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EMEA

Rejlers to merge with Multiconsult at a valuation of SEK8bn.

Rejlers, an engineering consultancy, agreed to merge with Multiconsult, a specialist in engineering design, consultancy, and architecture services, at a valuation of SEK8bn ($836m). Upon completion of the transaction, former Multiconsult shareholders will own 54% of the combined company, while former Rejlers shareholders will own the remaining 46%, according to press releases.

Rejlers is advised by Handelsbanken Capital Markets, Haavind and Setterwalls Advokatbyra. Stiftelsen Multiconsult is advised by Pareto Securities and Wikborg Rein. Multiconsult is advised by DNB Carnegie Investment Bank, Mannheimer Swartling and Wiersholm, according to press releases.

Kester completes the investment in Databalance.

Kester, a private equity firm, completed the investment in Databalance, an IT services and managed infrastructure provider, according to press releases. Financial terms were not disclosed.

Kester was advised by Clearwater (led by Harald Miedema, Wesley Fell-Smith and Richard Clark) and Simmons & Simmons (led by Tim Hewens and Vincent Dogan). Databalance was advised by EY Parthenon, Deloitte, Lincoln International, JB Law and Svalner Atlas, according to MergerLinks data and press releases.

Magnesium Capital to acquire a majority stake in TMA.

Magnesium Capital, an energy transition-focused private equity firm, agreed to acquire a majority stake in TMA, a provider of metering, energy data management, and settlement services, according to press releases. Financial terms were not disclosed.

Magnesium Capital is advised by EY Parthenon, Capital Group, Ernst & Young, PricewaterhouseCoopers, Walker Morris and KPMG. Debt financing is provided by Metro Bank, according to press releases.

Crédit Agricole Transitions & Énergies to acquire a 50% stake in Primeo Energie France from Qair and Primeo Energie.

Crédit Agricole Transitions & Énergies, a France-based energy transition and renewable energy investment platform of Crédit Agricole Group, agreed to acquire a 50% stake in Primeo Energie France, a French electricity supplier and energy services company, from Qair, a European renewable energy developer and operator, and Primeo Energie, a Swiss energy utility group, according to press releases. Financial terms were not disclosed.

Crédit Agricole Transitions & Énergies is advised by Rothschild & Co, according to MergerLinks data.

Chancellor to unveil £150m fund for northern companies in growth push. (Sky News)

The UK government plans to launch a £150m ($203m) fund through the British Business Bank to support fast-growing companies across the North of England, including university spin-outs and other innovative businesses.

The fund will make investments of between £5m ($6.8m) and £15m ($20.3m) and is intended to attract additional private capital. The government also wants the British Business Bank and National Wealth Fund to increase investment in regional growth and infrastructure.

Britain’s Gamma to get higher bid from Dutch private equity firm Waterland. (The Times)

Waterland is preparing a higher offer for Gamma Communications, seeking to top the £1.08bn ($1.46bn) bid already agreed with UK private equity firm Epiris. Epiris has offered £11.20 ($15.13) per share for the British telecoms company.

Waterland’s proposal would involve selling two Gamma divisions to UK telecom services provider Giacom after completion. Those businesses accounted for nearly 30% of Gamma’s revenue in 2025, while Gamma has viewed the Epiris offer as simpler and carrying lower execution risk.

L Catterton near acquisition of fitness brand Hyrox. (Bloomberg)

L Catterton is close to acquiring a controlling stake in Hyrox in a deal that could value the fitness competition brand at about €600m ($697m).

The private equity firm is also considering bringing in global co-investors, including partners from Asia, as Hyrox expands rapidly across markets such as mainland China, Hong Kong, Singapore and Tokyo. An agreement could be reached soon.

Business lender Portman Finance Group in talks about £300m sale. (Sky News)

Portman Finance Group is in talks with private equity firms about a potential sale that could value the UK business lender at more than £300m ($406m), with Pollen Street Capital among the interested bidders. Investment bank Stephens has been running the process for several weeks.

It remains unclear whether Portman will pursue a controlling stake sale or consider a minority investment. The company, founded in 2007, has provided funding to more than 20k SMEs and reported revenue growth of 81% in the year to September 2025, with profit rising to just over £15m ($20.3m).

French-owned EDF Energy in talks to acquire smaller rival So Energy. (Sky News)

EDF Energy is among a small number of bidders in talks to acquire So Energy, with the process expected to focus on buying the supplier’s customer base rather than the wider company. So Energy serves around 300k UK household electricity customers.

The business is majority-owned by Ireland’s Electricity Supply Board, which began exploring divestment options after a strategic review. So Energy is working with PwC on the sale process, which comes amid further consolidation in the UK retail energy market.

Nordic group explores scale-up fund to curb company exodus to US. (Bloomberg)

A group of major Nordic companies and investors is exploring the creation of a scale-up investment fund aimed at reducing the funding gap that drives fast-growing businesses to seek capital outside Europe.

The initiative is being developed by Nordic Compass and would be modeled on the EU’s €5bn ($5.9bn) Scaleup Europe Fund, but with a broader mandate extending beyond technology.

Angola seeks to raise $228m from Standard Bank unit stake seized from tycoon. (Bloomberg)

Angola plans to raise as much as AOA208.5bn ($228m) from the sale of a 34% stake in Standard Bank de Angola that was previously held by businessman Carlos Sao Vicente.

The government seized a 49% stake in the lender from Sao Vicente in 2020. He was later convicted of offences including embezzlement and tax fraud and is serving a nine-year prison sentence.

Benetton family gets approval for €3bn private market fund. (Bloomberg)

The Benetton family has received regulatory approval to launch 21 Next, a new European investment platform focused on private markets. The firm will start with about €3bn ($3.5bn) under management and aims to grow beyond €10bn ($11.7bn) over the coming years.

21 Next will invest across private equity, energy transition, infrastructure and private debt, marking a broader push by the family beyond its traditional industrial holdings into alternative assets.

DC Advisory hires Christian Schmid as managing director for DACH infrastructure. (Press Release)

DC Advisory has appointed Christian Schmid as a managing director in its Global Infrastructure team, with responsibility for advising clients and infrastructure investors across the DACH region.

Schmid joins from Centrus Advisors and previously held senior infrastructure roles at Slate Asset Management, QIC Global Infrastructure and RBC Capital Markets. DC Advisory’s infrastructure team has more than 85 professionals across Europe and North America and advises on sectors including energy transition, utilities, digital infrastructure and transport.

APAC

Cyrix Healthcare completes the acquisition of the medtech solutions business of Blue Star Engineering & Electronics.

Cyrix Healthcare, a healthcare technology management company, completed the acquisition of the medtech solutions business of Blue Star Engineering & Electronics, a provider of industrial technology products, systems integration, and engineering solutions, according to press releases. Financial terms were not disclosed.

Cyrix Healthcare was advised by Advay Capital and JSA Advocates & Solicitors (led by Kushal Ramotre), according to press releases and MergerLinks data.

KKR to acquire a minority stake in Avisena Healthcare.

KKR, an investment firm, agreed to acquire a minority stake in Avisena Healthcare, a healthcare services provider, according to press releases. Financial terms were not disclosed.

Australia’s Ingenia rejects Warburg Pincus’ $1.4bn offer, sticks with Peet acquisition. (Press Release)

Ingenia Communities has rejected Warburg Pincus’ AUD1.94bn ($1.4bn) takeover proposal, saying the offer undervalues the company and is not in shareholders’ best interests. Warburg offered AUD4.75 ($3.42) per share, representing a premium of more than 30% to Ingenia’s previous closing price.

The proposal was conditional on Ingenia abandoning its planned $711m acquisition of Peet, which the company continues to view as strategically important. Warburg said it remains open to further engagement with Ingenia’s board.

Blackstone said to weigh buying stake in India shadow lender. (Bloomberg)

Blackstone is among global investment firms considering buying a stake in Indian non-bank lender IIFL Finance as Fairfax Financial Holdings explores an exit from the company.

Fairfax is weighing the sale of its entire IIFL Finance holding as it moves closer to acquiring IDBI Bank and seeks to comply with regulatory requirements. The plans remain preliminary and could change.

Goldman-backed taxi app says ridership good despite fare hikes. (Bloomberg)

Go said ride volumes have remained strong despite higher taxi fares, with customers continuing to prioritize convenience over price when using the service.

The Goldman-backed taxi booking app recently completed Japan’s largest IPO of the 2026. Management stated that demand has held up because taxi users are generally less price-sensitive than public transport passengers.

HK’s Chan says more Central Asia state firms set to list in city. (Bloomberg)

Several state-owned infrastructure companies from Central Asia are preparing to list in Hong Kong as the city seeks to broaden its issuer base and deepen financial ties with the region.

More than 100 companies from Belt and Road markets, with a combined market capitalisation of over HKD340bn ($43.4bn), are already listed in Hong Kong. The planned additions would further strengthen the exchange’s role in financing companies linked to China’s Belt and Road initiative.

Japan’s Preferred Networks seeks IPO to keep up in AI chip race. (Bloomberg)

Preferred Networks is seeking an IPO to fund mass production of its AI chips as the Japanese startup increases investment in custom semiconductors designed to run artificial intelligence models.

The Tokyo-based company is one of Japan’s few privately held startups valued at more than $1bn. It plans to deliver samples of its newest chips to customers in the first half of 2027 as it works to compete in the global AI hardware market.

KKR-backed fashion chain Musinsa takes step toward Korea IPO. (Bloomberg)

Musinsa has submitted an application for a preliminary listing review by the Korea Exchange, taking the first formal step toward an IPO on the Kospi.

The KKR-backed South Korean fashion retailer may seek a valuation of up to KRW10tn ($7.44bn), which could make the offering one of the country’s largest IPOs in years.

Indonesia’s Merdeka Battery said to consider Hong Kong share sale. (Bloomberg)

PT Merdeka Battery Materials is considering raising capital in Hong Kong through a sale of depositary receipts, potentially joining other Indonesian mining companies tapping the city’s market.

The size and timing of any offering are still being discussed, and there is no guarantee a transaction will proceed.

Mapletree raises over $500m for emerging Asia logistics strategy. (DealStreetAsia)

Mapletree Investments has raised more than $500m for its Emerging Asia logistics development strategy, including $250m at the first close of Mapletree Emerging Growth Asia Logistics Private Trust and over $250m through a joint venture and direct co-investments in Malaysian projects. The fund is targeting a further $200m at a second close by early 2027.

MEGA will invest in logistics developments across Malaysia, Vietnam and India, with an initial portfolio of seven projects and warehouses. The broader strategy is expected to reach $2.1bn in total investment value when fully deployed, while the fund is targeting an internal rate of return above the mid-teens.

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