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3Top Highlights
Ballard Power Systems, an innovative clean energy fuel cell solutions provider, completed the acquisition of GeoPura, a supplier of renewable energy & EV charging, & emission-free electricity, for £303m ($412m), according to press releases.
GeoPura was advised by Barclays and Winston Taylor. Ballard Power Systems was advised by RBC Capital Markets, Ashurst and Stikeman Elliott, according to press releases and MergerLinks data.
Energy Fuels, a US-based uranium mining company, completed the acquisition of Australian Strategic Materials, a company that specializes in the production of high-purity metals and advanced materials, for $299m according to press releases.
Australian Strategic Materials was advised by Moelis & Co and A&O Shearman. Energy Fuels was advised by Goldman Sachs, Dentons (led by Brandon Irsigler, John Mollard and Jason Saltzman), Dorsey & Whitney, Herbert Smith Freehills Kramer (led by Jay Leary and Nicole Pedler), according to press releases and MergerLinks data.
Apollo, an alternative investment manager, agreed to acquire a minority stake in Atlantic Aviation, an aviation services company, from KKR, an investment firm, according to press releases. Financial terms were not disclosed.
Apollo is advised by Paul Weiss Rifkind Wharton & Garrison (led by Brian Finnegan and Michael Spirtos). KKR is advised by Evercore, Morgan Stanley and Kirkland & Ellis, according to MergerLinks data and press releases.
AMERICAS
Nvidia agrees $12.9bn acquisition of Hugging Face. ( Reuters)
Advent and Stripe abandon PayPal takeover bid. ( WSJ)
Electra Therapeutics files for US IPO. ( Bloomberg)
EMEA
Monte dei Paschi launches $10.2bn bid for Banca Generali. ( Press Release)
Allianz weighs £5bn takeover of AA. ( Sky News)
Astorg and Montagu explore €3bn sale of Nemera. ( Bloomberg)
Valterra Platinum approaches Northam Platinum over potential deal. ( Bloomberg)
Shell ends talks to sell Schwedt refinery stake to Unimot. ( Reuters)
Grow Group explores potential sale. ( Sky News)
Vista Global explores $1bn-plus Europe IPO. ( Bloomberg)
APAC
Blackstone to sell $1.25bn stake in Knowledge Realty Trust. ( Bloomberg)
Itochu offers to acquire Dentsu Soken. ( Bloomberg)
Shein raises $1.7bn in Hong Kong IPO. ( Reuters)
Jio Platforms receives regulatory approval for India IPO. ( Bloomberg)
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COMPANIES
INVESTORS
FINANCIAL ADVISORS
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AMERICAS
Enbridge, an energy delivery company, and KKR, a global investment firm, agreed to form a joint venture to fund the Aspen Point and Sunrise Expansion Programs of the Westcoast natural gas pipeline system, according to press releases. Financial terms were not disclosed.
Enbridge is advised by Morgan Stanley, TD Securities, McCarthy Tetrault and Sullivan & Cromwell (led by Inosi M. Nyatta). KKR is advised by CIBC Capital Markets, Bennett Jones and Kirkland & Ellis, according to MergerLinks data and press releases.
Sonic Automotive, a company specializing in automotive and powersports retail across franchised and used‑vehicle dealerships, completed the acquisition of Porsche Walnut Creek of Fletcher Jones Automotive Group, a family-owned luxury automotive dealership group. Financial terms were not disclosed.
Diodes, a global manufacturer and supplier of discrete, logic, analog and mixed-signal semiconductors, completed the acquisition of ElevATE Semiconductor, a San Diego-based fabless semiconductor company, for $250m, according to press releases.
Diodes was advised by Shelton Group (led by Leanne K. Sievers), according to press releases and MergerLinks data.
LBA Realty, a full service real estate investment and management company, agreed to acquire a 10.5m sq. foot Southeast logistics portfolio from EQT Real Estate, a real estate investor and manager, according to press releases. Financial terms were not disclosed.
Mare Liberum, an investment firm, and AE Ventures, a venture capital platform, led a $240m Series B round in REGENT, an all-electric, passenger-carrying, wing-in-ground-effect vehicles developer, with participation from DCVC, Founders Fund, Caffeinated Capital, Lockheed Martin Ventures, Japan Airlines, and Giant Step Capital, according to press releases.
Keystone Optical Network, a digital infrastructure company, agreed to invest up to $75m in Laser Light Holdings, an owner/operator of an optical platform, according to press releases.
BitGo, a company specializing in digital asset infrastructure, completed the acquisition of the institutional trading business of NYDIG, a company focused on bitcoin mining, vertically integrated power generation, and high‑performance computing data center development, for $58m, according to press releases.
Bain Capital Tech Opportunities, a private equity growth and expansion fund, led a $74m investment in RQD* Clearing, a technology driven clearing and custody firm, with participation from ABN AMRO Clearing Bank and Nyca Partners, according to press releases.
Homewerks Worldwide, a company specializing in home improvement products, completed the acquisition of GTR Technologies, a company focused on ventilation and moisture-control products for the home improvement market, according to press releases. Financial terms were not disclosed.
Nvidia agrees $12.9bn acquisition of Hugging Face. ( Reuters)
Nvidia has agreed to acquire open-source AI model platform Hugging Face for $12.9bn, in what would rank among the chipmaker’s largest acquisitions to date.
The transaction would expand Nvidia’s position in the AI ecosystem as the company continues to invest in infrastructure and platforms supporting growing demand for artificial intelligence.
Advent and Stripe abandon PayPal takeover bid. ( WSJ)
Advent International and Stripe have abandoned plans to acquire PayPal after previously pursuing a potential takeover of the payments company.
The consortium is no longer pursuing a transaction, sending PayPal shares down 12% as investors refocus on the company’s turnaround under new CEO Enrique Lores.
Electra Therapeutics files for US IPO. ( Bloomberg)
Electra Therapeutics has filed for a US IPO to raise funding for the development of its clinical-stage pipeline targeting immune-mediated diseases and cancer.
The San Francisco-based biotech is developing a lead monoclonal antibody candidate for secondary hemophagocytic lymphohistiocytosis, a severe hyperinflammatory disease.
GenNx360 Capital Partners has closed its fourth flagship private equity fund with $865m in commitments, exceeding its original fundraising target.
The fund, the largest in the firm’s history, will invest in US lower middle-market industrial services and business services companies.
EMEA
Pasqal, a developer of neutral-atom quantum computers and quantum systems, went public via a SPAC with Bleichroeder Acquisition Corp II, a blank check company, in a $2bn deal, according to press releases.
Pasqal was advised by Lazard, Orrick Herrington & Sutcliffe and Solebury Strategic Communications. Bleichroeder Acquisition II was advised by Cantor Fitzgerald and Reed Smith (led by Lynwood Reinhardt), according to MergerLinks data and press releases.
Monte dei Paschi launches $10.2bn bid for Banca Generali. ( Press Release)
The offer comprises 6.958 Monte dei Paschi shares for each Banca Generali share and represents a roughly 10% premium to the target’s share price.
Allianz weighs £5bn takeover of AA. ( Sky News)
Allianz is considering a takeover of UK roadside assistance group AA in a potential transaction valued at approximately £5bn ($6.77bn).
The German insurer is among several parties holding talks with AA’s advisers about a potential deal, with private equity firm EQT also reportedly interested.
Astorg and Montagu explore €3bn sale of Nemera. ( Bloomberg)
Astorg and Montagu are exploring a sale of their majority stake in Nemera in a potential transaction that could value the drug delivery device maker at about €3bn ($3.5bn).
The private equity firms are in talks with advisers, with a formal sale process for the GLP-1 pen manufacturer expected to begin in the coming months.
Valterra Platinum approaches Northam Platinum over potential deal. ( Bloomberg)
Valterra Platinum has made an informal approach to rival Northam Platinum to explore a potential combination that could create the world’s largest platinum supplier.
The unsolicited approach remains exploratory and non-binding, with Northam confirming it had been contacted by a major South African platinum-group metals producer.
Shell ends talks to sell Schwedt refinery stake to Unimot. ( Reuters)
Shell has ended negotiations with Unimot over the potential sale of its 37.5% stake in Germany’s PCK Schwedt refinery after discussions that began in 2023.
The companies had reportedly reached advanced talks earlier this year before negotiations ended, leaving Shell’s stake in the Russia-linked refinery unsold.
Grow Group explores potential sale. ( Sky News)
Grow Group has appointed Alvarez & Marsal to explore a sale of the medicinal cannabis producer and find potential new owners.
The company distributes prescribed cannabis medicines in the UK and two other markets and describes itself as the UK’s largest supplier of prescribed cannabis medicines.
Vista Global explores $1bn-plus Europe IPO. ( Bloomberg)
Vista Global is considering a European IPO that could raise more than $1bn, with Bank of America, UBS and UniCredit working on the potential offering.
The UAE-based private aviation group could be valued at more than $10bn in the listing, which may take place next year.
APAC
SBI, a financial services group, completed the acquisition of a 20% stake in Ajaib Group, an Indonesian online stock trading platform, for $270m, according to press releases.
DigitalBridge, a company specializing in digital infrastructure investments, agreed to acquire PLUS ES, a company focused on smart metering infrastructure and energy data services, from Ausgrid Group, an energy company that provides electricity distribution services, according to press releases. Financial terms were not disclosed.
Blackstone to sell $1.25bn stake in Knowledge Realty Trust. ( Bloomberg)
Blackstone is offering to sell a 25.03% stake in India’s Knowledge Realty Trust through an offer for sale worth up to $1.25bn.
The sale is scheduled for August 31 and September 1, with a floor price of INR108 per unit, representing a discount to the REIT’s latest closing price.
Itochu offers to acquire Dentsu Soken. ( Bloomberg)
Itochu has made a buyout offer for Dentsu Soken at JPY2.88 ($18) per share, with the IT services and consulting company supporting the proposal.
The transaction would take Dentsu Soken private by acquiring shares held by investors other than Dentsu Group and represents a roughly 5% premium to its latest closing price.
Shein raises $1.7bn in Hong Kong IPO. ( Reuters)
Shein is set to raise approximately $1.7bn in its Hong Kong IPO, with shares expected to price near the midpoint of the marketed range at $6.19 each.
The offering would value the online fast-fashion retailer at about $26.5bn and raise approximately $1.73bn.
Jio Platforms receives regulatory approval for India IPO. ( Bloomberg)
Jio Platforms has received regulatory approval from the Securities and Exchange Board of India to proceed with its long-awaited initial public offering.
The Reliance Industries-backed digital and telecommunications company plans to issue up to 270m new shares, representing approximately 2.9% of its equity.
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