Bain Capital, Kohlberg and Mubadala completes the investment in PCI Pharma Services.

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AMERICAS

Zimmer Biomet to acquire Monogram Technologies for $177m.

Zimmer Biomet, a global medical technology company, agreed to acquire Monogram Technologies, an orthopedic robotics company, for $177m, according to press releases.

Zimmer Biomet is advised by Morgan Stanley and Hogan Lovells. Monogram Technologies is advised by Wells Fargo Securities, Duane Morris and MZ Group (led by Chris Tyson), according to press releases.

Dessert Holdings completes the acquisition of Willamette Valley Pie.

Dessert Holdings, a dessert company, completed the acquisition of Willamette Valley Pie, a producer of frozen pies and premium fruit products, according to press releases. Financial terms were not disclosed.

Willamette Valley Pie was advised by Whipstitch Capital and Davis Wright Tremaine. Dessert Holdings was advised by RSM International, Fredrikson & Byron and Stanton PRM (led by Charlyn Lusk), according to press releases.

HKW completes the acquisition of Sepratech Liquid Solutions.

HKW, a private equity firm, completed the acquisition of Sepratech Liquid Solutions, an industrial water and wastewater treatment service provider, according to press releases. Financial terms were not disclosed.

HKW was advised by Brookside Capital Partners, LongWater Opportunities and Taft Stettinius & Hollister, according to press releases.

True North Advisors to acquire Blue Investment Partners.

True North Advisors, a registered investment adviser, agreed to acquire Blue Investment Partners, an investment management firm, according to press releases. Financial terms were not disclosed.

Blue Investment Partners is advised by Turkey Hill Management and CounselGS, according to press releases.

Public Policy Holding Company to acquire Pine Cove Capital.

Public Policy Holding Company, a government relations and strategic communications group, agreed to acquire Pine Cove Capital, a strategic consulting firm, according to press releases. Financial terms were not disclosed.

Public Policy Holding Company is advised by Burson Buchanan, according to press releases.

Realtor.com completes the acquisition of Zenlist.

Realtor.com, a real estate software company, completed the acquisition of Zenlist, a real estate technology business, according to press releases. Financial terms were not disclosed.

Zenlist is advised by Alloy Technology Partners, according to press releases.

Sphinx completes the acquisition of Enigma International.

Sphinx, a provider of security solutions that integrate intelligence, cyber, and physical security principles, completed the acquisition of Enigma International, a provider of professional and technical services to defense and intelligence clients, according to press releases. Financial terms were not disclosed.

All U Need Pest Control completes the acquisition of Pest Control Geeks.

All U Need Pest Control, a pest control company, completed the acquisition of Pest Control Geeks, a pest management services provider, according to press releases. Financial terms were not disclosed.

Private equity firms Bain and Kohlberg leading $10bn investment in PCI Pharma Services. (WSJ)

Private equity firms Bain Capital and Kohlberg are leading a multibillion-dollar investment in PCI Pharma Services, a contract development and manufacturing organization that supports biopharma companies in launching new drugs.

The deal values PCI at approximately $10bn including debt. The investment marks a significant bet on the growing demand for outsourced pharmaceutical services.

SpaceX to invest $2bn into Elon Musk’s xAI. (WSJ)

Elon Musk’s SpaceX has reportedly agreed to invest $2bn in his artificial intelligence startup xAI, making up nearly half of the Grok chatbot maker’s recent equity raise.

Musk has been steadily rallying his business empire around xAI, which is working to catch up with rivals like OpenAI. Earlier this year, he merged the startup with social media platform X, combining what had been a small research lab with a major distribution channel for Grok. That deal valued the combined company at around $113bn.

Publisher McGraw Hill targets $4.2bn valuation in US IPO. (Reuters)

McGraw Hill is launching its long-anticipated initial public offering, aiming for a valuation of up to $4.2bn as it joins a wave of private equity-backed companies tapping into renewed investor optimism.

The Columbus, Ohio-based educational publisher, owned by Platinum Equity, announced on 14 July that it will offer 24.4m shares of common stock at a price range of $19 to $22 per share.

Consumer data firm NIQ seeks $1.2bn in US IPO. (SEC)

NIQ is aiming to raise up to $1.2bn through a US initial public offering, joining a wave of companies tapping equity markets this summer. The company, formerly the consumer intelligence arm of Nielsen, plans to offer 50m shares priced between $20 and $24 each.

The listing would mark a significant step in NIQ’s evolution following its separation from Nielsen, as it looks to capitalize on investor appetite for data and analytics-driven businesses.

EMEA

UniCredit to review Banco BPM pursuit after Italian court ruling on takeover conditions. (Bloomberg)

UniCredit will reassess its next steps regarding a potential acquisition of Banco BPM following a mixed ruling by an Italian court on government-imposed conditions.

The administrative court of Lazio annulled two of the requirements set by the government related to the deal but upheld others, specifically, that UniCredit must exit its Russian operations and maintain domestic investment levels at Anima Holding, Banco BPM’s recently acquired asset manager.

Chief Executive Officer Andrea Orcel had previously signaled that such conditions could jeopardize the bank’s takeover ambitions. The court’s decision, published on 12 July, leaves the door open for UniCredit to continue evaluating its options.

UniCredit is advised by Cappelli Riolo Calderaro Crisostomo Del Din & Partners (led by Roberto Cappelli), Chiomenti (led by Gianrico Giannesi), Clifford Chance (led by Riccardo Coassin), Freshfields Bruckhaus Deringer (led by Gian Luca Zampa), Gatti Pavesi Bianchi Ludovici (led by Carlo Pavesi), Maisto e Associati (led by Mauro Messi), Sullivan & Cromwell (led Mitchell S. Eitel), Brunswick Group and Deloitte. Deloitte is advised by Legance (led by Marco Iannò). Banco BPM is advised by Legance (led by Alberto Maggi and Filippo Troisi) and Studio Zoppini e Associati (led by Andrea Zoppini), according to MergerLinks data and press releases.

Sun European Partners completes the acquisition of Alton Cars.

Sun European Partners, a private equity firm, completed the acquisition of Alton Cars, a provider of vehicle accident repair services, according to press releases. Financial terms were not disclosed.

Sun European Partners was advised by Mayer Brown, according to press releases.

Aurelius completes the acquisition of info tech business from DCC for £100m.

Aurelius, a private equity firm, completed the acquisition of info tech business from DCC, a diversified conglomerate that operates across three main sectors: energy, healthcare, and technology, for £100m ($135m), according to press releases.

DCC was advised by Sodali & Co (led by Eavan Gannon), according to press releases.

Partners Group, GIC, TPG Rise Climate and Mubadala to invest in Techem.

Partners Group, GIC, TPG Rise Climate and Mubadala, an investment companies, agreed to invest in Techem, an international provider of digitally enabled solutions for the real estate sector, according to press releases. Financial terms were not disclosed.

Partners Group is advised by JP Morgan, according to MergerLinks data.

INVL Baltic Sea Growth Fund completes the acquisition of Pehart Group.

INVL Baltic Sea Growth Fund, a private equity firm, completed the acquisition of Pehart Group, a paper production company based in Romania, according to press releases. Financial terms were not disclosed.

Summit Partners to invest in Dreampath Diagnostics.

Summit Partners, a private equity firm, agreed to invest in Dreampath Diagnostics, a diagnostic technology company, according to press releases. Financial terms were not disclosed.

Orange, Bouygues and Iliad-owned Free exploring carve-up of Patrick Drahi’s SFR. (FT)

French telecom operators Orange, Iliad-owned Free, and conglomerate Bouygues are exploring a possible deal to carve up SFR, the French telecom business controlled by billionaire Patrick Drahi.

The potential arrangement would see SFR's assets split among the companies, with Bouygues or Iliad likely taking the lead in the restructuring. The discussions come as SFR faces increasing competitive and financial pressures, prompting renewed interest in consolidating France's telecom landscape.

Tullow and Kenya's Gulf Energy win extension for oil-field plan. (Bloomberg)

Tullow Oil and Nairobi-based Gulf Energy have received an extension from the Kenyan government to submit a development plan for oil fields in the country, marking a key step toward finalizing the $120m sale agreement between the two companies.

Tullow reached a deal in April to sell the long-delayed oil assets after more than a decade of stalled efforts to bring them into production. The extension is considered crucial for progressing the deal, which investors have welcomed as a pathway to reducing Tullow’s debt load. The agreement remains contingent on formal approval of the development plan needed to advance production.

EU ready to hit US with €21bn tariff list. (Reuters)

The European Union has drawn up a list of tariffs worth €21bn ($24.5bn) on US goods in case trade negotiations fail to produce an agreement.

The warning comes after US President Donald Trump threatened over the weekend to impose a 30% tariff on imports from both Mexico and the EU starting August 1, following stalled negotiations with key trading partners.

APAC

Synopsys secures conditional approval from China for $35bn Ansys deal. (Reuters)

China’s market regulator has conditionally approved Synopsys’ $35bn acquisition of engineering design firm Ansys, clearing the last major regulatory hurdle for the transaction.

The State Administration for Market Regulation gave the green light on July 14, paving the way for two major players in the electronic design automation industry to join forces. The deal, announced early last year, had faced intense antitrust scrutiny in several markets, including the UK.

Synopsys is advised by Cleary Gottlieb Steen & Hamilton (led by Paul Shim, Christopher Moore and Benet O'Reilly), Brunswick Group, FGS Global (led by John Christiansen) and Evercore (led by Naveen Nataraj). Evercore is advised by Paul Weiss Rifkind Wharton & Garrison. Ansys is advised by Goodwin Procter (led by Stuart Cable, Lisa Haddad and James Ding), Skadden Arps Slate Meagher & Flom (led by Mike Ringler), Joele Frank (led by Matthew Sherman) and Qatalyst Partners (led by George Boutros and Frank Quattrone). Qatalyst Partners is advised by Morrison Foerster (led by Spencer Klein), according to MergerLinks data and press releases.

Australia's Abacus Storage King gets $1.4bn offer. (Reuters)

Australia’s Abacus Storage King confirmed it has received an improved takeover proposal from a consortium led by South African billionaire Nathan Kirsh’s family office, Ki, alongside US-based Public Storage. The revised offer values the self-storage operator at AUD2.2bn (US$1.4bn) and lifted its shares by more than 7% on July 14.

Ki is advised by Goldman Sachs, Herbert Smith Freehills Kramer (led by Nicole Pedler) and Sullivan & Cromwell (led by Lee C. Parnes, Brian E. Hamilton and Iacopo T. Lash). Public Storage is advised by Goldman Sachs, Gilbert + Tobin and Wachtell Lipton Rosen & Katz (led by Viktor Sapezhnikov). Abacus Storage King is advised by Macquarie Group, King & Wood Mallesons and GRACosway (led by Ben Wilson). Abacus Group is advised by Morgan Stanley, according to MergerLinks data and press releases.

Mango Financial to merge with Cayson Acquisition.

Mango Financial, a full licensed boutique investment bank, agreed to merge with Cayson Acquisition, a special purpose acquisition company, according to press releases. Financial terms were not disclosed.

Mango Financial is advised by Loeb & Loeb. Cayson Acquisition is advised by EarlyBirdCapital and Graubard Miller, according to press releases.

Chipmaker Kioxia plans debut bond abroad. (Bloomberg)

Kioxia is planning to raise up to $3bn through a US dollar bond sale, marking its first-ever corporate debt issuance. The move comes amid growing appetite among international investors for Japanese corporate notes, even those from lower-rated issuers.

Kioxia has appointed banks including Morgan Stanley and Goldman Sachs as joint lead managers for the offering. Investor meetings are expected to begin on July 14.

NTT DC REIT makes tepid debut after Singapore's biggest IPO in 4 years. (Reuters)

NTT DC REIT, a data centre real estate investment trust, made a muted debut on the Singapore Exchange on July 14, edging up to SGD1.03 ($0.80) in early trading, just above its offer price of SGD1 ($0.78) per unit.

The listing, which raised SGD1.04bn ($773m), marks Singapore’s largest initial public offering in four years, buoyed by investor interest in artificial intelligence and digital infrastructure. The benchmark Straits Times Index was up 0.4% at the time of listing.

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