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AMERICAS
TPG, a global alternative asset management firm, completed the acquisition of the remaining 70% stake in DIRECTV, a media satellite infrastructure provider, from AT&T, a telecommunication company, for $7.6bn, according to press releases.
TPG was advised by Bank of America, Barclays (led by Eric Federman and Chris Chodaczek), Evercore (led by Daniel Mendelow), LionTree Advisors, Morgan Stanley, Cleary Gottlieb Steen & Hamilton (led by Maurice Gindi and Jamal Fulton), Mintz Levin, Paul Weiss Rifkind Wharton & Garrison (led by Annie Herdman), Ropes & Gray (led by Megan Baca) and H/Advisors Abernathy (led by Tom Johnson). AT&T was advised by Goldman Sachs (led by David Dubner), Gibson Dunn & Crutcher (led by Robert Little) and Brunswick Group. DIRECTV was advised by FGS Global (led by Winnie Lerner), according to press releases and MergerLinks data.
CB Biotechnology, an affiliate of pharmaceutical contract manufacturer Future Pak, agreed to acquire Theratechnologies, a Canadian biopharmaceutical company specializing in HIV and oncology treatments, for up to $254m, according to press releases.
Theratechnologies is advised by Barclays, Raymond James, Fasken and Norton Rose Fulbright. Future Pak is advised by Bourne Partners, Honigman Miller Schwartz & Cohn and McMillan, according to press releases and MergerLinks data.
Warner Music Group, the global music entertainment company, and Bain Capital, a private equity firm, agreed to form a joint venture to allow for the purchase of up to $1.2bn of legendary music catalogs across both recorded music and music publishing, according to press releases.
Warner Music Group is advised by Sidley Austin (led by Matthew Thompson). Bain Capital is advised by Paul Weiss Rifkind Wharton & Garrison (led by Cullen Sinclair, Edward Ackerman and Chuck Googe). Debt financing is provided by Fifth Third Bancorp and Goldman Sachs, according to press releases and MergerLinks data.
Pritzker Private Capital, a private equity firm, completed the acquisition of Buckman, a family-owned innovator in specialty solutions for water treatment and industrial processes, according to press releases. Financial terms were not disclosed.
Buckman was advised by Evercore and H/Advisors Abernathy (led by Dan Scorpio). Pritzker was advised by JP Morgan, according to press releases and MergerLinks data.
ARC Resources, a Canadian energy company, completed the acquisition of the Kakwa asset from Strathcona, an oil and gas producer, for CAD1.7bn ($1.2bn), according to press releases.
Strathcona was advised by BMO Capital Markets, CIBC World Markets, Jefferies & Company and Blake Cassels & Graydon, according to press releases.
Neuberger Berman, an investment platform providing capital solutions to private equity-owned companies, completed the investment in Paradigm, a premier risk-taking organization focused on managing complex, high-cost cases and conditions for payors in the US workers' compensation and healthcare markets, from OMERS Private Equity, a private equity firm, and Summit Partners, a global growth equity investor, according to press releases. Financial terms were not disclosed.
Zurich Insurance Group, a global insurer specializing in multi-line coverage, agreed to acquire BOXX Insurance, a cyber insurtech company, according to press releases. Financial terms were not disclosed.
BOXX Insurance is advised by Perella Weinberg Partners and Osler Hoskin & Harcourt, according to press releases.
Thesis*, a venture studio specializing in Bitcoin-native products, completed the acquisition of Lolli, a Bitcoin rewards platform, according to press releases. Financial terms were not disclosed.
Thesis* was advised by M Group Strategic Communications (led by Andrew Heibeck), according to press releases.
Keleops, a company specializing in global high-tech digital media, completed the acquisition of Kotaku, a gaming-focused media brand, from G/O Media, a digital media company, according to press releases. Financial terms were not disclosed.
Keleops was advised by Pressario (led by Maryse Camelan), according to press releases.
Blackstone, an investment firm specializing in alternative assets, completed the acquisition of the remaining stake in Cvent, an event software company, from Vista Equity Partners, a private equity firm, for $1.3bn.
Nippon Steel to raise $5.6bn in subordinated loans to fund US Steel deal. ( Reuters)
The company will use a JPY500bn loan to partially repay a JPY2tn bridge loan arranged in June for the deal, while a separate JPY300bn loan will refinance a previous JPY450bn subordinated facility.
Brookfield private equity arm sells stakes to fund for wealthy. ( Bloomberg)
Brookfield Business Partners plans to sell portions of its stakes in three portfolio companies to a new private equity fund managed by Brookfield Asset Management and aimed at high-net-worth individuals.
Brookfield Business Partners will receive units in the new fund valued at about $690m, reflecting an 8.6% discount to the net asset value of the transferred holdings.
EMEA
Shift4, an integrated payments and commerce technology company, completed the acquisition of a 97.37% stake in Global Blue, a specialty payments and technology platform, for $2.5bn, according to press releases.
Global Blue was advised by Deutsche Bank, IFBC, JP Morgan, Oppenheimer & Co, PJT Partners, UBS, Niederer Kraft & Frey (led by Ulysses Von Salis and Philipp Haas), Simpson Thacher & Bartlett. Financial advisors were advised by Cravath Swaine & Moore (led by Bethany A. Pfalzgraf and Minh Van Ngo) and Datasite (led by Jeff Frey). Shift4 was advised by Goldman Sachs (led by Kelly Galanis), Latham & Watkins (led by Leah R. Sauter and Andrew C. Elken), Loyens & Loeff (led by Marco Toni) and ICR (led by Alecia Pulman), according to press releases and MergerLinks data.
Chesnara, a life and pensions consolidator, agreed to acquire UK life insurance business from HSBC, a global banking and financial services firm, for $355m, according to press releases.
Namirial, a software solutions company, agreed to acquire Signaturit, a provider of a broad range of cloud-based solutions, from PSG Equity, a private equity firm, according to press releases. Financial terms were not disclosed.
Namirial is advised by JP Morgan. Bain Capital is advised by Camarco. Ambienta is advised by Image Building and Kekst CNC. PSG is advised by Prosek Partners, according to press releases and MergerLinks data.
Haiki +, an environmental services company, completed the acquisition of battery and polypropylene recycling business in Italy from Ecobat, a battery recycling firm, according to press releases. Financial terms were not disclosed.
Ecobat was advised by Pirola Corporate Finance, Rothschild & Co and Advant NCTM, according to press releases and MergerLinks data.
Galenica, a healthcare services and products provider, agreed to acquire Labor Team Group, a medical laboratory, from GENUI, a private equity firm, according to press releases. Financial terms were not disclosed.
BigPoint, an investment firm, and Partners Group, a private equity firm, led a $162m round in Climeworks, a Swiss company specializing in direct air capture technology for carbon dioxide removal, according to press releases.
Climeworks was advised by Lenz & Staehelin (led by Beat Kuehni), according to press releases and MergerLinks data.
MM Capital Partners, an investment firm, Daiwa Energy & Infrastructure, an investment firm focused on sustainable energy projects, and Mizuho Leasing, a financial services firm, completed the acquisition of a 50% stake in a portfolio of renewable assets in Portugal from TotalEnergies, a French multinational energy company, for €178m ($210m), according to press releases.
TotalEnergies was advised by Barclays, according to press releases and MergerLinks data.
EQT, a healthcare-focused investment firm, agreed to acquire Europa Biosite, a distributor of research-use-only life science reagents, chemicals, and biospecimens, from Adelis Equity, a private equity firm, according to press releases. Financial terms were not disclosed.
Apollo-backed Athora in talks to buy stake in $7.8bn Pension Insurance Corporation. ( Reuters)
Athora Holding is in talks to acquire UK-based Pension Insurance Corporation in a deal that values the insurer at about £5.7bn ($7.78bn).
Athora, a specialised life insurance group backed by Apollo and managing €76bn ($89.7bn) in assets, is looking to expand its footprint in the pension risk transfer market through this transaction.
Carlyle is in talks to hand over Dainese to private lenders. ( Bloomberg)
Carlyle Group is in talks to transfer ownership of Italian sportswear company Dainese to creditors HPS Investment Partners and Arcmont Asset Management in what could become one of Italy’s first private credit takeovers.
The potential handover would be a consensual restructuring, with terms still under negotiation. The outcome of the talks remains uncertain.
UniCredit CEO presses case for Commerzbank merger in letter to Germany's Merz. ( Reuters)
The CEO of UniCredit has renewed efforts to merge the Italian bank with Germany's Commerzbank, making his case in a letter to German Chancellor Friedrich Merz.
Nigeria’s GTBank to raise $100m selling shares in UK. ( Bloomberg)
Guaranty Trust Holding, the parent of Nigeria’s largest lender by market value, plans to list in the UK after raising $100m through a share sale.
The offering targets institutional and qualified investors as part of efforts to recapitalize its main unit, Guaranty Trust Bank. This aligns with a Central Bank of Nigeria mandate requiring lenders with international licenses to boost equity capital to at least NGN500bn ($327m) by March 2026.
BlackRock weighs selling stake in Saudi Aramco gas pipelines. ( Bloomberg)
BlackRock is in talks with Saudi Aramco to potentially sell back its stake in the leasing rights to Aramco’s natural-gas pipeline network. The asset manager is exploring this option but may consider other alternatives if a deal isn’t reached.
APAC
Tata is said to be in talks to buy out investors in Resurgent. ( Bloomberg)
Tata Group is in talks to acquire full ownership of Resurgent Power Ventures, a Singapore-based power generation and transmission company.
Tata Power, which currently holds a 26% stake through a subsidiary, is working with an adviser to purchase the remaining shares held by ICICI Venture Funds Management, Kuwait Investment Authority, and Oman Investment Authority.
Reliance to spin off consumer goods brands ahead of retail IPO. ( Bloomberg)
Reliance Industries is transferring all its consumer goods brands to a new wholly-owned subsidiary, New Reliance Consumer Products, as it prepares for an IPO of its retail business.
The brands — covering apparel, fashion, food, personal care, and beverages — were previously housed under Reliance Retail, Reliance Retail Ventures, and Reliance Consumer Products.
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