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Top Highlights
Blackstone-backed Angelini Pharma, an international pharmaceutical company, completed the acquisition of Catalyst Pharmaceuticals, a biopharmaceutical company, for $4.1bn, according to press releases.
Catalyst Pharmaceuticals was advised by JP Morgan, Akerman (led by Philip Schwartz), Kirkland & Ellis and Joele Frank (led by Jed Repko and Mahmoud Siddig). JP Morgan was advised by Cravath Swaine & Moore (led by Michael E. Mariani and Minh Van Ngo). Angelini Pharma was advised by BNP Paribas, Centerview Partners (led by E. Eric Tokat, Niall Mulligan and Luca Gilotti), Morgan Stanley, Gatti Pavesi Bianchi Ludovici (led by Anna Gardini and Federica Munno), Hogan Lovells (led by Ferigo Foscari, Jennifer Swan, Peter Cohen-Millstein and Melissa Bianchi), Legance (led by Filippo Troisi) and Linklaters. Debt financing was provided by BNP Paribas. Blackstone was advised by Tancredi (led by Giovanni Sanfelice di Monteforte), according to press releases and MergerLinks data.
Uber, a technology company specializing in the Uber platform, agreed to acquire Delivery Hero, a delivery platform operating food, grocery, and on‑demand delivery marketplaces, for $13.7bn, according to press releases.
Uber is advised by Bank of America, Deutsche Bank, Goldman Sachs, Morgan Stanley, Cooley, Freshfields and Wachtell Lipton Rosen & Katz (led by Ahsan M. Barkatullah, Andrew Nussbaum and Michael Ye). Debt financing was provided by Bank of America, Deutsche Bank and Morgan Stanley. Delivery Hero was advised by JP Morgan, according to press releases.
Veritas Capital, a private-equity firm that specializes in national security, information technology and other government-sector investments, agreed to acquire BGIS, a global company specializing in integrated facility management services, from CCMP Capital Advisors, a private equity firm that focuses on making buyout and growth equity investments, and AIMCo, a diversified institutional investment fund manager, according to press releases. Financial terms were not disclosed.
BGIS is advised by BMO Capital Markets, CIBC Capital Markets, Citigroup and TD Securities. Veritas Capital is advised by Gibson Dunn & Crutcher, Milbank and Prosek Partners. CCMP Capital Advisors is advised by Ropes & Gray and ICR Inc (led by Chuck Dohrenwend). AIMCo is advised by Torys, according to press releases.
AMERICAS
Hyundai to buy SoftBank Boston Dynamics stake in robot push. ( Bloomberg)
Education firm Anima sinks over 30% as analysts pan M&A deal. ( Bloomberg)
Anthropic plans IPO investor meetings as mega-listing nears. ( Bloomberg)
Brookfield-backed data-center firm raises $1.05bn in IPO. ( Bloomberg)
Regional banks, wealth lead financial services M&A. ( Bloomberg)
EMEA
DCC gets sweetened bid from KKR, ECP after drawn-out talks. ( Bloomberg)
Italy's Recordati says board finds CVC, GBL offer 'fair' as independent directors dissent. ( Reuters)
Portugal says strategy, not just price, will decide TAP stake and buyer. ( Reuters)
British Steel taken into public ownership. ( Sky News)
Syngenta's $5bn HK IPO to face fresh delays. ( Bloomberg)
Partners Group expects evergreen fund withdrawals to continue after June turmoil. ( Reuters)
Airbus in talks to sell jets to Flynas. ( Reuters)
APAC
EQT raises offer price for Kakaku.com above bid by LY and Bain. ( Bloomberg)
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AMERICAS
Ridgemont Equity Partners, a middle market private equity firm, and Coogee Bay Partners, an investment and operating partnership led by Joshua Ellstein and Michael Felman, completed the acquisition of Caring Transitions, a provider of senior move management services and online estate and liquidation services through CTBids, its captive digital marketplace, according to press releases. Financial terms were not disclosed.
Ridgemont Equity Partners and Coogee Bay Partners were advised by Boxwood Partners, Alston & Bird and Greenberg Traurig. Ridgemont Equity Partners was advised by Profile Advisors. Debt financing was provided by Apogem Capital. Caring Transitions was advised by Livingstone Partners, Kohnen & Patton and Katz Sapper & Miller, according to press releases.
Eli Lilly, a pharmaceutical company, agreed to acquire AtaiBeckley, a clinical-stage biopharmaceutical company, for $2.8bn, according to press releases.
Eli Lilly is advised by Goldman Sachs and Ropes & Gray. AtaiBeckley is advised by Centerview Partners, Citigroup, Moelis & Co and Latham & Watkins, according to press releases.
Gridiron Capital, a private equity firm, completed the investment in Centroid, a premier Oracle cloud infrastructure service provider, according to press releases. Financial terms were not disclosed.
Gridiron Capital was advised by Moelis & Co, Benesch Friedlander Coplan & Aronoff and Joele Frank (led by Madeline Jones and Erik Carlson). Centroid was advised by Guggenheim Partners and Willkie Farr & Gallagher, according to press releases.
Superior Energy Services, a provider of oilfield rentals and specialized well services, completed the acquisition of Sonic Holdings, a provider of proprietary electric feed through technologies, production equipment, drilling wellheads and associated aftermarket services, according to press releases. Financial terms were not disclosed.
Superior Energy Services was advised by JP Morgan and Baker Botts. Sonic Holdings was advised by Perella Weinberg Partners and Winston Taylor, according to press releases.
Strata Decision Technology, a provider of enterprise performance management solutions for financial institutions, completed the acquisition of c. myers, an advisor to financial institutions, according to press releases. Financial terms were not disclosed.
Strata Decision Technology was advised by Jones Day (led by William Zawrotny) and InkHouse, according to press releases.
Pye-Barker Fire & Safety, a fully integrated and full-service fire protection, life safety and security services provider, completed the acquisition of Hartford Sprinkler, a provider of a range of fire protection services, according to press releases. Financial terms were not disclosed.
Pye-Barker Fire & Safety was advised by Full Tilt Consulting, according to press releases.
Lyric, a provider of AI-powered payment accuracy solutions for the healthcare industry, completed the acquisition of Concert, a precision health payment accuracy company, according to press releases. Financial terms were not disclosed.
Lyric was advised by Bospar, according to press releases.
Leica Biosystems, an operating company of Danaher and a global provider of anatomic pathology solutions, agreed to acquire StatLab, a developer and manufacturer of medical diagnostic supplies and equipment, from Linden Capital Partners and Audax, a private equity firms, according to press releases. Financial terms were not disclosed.
StatLab is advised by Moelis & Co, according to MergerLinks data.
GroundForce Capital, a private equity firm, completed the investment in Rock River Laboratory, an independent agricultural testing platform in North America, according to press releases. Financial terms were not disclosed.
Hyundai to buy SoftBank Boston Dynamics stake in robot push. ( Bloomberg)
Hyundai Motor and its affiliates are moving to acquire SoftBank Group's remaining stake in Boston Dynamics, giving Hyundai full ownership of the robotics developer.
The transaction is being pursued at a significant discount and would consolidate Hyundai's control of Boston Dynamics as it prepares to deploy the company's Atlas humanoid robot across its manufacturing facilities.
Education firm Anima sinks over 30% as analysts pan M&A deal. ( Bloomberg)
Ânima Holding shares fell a record 33% after the company agreed to repurchase a business it had sold in 2021.
Analysts cited concerns over the high valuation of the acquisition and the resulting increase in leverage, which weighed heavily on investor sentiment.
Anthropic plans IPO investor meetings as mega-listing nears. ( Bloomberg)
Anthropic is meeting with investors ahead of a potential initial public offering, as the AI company prepares for a possible listing as soon as October 2026.
Banks leading the IPO are arranging investor meetings with the maker of the Claude chatbot in the coming weeks to gauge demand ahead of the offering.
Brookfield-backed data-center firm raises $1.05bn in IPO. ( Bloomberg)
Csquare raised $1.05bn in its US initial public offering after pricing below its marketed range.
The Brookfield-backed company sold 50m shares at $21 each, compared with the marketed range of $23 to $27 per share, valuing the offering at $1.05bn.
Regional banks, wealth lead financial services M&A. ( Bloomberg)
Mergers and acquisitions in the financial services sector are increasingly being driven by smaller transactions involving regional banks and wealth managers.
Rather than pursuing large-scale mergers, firms are focusing on capability-enhancing acquisitions that expand scale, products and client reach. This trend reflects a broader shift away from mega-deals toward more targeted strategic acquisitions.
EMEA
Lloyds Banking Group-owned LDC, a private equity firm, completed the investment in Brady Solicitors, a specialist property management law firm, according to press releases. Financial terms were not disclosed.
ABB, a Swedish-Swiss technology company, agreed to acquire Rotork, a global engineering company, for £4.084bn ($5.5bn), according to press releases.
Ardian, a France-based private investment firm, completed the acquisition of a majority stake in Pflegia, a specialized online job marketplace for healthcare and medical roles, according to press releases. Financial terms were not disclosed.
SSW Partners, a New York-based investment firm, agreed to acquire 6 businesses of Delivery Hero, a delivery platform operating food, grocery, and on‑demand delivery marketplaces for $1.6bn, according to press releases.
SSW Partners is advised by Evercore, Baker Botts, Gibson Dunn & Crutcher, Hengeler Mueller and Paul Weiss Rifkind Wharton & Garrison, according to press releases.
TriCarbs BidCo, a consortium formed by Triton Fund VI, Bolero Holdings, Patrick Comer and Brett Schnittlich, completed the acquisition of 93% stake in Cint Group, a research and measurement technology, for SEK1.312bn ($136.17m), according to press releases.
Cint Group was advised by DNB Carnegie Investment Bank. Tritin Partners was advised by SEB Corporate Finance and Linklaters (led by Charlotte Levin and Rasmus Kindlund). Bolero was advised by Vinge, according to press releases.
VINCI Energies, a company that designs, builds, and maintains digital and energy infrastructures, to acquire All for One, a consulting and IT group, in a €336m ($384m) deal, according to press releases. The offer is for the acquisition of all outstanding All for One shares at a price of €67.50 ($77.23) per share in cash.
Fourthline, an identity verification and compliance provider, agreed to merge with Veridas, a recognised international digital identity provider. Financial terms were not disclosed.
DCC gets sweetened bid from KKR, ECP after drawn-out talks. ( Bloomberg)
KKR and Energy Capital Partners have increased their takeover proposal for DCC to more than £5.7bn ($7.7bn).
The consortium is maintaining its offer of £66.72 ($89.8) per share, including a dividend, while shareholders could receive an additional up to £1.25 ($1.68) per share if DCC generates at least $800m from the sale of its technology distribution business Nexora. The bidders have also secured additional time to continue negotiations on the drawn-out takeover process.
Italy's Recordati says board finds CVC, GBL offer 'fair' as independent directors dissent. ( Reuters)
Recordati said a majority of its board has deemed fair the €51.29 ($58.80) per share take-private offer from CVC Capital Partners and Groupe Bruxelles Lambert.
Six of the board's ten directors supported the offer, while four independent directors concluded that the bid was inadequate and not fair, highlighting a split in the board's assessment of the proposed transaction.
Portugal says strategy, not just price, will decide TAP stake and buyer. ( Reuters)
The Portuguese government said the selection of a buyer for a 44.9% stake in TAP Air Portugal will be based on strategic considerations as well as price, as binding bids from Air France-KLM and Lufthansa Group are expected.
Portugal relaunched the long-delayed privatization in July, seeking a strategic airline partner to strengthen TAP's global network and competitiveness, while reserving a 5% stake for employees.
British Steel taken into public ownership. ( Sky News)
British Steel has been taken into public ownership by the UK government, which said the move was made in the national interest.
The government has appointed a new leadership team tasked with stabilising the business and developing a commercially sustainable, low-carbon future for the steel producer.
Syngenta's $5bn HK IPO to face fresh delays. ( Bloomberg)
Syngenta Group is facing delays to its planned $5bn Hong Kong initial public offering as the seed and pesticide producer waits for improved conditions in the agriculture sector.
A Hong Kong listing in 2027 is now viewed as the more likely timeline. The IPO delay reflects weaker market conditions and uncertainty around investor appetite for agricultural companies.
Partners Group expects evergreen fund withdrawals to continue after June turmoil. ( Reuters)
Partners Group reported stronger-than-expected first-half client inflows but warned that redemptions from some of its mature evergreen funds are likely to continue after it recently capped withdrawals from one open-ended fund.
The cautious outlook weighed on investor sentiment, with the company's shares falling about 7% in early trading.
Airbus in talks to sell jets to Flynas. ( Reuters)
Airbus is in talks to sell additional A330neo widebody aircraft to Flynas, with an announcement potentially coming as early as next week's Farnborough Airshow.
The sources also downplayed reports that Condor Flugdienst is preparing to place an order for the A330neo.
APAC
EQT raises offer price for Kakaku.com above bid by LY and Bain. ( Bloomberg)
EQT has increased its tender offer price for Kakaku.com, intensifying the bidding contest with LY Corporation and Bain Capital.
EQT raised its offer to approximately JPY3.44k–JPY3.46k ($0.0212-$0.0213) per share, up from JPY3k ($0.019), surpassing the JPY3.384k ($0.0209) per share bid from LY and Bain. EQT also extended the tender offer period to the end of the month from July 22.
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