Bridgepoint Group to acquire a majority stake in BATISANTÉ from IK Partners.

Read on...

Scroll down to read deal descriptions. Your suggestions and comments support the democratisation of M&A data. If you'd like to contribute to the future editions, drop us a line.

AMERICAS

ARRAY Technologies to merge with Shoals Technologies.

ARRAY Technologies, a global designer and manufacturer of utility-scale solar tracking systems and software, agreed to merge with Shoals Technologies, a provider of electrical infrastructure and balance-of-system solutions. Following the closing of the transaction, Shoals shareholders are expected to own approximately 65% of the combined company, with ARRAY shareholders owning the remaining 35, according to press releases. Financial terms were not disclosed.

ARRAY Technologies is advised by Goldman Sachs, JP Morgan, Lazard, Jones Day and Edelman. Shoals Technologies is advised by Jefferies & Company, Latham & Watkins and Joele Frank (led by Arielle Rothstein and Joseph M. Sala), according to press releases.

One Rock Capital Partners to acquire a 70% stake in the North American coffee business of Kraft Heinz at a $650m valuation.

One Rock Capital Partners, a private equity firm, agreed to acquire a 70% stake in the North American coffee business of Kraft Heinz, a manufacturer of branded food and beverage products, at a $650m valuation, according to press releases.

One Rock Capital Partners is advised by Deutsche Bank, Fifth Third, Latham & Watkins and Profile Advisors (led by Mike Geller). Kraft Heinz was advised by Centerview Partners, Rothschild & Co and McGuireWoods, according to press releases.

L Squared completes the acquisition of Edko from Incline Equity Partners.

L Squared, an investment firm, completed the acquisition of Edko, a provider of regulatory-driven vegetation management services for critical infrastructure assets, from Incline Equity Partners, a private equity firm, according to press releases. Financial terms were not disclosed.

Edko was advised by Piper Sandler, Stifel and K&L Gates. L Squared was advised by Stout Capital and Skadden Arps Slate Meagher & Flom. Debt financing was provided by BMO Capital Markets and Ares Capital, according to press releases.

Linden Capital Partners and Nautic Partners complete the investment in AnewHealth.

Linden Capital Partners and Nautic Partners, the private equity firms, completed the investment in AnewHealth, an independent pharmacy care management company. Vistria, an existing AnewHealth shareholder, rolled over a minority stake in the transaction, according to press releases. Financial terms were not disclosed.

AnewHealth was advised by Cantor Fitzgerald, Morgan Stanley and Kirkland & Ellis. Linden Capital Partners was advised by Houlihan Lokey, Goodwin and McDermott Will & Schulte. Nautic Partners was advised by Kirkland & Ellis, according to press releases.

Invidia Capital Management completes the investment in Now Optics.

Invidia Capital Management, a healthcare-focused private equity firm, completed the investment in Now Optics, an optical retail and eye care company, according to press releases. Financial terms were not disclosed.

Invidia Capital Management was advised by Latham & Watkins (led by David Allinson and Philip Wolf), Bass Berry & Sims and Impact Partners (led by Philip Robertson). Now Optics was advised by JP Morgan and Eversheds Sutherland, according to press releases and MergerLinks data.

Spectrum Brands and Oaktree-backed Empower Brands to acquire Helen of Troy at a $1.6bn valuation.

Spectrum Brands and Oaktree-backed Empower Brands, a provider of commercial and residential cleaning services, offered to acquire Helen of Troy, a company distributing consumer products worldwide, at a $1.6bn valuation.

Helen of Troy is advised by Bank of America. Empower Brands is advised by UBS, Davis Polk & Wardwell and Prosek Partners (led by Danielle O’Brien and Ross Lovern), according to press releases.

Analog Devices completes the acquisition of Alif Semiconductor for $1.55bn.

Analog Devices, a semiconductor company, completed the acquisition of Alif Semiconductor, a provider of EdgeAI microcontrollers and fusion processors, for $1.55bn, according to press releases.

Analog Devices was advised by PJT Partners and Wachtell Lipton Rosen & Katz (led by Jenna E. Levine). Alif Semiconductor was advised by Qatalyst Partners and DLA Piper, according to press releases and MergerLinks data.

EQT-backed SatPort completes the acquisition of the global teleport infrastructure business of Centerbridge Partners-backed Speedcast.

EQT-backed SatPort, a satellite ground infrastructure platform, completed the acquisition of the global teleport infrastructure business of Centerbridge Partners-backed Speedcast, a US-based communications and IT services provider, according to press releases. Financial terms were not disclosed.

EQT Infrastructure was advised by Deutsche Bank and Paul Weiss Rifkind Wharton & Garrison. Speedcast was advised by Guggenheim Partners and Kirkland & Ellis, according to press releases.

IonQ completes the acquisition of Elisity for $1.3bn.

IonQ, a quantum computing hardware and software company, completed the acquisition of Elisity, a cybersecurity software company, for $1.3bn, according to press releases.

IonQ was advised by Morgan Stanley and Paul Weiss Rifkind Wharton & Garrison (led by Chelsea Darnell and Robert Kindler). Elisity was advised by Pillsbury Winthrop Shaw Pittman (led by Stanley F. Pierson and Gabriella Lombardi) and Hi-Touch PR (led by Danielle Ostrovsky), according to press releases and MergerLinks data.

The Andersons to acquire Harvestone Low Carbon Partners from Energy Capital Partners for $915m.

The Andersons, a US-based diversified agribusiness and renewables company, agreed to acquire Harvestone Low Carbon Partners, an operator of low-carbon ethanol production and carbon capture assets, from Energy Capital Partners, a private equity firm, for $915m.

The Andersons is advised by Goldman Sachs and Polsinelli. Debt financing was provided by Farm Credit Mid-America and US Bank, according to press releases.

TENICA Global Solutions completes the acquisition of Trinity Enterprise Services.

TENICA Global Solutions, a provider of national security, defence, cybersecurity and information technology services, completed the acquisition of Trinity Enterprise Services, a provider of full-lifecycle systems engineering and integration solutions to the US, according to press releases. Financial terms were not disclosed.

Trinity Enterprise Services was advised by Evergreen Advisors and Miles & Stockbridge. TENICA Global Solutions was advised by PilieroMazza and Prosek Partners, according to press releases.

Crane Company completes the acquisition of the US pump business from First Reserve-backed Trillium Flow Technologies for $240m.

Crane Company, an industrial manufacturing and technology company, completed the acquisition of the US pump business from First Reserve-backed Trillium Flow Technologies, a provider of engineered flow-control products and aftermarket services, for $240m, according to press releases.

First Reserve was advised by Joele Frank (led by Erik Carlson and Madeline Jones). First Reserve and Trillium Flow were advised by JP Morgan and Freshfields (led by Ian Bushner, D. Andrew Rondeau, Alexandra Ghelerter, Emily Kim and Daniela Sanchez), according to press releases and MergerLinks data.

KeyBanc Capital Markets to acquire Atlantic-Pacific Capital.

KeyBanc Capital Markets, the corporate and investment banking unit of KeyCorp, agreed to acquire Atlantic-Pacific Capital, a private capital advisor for financial sponsors, according to press releases. Financial terms were not disclosed.

KeyCorp is advised by KeyBanc Capital Markets and Jones Day. Atlantic-Pacific Capital is advised by Solomon Partners and Blank Rome, according to press releases.

Morgan Stanley offers $2.3bn debt for Dell family deal. (Bloomberg)

Morgan Stanley has launched a $2.3bn debt financing package to support the acquisition of Baldwin Insurance Group by Michael Dell’s family office and Sequence Holdings.

The financing includes a $2bn term loan and a $300m delayed-draw facility, both with seven-year maturities. Pricing is being discussed at 3.5 percentage points above the benchmark rate, with loans offered at 99 cents on the dollar.

CVS plans to break up healthcare conglomerate. (Bloomberg)

CVS Health is planning to spin off its retail pharmacy business, separating it from its Aetna insurance and Caremark pharmacy benefits divisions in what could become one of the healthcare industry’s largest corporate breakups.

The separation is expected to take place in the first half of 2028.

Shield AI CEO says planning at least $1bn raise, more M&A. (Bloomberg)

Shield AI plans to raise more than $1bn to finance production of its latest autonomous fighter jet as the defense technology startup expands its operations.

CEO Gary Steele also confirmed plans to pursue further acquisitions as part of the company’s growth strategy.

I Squared Capital closes second infrastructure credit strategy with $3bn of commitments. (Press Release)

I Squared Capital has closed its second Global Infrastructure Credit Fund at more than $2.4bn, over four times the size of its predecessor. Including co-investment commitments and expected commitments, the strategy totals $3bn, double its original target.

The fund focuses on senior secured lending to mid-market infrastructure businesses across North America and Europe, including energy, digital infrastructure and transportation. Approximately 37% of its capital has already been committed across seven investments.

Churchill Asset Management closes record $1.54bn Junior Capital Opportunities Fund III, more than doubling predecessor. (Press Release)

Churchill Asset Management, part of Nuveen Private Capital, has closed its third Junior Capital Opportunities Fund at $1.54bn, exceeding its $1bn target by more than 50% and more than doubling its predecessor.

The fund focuses on junior debt investments in private equity-backed US middle-market companies and has already deployed approximately $600m across 44 portfolio companies alongside 30 private equity sponsors.

EMEA

Finch Capital-backed Fourthline completes the merger with Veridas.

Finch Capital-backed Fourthline, an identity verification and compliance provider, completed the merger with Veridas, a recognised international digital identity provider, according to press releases. Financial terms were not disclosed.

Veridas was advised by Ernst & Young, TD Securities, AKD and Perez Llorca. Fourthline was advised by Act Legal Spain and Orange Clover. Debt financing was provided by AshGrove. Finch Capital was advised by Lexense, according to press releases and MergerLinks data.

Cinven to acquire Theramex from Carlyle and PAI Partners at a €2.6bn valuation.

Cinven, a private equity firm, agreed to acquire Theramex, a UK-based specialty pharmaceutical company focused on women's health, from Carlyle and PAI Partners, the private equity firms, at a €2.6bn valuation, according to press releases and MergerLinks data.

Cinven is advised by Freshfields (led by Victoria Sigeti, Angus Scott and Alastair Brown). Theramex, Carlyle and PAI Partners are advised by Morgan Stanley and Latham & Watkins (led by Robbie McLaren, David Walker and Neil Campbell), according to press releases and MergerLinks data.

Cordatus Capital completes the acquisition of a majority stake in Diamabrush.

Cordatus Capital, a Dallas-based private equity firm, completed the acquisition of a majority stake in Diamabrush, an American manufacturer of chemical-free, diamond-based abrasive tools and floor maintenance systems, according to press releases. Financial terms were not disclosed.

Cordatus Capital was advised by Foley & Lardner. Diamabrush was advised by Lincoln International and Bass Berry & Sims, according to press releases.

Xbox's Arkane Studios attracts multiple bidders, including Ubisoft. (Bloomberg)

Microsoft has received multiple offers for French video-game developer Arkane Studios, including a bid from Ubisoft and interest from at least two other gaming companies.

Microsoft’s Xbox division is also considering a potential sale to Arkane’s management. Discussions remain ongoing, with no agreement announced.

China's Genertec is said to mull buying Swiss firm Kellenberger. (Bloomberg)

China’s state-owned Genertec is considering acquiring Swiss precision machinery manufacturer Kellenberger from US private equity firm Centre Lane Partners in a potential $400m transaction.

The proposed acquisition remains under consideration, with no agreement reached.

Smith+Nephew cuts outlook after failed orthopaedics deal talks with J&J. (Reuters)

Smith+Nephew has confirmed that merger talks with Johnson & Johnson’s orthopaedics unit have ended, following discussions over a potential transaction valuing the hip and knee replacement business at up to $22bn.

The British medical device maker will continue exploring strategic options for its orthopaedics division, which accounts for around 40% of annual sales, after cutting its full-year revenue and profit forecasts.

Apollo announces the launch of European Credit Company. (Press Release)

Apollo has launched European Credit Company (ECC), a pan-European lending platform with more than €10bn ($11.2bn) in initial lending capacity, backed by investors including ADIC, Athora, Norinchukin Bank, Standard Chartered and Aranda Principal Strategies.

ECC will provide corporate and asset-backed financing to large and mid-market businesses across Europe, focusing on sectors including infrastructure, energy transition and real estate. The platform will be led by CEO Giacomo Petrobelli and Chairman Christian Meissner.

Dangote in talks with African bourses to widen refinery IPO access. (Reuters)

Dangote has held discussions with African stock exchanges to broaden access to its $1.6bn Nigerian refinery IPO, although differing regulatory requirements have complicated cross-border participation.

The offering closed on October 28, attracting approximately $4.77bn in demand, nearly three times the amount offered. Shares are expected to list in Nigeria later in November 2026, while additional African listings through depositary receipts remain under consideration.

Igneo Infrastructure Partners closes EDIF IV at €6bn hard cap. (Press Release)

Igneo Infrastructure Partners has closed its fourth European Diversified Infrastructure Fund at its €6bn (6.7bn) hard cap, exceeding its €4bn ($4.48bn) target and attracting commitments from more than 90 investors globally.

The fund will focus on European mid-market infrastructure investments across essential services, including energy, waste, water, transport and digital infrastructure. Its first investment was the acquisition of German recycling platform Neumann Group in September 2026.

Creandum closes $750m fund VIII, its largest ever. (Bloomberg)

Creandum has closed its eighth venture capital fund at €668m ($750m), making it the firm’s largest fund to date and approximately 34% larger than its €500m ($560m) predecessor raised in 2024.

The fund will target pre-seed to Series A investments across Europe, with a focus on opportunities shaped by artificial intelligence. Creandum also plans to expand its San Francisco presence, supported by commitments from approximately 30 institutional investors across Europe and the US.

APAC

Japan's JIC plans to sell JSR to Mitsui Chemicals in over $8.2b deal. (DealStreetAsia)

Japan Investment is planning to sell semiconductor materials maker JSR to Mitsui Chemicals in a transaction that could exceed JPY1.3tn ($8.2bn).

The potential sale comes amid rising valuations for chip-related companies driven by AI investment, with a final decision expected within the month.

CVC's sale of Vietnam hospital group stalls as bids fall short. (DealStreetAsia)

CVC Capital Partners is progressing with the potential sale of Vietnamese maternal and infant healthcare provider Phuong Chau, in which it acquired a 60% stake for $116m in 2022.

The sale process highlights a widening gap between buyer and seller valuation expectations in Southeast Asia’s M&A market.

Chinese chipmaker YMTC puts IPO on hold as weaker markets weigh. (Reuters)

Yangtze Memory Technologies has postponed its planned Shanghai IPO, which was expected to raise CNY33bn ($4.9bn), amid weakening Chinese equity markets and tighter regulatory scrutiny of new listings.

The chipmaker’s parent, CCSH Corporation, filed for the offering in August 2026, but the listing could now be delayed until the first half of 2027, potentially affecting YMTC’s capacity expansion plans.

Encube Ethicals said to plan $317m India IPO this month. (Bloomberg)

Quadria Capital-backed Encube Ethicals is preparing for an initial public offering in Mumbai that could raise approximately INR30bn ($317m).

The contract pharmaceutical manufacturer has begun investor meetings and is targeting a launch in the second half of November 2026, although the timing remains subject to change.

Temasek's Mapletree is said to pick banks for Singapore IPO. (Bloomberg)

Temasek-owned Mapletree Investments has selected Citigroup, DBS and Morgan Stanley for a potential Singapore IPO of part of its real estate portfolio, which could raise at least SGD1bn ($780m).

The listing could take place as soon as 2027, although Mapletree has yet to determine which assets will be included.

Semight is said to tap Citic, Goldman, JP Morgan for a Hong Kong listing. (Bloomberg)

Semight Instruments, a Chinese manufacturer of semiconductor testing equipment, is preparing for a potential Hong Kong initial public offering that could raise more than $1bn as soon as 2027.

The Suzhou-based company has selected CITIC Securities, Goldman Sachs and JP Morgan to advise on the planned listing.

Vietnamese tech firm VNG is said to consider reviving US listing. (Bloomberg)

GIC-backed Vietnamese technology company VNG Group is considering reviving plans for a US initial public offering that could raise around $300m at a valuation of up to $3bn.

The company has approached financial advisers about the potential listing, which could take place as soon as 2027.

DeepSeek-backer Monolith seeks $561m for third USD venture fund. (DealStreetAsia)

Monolith Management, an early investor in Chinese AI companies DeepSeek and Moonshot AI, has filed to raise $561m for its third US dollar-denominated venture fund, nearly double the size of its predecessor.

The fund will comprise two Cayman Islands partnerships, with no capital raised yet. The fundraising follows Monolith’s expansion of its RMB-denominated investment vehicles earlier in 2026.

Daily Review

Connect the World of Dealmakers