Bridgepoint to acquire a majority stake in UMag Solutions.

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

First Hawaiian to acquire TriCo Bancshares in a $2bn deal.

First Hawaiian, the parent company of First Hawaiian Bank, agreed to acquire TriCo Bancshares, the parent company of Tri Counties Bank, in a $2bn deal, according to press releases.

TriCo is advised by Keefe Bruyette & Woods and Holland & Knight. First Hawaiian is advised by Evercore and Sullivan & Cromwell, according to press releases.

CenterGate Capital completes the investment in Canadian Dental Labs.

CenterGate Capital, a private equity investment firm, completed the investment in Canadian Dental Labs, a manufacturer of dental prosthetics and orthodontic appliances, according to press releases. Financial terms were not disclosed.

CDL was advised by ATB Cormark Capital Markets and BMO Capital Markets. CenterGate Capital was advised by Akerman and Blake Cassels & Graydon (Blakes), according to press releases.

Servier completes the acquisition of the muscular dystrophy business of Edgewise Therapeutics for up to $2.65bn.

Servier, a France-based global pharmaceutical company, completed the acquisition of the muscular dystrophy business of Edgewise Therapeutics, a clinical‑stage biotechnology company, for up to $2.65bn, according to press releases.

Servier was advised by Lazard. Edgewise Therapeutics was advised by Centerview Partners (led by Jason Zuckerbrod) and Wilson Sonsini Goodrich & Rosati, according to press releases and MergerLinks data.

USFM to merge with Bahama Boat Works and the boating business from Twin Vee PowerCats.

USFM, a developer of strategic mineral interests in Greenland, agreed to merge with Bahama Boat Works, a manufacturer of offshore center console boats, and the boating business from Twin Vee PowerCats, a catamaran and powerboat manufacturer, according to press releases. Financial terms were not disclosed.

USFM is advised by Loeb & Loeb. Twin Vee is advised by Houlihan Capital and Sheppard Mullin Richter & Hampton, according to press releases.

Voyager completes the acquisition of Astrobotic Technology for $300m.

Voyager, a defense and space technology company, completed the acquisition of Astrobotic Technology, a commercial lunar logistics and robotics company, for $300m, according to press releases.

Voyager was advised by the10company (led by Nora Ellish). Astrobotic Technology was advised by Stifel (led by Michael Hart), according to press releases and MergerLinks data.

Pelican Energy Partners completes the acquisition of Veridiam from Equity Group Investments.

Pelican Energy Partners, a specialized private equity firm, completed the acquisition of Veridiam, a manufacturer of highly engineered precision components, from Equity Group Investments, a private investment firm, according to press releases. Financial terms were not disclosed.

Pelican Energy Partners was advised by Troutman Pepper Locke. Veridiam was advised by Mayer Brown, according to press releases.

AE Industrial completes the acquisition of Powder Alloy.

AE Industrial, a private investment firm, completed the acquisition of Powder Alloy, a manufacturer of high-performance metal powders and advanced alloy materials, according to press releases. Financial terms were not disclosed.

AE Industrial was advised by Stanton PRM (led by Matthew Conroy), according to press releases.

7-Eleven owner drops go-it-alone strategy with SoftBank deal. (Bloomberg)

Seven & i Holdings, the owner of 7‑Eleven, is moving toward a transaction with SoftBank and PayPay that would involve selling a stake in part of its business. The discussions mark a shift away from the company’s previous preference to pursue its strategy independently and signal greater openness to partnering with external investors.

The potential deal would give Seven & i access to strategic partners in digital payments and technology, while potentially strengthening its retail ecosystem through closer ties with PayPay. The move reflects the company’s broader efforts to enhance growth and competitiveness as it evaluates options to unlock shareholder value and accelerate its transformation.

Warburg Pincus near over $7bn deal for Pantherx Rare. (WSJ)

Warburg Pincus is nearing an agreement to acquire specialty pharmacy company Pantherx Rare in a transaction valued at more than $7bn including debt. The company specializes in dispensing therapies for patients with rare and complex diseases.

Pantherx Rare has been owned by a consortium of investors including General Atlantic since 2022. The deal would rank among the larger healthcare private‑equity transactions of 2026, highlighting continued investor interest in specialty healthcare services and pharmaceutical distribution assets.

TransDigm calls off deal for rival after DOJ lawsuit threat. (Bloomberg)

TransDigm Group has terminated its $960m acquisition of Stellant Systems after the US Department of Justice threatened to file a lawsuit to block the transaction on antitrust grounds. The proposed deal would have combined two suppliers of aerospace and defense components.

The DOJ informed the companies that it was prepared to seek a court order preventing the acquisition, prompting TransDigm to abandon the transaction. The outcome highlights continued regulatory scrutiny of consolidation in the aerospace and defense supply chain.

Warren Equity Partners closes Fund V at hard cap with approximately $2.8bn in commitments. (Press Release)

Warren Equity Partners has closed Fund V with approximately $2.8bn in commitments, exceeding its $2.25bn target and reaching its hard cap. The fund was oversubscribed and attracted backing from more than 60 institutional investors, including pension funds, insurers, endowments, foundations, and family offices.

Fund V will continue Warren Equity’s strategy of investing in infrastructure solutions businesses across sectors such as power and utilities, water, transportation, waste, digital infrastructure, and facilities services. The fund has already completed its first platform investment, USG Water Solutions, and will pursue growth through operational improvements and add-on acquisitions.

EMEA

Danfoss to acquire Alfagomma.

Danfoss, a heating and cooling solutions provider, agreed to acquire Alfagomma, a fluid handling systems developer, according to press releases. Financial terms were not disclosed.

Alfagomma is advised by Lazard and Giliberti Triscornia e Associati. The seller is advised by UBS, according to MergerLinks data and press releases.

HIG Capital-backed OB Streem completes the acquisition of Med Frigo.

HIG Capital-backed OB Streem, an integrated logistics and supply chain services provider, completed the acquisition of Med Frigo, a temperature-controlled logistics and cold-chain transportation provider, according to press releases. Financial terms were not disclosed.

AkzoNobel confirms receiving offers from Nippon Paints for its Decorative Paints business. (Press Release)

AkzoNobel has confirmed receiving multiple conditional, non‑binding proposals from Nippon Paint for its Decorative Paints business, valuing the unit at approximately €7.5bn ($8.55bn) on a cash‑free, debt‑free basis. The company stated that the proposals significantly undervalue the business and constitute an alternative proposal under its existing merger agreement with Axalta.

AkzoNobel’s management and supervisory boards reiterated their unanimous support for the planned merger of equals with Axalta, citing the strategic benefits of the transaction. Due to restrictions under the Axalta merger agreement, AkzoNobel indicated it is unable to engage with Nippon Paint regarding the proposals.

Morrisons in talks with US giant Realty about £600m stores deal. (Sky News)

Morrisons is in discussions with Realty Income Corporation and other investors regarding a potential £600m ($803m) real-estate financing transaction. The deal is expected to be structured around a portfolio of stores and may not involve a traditional sale-and-leaseback arrangement.

The transaction would support Morrisons’ turnaround efforts as the supermarket chain looks to strengthen its finances and regain market share. While discussions are ongoing and no agreement is imminent, the retailer’s substantial property ownership, including freeholds for about 80% of its store estate, makes it an attractive partner for real‑estate investors.

Watches of Switzerland held talks over potential takeover offers. (Rueters)

Watches of Switzerland Group has held discussions in recent months regarding potential take-private offers. Interest has come from both private equity firms and strategic buyers, with CEO Brian Duffy reportedly engaging due to a belief that the company is undervalued by public markets.

No formal bid has been made, and discussions remain preliminary. Sources indicated the company would seek an offer significantly above £7.50 ($10) per share, while the stock rose following reports of the talks. The luxury watch retailer has benefited from strong demand for brands such as Rolex and Cartier, though its shares remain well below their 2022 peak.

Saudi Tech firm NourNet to pick Goldman, HSBC for IPO. (Bloomberg)

NourNet, a Saudi digital services provider, is working with Goldman Sachs and HSBC on a potential IPO in Riyadh. The planned listing could take place as early as 2026, adding to the pipeline of Saudi and Gulf capital markets offerings.

Details including the size, valuation and timing of the IPO remain under discussion, and no final decisions have been made. The mandate highlights continued issuer interest in public listings despite regional geopolitical uncertainty.

Andera Partners announces a record €430m fundraise for Andera Expansion. (Press Release)

Andera Partners has closed Andera Expansion IV at €430m ($481m), exceeding both its initial target and original €350m ($400m) hard cap, which was increased twice in response to strong investor demand. The fundraising marks a record for the firm's expansion strategy and follows the €250m ($285m) predecessor fund raised in 2021.

The fund will continue Andera Expansion’s strategy of investing in primary growth LBOs focused on niche industries and B2B services, with a strong emphasis on buy‑and‑build acquisitions. More than 30% of commitments came from international investors, while the firm plans to expand its investment focus beyond France and Belgium into Italy and Spain as part of its broader European growth strategy.

APAC

Aditya Birla Renewables to acquire Sprng Energy from Shell for $1.8bn.

Aditya Birla Renewables, a clean energy solutions provider, agreed to acquire Sprng Energy, a solar and wind power provider to electricity distribution companies, from Shell, a British multinational oil and gas company, for $1.8bn, according to press releases.

Shanghai Pudong Leading Area Investment Center and Shanghai Puxing Collaborative Private Equity Fund Partnership Enterprise led a $55m Series D round in Drug Farm.

Shanghai Pudong Leading Area Investment Center, a state-backed investment and private equity firm, and Shanghai Puxing Collaborative Private Equity Fund Partnership Enterprise, a Chinese investment firm, led a $55m Series D round in Drug Farm, a biotechnology company, with participation from Tukar Capital, Fuzhou Xinhe Fund, Shenzhen Luohu Donghai Chempartner Investment Fund, Keyuan Pharma, BioVeda China Fund, YD Capital, Jiashan State VC, Detong Capital, Wedo Capital and Biometas, according to press releases.

Maker of Soya Supreme Cooking Oil plans Pakistan IPO this month. (Bloomberg)

Agro Processors & Atmospheric Gases, the maker of Soya Supreme cooking oil, is planning an IPO in Pakistan this month to help fund an expansion of its production capacity. The Karachi‑based company is seeking to raise up to PKR2.6bn ($9m).

The offering would add to a record year for Pakistani IPOs and support the company’s effort to broaden its positioning beyond edible oils into a wider consumer goods business. Proceeds are expected to be used primarily for plant expansion and growth initiatives.

SBI Funds IPO anchor book draws Capital Group, BlackRock, Goldman, GIC. (Bloomberg)

SBI Funds Management attracted strong demand from global institutional investors in the anchor tranche of its IPO, with participants including Capital Group, BlackRock, Fidelity Investments, Goldman Sachs Asset Management, Abu Dhabi Investment Authority (ADIA), GIC, and Norges Bank Investment Management. The anchor book was reportedly subscribed more than 20 times ahead of the offering.

The IPO also drew significant interest from Indian mutual funds and insurance companies, highlighting broad investor appetite for the asset manager. Strong demand from both international and domestic institutions provides momentum for what is expected to be one of the most closely watched listings in India’s financial services sector.

Quadria-backed India's Maxivision hires IPO bankers. (Reuters)

Maxivision Super Specialty Eye Hospitals, backed by Quadria Capital, has appointed ICICI Securities and IIFL Capital as advisers for a planned 2027 IPO. The Hyderabad‑based eye‑care chain operates more than 90 centres across India and is beginning preparations for the listing.

The offering is expected to comprise a mix of new shares and secondary stock sales by existing investors, although the size of the IPO has not yet been determined. The proposed listing comes amid growing investor interest in India’s healthcare sector, which has seen increased M&A and capital‑markets activity in recent years.

Shein to target up to $3bn Hong Kong IPO by August. (Bloomberg)

Shein is targeting a Hong Kong IPO as early as August after obtaining approval from China’s securities regulator. The fast-fashion retailer is seeking to raise approximately $2bn–$3bn, potentially making it one of Hong Kong’s largest listings in 2026.

The final size of the offering will depend on the company’s valuation and investor demand. The planned transaction represents another step in Shein’s long-running efforts to go public, with the company now focusing on Hong Kong as its preferred listing venue.

Seviora and Churchill AM close $400m collateralised fund obligation. (DealStreetAsia)

Seviora and Churchill Asset Management have closed an approximately $400m collateralized fund obligation (CFO), expanding their strategic partnership in private markets. The vehicle provides investors with diversified exposure to private credit, fund‑of‑funds, junior capital, and private equity secondaries strategies across Asia and the US.

The CFO is structured with 50% exposure to each platform and was reportedly oversubscribed, reflecting strong demand from institutional investors, particularly US insurance companies. The transaction builds on the partnership established in 2025, when Temasek invested in Nuveen Private Capital and committed capital to its investment strategies.

Daily Review

Connect the World of Dealmakers