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AMERICAS

Union Pacific to acquire Norfolk Southern for $85bn.

Union Pacific, a freight-hauling railroad, offered to acquire Norfolk Southern, a provider of rail transportation services, for $85bn, according to press releases.

Norfolk Southern is advised by Bank of America, Sidley Austin, Wachtell Lipton Rosen & Katz (led by Jacob A. Kling and Edward D. Herlihy) and Joele Frank (led by Joseph Sala). Union Pacific is advised by Morgan Stanley, Wells Fargo Securities, Covington & Burling and Skadden Arps Slate Meagher & Flom (led by Paul Schnell and Brandon Van Dyke), according to press releases and MergerLinks data.

GTCR to acquire FMG Suite from Aurora Capital Partners.

GTCR, a private equity firm, agreed to acquire FMG Suite, a provider of advisor-led marketing automation software used by financial advisors and insurance professionals, from Aurora Capital Partners, a private equity firm, according to press releases. Financial terms were not disclosed.

FMG Suite is advised by Lincoln International, William Blair & Co and Gibson Dunn & Crutcher. GTCR is advised by Ardea Partners, Harris Williams & Co, Simpson Thacher & Bartlett and Prosek Partners (led by Josh Clarkson). Aurora Capital is advised by ASC Advisors (led by Taylor Ingraham), according to press releases.

Flowserve failed to merge with Chart Industries in a $19bn deal.

Flowserve, a supplier of industrial and environmental machinery, failed to merge with Chart Industries, a highly engineered equipment manufacturer, in a $19bn deal, according to press releases.

Lilly completes the acquisition of SiteOne Therapeutics for $1bn.

Lilly, a pharmaceutical company, completed the acquisition of SiteOne Therapeutics, a private biotechnology company developing small molecule inhibitors of sodium channels to treat pain and other neuronal hyperexcitability disorders, for $1bn, according to press releases.

SiteOne Therapeutics was advised by Centerview Partners (led by E. Eric Tokat), Cooley (led by Laura Berezin) and Skadden Arps Slate Meagher & Flom (led by Graham Robinson). Lilly was advised by JP Morgan and Jones Day (led by Ben Chouka), according to press releases and MergerLinks data.

LLCP completes the acquisition of Shipley from Peak Rock.

LLCP, a private equity firm, completed the acquisition of Shipley, an American doughnut company and coffeehouse chain, from Peak Rock, a private equity firm, according to press releases. Financial terms were not disclosed.

LLCP was advised by Kirkland & Ellis and DLA Piper. Shipley was advised by JP Morgan and North Point Advisors. Peak Rock was advised by Kekst CNC (led by Daniel Yunger), according to press releases.

Stonepeak completes the acquisition of a minority stake in Generia Land from Solaria.

Stonepeak, an alternative investment firm, completed the acquisition of a minority stake in Generia Land, a company dedicated to sourcing, acquiring, and leasing land in Europe to renewable energy projects, including solar, wind, and battery storage, from Solaria, a company in infrastructure, power generation and data centers in Europe. Financial terms were not disclosed.

Stonepeak was advised by Simpson Thacher & Bartlett (led by Amy Mahon) and Watson Farley & Williams. Solaria was advised by Alantra, Kutxabank and White & Case, according to press releases.

Wayne-Sanderson Farms completes the acquisition of Harrison Poultry.

Wayne-Sanderson Farms, a poultry producer, completed the acquisition of Harrison Poultry, a Georgia-based producer of high-quality chicken, according to press releases. Financial terms were not disclosed.

Wayne-Sanderson Farms was advised by Bank of America, BakerHostetler and Proskauer Rose. Harrison Poultry was advised by Stephens and Eversheds Sutherland, according to press releases.

EQT and CPP Investments to acquire NEOGOV from Warburg Pincus and Carlyle.

EQT and CPP Investments, two investment organizations, agreed to acquire NEOGOV, a government software company, from Warburg Pincus, a global private equity firm, and Carlyle, an investment firm, according to press releases. Financial terms were not disclosed.

NEOGOV is advised by Moelis & Co and Willkie Farr & Gallagher. EQT is advised by Jefferies & Company and Ropes & Gray (led by Eric Issadore). CPP Investments is advised by Ropes & Gray and Weil Gotshal and Manges (led by Timothy Burns), according to press releases and MergerLinks data.

Saothair Capital Partners completes the acquisition of AAI from Halma.

Saothair Capital Partners, a private equity firm focused exclusively on investing in middle-market manufacturing and industrial companies, completed the acquisition of AAI, a designer and manufacturer of fire and life safety detection solutions for residential and commercial applications, from Halma, a group of safety equipment companies, according to press releases. Financial terms were not disclosed.

Saothair Capital was advised by McGuireWoods. Halma was advised by Nixon Peabody and Houlihan Lokey, according to press releases.

KRAFTON to acquire Eleventh Hour Games for $96m.

KRAFTON, a video game publisher and holding company, agreed to acquire Eleventh Hour Games, the creators of the Last Epoch, for $96m, according to press releases.

KRAFTON is advised by Davis Polk & Wardwell (led by Michael Gilson), according to MergerLinks data.

CRH to acquire Eco Material for $2.1bn.

CRH, a provider of building materials solutions, agreed to acquire Eco Material, a supplier of supplementary cementitious materials in North America, for $2.1bn, according to press releases.

PTAG completes the acquisition of Construct-X.

PTAG, a consulting firm, completed the acquisition of Construct-X, a consulting and technology firm, according to press releases. Financial terms were not disclosed.

Harley Davidson nears financing unit deal with Pimco, KKR. (Bloomberg)

Harley-Davidson is nearing a $5bn deal to sell a stake in its financing division and its current motorcycle loan portfolio to Pacific Investment Management and KKR.

The private credit divisions of both firms are in talks to acquire an interest in Harley-Davidson Financial Services, offering motorcycle financing options, insurance products and services.

Mars to invest $2bn into US manufacturing through 2026. (Press Release)

Mars, a snacking, food and pet brands owner, plans to invest around $2bn in its US manufacturing operations by the end of 2026, reinforcing its long-standing commitment to domestic production.

Currently, 94% of Mars products sold in the US are made locally. This new investment adds to the over $6bn the company has already spent on US manufacturing over the past five years.

Berkshire Hathaway seeks up to $1.25bn for VeriSign stake. (Press Release)

Berkshire Hathaway is selling around one-third of its holdings in VeriSign, securing a significant profit after investing in the company over a decade ago.

According to sources, Berkshire affiliates are offering 4.3m shares at $285 each - up to 6.9% below Monday’s closing price. The rest of Berkshire's shares in the company will be under a one-year lockup agreement.

Warner Bros to get studio business after split. (Reuters)

Warner Bros. Discovery plans to split into two separate public companies - Warner Bros and Discovery Global - reversing their merger in under four years due to major shifts in the entertainment industry.

The split, expected by mid-2026, aims to boost growth in streaming and studios by separating them from the declining cable business, as consumers increasingly move away from traditional TV.

Lyten secures more than $200m in investment to support its ongoing acquisition strategy. (Press Release)

Lyten, a California-based startup specializing in lithium-sulfur batteries, has raised $200m from existing investors to support the acquisition of assets from bankrupt manufacturer Northvolt.

The funding will allow Lyten to acquire intellectual property tied to energy storage systems, complementing its earlier agreement to purchase and restart operations at Northvolt’s assembly plant in Poland. The company may also deploy part of the capital for additional acquisitions.

JetBlue and United complete DoT review of Blue Sky collaboration. (Press Release)

JetBlue and United Airlines have finalized the US Department of Transportation’s review of their Blue Sky partnership and are now cleared to move forward with the implementation.

Blue Sky is a distinctive collaboration aimed at offering travelers from both airlines greater flight choices and expanded ways to earn and redeem MileagePlus miles and TrueBlue points. The partnership will start delivering new customer benefits this fall.

Chile will ask US to include copper within US-Chile trade deal. (Reuters)

Chile anticipates that US tariffs on copper will be addressed during broader trade discussions in Washington this week.

The Trump administration plans to impose a 50% tariff on copper imports starting August 1. As the world’s leading copper producer and the top supplier of refined copper to the US, Chile is especially affected - though it exports far more to China.

Figma announces increase in IPO price range. (Press Release)

Figma increased the price range for its upcoming US IPO on Monday, now targeting a valuation of $18.8bn, highlighting strong investor interest in high-growth tech companies.

The design software company and its investors plan to raise $1.18bn by offering nearly 37m Class A common shares at $30 to $32 each, up from the previously suggested range of $25 to $28.

Odyssey seeks $1bn to extend hold on Industrial Electric. (Bloomberg)

Odyssey Investment Partners is proposing a single-asset continuation fund to retain ownership of its portfolio company, Industrial Electric.

The private equity firm initially invested in Industrial Electric in 2022 via its Fund VI, which had closed in 2020 with $3.25bn in capital.

EMEA

Bridgepoint to acquire a majority stake in Hanseatic Broking Center from Preservation Capital.

Bridgepoint, a private investment company, agreed to acquire a majority stake in Hanseatic Broking Center, an independent SME+ insurance distribution platform in the DACH region, from Preservation Capital, a private equity firm, according to press releases. Financial terms were not disclosed.

Hanseatic Broking Center is advised by LEK Consulting, Macquarie Capital, PricewaterhouseCoopers and Sidley Austin. Bridgepoint is advised by McKinsey & Company, Ernst & Young, Nomura, Rothschild & Co, Kirkland & Ellis (led by Sebastian Pitz and Tobias Larisch) and OMMAX Digital Solutions, according to press releases.

Opdenergy completes the acquisition of operational wind assets with a total capacity of 440 MW from Acciona Energía for €500m.

Opdenergy, an independent renewable energy developer and producer, completed the acquisition of operational wind assets with a total capacity of 440 MW from Acciona Energía, an energy industry company, for €500m ($583m), according to press releases.

Opdenergy was advised by Societe Generale, according to MergerLinks data.

FountainVest to acquire a 45.7% stake in EuroGroup Laminations for $329m.

FountainVest, an investment firm, agreed to acquire a 45.7% stake in EuroGroup Laminations, a motors and generators company, for $329m, according to press releases.

FountainVest is advised by Morgan Stanley, according to MergerLinks data.

Mediobanca investor Delfin will keep assessing Monte Paschi bid. (Corriere della Sera)

Delfin, the largest shareholder of Mediobanca, is still evaluating Monte dei Paschi's takeover bid, which it considers "very interesting," according to Delfin chairman, Francesco Milleri.

Mediobanca has criticized the €13.3bn ($15.5bn) offer as significantly undervalued - about 32% below what its board considers fair. Milleri noted that revising the offer to better reflect Mediobanca’s market value could make it more appealing to investors.

EU launches investigation into Adnoc’s €14.7bn acquisition of Covestro. (WSJ)

The European Commission has launched an investigation into Abu Dhabi National Oil €14.7bn ($17bn) acquisition of German chemical firm Covestro, due to concerns over potential market distortion from foreign subsidies.

While the deal passed antitrust review in May, the Commission is now examining whether Adnoc and Covestro could benefit from unfair financial support - specifically, an unlimited guarantee from the UAE and Adnoc’s commitment to inject €1.17bn ($1.4bn) in capital into Covestro.

Insurer PZU eyes seed funding role for big Polish projects. (Bloomberg)

Polish insurer PZU plans to take a leading role in securing funding for major national energy and infrastructure initiatives following its merger with Bank Pekao.

PZU CEO Andrzej Klesyk stated that part of the anticipated PLN20bn ($5.5bn) in capital unlocked through the merger of the two state-owned entities would be directed into a fund. This fund will support key development projects and aim to attract international investment, including from sovereign wealth funds.

Buyout groups explore sale of British wealth manager Evelyn. (Reuters)

Private equity firms Permira and Warburg Pincus are considering selling Evelyn Partners, one of the UK’s largest wealth management firms. They are working with advisers to prepare for a potential sale later this year, which could value the London-based company at over £2.5bn ($3.36bn).

Potential buyers may include UK banks, private equity firms, and financial institutions from the US and Canada. This move follows a broader trend of consolidation in Europe’s wealth management sector, driven by the push for scale and growing demand for tailored financial advice.

Tide turns as TPG leads talks to lead digital bank fundraising. (Sky News)

TPG, the US-based private equity firm, is in advanced negotiations to acquire a stake in Tide, the UK digital banking platform, with an anticipated value of the company reaching $1bn.

TPG is looking to buy a substantial portion of shares from Tide’s current investors. Additionally, another existing shareholder is expected to purchase newly issued shares in a separate transaction.

UniCredit's equity stake in Commerzbank edges up to 20.17%. (Reuters)

UniCredit has increased its ownership in Germany’s Commerzbank to 20.17%, up from 19.20%, as the Italian lender continues to pursue a potential merger.

On July 8, UniCredit revealed it had doubled its stake to approximately 20% and expressed plans to eventually raise its holding to around 29%.

Italian restaurant chain Gusto on brink of administration. (Sky News)

The financial struggles in the UK’s casual dining industry will become more evident this week as Italian restaurant chain Gusto is set to enter administration. Interpath is reportedly arranging a pre-pack insolvency deal for the company.

Most of Gusto's sites are expected to be acquired by a company established by Cherry Equity Partners, the owner of the Cabana Latin American restaurant brand.

British lender Shawbrook picks banks for London IPO. (Bloomberg)

Shawbrook, a UK bank supported by BC Partners and Pollen Street, has expanded its team for a potential IPO in London.

The firm has brought on Deutsche Bank, UBS and Stifel to support the listing, while Barclays and Goldman Sachs are taking the lead in organizing the offering.

APAC

Lai Sun seeks to sell 50% stake in Hong Kong's CCB Tower. (Bloomberg)

Lai Sun Development is looking to divest its 50% ownership in the CCB Tower, an office building in Hong Kong, as part of its broader effort to offload assets.

The company has engaged in discussions with potential buyers, including China Construction Bank, which holds the remaining half of the property in the city’s Central district.

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