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Top Highlights
CapVest-backed Datasite, the global SaaS provider of AI-powered workflow collaboration and automation solutions for M&A, investment and strategic projects, completed the acquisition of Blueflame Al, a leading provider of agentic Al solutions for investment and financial services, according to press releases. Financial terms were not disclosed.
Corpay, a global business payments and spend management company, agreed to acquire Alpha Group International, a British financial services business specialising in the management of foreign exchange risk for corporate businesses, for $2.2bn, according to press releases.
Alpha Group International is advised by Centerview Partners (led by Tadhg Flood and Hadleigh Beals), Peel Hunt (led by Neil Patel) and Freshfields Bruckhaus Deringer. Corpay is advised by Oppenheimer & Co and Jones Day, according to press releases and MergerLinks data.
Goldman Sachs Alternatives, a firm specializing in infrastructure investments, agreed to acquire Liquid Environmental Solutions, a company focused on non-hazardous liquid waste management, from Audax Private Equity, a private equity firm, according to press releases. Financial terms were not disclosed.
Goldman Sachs Alternatives is advised by Stifel and Simpson Thacher & Bartlett. Liquid Environmental Solutions and Audax Private Equity are advised by Houlihan Lokey, Robert W Baird, Frederikson & Byron and Ropes & Gray, according to press releases.
Deal Round up
AMERICAS
ConocoPhillips nears $1.3bn asset sale to Flywheel Energy. ( Bloomberg)
Carlsmed launches $100.5m IPO to advance AI-driven spine surgery solutions. ( Press Release)
EMEA
Adcock surges to a record as India’s Natco agrees to acquire stake. ( Press Release)
Iberdrola starts €5bn share sale for grid investment. ( Bloomberg)
APAC
Tata Capital targets up to $20bn valuation for upcoming IPO. ( Bloomberg)
Uzbekistan's $1.68bn fund said to eye London dual listing. (Bloomberg)
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AMERICAS
Butterfly Equity-backed Generous Brands, a refrigerated beverages provider, agreed to acquire Health-Ade, a provider of kombucha tea beverages, from First Bev and Manna Tree Partners, a private equity firms, according to press releases. Financial terms were not disclosed.
Butterfly Equity and Generous Brands are advised by Kirkland & Ellis and Prosek Partners. Health-Ade is advised by Lazard, Baker McKenzie and ICR, according to press releases.
TSG Consumer, a private equity firm, agreed to acquire PHLUR, a modern fragrance brand, from Prelude Growth, an investment company, according to press releases. Financial terms were not disclosed.
PHLUR is advised by Raymond James, Mintz Levin and Polsinelli PC. TSG Consumer is advised by Ropes & Gray, according to press releases.
Azimut Group, an independent asset manager, agreed to acquire North Square Investments, an independent, multi-boutique investment firm, from Estancia, a private equity firm, according to press releases. Financial terms were not disclosed.
Azimut Group is advised by Sidley Austin. North Square Investments is advised by Piper Sandler and Kirkland & Ellis, according to press releases.
Blue Point-Backed NSA, an apparel and fashion company specializing in protective apparel for industry workers, completed the acquisition of Bashlin Industries, a company specializing in manufacturing quality climbing gear, fall protection equipment, and accessories, according to press releases. Financial terms were not disclosed.
National Safety Apparel was advised by MiddleM Creative, according to press releases.
Virtusa, a company specializing in digital engineering and enterprise transformation, completed the acquisition of Sincera Technologies, a company focused on AI-driven software development and telecom digital transformation, according to press releases. Financial terms were not disclosed.
Virtusa was advised by Edelman (led by Paul Lesinsky), according to press releases.
MacroHealth, a company specializing in healthcare marketplace optimization, completed the acquisition of ClearCost Health, a company focused on provider search and healthcare price transparency solutions, according to press releases. Financial terms were not disclosed.
MacroHealth was advised by KNB Communications (led by Jeff Rusack), according to press releases.
Labcorp, an American healthcare company, agreed to acquire select outreach laboratory assets from Community Health Systems, a healthcare provider that operates general acute care hospitals, outpatient and urgent care centers, for $195m, according to press releases.
Heffernan Insurance Brokers, a company specializing in insurance and financial services, completed the acquisition of Pac Global Insurance Brokerage, a company focused on marine cargo insurance solutions, according to press releases. Financial terms were not disclosed.
Moburst, a company specializing in mobile-first digital marketing, completed the acquisition of Rhythm Communications, a global strategic communications consultancy, according to press releases. Financial terms were not disclosed.
ConocoPhillips nears $1.3bn asset sale to Flywheel Energy. ( Bloomberg)
ConocoPhillips is in advanced discussions to divest some of its Oklahoma assets to Flywheel Energy, backed by Stone Ridge Energy, in a deal valued at around $1.3bn, as part of efforts to streamline its portfolio.
The companies could finalize and announce the agreement in the coming weeks. ConocoPhillips, based in Houston, has been evaluating the sale of oilfield acreage in Oklahoma’s Anadarko Basin, although the talks remain ongoing and could still collapse.
Vanta, an online security and AI-powered trust management platform, has secured $150m in a Series D funding round, valuing the company at $4.15bn, a sharp increase from $2.45bn in 2024.
The round was led by new investor Wellington Management and included participation from existing backers such as Goldman Sachs Alternatives, Sequoia, JPMorgan, Craft Ventures, Y Combinator, Atlassian Ventures and CrowdStrike Ventures.
With this latest fundraising, which reflects growing investor interest in risk-mitigating software amid rising cyberattacks, Vanta’s total funding has reached $504m since 2021.
Carlsmed launches $100.5m IPO to advance AI-driven spine surgery solutions. ( Press Release)
Carlsmed, a commercial-stage medical technology company specializing in AI-enabled personalized spine surgery solutions, has launched its offering of 6.7m shares of common stock at an initial price to the public of $15 per share.
The offering is expected to generate gross proceeds of approximately $100.5m, before deducting underwriting discounts, commissions and other expenses.
Bank of America, Goldman Sachs and Piper Sandler are acting as joint lead book-running managers for the proposed offering. Truist Securities and BTIG are acting as joint book-runners for the proposed offering.
EMEA
South Africa’s Competition Tribunal has approved Canal+’s ZAR35bn ($2bn) takeover of TV broadcaster MultiChoice, subject to agreed conditions, the companies announced. The deal could reshape Africa’s media landscape, marking the start of a potential consolidation drive to counter global streaming giants like Netflix, according to Reuters.
MultiChoice is advised by Citigroup, Morgan Stanley (led by Dominique Cahu). Canal+ is advised by Credit Agricole, JP Morgan, Cleary Gottlieb Steen & Hamilton (led by Valerie Lemaitre), Brunswick Group (led by Timothy Schultz and Iris Sibanda). Vivendi is advised by Societe Generale, Cleary Gottlieb Steen & Hamilton (led by Valerie Lemaitre), according to press releases and MergerLinks data.
Tikehau Capital, a private equity firm, completed the acquisition of Kep Metal Solutions, a company focused on metal component manufacturing for aerospace and defense clients, according to press releases. Financial terms were not disclosed.
Kep Metal Solutions was advised by Agnetti, LMT Avocats and Selnet Brami Fischer. Tikehau Capital was advised by Chammas & Marcheteau (led by Pierre-Louis Sevegra), according to press releases.
Bow River Capital-backed Accelo, a cloud-based PSA platform, completed the acquisition of Forecast, a company focused on AI-native project and resource management solutions, according to press releases. Financial terms were not disclosed.
Bow River Capital and Accelo were advised by Morrison Foerster, according to press releases.
Adcock surges to a record as India’s Natco agrees to acquire stake. ( Press Release)
Adcock Ingram shares surged to a record high after India’s Natco Pharma announced plans to acquire a significant stake in the South African pharmaceutical company for approximately $232m.
Natco, based in Hyderabad, is offering ZAR75 ($4.26) per share for about 36% of the stock not already held by Adcock’s largest shareholder, Bidvest Group. Following the transaction, Adcock will delist from the Johannesburg Stock Exchange.
Iberdrola starts €5bn share sale for grid investment. ( Bloomberg)
Iberdrola has launched a €5bn ($5.9bn) capital increase, marking the largest share sale in Europe this year, to fund investments in power networks and support its expansion in the US and UK.
The Spanish energy giant set indicative price guidance for the accelerated bookbuild at €15.10 ($17.55) per share. Iberdrola’s shares closed at €15.90 ($18.48) on July 22, up 20% year-to-date.
APAC
Tata Capital targets up to $20bn valuation for upcoming IPO. ( Bloomberg)
Tata Capital is aiming for a valuation between $18bn and $20bn in its planned initial public offering and may file an updated draft red herring prospectus in the next few days.
The new target significantly exceeds the earlier estimate of around $11bn, supported by a recent rights issue and robust investor appetite for Indian IPOs. The strong market response to HDB Financial Services' listing, which raised about $1.5bn, has further boosted expectations for Tata Capital’s offering.
Uzbekistan's $1.68bn fund said to eye London dual listing. ( Bloomberg)
Uzbekistan’s national investment fund, which oversees assets valued at $1.68bn, is in discussions with banks about a potential dual listing in London and Tashkent.
Franklin Templeton, which began managing the fund earlier this year, is collaborating with firms including STJ Advisors on the proposed deal. Established in 2024, the fund known as UZNIF, holds minority stakes in 18 state-owned companies.
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