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AMERICAS
EOG Resources, a crude oil and natural gas exploration and production company, agreed to acquire Encino Acquisition Partners from CPP Investments, an investment management organization, and Encino Energy, an oil and gas operating company, for $5.6bn, according to press releases.
Encino Acquisition is advised by Citigroup. EOG Resources is advised by Goldman Sachs, Akin Gump Strauss Hauer & Feld and Wachtell Lipton Rosen & Katz (led by Daniel A. Neff and Zachary Podolsky). CPP Investments is advised by Latham & Watkins (led by David Allinson), according to MergerLinks data and press releases.
GATX, a railcar lessor, and Brookfield Infrastructure Partners, a global infrastructure company, agreed to acquire Wells Fargo's rail equipment leasing business, comprising approximately 105k railcars under operating leases and approximately 23k railcars and 440 locomotives under finance leases, for $4.4bn, according to press releases.
Aveanna Healthcare, a diversified home care platform focused on providing care to medically complex, high-cost patient populations, completed the acquisition of Thrive Skilled Pediatric Care, a pediatric home care services provider, from Summit Partners, a private equity firm, according to press releases. Financial terms were not disclosed.
Integrum, a private investment firm, agreed to invest in Stout, a global advisory firm, according to press releases. Financial terms were not disclosed.
Stout is advised by William Blair & Co, Ropes & Gray and Winston & Strawn. Integrum is advised by Simpson Thacher & Bartlett (led by Michael Chao and Marni Lerner). Debt providers are advised by Latham & Watkins (led by Stelios Saffos and Peter J. Sluka) according to press releases and MergerLinks data.
Private equity firms Carlyle Group and SK Capital Partners, completed the acquisition of bluebird bio, a biotechnology company specializing in gene therapies, for $96m, according to press releases.
The Carlyle Group was advised by Bourne Partners, Kirkland & Ellis, Orrick Herrington & Sutcliffe, Wachtell Lipton Rosen & Katz (led by Mark Stagliano), according to press releases.
Thrust Capital-backed DCM, a Canadian subcontractor specializing in aerostructure components, completed the acquisition of Metcor, a metal heat treatment services provider, according to press releases. Financial terms were not disclosed.
Metcor was advised by Raymond Chabot Grant Thornton and Bennett Jones. DCM was advised by Ernst & Young and Norton Rose Fulbright, according to press releases.
Haveli Investments, a technology-focused private equity firm, agreed to acquire Accommodations Plus International, a crew accommodations and travel technology solutions provider, according to press releases. Financial terms were not disclosed.
Accommodations Plus International is advised by Sidley Austin (led by Alexis A. Cooper and Roger Wilen). Haveli Investments is advised by JP Morgan, White & Case and Reevemark (led by Hugh Burns), according to press releases and MergerLinks data.
Swander Pace Capital, a private equity firm, completed the acquisition of Maple Donuts, a manufacturer of branded and private-label donut products, according to press releases. Financial terms were not disclosed.
Maple Donuts was advised by Alantra and Stradley Ronon Stevens & Young. Swander Pace Capital was advised by Jones Day and Gregory FCA, according to press releases.
Stella Point-backed TotalMed, a company specializing in healthcare staffing and workforce solutions, merged with Gridiron Capital-backed TNAA, a company focused on travel nurse and allied health staffing, according to press releases. Financial terms were not disclosed.
TNAA was advised by Houlihan Lokey and Finn Dixon & Herling. TotalMed was advised by UBS and Fried Frank Harris Shriver & Jacobson, according to MergerLinks data and press releases.
Wolters Kluwer, an information, software solutions and services provider, agreed to acquire Brightflag, an AI-driven legal operations platform, from One Peak, a specialist growth equity investor, for €425m ($482m), according to press releases.
Brightflag is advised by William Blair & Co, Maples Group and Proskauer Rose, according to press releases.
Roark, an investment firm, completed the acquisition of Dave’s Hot Chicken, a fast casual restaurant chain, according to press releases. Financial terms were not disclosed.
Dave’s Hot Chicken was advised by North Point Advisors and Fika Collective (led by Joshua Levitt). Roark was advised by Paul Weiss Rifkind Wharton & Garrison (led by Jeffrey D. Marell), according to press releases and MergerLinks data.
Avista Healthcare Partners, a private equity firm, completed the acquisition of EBI bone healing division from Highridge Medical, a medical device company, according to press releases. Financial terms were not disclosed.
EBI was advised by Robert W Baird. Avista Healthcare Partners was advised by Ropes & Gray (led by Sam Levitt and Bob A. Rivollier) and Kekst CNC (led by Daniel Yunger), according to press releases and MergerLinks data.
Astorg, a pan-European private equity firm, completed the acquisition of Medical Media Business of FUJIFILM Irvine Scientific, a manufacturer of cell culture solutions for the life science and medical markets, according to press releases. Financial terms were not disclosed.
Astorg was advised by Jefferies & Company and Weil Gotshal and Manges (led by Ramona Nee). FUJIFILM was advised by Zyme Communications, according to press releases.
Carlyle, a global investment firm, agreed to invest $1.3bn in Trucordia, an insurance brokerage firm, according to press releases.
Trucordia is advised by JP Morgan and Orrick Herrington & Sutcliffe (led by Leah Recht and Zac Padgett). Carlyle is advised by Latham & Watkins (led by Stelios Saffos), according to press releases and MergerLinks data.
Glynn Capital, Counterpoint Global, S32, SAIC, four investment firms, led a $100m Series C round in Infleqtion, a company actively commercializing atom-based quantum systems across computing, sensing, and precision timing, according to press releases.
Infleqtion was advised by JP Morgan and Voxus PR, according to press releases.
Palm Beach Capital led a financing round in Growve.
Palm Beach Capital, a private equity investment firm, led a financing round in Growve, health and wellness company specializing in vitamins, minerals, supplements and active nutrition, with participation from G-Bar Ventures and NMP Capital, according to press releases. Financial terms were not disclosed.
Growve was advised by Configure Partners and Greenberg Traurig, according to press releases.
S2G-backed Pyx Health, a company focused on healthcare's most vulnerable, hard-to-reach populations, completed the acquisition of FarmboxRx, a healthcare food company that pioneered fresh fruits and vegetables as a covered health intervention, according to press releases. Financial terms were not disclosed.
FarmboxRx was advised by Oppenheimer & Co. Pyx Health was advised by Brownstein Hyatt Farber Schreck, according to press releases.
Valeas Capital, a private equity firm, completed the acquisition of a majority stake in TicketManager, an event- and guest-management platform, for $110m, according to press releases.
Valeas Capital was advised by FGS Global (led by Alyssa Linn Lorenzo), according to press releases.
Addition, a venture capital firm, led a $100m Series D round in Snorkel AI, an AI development platform, with participation from Prosperity7, Greylock, Lightspeed, BNY and QBE Ventures, according to press releases.
Snorkel AI was advised by InkHouse (led by Casey Renner), according to press releases.
Khosla Ventures, a venture capital firm, led a $350m Series C round in ClickHouse, an open-source columnar database management system, with participation from BOND, IVP, Battery Ventures, Bessemer Venture Partners, Index Ventures, Lightspeed, GIC, Benchmark, Coatue, FirstMark, and Nebius, according to press releases.
Ascension is in advanced talks to acquire AmSurg for $3.9bn. (Bloomberg)
AmSurg, the ambulatory surgery company formerly part of Envision Healthcare, is in advanced talks to be acquired by Ascension Health in a deal valued at approximately $3.9bn. The transaction would significantly expand Ascension’s outpatient surgery footprint across the US.
AmSurg operates over 250 outpatient surgery centers nationwide and was separated from Envision as part of its 2023 bankruptcy exit. Its current owners include Pacific Investment Management (PIMCO), King Street Capital Management, and Partners Group.
Thoma Bravo explores a $3bn+ sale of enterprise software firm Apryse. (Reuters)
Thoma Bravo is exploring a potential sale of Apryse, a provider of document processing software, in a deal that could exceed $3bn. The US-based private equity firm is working with advisers to assess buyer interest from both strategics and financial sponsors.
Formerly known as PDFTron, Apryse delivers tools for digital collaboration and document automation to enterprise clients. Thoma Bravo acquired the firm in 2022 and has since expanded its product offerings through several acquisitions.
Digital banking startup Chime targets $11.2bn valuation in US IPO. ( Reuters)
Chime Financial is aiming for a valuation of up to $11.2bn in its long-anticipated initial public offering in New York, marking what could become the largest US listing since the implementation of recent tariffs under President Donald Trump.
The San Francisco-based digital banking platform and some existing shareholders plan to raise as much as $832m through the sale of 32m shares, priced between $24 and $26 each. Chime will offer 25.9m shares, while backers including Cathay Innovation are offering 6.1m shares.
Neuberger Berman raises over $4bn for new secondary fund. ( Bloomberg)
Neuberger Berman has secured more than $4bn for its latest general partner-led secondary vehicle, NB Strategic Capital Fund II, overcoming a tough private capital fundraising environment.
The fund received additional commitments from limited partners, surpassing its original $2.5bn target and significantly exceeding the $955m raised by its predecessor in 2020.
Thoma Bravo, a major software investment firm, has closed fundraising for three buyout funds, securing over $34.4bn in total commitments. This includes $24.3bn for Fund XVI, $8.1bn for Discover Fund V, and €1.8bn ($2bn) for its first Europe-focused fund.
All funds exceeded their targets, with Fund XVI and the Europe Fund reaching their hard caps, and Discover Fund V growing commitments by over 30% compared to its predecessor.
Antares closes $1.2bn private credit continuation vehicle led by Ares Management. ( Press Release)
Antares Capital and Ares Management Corporation have closed Antares’ first continuation vehicle, securing over $1.2bn in commitments. The transaction was led by Ares Credit Secondaries funds, alongside a commitment from Antares.
The newly formed vehicle acquired assets and limited partner interests from two commingled private credit funds, encompassing more than 100 first-lien, floating-rate loans originated and managed by Antares. The structure offers liquidity to existing investors and access to high-quality private credit assets for new participants.
The TCW Group has launched the TCW Private Asset Income Fund, an interval fund focused on private asset-backed finance, with over $450m in commitments.
The fund targets real-economy private lending, aiming to deliver strong risk-adjusted returns, steady income, and diversification. About 20% of the fund will be in liquid structured products to manage liquidity, and it seeks opportunities across the ABF market beyond traditional corporate credit.
EMEA
Luxembourg-based satellite operator SES is expected to receive unconditional clearance from the European Union for its $3.1bn acquisition of US rival Intelsat.
The move is part of Europe’s broader push to build a more competitive space communications industry capable of matching giants like Elon Musk’s Starlink.
SES is advised by Deutsche Bank, Guggenheim Partners (led by Jim Millstein), Morgan Stanley (led by Dominique Cahu), Arendt & Medernach, Corrs Chambers Westgarth (led by James Cameron), Freshfields Bruckhaus Deringer, Gibson Dunn & Crutcher (led by David Wilf), Hogan Lovells, and Trilegal (led by Nikhil Narendran). Davidson Kempner is advised by Sullivan & Cromwell (led by Alison S. Ressler). Intelsat is advised by Goldman Sachs (led by Clif Marriott), PJT Partners (led by Hugo Baring and John Trousdale), Elvinger Hoss Prussen (led by Toinon Hoss), Skadden Arps Slate Meagher & Flom (led by Micah Kegley), and Kekst CNC (led by Ruth Pachman and Ross Lovern). Financial advisors are advised by Debevoise & Plimpton (led by Andrew Bab) and Latham & Watkins (led by Robert Katz). Debt financing is provided by Deutsche Bank and Morgan Stanley, according to press releases and MergerLinks data.
Blackstone, a private equity firm, agreed to acquire Warehouse REIT, a real estate investment trust with a portfolio and investment strategy focusing on urban warehouses, for £470m, according to press releases.
EssilorLuxottica, a global leader in vision care and medical technology, agreed to acquire Optegra, a European ophthalmology platform, from MidEuropa, a private equity firm, according to press releases. Financial terms were not disclosed.
EssilorLuxottica is advised by Rothschild & Co. MidEuropa is advised by LEK Consulting, Mansfield Advisors, Houlihan Lokey, PricewaterhouseCoopers, White & Case and Citigate Dewe Rogerson, according to MergerLinks data and press releases.
Private equity firms First Reserve and Fortress Investment Group agreed to acquire a majority stake in Island Energy Services, an industrial firm that specializes in rendering petroleum products and fuel marketing services to its clientele, from One Rock Capital Partners, a private equity firm, according to press releases. Financial terms were not disclosed.
Island Energy Services is advised by Evercore, Nomura, Latham & Watkins and Profile Advisors (led by Mike Geller). First Reserve is advised by Joele Frank (led by Jonathan Keehner), according to press releases and MergerLinks data.
TenCate Grass, an artificial turf solutions manufacturer, distributor, and installer, completed the acquisition of Sports & Leisure Group, a developer and manufacturer of artificial grass systems, from Sun European Partners, a private equity firm, according to press releases. Financial terms were not disclosed.
Sports & Leisure Group was advised by Eubelius, NautaDutilh, and Weil Gotshal and Manges. Sun European was advised by Camarco (led by Jennifer Renwick), according to press releases.
TPG Rise Climate, the climate investing platform of global alternative asset management firm TPG, agreed to acquire a majority stake in Aurora Energy Research, a global provider of power market forecasting and analytics for critical investment and financing decisions, according to press releases. Financial terms were not disclosed.
Aurora Energy Research, CGE Partners and 22C Capital are advised by Arma Partners. Aurora Energy Research is advised by Latham & Watkin (led by Paul Dolman). CGE Partners is advised by Greenbrook (led by James Madsen), according to press releases and MergerLinks data.
Franklin Templeton, a global investment management organisation, agreed to acquire a majority stake in Apera Asset Management, a pan-European mid-market private debt investor, according to press releases. Financial terms were not disclosed.
Apera is advised by Debevoise & Plimpton (led by Geoffrey P. Burgess) and Kepler Communications (led by Charlotte Balbirnie). Franklin Templeton is advised by Brunswick Group, according to press releases and MergerLinks data.
Accel-KKR, a technology-focused investment firm, completed the investment in CareLineLive, a care management software company, according to press releases. Financial terms were not disclosed.
CareLineLive was advised by Full Story Media (led by Corinne Card). Accel-KKR was advised by Kekst CNC (led by Todd Fogarty), according to press releases.
Siguler Guff-backed Solvd, an AI-first advisory and digital engineering firm, completed the acquisition of Tooploox, a technology company offering end-to-end AI software development services, product development, and bespoke AI solutions, according to press releases. Financial terms were not disclosed.
Siguler Guff was advised by Kekst CNC (led by Jeffrey Z. Taufield), according to press releases.
ALTÉRRA, an investment vehicle, completed a €50m ($57m) investment in Absolute Energy, an innovative Italian renewable energy platform, with participation from I Squared Capital, according to press releases.
ALTÉRRA was advised by Edelman, according to press releases.
Linse Capital, a growth equity firm, led a $300m Series C round in Impulse Space, an in-space transportation services provider, with participation from DFJ Growth, Valor Equity Partners, Founders Fund, Lux Capital, RTX Ventures, DCVC, Airbus Ventures, Spring Tide, First Principles Group, Balerion Space Ventures, Tamarack Global and Trousdale Ventures, according to press releases.
Brookfield plans $9.9bn AI data centre investment in Sweden. (DealStreetAsia)
Brookfield Asset Management is planning to invest up to SEK95bn ($9.9bn) to develop an artificial intelligence-focused data centre in Sweden.
The project, located in Strängnäs, west of Stockholm, is expected to generate over 1k permanent jobs and approximately 2k construction jobs over a 10-15 year period.
Amancio Ortega acquires prime Barcelona property. ( Bloomberg)
Spanish billionaire Amancio Ortega, founder of the Zara, has purchased a prominent building on Barcelona’s Diagonal Avenue for approximately €250m ($284m). The transaction was made through his investment arm, Pontegadea Inversiones, marking another high-profile addition to his extensive real estate portfolio.
The 27k sq. m property currently serves as the headquarters of Spanish book publisher Planeta. The seller in the deal was US private equity firm Blackstone.
Tabreed and CVC enter exclusive talks to acquire Multiply unit. (Reuters)
UAE-based district cooling company Tabreed and private equity firm CVC Capital Partners are in exclusive negotiations to acquire a cooling services unit from Multiply Group. The potential transaction would support Tabreed’s expansion strategy and CVC’s interest in infrastructure-linked assets in the Gulf region.
The asset provides energy-efficient district cooling solutions, aligning with the UAE’s long-term sustainability and energy efficiency goals. Multiply has been actively streamlining its portfolio, and the divestment would mark a key exit in its infrastructure holdings.
Buyout firm EQT revs up £500m bid for World Rally promoter. ( Sky News)
Private equity firm EQT Partners is considering a bid for WRC Promoter, the commercial arm behind the World Rally Championship, as a long-anticipated auction gets underway.
The business, valued at close to £500m ($672.6m), is jointly owned by Austrian beverage giant Red Bull and German investment firm KW25. JPMorgan has been mandated to manage the sale process.
Lumon drops takeover pursuit of UK’s Argentex. (Reuters)
Lumon, backed by Pollen Street Capital, has withdrawn its takeover proposal for Argentex Group, a UK-based foreign exchange services firm. The decision follows an earlier announcement of preliminary talks, which will now not progress to a formal offer.
Argentex had confirmed receiving interest but noted that terms were still under discussion. With Lumon stepping away, the company remains independent as the FX services sector continues to see heightened M&A interest.
Thames Water has announced that US firm KKR, previously chosen as the preferred partner in its equity raise process, will no longer proceed with a deal, ending its preferred status.
Thames Water will now focus on the recapitalization plan proposed by its senior creditors and will engage with Ofwat and other stakeholders to advance it.
Allianz in talks to acquire European credit manager Capital Four. ( Bloomberg)
Allianz is in preliminary discussions to acquire Capital Four, a European private credit manager, as part of efforts to expand its asset management capabilities.
The talks are ongoing and remain subject to change, with no guarantee that a deal will be completed.
Mayfair explores options for Luxembourg-based property platform atHome. (Bloomberg)
Mayfair Equity Partners is weighing strategic options for atHome Group, a Luxembourg-based property classifieds platform, following inbound interest from potential investors.
The London-based private equity firm is nearing the appointment of a bank to support the review. A potential deal could value the business at several hundred million euros.
3i prepares TCR sale process, seeks advisor pitches. (Bloomberg)
UK private equity firm 3i is seeking pitches from advisers ahead of a potential sale of TCR Group, a global leader in ground support equipment leasing and services. The sale process is expected to formally launch later this year.
TCR operates across more than 150 airports worldwide, offering rental, maintenance, and fleet management of airport vehicles such as aircraft pushbacks, loaders, and baggage tractors. The asset is likely to attract infrastructure funds and buyout firms focused on transportation and mobility.
Saudi Arabia’s PIF explores IPO of tech services arm SITE. (Bloomberg)
Saudi Arabia’s Public Investment Fund is exploring an initial public offering of SITE, its technology and cybersecurity services subsidiary. The listing would align with PIF’s broader strategy to monetize assets and deepen capital markets in the kingdom.
SITE, or Saudi Information Technology, provides cybersecurity, AI, and digital infrastructure services. An IPO would support its growth ambitions and highlight Saudi Arabia’s push to become a regional tech hub under Vision 2030.
Novo Banco shareholders clear path for potential €1bn IPO. (Bloomberg)
Shareholders of Novo Banco have approved measures required for a potential initial public offering of the Portuguese lender, which is majority-owned by US private equity firm Lone Star.
The agenda at the shareholder meeting included approving the admission of shares to trading and amending the bank’s articles of association. These steps serve as a condition precedent for the IPO, though their implementation remains subject to a final decision by the selling shareholders.
Stada in sale talks with two private equity firms, IPO also on table. (Reuters)
German pharmaceutical company Stada is in discussions with two private equity firms regarding a potential sale.
If the talks do not result in a transaction, owners Bain Capital and Cinven may pursue an initial public offering as early as October 2025.
Nordic Capital pushes Noba Bank's IPO into second half of the year. ( Bloomberg)
Nordic Capital has postponed the initial public offering of consumer finance provider Noba Bank, citing market volatility.
The firm emphasized its intent to list the company under more favorable conditions to support strong aftermarket performance.
Glencore-backed Cobalt Holdings cancels $230m London IPO ahead of debut. ( Bloomberg)
Cobalt Holdings has scrapped its planned initial public offering in London just a day before its scheduled debut.
The company had aimed to raise approximately $230m to fund an initial cobalt purchase from Glencore and cover related storage costs. The decision was announced in a statement on Wednesday.
APAC
MBK Partners, a private equity firm, offered to acquire Makino Milling Machine, a Japanese manufacturer of precision machine tools, according to press releases. Financial terms were not disclosed.
First Abu Dhabi Bank, a financial services company, Barclays, a British universal bank, and Standard Chartered, a British multinational banking and financial services company, completed the $750m investment in Adani Airports, an airport operator, manager and developer, according to DealStreetAsia.
KKR, an investment firm, agreed to invest $600m in MEMG, a diversified conglomerate, according to press releases.
M&G, a global investment manager, and Lightspeed Venture Partners, a private equity firm, led a $114m series G round in Udaan, a B2B trade platform, according to press releases.
Ping An Insurance seeks $1.5bn in convertible bonds. ( Bloomberg)
Ping An Insurance is set to raise HKD11.8bn ($1.5bn) through the sale of convertible bonds tied to its Hong Kong-listed shares. This marks the company's second convertible bond issuance in less than a year.
The bonds, which offer no interest payments, will mature in 2030. Ping An plans to use the funds to grow its core operations, invest in healthcare and elderly-care ventures, and bolster its financial position.
JSW Neo Energy seeks $675m loan for O2 Power deal. ( Bloomberg)
Deutsche Bank and Mitsubishi UFJ Financial Group are leading the five-year loan arrangement, which is now being syndicated to other investors.
Bain-backed group seeks $454m loan for winemaker Vinarchy. ( Bloomberg)
Australian Wine Holdco, a consortium including Bain Capital and Sona Asset Management, is seeking AUD700m ($454m) in financing to support winemaker Vinarchy, formed through the merger of Accolade Wines and Pernod Ricard’s former wine business.
Commonwealth Bank of Australia has underwritten the three-year syndicated loan, which includes term and revolving credit tranches. The bank is inviting other lenders to join the deal.
Virgin Australia targets $443m IPO as Bain trims stake. ( Bloomberg)
Virgin Australia, controlled by Bain Capital, is set to relist through an AUD685m ($443m) initial public offering, capitalizing on improving investor sentiment despite recent trade tensions.
Bain is offering a 30% stake in the airline at AUD2.90 ($1.93) per share. The pricing values Virgin at about seven times its projected earnings for the year ending June 2025, compared to Qantas Airways, which trades at roughly ten times expected earnings for the same period.
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