Capital One completes the acquisition of Discover for $35.3bn.

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AMERICAS

Sanmina to acquire the data center infrastructure manufacturing business of ZT Systems for $3bn.

Sanmina, an integrated manufacturing solutions company, agreed to acquire the data center infrastructure manufacturing business of ZT Systems, a provider of Cloud and AI infrastructure to the world's largest hyperscalers, for $3bn, according to press releases.

Sanmina is advised by Bank of America, A&O Shearman and Joele Frank (led by Jed Repko and Eric Brielmann). Debt financing is provided by Bank of America. AMD is advised by Morgan Stanley and Latham & Watkins, according to press releases.

Regeneron to acquire 23andMe for $256m.

Regeneron, a biotechnology company that invents, develops and commercializes life-transforming medicines for people with serious diseases, agreed to acquire all of the assets of 23andMe, a human genetics and biotechnology company, for $256m, according to press releases.

Regeneron is advised by Wachtell Lipton Rosen & Katz (led by Michael S. Benn and Victor Goldfeld), according to MergerLinks data.

SEVA completes a minority investment in Teleskope.

SEVA, a growth equity firm, completed a minority investment in Teleskope, an employee experience platform for Fortune 500 and global enterprises, according to press releases. Financial terms were not disclosed.

SEVA was advised by August (led by Scott Deveau), according to press releases.

Strike Capital leads a $200m Series E round in Stord.

Strike Capital, a New York-based asset management firm, led a $200m Series E round in Stord, a cloud supply chain firm, with participation from Silicon Valley Bank, Orix, Baillie Gifford, NewView Capital, G Squared, Georgia Tech Foundation, Kleiner Perkins, Franklin Templeton, Founders Fund, Bond, Sozo, 137 and Lux, according to press releases.

Stord was advised by Financial Technology Partners, according to press releases.

Utthunga and Data Gumbo form UTT-DataGumbo.

Utthunga, a transformation partner for engineering innovation and industrial excellence, and Data Gumbo, an industrial smart contract platform, formed UTT-DataGumbo, a joint venture that combines Utthunga's 1,200-strong industrial engineering team and advanced AI analytics with automated smart-contract workflows and transparent sustainability frameworks, according to press releases. Financial terms were not disclosed.

IX Capital Partners completes an investment in Teague Electric.

IX Capital Partners, a Kansas City-based private investment firm, completed an investment in Teague Electric, a full-service provider of residential, commercial, and industrial electrical services, according to press releases. Financial terms were not disclosed.

Nvidia in advanced talks to back PsiQuantum amid $750m raise. (The Information)

Nvidia is in advanced discussions to invest in PsiQuantum, a company developing photonic quantum computing systems. The talks are part of a broader $750m funding round that includes investors such as BlackRock and values PsiQuantum at $6bn pre-money valuation. The move reflects Nvidia’s growing interest in quantum computing as a complementary field to its AI-focused chip business.

PsiQuantum’s technology is positioned to solve computational problems that surpass the capabilities of classical AI systems. A partnership with Nvidia would underscore the strategic alignment between quantum and AI, particularly in areas like cybersecurity, simulation, and optimization.

Carlyle ramps up Tokyo hiring following $3bn Japan buyout fund launch. (Bloomberg)

The Carlyle Group is expanding its team in Tokyo as it begins deploying capital from its new JPY430bn ($3bn) Japan buyout fund. The firm plans to hire 10 investment professionals this year, having already brought on four junior to mid-level staff and targeting six more by year-end. This would increase its Japan investment team to 35.

The increased hiring supports Carlyle's intention to accelerate deal activity in Japan, a market where it has seen growing opportunities for private equity transactions amid succession challenges and corporate restructuring trends. The fund reflects continued institutional appetite for Japanese assets.

EMEA

Funecap completes the acquisition of the crematoria operations of CVS Group for £42m.

Funecap, a third-party European funeral services and infrastructure provider, completed the acquisition of the crematoria operations of CVS Group, a UK-listed veterinary group, for £42m ($56m), according to press releases.

CVS Group was advised by Peel Hunt (led by James Steel), Berenberg (led by Michael Burke) and Camarco (led by Ginny Pulbrook).

Vestas to acquire a blades factory in Poland from LM Wind Power.

Vestas, a Danish manufacturer, seller, installer, and servicer of wind turbines, to acquire a blades factory in Poland from LM Wind Power, a Danish manufacturer of wind turbine blades, according to press releases. Financial terms were not disclosed.

Vestas is advised by Gorrissen Federspiel (led by Søren Stæhr), according to MergerLinks data.

Castik Capital-backed AddSecure completes the acquisition of GroupTalk.

Castik Capital-backed AddSecure, a European provider of secure IoT connectivity and end-to-end solutions, completed the acquisition of GroupTalk, a provider of cloud-based push-to-talk solutions, according to press releases. Financial terms were not disclosed.

MAGRABi Retail Group to acquire Kefan Optics.

MAGRABi Retail Group, the Middle East's leading eyewear retailer, agreed to acquire Kefan Optics, one of the largest eyewear retailers in Kuwait. Financial terms were not disclosed.

Revolut commits $1.1bn to French expansion, picks Paris as EU base. (Bloomberg)

Revolut has announced plans to invest over €1bn ($1.12bn) in France over the next three years, selecting Paris as its headquarters for western Europe. The move underscores the British fintech firm's strategic shift toward strengthening its European operations, where it already serves the majority of its 55m users.

The investment will fund hiring, product development, and local service improvements, aiming to deepen customer engagement and regulatory integration in the eurozone. France's growing fintech ecosystem and supportive regulatory environment were key factors in Revolut's decision to anchor its regional presence there.

Volkswagen may sell or seek partner for Italdesign amid European overhaul. (Reuters)

Volkswagen is exploring strategic options for Italdesign, including a possible sale or partnership, according to union sources. The move is part of broader restructuring efforts by the German automaker, which is aiming to streamline its European operations in response to weakening demand and rising competitive pressure.

Italdesign, a design and engineering firm fully owned by VW through its Audi unit, may be divested to improve group efficiency and focus resources on core production activities. Discussions are ongoing, and no final decision has been made, but unions have been briefed on the potential scenarios.

Dubai Holding raises Dubai Residential REIT IPO size to $584m. (Bloomberg)

Dubai Holding has increased the size of its planned IPO for Dubai Residential REIT to as much as $584m, up from an earlier target of $487m. The decision follows strong interest from both domestic and international investors, making it the first listing of the year in the emirate.

The offering is intended to deepen the local capital market and broaden investment options within Dubai’s real estate sector. Proceeds will support future property development and potentially enhance the liquidity of residential real estate investments under Dubai Holding's portfolio.

APAC

Toyota Industries expected to accept $41.4bn buyout from Akio Toyoda. (Bloomberg)

Toyota Industries is reportedly preparing to accept a JPY6tn ($41.4bn) takeover offer from Toyota Motor Chairman Akio Toyoda. The buyout will likely be announced in May or June and is expected to be financed through a special-purpose vehicle supported by Japan’s largest banks.

The transaction would consolidate Toyoda’s control over a key part of the Toyota business ecosystem, streamlining operations and potentially boosting shareholder value through privatization. Bloomberg previously reported on the bid, citing advanced planning and financial backing for the move.

Xiaomi to invest nearly $7bn in chip design, unveils 3nm mobile chip. (Bloomberg)

Xiaomi plans to invest close to $7bn in chip design over the next decade as it unveils a 3-nanometer mobile processor, signaling a major push into semiconductor development. The announcement underscores China’s broader strategy to strengthen domestic chip capabilities amid ongoing trade tensions with the US.

The Beijing-based company, known for its smartphones and connected devices, is prioritizing in-house chip innovation to reduce reliance on foreign suppliers. The introduction of the 3nm chip marks a significant milestone in its technological ambitions and could position Xiaomi as a key player in China’s semiconductor race.

TPG NewQuest closes $981m fifth Asia-focused secondaries fund. (DealStreetAsia)

TPG NewQuest has raised nearly $981m for its fifth Asia-focused secondaries fund. The total includes a $689m core co-mingled vehicle, backed by a $20m general partner commitment, and a number of separately managed accounts.

This new vehicle reinforces TPG NewQuest’s position in the Asian secondaries market, providing liquidity options across private equity portfolios. The fund aims to capitalize on rising investor demand for structured secondary solutions across the region.

FWD Group set to refile for Hong Kong IPO, may raise several hundred million. (Bloomberg)

FWD Group Holdings, the insurance company backed by billionaire Richard Li, is expected to file a fresh application for an IPO in Hong Kong as early as this week. The listing could raise several hundred million dollars, with the exact amount and timing subject to market conditions.

This marks another attempt by FWD to tap public markets after previous delays. The company, which has been expanding across Asia, is aiming to strengthen its balance sheet and broaden its investor base. The filing reflects renewed momentum in Hong Kong’s capital markets for large private financial firms.

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