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AMERICAS
An investor group led by Permira and Warburg Pincus completes the acquisition of Clearwater Analytics for $8.4bn.
An investor group led by Permira and Warburg Pincus, and including Francisco Partners and Temasek, completed the acquisition of Clearwater Analytics, a software-as-a-service fintech firm, for $8.4bn, according to press releases.
Clearwater Analytics was advised by Citigroup, JP Morgan, PJT Partners (led by Michael Gilbert, Michael J. Freudenstein and Avinash Patel), Cravath Swaine & Moore (led by Daniel Cerqueira and Thomas E. Dunn), Kirkland & Ellis (led by David Feirstein and Constantine N. Skarvelis) and Sterlington (led by Christopher Harrison). Financial advisors were advised by Sullivan & Cromwell (led by Alison S. Ressler). Permira was advised by Headland Consultancy. Warburg Pincus was advised by Goldman Sachs (led by Sam Britton), Latham & Watkins (led by Amber Banks, Brian T. Mangino and Max Schleusener) and Paul Weiss Rifkind Wharton & Garrison (led by Eric J. Wedel). Debt financing was provided by Goldman Sachs. Goldman Sachs was advised by Milbank (led by Marcus Dougherty). Francisco Partners was advised by Simpson Thacher & Bartlett (led by Robert Langdon and Naveed Anwar). Temasek was advised by Cleary Gottlieb Steen & Hamilton, according to MergerLinks data and press releases.
Robert A. Ortenzio, Martin F. Jackson and WCAS complete the acquisition of Select Medical Holdings for $3.9bn.
Select Medical executives Robert A. Ortenzio and Martin F. Jackson, and private equity firm Welsh, Carson, Anderson & Stowe completed the acquisition of Select Medical Holdings, an operator of critical illness recovery hospitals, rehabilitation hospitals, and outpatient rehabilitation clinics, for $3.9bn, according to press releases.
Francisco Partners, an investment firm, completed the acquisition of Blackline Safety, a Canada‑based safety technology company providing connected gas detection and lone worker monitoring solutions, from LFG, a global private investment firm, and The DAK Group, a boutique investment banking firm, for up to CAD850m, according to press releases.
Blackline Safety was advised by CIBC Capital Markets, Canaccord Genuity, Burnet Duckworth & Palmer and Torys. Francisco Partners was advised by RBC Capital Markets, Kirkland & Ellis and Stikeman Elliott. The DAK Group was advised by BDT & MSD Partners and Osler Hoskin & Harcourt. LFG was advised by BDT & MSD Partners and Blake Cassels & Graydon (Blakes) (led by
Michael Gans), according to press releases and MergerLinks Data.
Sixth Street, a global investment firm, agreed to acquire a majority stake in Monument Re, a life insurance and reinsurance company, from Hannover Re, a reinsurance company, according to press releases. Financial terms were not disclosed.
Sixth Street is advised by KPMG, Morgan Stanley, Oliver Wyman, Cleary Gottlieb Steen & Hamilton and Debevoise & Plimpton. Monument Re is advised by Fenchurch Advisory Partners, Conyers Dill & Pearman, Herbert Smith Freehills Kramer and Hogan Lovells, according to press releases.
ACON Investments, a private equity firm, completed the acquisition of a majority stake in YumEarth, an organic and allergy-friendly confectionery brand, according to press releases. Financial terms were not disclosed.
YumEarth was advised by TM Capital and Jones Day (led by
Lisa S. Lathrop and
Erin Firman). ACON Investments was advised by Deloitte, Santander, Blank Rome, Garrigues, Hogan Lovells and Winston Taylor. Debt financing was provided by Truist Securities, according to press releases and MergerLinks data.
Elroy Air to go public via a SPAC merger with Inflection Point and Cohen & Co-backed Columbus Circle Capital Corp II in a $1bn deal.
Elroy Air, a technology developer of autonomous heavy-cargo drones, agreed to go public via a SPAC merger with Inflection Point and Cohen & Co-backed Columbus Circle Capital Corp II, a special purpose acquisition company, in a $1bn deal, according to press releases.
Elroy Air is advised by Barclays, DLA Piper and Collected Strategies (led by Ed Hammond and Dan Moore). CMII is advised by Cantor Fitzgerald, Cohen & Company Capital Markets and White & Case, according to MergerLinks data and press releases.
J.C. Flowers and Nowlake to acquire Republic Finance from CVC Capital Partners.
J.C. Flowers, a private investment firm, and Nowlake, a US-based technology and financial services group, agreed to acquire Republic Finance, a US-based consumer loan provider, from CVC Capital Partners, a private equity firm, according to press releases. Financial terms were not disclosed.
Republic Finance and CVC are advised by Wells Fargo Securities and Debevoise & Plimpton. Nowlake is advised by Westlake Financial (led by
David Goff). J.C. Flowers is advised by BMO Capital Markets, Sullivan & Cromwell (led by
Mitchell S. Eitel), and Llorente Y Cuenca (LLYC) (led by
Jennifer Hurson), according to press releases and MergerLinks data.
Schneider Electric, an energy management and automation company, agreed to acquire Cognite, a provider of industrial data and AI software, from Saudi Aramco, a petroleum and natural gas company, Aker, an industrial investment company, Accel, an early and growth-stage venture capital firm, and TCV, a growth equity and venture capital firm, for $3.1bn, according to press releases.
Michelin, a provider of a wide range of tires, completed the acquisition of Tex-Tech Industries, a global supplier of materials science-based solutions, from Arlington Capital Partners, a private equity firm, according to press releases. Financial terms are not disclosed.
Tex-Tech Industries was advised by Harris Williams & Co, William Blair & Co. Michelin was advised by DLA Piper and Gibson Dunn & Crutcher (led by
Ed Batts). Tex-Tech Industries Arlington Capital Partners were advised by Sheppard Mullin Richter & Hampton (led by
Frank Bacelli and
Jeff Bowling) and Morrison Foerster (led by
Damien Specht and
Caitlin Crujido), according to press releases and MergerLinks data.
Monomoy Capital Partners, a private equity firm, completed the acquisition of Jiffy Lube, an automotive preventative maintenance company, and Premium Velocity Auto, a Jiffy Lube subsidiary providing comprehensive automotive maintenance services from Pennzoil Quaker State Company, a manufacturer of lubricants and a wholly owned subsidiary of Shell USA, for $1.3bn, according to press releases.
Jiffy Lube was advised by Goldman Sachs (led by
Justin Hales). Monomoy Capital Partners was advised by RBC Capital Markets (led by
David Levin), Kirkland & Ellis (led by
Michael J. Sartor and
Annie Cataldo) and MiddleM Creative (led by
Jan Morris). Debt financing was provided by Ares Management, Golub Capital and MidCap Financial Services, according to press releases and MergerLinks data.
New Mountain Capital, an investment firm, completed the acquisition of a majority stake in SAM, a provider of geospatial and inspection services, from Peak Rock Capital, a private equity firm, according to press releases. Financial terms were not disclosed.
SAM was advised by Guggenheim Partners, Houlihan Lokey and Kirkland & Ellis. New Mountain was advised by Environmental Financial Consulting Group, KippsDeSanto & Co, Ropes & Gray (led by
Todd Kornreich) and H/Advisors Abernathy (led by
Dana Gorman), according to MergerLinks data and press releases.
Gresham House, an alternative asset manager operating as a subsidiary of Searchlight Capital Partners, completed the acquisition of a majority stake in Molpus Woodlands, a timberland investment management organization, according to press releases. Financial terms were not disclosed.
Molpus Woodlands was advised by Moelis & Co, Bradley Arant Boult Cummings and Morgan Lewis & Bockius (led by
Sheryl Orr). Gresham House was advised by Deloitte, Eversheds Sutherland (led by
Mike Birkett and
M. Hill Jeffries), Edelman and Prosek Partners, according to MergerLinks data and press releases.
Attestor, Oaktree Capital Management, and Sachem Head Capital Management, the investment firms, led a $400m round in Ionic Digital, a digital infrastructure and Bitcoin mining company, with participation from Citadel and Weiss Asset Management, according to press releases.
Ionic Digital was advised by BTIG, JP Morgan, White & Case, Gateway Group and Jaymie Scotto & Associates, according to press releases.
TJC, a private equity firm, agreed to acquire Luna Innovations, an advanced optical technology company, for $230m, according to press releases.
Luna Innovations is advised by Evercore and King & Spalding. Evercore is advised by Sullivan & Cromwell (led by Stephen M. Kotran). TJC is advised by Guggenheim Partners and Kirkland & Ellis, according to MergerLinks data and press releases.
Arcline Investment Management to acquire Avantus from Inflexion.
Arcline Investment Management, a private equity firm, agreed to acquire Avantus, a provider of engineered shims and fasteners for the global aerospace and defense industries, from Inflexion, a private equity firm, according to press releases. Financial terms were not disclosed.
Avantus is advised by Perella Weinberg Partners and Willkie Farr & Gallagher (led by
Stephen Lee). Arcline is advised by Lazard, Ropes & Gray (led by
Carl Marcellino and
Elizabeth Todd) and Joele Frank (led by
Kate Thompson), according to MergerLinks data and press releases.
Brookfield-backed Intrepid Fiber Networks to acquire the Southern California fiber network of Ubiquity.
Brookfield-backed Intrepid Fiber Networks, a national US fiber-to-the-premises infrastructure provider, agreed to acquire the Southern California fiber network of Ubiquity, a private digital communications infrastructure owner, developer and operator, according to press releases. Financial terms were not disclosed.
Intrepid Fiber Networks is advised by Berg Hill Greenleaf Ruscitt and Morgan Lewis & Bockius. Ubiquity is advised by Bank Street Group and Kirkland & Ellis, according to press releases.
New Mountain Capital completes a majority investment in RRC Companies.
New Mountain Capital, an investment firm, completed a majority investment in RRC Companies, a provider of integrated engineering services, according to press releases. Financial terms were not disclosed.
RRC was advised by Texas Capital Bank and Haynes and Boone. New Mountain was advised by Simpson Thacher & Bartlett and H/Advisors Abernathy (led by Dana Gorman), according to press releases.
I Squared Capital completes the acquisition of natural gas storage assets in Wyoming and Oklahoma of Spire for $650m.
I Squared Capital, a private equity firm, completed the acquisition of the natural gas storage assets in Wyoming and Oklahoma of Spire, a natural gas utility company that provides natural gas services to residential, commercial, and industrial customers, for $650m, according to press releases.
I Squared Capital was advised by Kirkland & Ellis. Spire was advised by Greenhill & Co and Vinson & Elkins (led by
Caroline Kuehn and
Christopher Rowley), according to press releases and MergerLinks data.
I Squared Capital, a private equity firm, completed the acquisition of ten data centers from Cogent Communications, a multinational internet service provider, for $225m, according to press releases.
I Squared Capital was advised by TVG Consulting, Kirkland & Ellis and FTI Consulting, according to press releases.
SDC Capital-backed SummitIG, a dark fiber infrastructure provider, completed the acquisition of Dark Fiber and Infrastructure, a provider of conduit, dark fiber and related connectivity infrastructure, from Blue Owl Capital, an alternative asset manager, according to press releases. Financial terms were not disclosed.
Dark Fiber and Infrastructure was advised by Bank Street Group and Akin Gump Strauss Hauer & Feld. SummitIG was advised by Skadden Arps Slate Meagher & Flom (led by
Thomas Greenberg), according to press releases and MergerLinks data.
Hiab, a provider of smart and sustainable on-road load handling solutions, completed the acquisition of Labrie Environmental Group, a refuse collection vehicle manufacturer, from Wynnchurch Capital, a private equity firm, for $1bn, according to press releases.
Hiab was advised by Morgan Stanley and Sidley Austin (led by
Justin A. Macke). Wynnchurch was advised by Ropes & Gray (led by
Carl Marcellino), according to MergerLinks data and press releases.
Parabellum Investments, a private equity firm, completed the acquisition of Crux Informatics, a provider of external data-management products and services to customers across the financial and technology sectors, according to press releases. Financial terms were not disclosed.
Crux Informatics was advised by D.A. Davidson & Co and Goodwin Procter. Parabellum Investments was advised by Profile (led by
Jordan Greenaway), according to press releases.
Platinum Equity, a private equity investment firm, agreed to invest in Grand Appliance, a retailer and distributor of appliances and consumer electronics, according to press releases. Financial terms were not disclosed.
Platinum Equity is advised by Massumi + Consoli. Grand Appliance is advised by Mesirow Financial and Taft Stettinius & Hollister, according to press releases.
A consortium of investors led a $1.2bn Series D round in Quantum Systems.
A consortium of investors, including Blackstone, Noteus, Airbus and Advent led a $1.2bn Series D round in Quantum Systems, a deep-tech company that develops and manufactures AI-powered electric vertical take-off and landing unmanned aerial systems, with participation from BOND, Fidelity Management & Research Company, Wellington Management, A.P. Moller Holding, Elephant, Balderton and HV Capital, according to press releases.
Quantum Systems was advised by Morgan Stanley. Airbus was advised by Freshfields (led by
Maximilian Lasson). Blackstone was advised by Freshfields (led by
Arend von Riegen), according to press releases and MergerLinks Data.
CVC to invest in General Atlantic-backed Chess.com.
CVC, a private markets investment firm, agreed to invest in General Atlantic-backed Chess.com, an online chess platform, according to press releases. Financial terms were not disclosed.
Chess.com is advised by Goldman Sachs. General Atlantic is advised by Paul Weiss Rifkind Wharton & Garrison (led by Austin Pollet), according to MergerLinks data and press releases.
Local Favorite Restaurants, a restaurant company that owns and operates a portfolio of Texas dining and fast-casual restaurant brands, completed the acquisition of Cotton Patch Cafe, a restaurant chain known for scratch-made Southern comfort food and small-town hospitality, from Altamont Capital Partners, a private equity firm, according to press releases. Financial terms were not disclosed.
Cotton Patch Cafe was advised by Harrington Park Advisors and The Power Group, according to press releases.
Digital Realty, a global real estate investment trust, agreed to acquire a majority stake in three Northern Virginia data centers from Blackstone, an alternative asset manager, for $3.5bn, according to press releases.
Blackstone is advised by Simpson Thacher & Bartlett (led by
Michael Chao and
Sam Rudik), according to MergerLinks data.
Talos Energy, an independent oil and gas company, and Ridgewood Energy, a private equity firm, agreed to acquire a 50% stake in Na Kika platform from Shell Offshore, a deepwater oil and gas exploration and production company, for $1.7bn, according to press releases.
Talos Energy is advised by Greenhill & Co, according to press releases.
Salesforce, a designer and developer of enterprise software, led a $135m Series A round in 8090, an enterprise software development company, focusing on AI integration into company workflows, with participation from WNDR, Craft Ventures, The Production Board, LAUNCH, Nikesh Arora, Cliff Robbins, Adam D’Angelo, Shyam Ravindran, Thomas Laffont, and Abhi Arun, according to press releases.
8090 was advised by Wachtell Lipton Rosen & Katz, according to press releases.
KKR to acquire the power solutions in the US and Canada from EDF.
KKR, an investment firm, agreed to acquire the power solutions in the US and Canada from EDF, a French energy company, according to press releases. Financial terms were not disclosed.
Aramco Ventures, the corporate venturing arm of Aramco, a leading integrated energy and chemicals company, led a $800m Series C round in Together AI, a research-driven artificial intelligence company, with participation from Vista Equity Partners, General Catalyst, Emergence Capital, NVIDIA, March Capital, Pegatron and SentinelOne, according to press releases.
QuidelOrtho looks to sell testing unit at $1.5bn valuation. (FT)
Diagnostics firm QuidelOrtho is looking to sell its point-of-care testing unit at a valuation of $1.5bn.
Private equity firms including Advent International, SK Capital Partners and Archimed have expressed interest in the asset.
Magnolia Oil & Gas in lead to acquire WildFire Energy for over $4bn. (Bloomberg)
Magnolia Oil & Gas has emerged as the front-runner to acquire WildFire Energy for more than $4bn, in what would rank as its largest-ever acquisition. WildFire is backed by private equity firms Warburg Pincus and Kayne Anderson.
The Houston-based shale producer is poised to win the auction for the driller, with a deal expected to be announced in the coming weeks.
TPG and Leonard Green explore sale of McIlroy-backed Troon Golf. (Bloomberg)
TPG and Leonard Green & Partners, the private equity owners of Troon Golf, are exploring a potential sale of one of the largest US golf course operators.
The backers have tapped investment banks to field interest in the company. Troon could be valued in a sale at more than $2bn.
Williams to near $5.5bn deal for Momentum Midstream. (
Bloomberg)
Williams is in advanced talks to acquire Momentum Midstream from EnCap Flatrock Midstream in a deal valued at about $5.5bn. An agreement could be announced within days, though discussions remain ongoing.
The acquisition would expand Williams’s natural gas pipeline network, including assets transporting gas from the Haynesville shale to Gulf Coast LNG export terminals. No final decision has been reached, and the seller could still opt to retain the business.
Data center firm Switch seeks a $2bn funding round. (
Bloomberg)
Switch is launching a private funding round led by Andreessen Horowitz that could raise approximately $2bn.
The company, which is majority owned by DigitalBridge, could be valued at nearly $50bn including debt. Excluding the new investment, Switch's equity value is estimated at around $19bn. Discussions are ongoing, and the terms of the fundraising may still change.
Behrman Capital closes $250m continuation vehicle for Shur-Co. (
Press Release)
Behrman Capital has closed Behrman Capital CV II, a $250m single-asset continuation vehicle to support the sale of portfolio company Shur-Co and finance its next phase of growth. The vehicle is backed by Coller Capital, Northleaf Capital Partners, Siguler Guff, and existing Behrman investors.
Alongside the transaction, Behrman Capital VII completed a significant investment in Shur-Co. The continuation vehicle will provide additional capital for acquisitions and expansion into new markets, following five add-on acquisitions since
Behrman acquired the company in 2021.
EMEA
Trian and General Catalyst complete the acquisition of the remaining 79.6% stake in Janus Henderson at an $8bn valuation.
Trian, a multi-billion dollar investment management firm, and General Catalyst, a venture capital firm, completed the acquisition of the remaining 79.6% stake in Janus Henderson, an investment management company, at an $8bn valuation, according to press releases.
Janus Henderson was advised by Goldman Sachs (led by Kurt Simon), Morgan Stanley, Skadden Arps Slate Meagher & Flom (led by Patrick Lewis and Peter Serating), Wachtell Lipton Rosen & Katz (led by Edward D. Herlihy, Jacob A. Kling and Matthew T. Carpenter), Gladstone Place Partners and Kekst CNC (led by Ruth Pachman, Ross Lovern and James Hartwell). Goldman Sachs was advised by Sullivan & Cromwell (led by John P. McCrystal and Stephen M. Kotran). The debt financing was provided by Bank of America, Citigroup, JP Morgan, Jefferies & Company, MUFG Bank, Morgan Stanley, Qatar Investment Authority, Sumitomo Mitsui Banking Corp and UBS. Qatar Investment Authority was advised by Cleary Gottlieb Steen & Hamilton. Trian and General Catalyst were advised by Citigroup, Jefferies & Company (led by Andrew Whittaker, Matthias Kristol and Cavan Yang), Debevoise & Plimpton (led by Emily F. Huang, Kevin M. Schmidt and William Regner), Kirkland & Ellis (led by Christian A. Atwood) and FGS Global, according to press releases and MergerLinks data.
CVC Capital Partners to invest in Clevertech.
CVC Capital Partners, a private equity firm, agreed to invest in Clevertech, a global partner in the design and manufacturing of advanced industrial automated packaging systems, according to press releases. Financial terms were not disclosed.
Clevertech is advised by Baldi Finance, JP Morgan and Baldi Prati & Partners. CVC Capital Partners is advised by Ernst & Young, Bain & Co, dss+, Dabster, UBS, Cleary Gottlieb Steen & Hamilton, Latham & Watkins and Facchini Rossi Michelutti, according to press releases.
Corten Capital and Ampersand Capital Partners, the two private equity firms, completed the acquisition of Beacon Intelligence, a global data and workflow platform for the life sciences R&D community, from Graphite Capital-backed Hanson Wade, a data, insights, and events company that specializes in the global life sciences sector, according to press releases. Financial terms were not disclosed.
Corten Capital and Ampersand Capital Partners were advised by Oliver Wyman, Alvarez & Marsal, Cardean Bell, Clarity Capital Partners, Carey Olsen, Winston Taylor, ZS Associates and Deloitte. Debt financing was provided by HSBC. Graphite Capital was advised by Robert W Baird and Goodwin Procter, according to press releases.
Gimv to acquire a majority stake in Groupe Cap Vert from Ambienta.
Gimv, a European investment company, agreed to acquire a majority stake in Groupe Cap Vert, a provider of tree and vegetation critical management services, from Ambienta, a European investment manager, according to press releases. Financial terms were not disclosed.
Ambienta is advised by Marsh, Oliver Wyman, Ansa Services, Alvarez & Marsal, Amala Partners, Coruscans, Ernst & Young, Jeausserand Audouard, Weil Gotshal and Manges and Kekst CNC, according to MergerLinks data.
FTV Capital, a private equity firm, agreed to acquire a minority stake in Carbon Underwriting, an underwriting specialist, according to press releases. Financial terms were not disclosed.
Carbon Underwriting is advised by Howden, Jamieson and Haggie Partners. FTV Capital is advised by Acrisure Re Corporate Advisory, Houlihan Lokey, Browne Jacobson, Norton Rose Fulbright, Skadden Arps Slate Meagher & Flom and Prosek Partners, according to press releases.
Adenia completes the acquisition of a majority stake in Minet Group from Capitalworks.
Adenia, a private equity firm, completed the acquisition of a majority stake in Minet Group, a pan-African advisor specialising in risk and human capital solutions, from Capitalworks, a private equity firm, according to press releases. Financial terms were not disclosed.
Adenia was advised by EY Parthenon, DLA Piper and Gregory FCA (led by
Stephen Fishleigh). Capitalworks was advised by PricewaterhouseCoopers, Rothschild & Co, Bowmans and Webber Wentzel.
ANV, a global insurance intermediary platform, agreed to acquire Assured Underwriting Group, a diversified managing general agent and underwriting group focused on travel industry surety and insurance, from Mobeus, a private equity investment firm, according to press releases. Financial terms were not disclosed.
ANV is advised by PricewaterhouseCoopers, Freshfields, Rein4ce and Macquarie Capital. Assured Underwriting Group is advised by Clyde & Co and Grant Thornton, according to press releases.
Valmet, a global developer and supplier of technologies, automation and services for the pulp, paper and energy industries, completed the acquisition of Severn, an engineering company, from Bluewater, a private equity firm, for $480m, according to press releases.
The Visualize Group to acquire eCOGRA from Hanover Investors Management.
The Visualize Group, a private investment company, agreed to acquire eCOGRA, a London-based provider of testing, inspection, certification, and compliance services for online gambling, from Hanover Investors Management, an investment company, according to press releases. Financial terms were not disclosed.
eCOGRA and Hanover Investors are advised by Macquarie Capital and Willkie Farr & Gallagher. The Visualize Group is advised by Greenberg Traurig and Weil Gotshal and Manges, according to press releases.
Volpi Capital, a London-based specialist private equity firm, completed the acquisition of a majority stake in KGS Software, a German company providing audit-proof archiving and data governance for SAP environments, according to press releases. Financial terms were not disclosed.
GENUI was advised by Lincoln International (led by
Ashkan Kalantary) and Sara Günnewig (led by
Sara Gunnewig), according to press releases and MergerLinks data.
Warburg Pincus to acquire Network Plus from OMERS Private Equity.
Warburg Pincus, a private equity firm, agreed to acquire Network Plus, a UK utility and infrastructure services provider, from OMERS Private Equity, a private equity firm, according to press releases. Financial terms were not disclosed.
Warburg Pincus is advised by Paul Weiss Rifkind Wharton & Garrison (led by
Stefan Arnold-Soulby), according to press releases and MergerLinks data.
DWS, an asset management firm, completed the investment in Flannery Plant Hire, the largest operated heavy construction plant-hire company in the UK, according to press releases. Financial terms were not disclosed.
Flannery Plant Hire was advised by Deutsche Bank, according to MergerLinks data.
Korn Ferry, a management consulting firm, agreed to acquire AMS, a human capital solutions provider, from OMERS Private Equity, a private equity firm, for £850m ($1.12bn), according to press releases.
Prosus led a €400m round in Alan.
Prosus, a corporate venture capital arm of Prosus, led a €400m ($455m) round in Alan, a French AI-native health and insurance technology company, with participation from Teachers' Venture Growth (TVG), Index Ventures, and Dara Holdings, according to press releases.
EasyJet shareholders hold out for £5.3bn bid from Castlelake. (FT)
EasyJet's board has opened formal negotiations with US private credit group Castlelake after rejecting a fourth bid of £4.9bn ($6.46bn), or £6.50 ($8.57) per share, saying it "fundamentally undervalues" the airline.
Large shareholders are in agreement that the price must reach £7 ($9.23) per share, or £5.3bn ($7bn), to be sufficiently attractive, with hopes that Castlelake will raise its offer.
Ardian plans to invest over €3bn in Nordic data centers. (
Bloomberg)
Ardian plans to invest more than €3bn ($3.4bn) in data‑center development across the Nordic region through its portfolio company Verne.
The investment will fund new facilities in Norway and Denmark as demand for digital infrastructure continues to grow. The Nordics have attracted increased interest from data‑center operators due to their energy resources and available development sites.
APAC
J.F. Lehman-backed Wrist Group, a global supplier of marine, logistics and budget management services, completed the acquisition of Military Services Australia, a provider of defence maritime logistics and ship supply services, according to press releases. Financial terms were not disclosed.
Military Services Australia was advised by KPMG and Talbot Sayer. J.F. Lehman and Wrist Group was advised by Gorrissen Federspiel and Jones Day, according to press releases.
Addition, a US-based investment firm, led a $320m Series H round in Airwallex, a global payments and financial platform for modern businesses, with participation from Baillie Gifford, Hummingbird, QED Investors, T. Rowe Price, Hedosophia, Haun Ventures, Washington University in St. Louis, and Amex Ventures, according to press releases.
Bain and LY near binding offer for Kakaku in bidding war with EQT. (
Bloomberg)
Bain Capital and LY are poised to make a binding bid for Kakaku.com, challenging a tender offer from EQT that values the price-comparison site operator at around JPY595bn ($3.7bn).
The US private equity firm and SoftBank affiliate have been conducting due diligence and are likely to submit a formal bid for Tokyo-based Kakaku next week.
Navis explores sale of stake in nuts and snacks firm Dan-D Foods. (
Bloomberg)
Navis Capital Partners is planning to sell its majority stake in nuts and snacks company Dan-D Foods.
Co-founder and managing director Nicholas Bloy said the firm intends to sell Dan-D next year.
Affinity Equity Partners exits Vietnam's HDBank six years after investment. (
DealStreetAsia)
Affinity Equity Partners has exited its six-year investment in Vietnam’s HDBank by selling its minority stake to the lender’s controlling shareholder, marking another private equity exit through a family-backed buyback in Southeast Asia.
The transaction was completed earlier in 2026. Financial terms and the structure of the deal were not disclosed.
Perpetual rejects $1.7bn takeover bid from PE firm EQT. (
Bloomberg)
Perpetual has rejected a takeover proposal from Windflower, a company indirectly controlled by Swedish private equity firm EQT, concluding that the offer did not reflect fair value for shareholders.
The proposal valued the Australian fund manager at around AUD2.5bn ($1.7bn), or AUD21.64 ($14.92) per share, nearly 20% above its closing price before a trading halt.
Mercedes and GIC to back autonomous driving firm Momenta's Hong Kong IPO. (
Bloomberg)
Chinese autonomous driving startup Momenta has secured Mercedes-Benz and Singapore wealth fund GIC as cornerstone investors for its Hong Kong IPO.
Fidelity International and BlackRock are also in talks to join as cornerstone investors, with Momenta targeting to raise about $750m to $800m from the offering.
