according to press releases. Financial terms were not disclosed.

Fabric Data is advised by Bubble Agency, according to press releases.

SPG completes the acquisition of DFW Crating & Packaging.

SPG, a vertically integrated provider of protective packaging products, completed the acquisition of DFW Crating & Packaging, a provider of custom crating and protective packaging solutions, according to press releases. Financial terms were not disclosed.

SPG was advised by Mulberry Marketing Communications (led by Marissa McFarland), according to press releases.

Precera Medical completes the acquisition of Additive Metal Services.

Precera Medical, a global CDMO focused on the production of high-precision components, completed the acquisition of Additive Metal Services, a provider of metal injection molding and sinter-based additive manufacturing, according to press releases. Financial terms were not disclosed.

Precera Medical was advised by Gregory FCA (led by Daniel Abramson), according to press releases.

Diffusion and Lightspeed Venture Partners led a $550M funding round in Harvey.

Diffusion and Lightspeed Venture Partners, venture capital firms, led a $550M funding round in Harvey, a generative AI company purpose-built for the legal and professional services industries, with participation from Sequoia, Kleiner Perkins, a16z, Coatue, Conviction, Elad Gil, Evantic, GIC, Goldman Sachs Alternatives, Verified Capital, WNDR, Diffusion, Lightspeed, Sapphire Ventures and Whale Rock, according to press releases.

Windsong Global-backed Belle Brands completes the acquisition of Vegamour.

Windsong Global-backed Belle Brands, a consumer-focused beauty and personal care platform, completed the acquisition of Vegamour, a provider of plant-powered, science-positioned hair and scalp care products and oral supplements direct to consumers, according to press releases. Financial terms were not disclosed.

SecureSky completes the acquisition of Soveren.

SecureSky, a provider of exposure management and patented ai-based managed detection and response services, completed the acquisition of Soveren, an innovator in data security posture management, according to press releases. Financial terms were not disclosed.

DOJ probes Nvidia's licensing deal with AI startup Groq. (Reuters)

The US Justice Department is investigating whether Nvidia structured its $17bn licensing agreement with AI chip startup Groq to avoid antitrust scrutiny. The regulator opened its investigation shortly after the transaction was announced in December and has sought information from Nvidia about the arrangement.

The deal gave Nvidia a non-exclusive license to Groq’s chip technology and included the hiring of several senior executives, including founder Jonathan Ross. The investigation remains ongoing and could conclude without enforcement action, although Nvidia could face a fine if regulators identify violations.

TPG explores $5bn sale of healthcare software company Lyric. (Reuters)

TPG is exploring a potential sale of healthcare payments software company Lyric in a transaction that could value the business at around $5bn.

The private equity firm is working with JP Morgan on the potential divestment. Lyric, which helps insurers identify and prevent inaccurate medical claims payments, generates about $250m in annual EBITDA. TPG acquired the business, then known as ClaimsXten, for about $2.2bn in 2022 before rebranding it as Lyric.

Blackstone-backed Kinetik said to weigh potential sale. (Bloomberg)

Blackstone-backed energy pipeline operator Kinetik Holdings is exploring strategic options, including a potential sale of the company, amid strong dealmaking activity across US energy infrastructure.

Kinetik has engaged advisers to prepare for a potential sale process that could begin within weeks, although the company could ultimately remain independent. The business operates more than 4.6k miles of pipelines and related infrastructure across the Permian Basin.

Cerberus-backed Stratolaunch said to seek $500m IPO. (Bloomberg)

Hypersonics company Stratolaunch is preparing for a US initial public offering that could raise up to $500m as soon as October, targeting a valuation of around $2bn to $3bn.

The Cerberus Capital Management and Elliott Investment Management-backed company has tapped Goldman Sachs and Citigroup to lead preparations and could make its IPO filing public as soon as September. Stratolaunch develops reusable hypersonic test vehicles and other systems for defence and government customers.

Vale eyes China bond debut as soon as 2026. (Bloomberg)

Brazilian iron ore producer Vale is considering entering China’s onshore bond market as soon as this year through a potential debut panda bond issuance.

The company is preparing to access the market, where international corporate offerings typically range from about $400m to $500m and carry relatively short maturities. The move would deepen Vale’s financing links with China, its largest market and the source of roughly half of its revenue.

EMEA

Intesa investors back share issue to finance Monte Paschi bid. (Bloomberg)

Intesa Sanpaolo shareholders have approved the issuance of new shares to support its €35.4bn ($41.2bn) takeover bid for Banca Monte dei Paschi di Siena, advancing a transaction that could significantly reshape Italy’s banking sector.

The approval authorizes Intesa’s board to issue up to 5.7bn new shares for the proposed acquisition. The board will determine the final size of the capital increase, issue price and other terms required to complete the transaction.

TotalEnergies flags new oil discovery, enters two exploration blocks in Angola. (Reuters)

TotalEnergies has signed agreements to acquire a 40% operated interest in two new exploration blocks in Angola, while also announcing a new oil discovery at its offshore Block 17. The new interests cover Blocks 17/25 and 32/21 in the Lower Congo Basin, close to the company’s existing operations.

The Acacia-5 discovery is expected to add around 6k barrels per day to Block 17 production, with first oil targeted just three months after the discovery was made in June 2026. TotalEnergies holds a 38% operating interest in Block 17.

Saudi Aramco weighs sale of chemicals business Arlanxeo. (Bloomberg)

Saudi Aramco is considering a potential sale of its specialty chemicals business Arlanxeo as the state-owned energy group advances a broader multibillion-dollar divestment program. Arlanxeo is a Netherlands-based producer of synthetic rubber and has been wholly owned by Aramco since 2018.

The company is working with an adviser to identify potential buyers for the business, which could attract interest from chemicals groups and private equity firms.

THG may sell non-core assets as protein hype boosts performance. (Bloomberg)

THG is attracting takeover interest for some of its non-core brands as the UK retailer sharpens its focus on its sports nutrition business, led by Myprotein.

Potential disposals are expected to generate more than the £103m ($140m) raised from the sale of Claremont Ingredients last year. Proceeds from any transactions would support THG’s plans to further reduce its debt.

Benfica investor Dos Santos in fresh talks to sell stake in club. (Bloomberg)

Benfica shareholder José António dos Santos is in talks with several investors over a potential sale of his 16.4% stake in the Portuguese football club after a previous transaction fell through.

Dos Santos, Benfica’s second-largest shareholder, is seeking around €15 ($17.47) per share for the holding, more than double the club’s recent market price. Benfica’s member-owned parent remains the controlling shareholder with a 64% stake.

Top shareholder in Bang & Olufsen is said to consider stake sale. (Bloomberg)

Hong Kong-based luxury goods dealer New Sparkle Roll International Group is considering selling its stake in Danish audio equipment maker Bang & Olufsen.

New Sparkle Roll is one of Bang & Olufsen’s largest shareholders, holding more than 10% of the company. The group is working with an adviser and could approach potential buyers in the coming months as it evaluates a divestment.

Airbus considers more asset acquisitions to manage supply chain. (Bloomberg)

Airbus is considering taking direct control of additional suppliers as it seeks to strengthen access to critical aircraft parts following years of supply-chain bottlenecks that have contributed to production delays and missed delivery targets.

The aircraft manufacturer has already pursued greater vertical integration through its acquisition of several former Spirit AeroSystems operations, including facilities and production activities supporting the A220, A320 and A350 programs. Further supplier takeovers could be considered where direct ownership provides greater control over production and deliveries.

APAC

Thoma Bravo completes the investment in Tanda.

Thoma Bravo, a private equity firm, completed the investment in Tanda, a workforce management, payroll and HR platform for shift-based workers, according to press releases. Financial terms were not disclosed.

Thoma Bravo was advised by Piper Sandler, Allens and Kirkland & Ellis. Tanda was advised by Barclays, Barrenjoey Capital Partners and SBA Law, according to press releases and MergerLinks data.

Mubadala and Centurium Capital to invest $1bn in Luckin Coffee.

Mubadala, an Abu Dhabi-based global investor, and Centurium Capital, a private equity firm specializing in investments in the healthcare and consumer sectors in China, agreed to invest $1bn in Luckin Coffee, a China-based coffee chain focused on mass-market coffee retail, according to press releases.

Grab is said in talks to buy SoftBank-backed fintech firm Atome. (Bloomberg)

Grab is in talks to acquire a majority stake in Singapore-based buy-now-pay-later platform Atome Financial in a transaction that could value the business at more than $2bn.

Atome, a unit of Advance Intelligence Group, provides installment payment services across sectors including fashion, beauty, travel and lifestyle. The potential acquisition would further expand Grab’s financial services business, although discussions remain ongoing and no final agreement has been reached.

Boyu is said to agree to buy China’s Xiamen Aircraft Leasing. (Bloomberg)

Asia-focused investment firm Boyu Capital has agreed to acquire Xiamen Aircraft Leasing, with the transaction expected to close by the end of this year.

Xiamen Aircraft Leasing operates across aircraft and engine trading, leasing, sale-and-leaseback transactions and aviation asset management. The agreement follows an earlier sale process that attracted interest from investment firms including Bain Capital.

Hong Kong IPO’s 177% pop highlights quirk in allocation rules. (Bloomberg)

Excelland Robotics Wuxi surged as much as 177% in its Hong Kong trading debut, drawing attention to the city’s IPO allocation rules after nearly 94% of the offering was placed with institutional investors despite strong retail demand.

The Chinese robotics company’s retail tranche was subscribed about 140 times, while institutional demand reached 0.99 times. Because the institutional portion was not fully subscribed, rules that can increase the allocation to retail investors were not triggered.

AMD-backed Korean AI startup upstage considers pre-IPO round. (Bloomberg)

South Korean AI startup Upstage is considering a pre-IPO funding round as part of several capital-market options, including a potential public listing, as it seeks additional capital to support its hardware-intensive expansion.

The Seoul-based company raised KRW560bn ($420m) in a Series C round this year, bringing its total funding to KRW730bn ($548m). Upstage has also secured a strategic investment and partnership with AMD as it expands its AI infrastructure and model development capabilities.

Payment firms Visa, Mastercard and Ant International team up on AI agent trust framework. (Reuters)

Ant International, Mastercard and Visa have launched an initiative to develop common standards for identifying and verifying AI agents that can make purchases on behalf of consumers.

The companies are collaborating on a Know-Your-Agent interoperability framework designed to allow payment networks, digital wallets, AI platforms and online marketplaces to recognize trusted agents across different payment ecosystems. The initiative aims to reduce integration costs and support the expansion of AI-powered commerce while allowing participants to maintain their own approval and risk-management processes.

Daily Review

Connect the World of Dealmakers