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Top Highlights
Cardinal Health, a distributor of pharmaceuticals and specialty products, agreed to acquire Solaris Health, a national healthcare management company specializing in urology, from Lee Equity Partners, a private equity firm, for $1.9bn, according to press releases.
Cardinal Health is advised by Goldman Sachs, Katten Muchin Rosenman, Skadden Arps Slate Meagher & Flom, Bank of America and Wells Fargo Securities. Solaris Health is advised by Centerview Partners and McDermott Will & Emery, according to press releases.
Pennington Creek Capital, a private equity firm, completed the acquisition of a majority stake in Rite in the Rain, a manufacturer of all-weather paper and notebooks, according to press releases. Financial terms were not disclosed.
Pennington Creek Capital was advised by Accordion, IMA Financial Group, Andersen Global, Vinson & Elkins and Gooden Group (led by Katy Gustafson). Rite in the Rain was advised by Integris Partners, according to press releases.
DigitalBridge Group, a global alternative asset manager, and Crestview Partners, a private equity firm, agreed to acquire WideOpenWest, a broadband provider, in a $1.5bn deal, according to press releases.
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AMERICAS
BradyPLUS, a provider of janitorial and sanitation, foodservice and industrial packaging products and solutions, agreed to merge with Imperial Dade, a distributor of foodservice, according to press releases. Financial terms were not disclosed.
BradyPLUS is advised by Harris Williams & Co and Debevoise & Plimpton (led by Emily F. Huang and Kevin Rinker). Imperial Dade is advised by Goldman Sachs and Jefferies & Company. BradyPLUS and Imperial Dade are also advised by Kirkland & Ellis, according to press releases.
Iron Oak Energy, a diversified proppant provider, completed the acquisition of Northern White assets from HC Minerals, an owner and operator of northern white sand mines, according to press releases. Financial terms were not disclosed.
Iron Oak Energy was advised by Jefferies & Company, Latham & Watkins and Porter Hedges. HC Minerals was advised by Moelis & Co and Baker Botts, according to press releases.
Falfurrias Management Partners, a private equity firm, completed the acquisition of Woven Solutions, a provider of technology and software solutions, according to press releases. Financial terms were not disclosed.
Woven Solutions was advised by Robert W Baird and Miles & Stockbridge. Falfurrias was advised by Holland & Knight, according to MergerLinks data and press releases.
Quad-C, a private equity firm, completed the investment in O6 Environmental, a provider of environmental services, according to press releases. Financial terms were not disclosed.
Quad-C was advised by Piper Sandler. O6 Environmental was advised by Harris Williams & Co, according to press releases.
Apax Partners-backed Altus Fire and Life Safety, a full-service provider of regulatory-mandated fire and life safety services, completed the acquisition of Star Fire Protection, a provider of fire alarm solutions based in the Northeast region, according to press releases. Financial terms were not disclosed.
Apax Partners was advised by Kekst CNC (led by Todd Fogarty), according to press releases.
EIG, a provider of institutional capital to the energy sector globally, agreed to acquire a 49.87% stake in Transportadora de Gas del Peru, an operator of natural gas and natural gas liquids pipelines, from CPP Investments, a global investment management organization, according to press releases. Financial terms were not disclosed.
EIG is advised by Citigroup, according to MergerLinks data and press releases.
Gildan in advanced talks to acquire Hanesbrands for nearly $5bn. ( Bloomberg)
Gildan Activewear is in advanced negotiations to acquire US-based Hanesbrands in a deal that could value the underwear maker at nearly $5bn, including debt. The agreement could be reached by the end of the week, though talks remain subject to change.
If completed, the acquisition would be Gildan’s largest to date, marking a significant expansion in its apparel business.
Trump administration considering IPOs for Fannie Mae and Freddie Mac in 2025. ( Reuters)
Trump administration may launch IPOs for Fannie Mae and Freddie Mac later in 2025. The move would be a major step toward returning the mortgage finance companies to private ownership after years under federal control.
The share sales could value the two firms at nearly $500bn combined.
Bullish aims for up to $4.8bn valuation in expanded IPO. ( Reuters)
Crypto exchange, Bullish, backed by Peter Thiel, is seeking a valuation of up to $4.8bn after increasing the size of its IPO. The move reflects continued investor appetite for digital asset platforms despite market volatility.
The IPO target remains below the company’s $9bn valuation goal from its unsuccessful 2021 SPAC merger attempt, but highlights the growing presence of crypto firms in a resurgent IPO market.
Stori targets IPO within two years. ( Bloomberg)
Mexican fintech firm Stori plans to be ready for an initial public offering within 24 months, following its achievement of sustainable profitability this year.
The company reported net income of MXN21.4m ($1.1m) through June, aided partly by credits from advance tax payments. Annualized revenue reached $300m, marking an 80% increase from the previous year.
EMEA
MARA, an American digital asset technology company, agreed to acquire a 64% stake in Exaion, a digital services company, from EDF, a French electric utility company, for $168m, according to press releases.
Exaion is advised by Stifel and Coblence avocats. MARA is advised by Darrois Villey Maillot Brochier and Joele Frank. EDF is advised by Ashurst, according to press releases.
Sirius Real Estate, an owner and operator of branded business and industrial parks, completed the acquisition of Hartlebury Trading Estate, a unique and popular location for a wide range of businesses, for £101m ($136m), according to press releases.
Sirius Real Estate is advised by FTI Consulting (led by Richard Sunderland), according to MergerLinks data and press releases.
A group of investors including Altor, Kallskär, Kinnevik, Lingotto and Temasek completed the €150m ($175m) investment in Aira, a clean energy-tech company, according to press releases.
Prosus gets conditional EU approval for $4.8bn Just Eat Takeaway deal. ( FT)
The European Commission has approved Prosus’s $4.8bn bid for Just Eat Takeaway, subject to the Dutch tech investor reducing its stake in Delivery Hero. The divestment addresses concerns over reduced competition in the online food delivery sector.
Prosus, majority-owned by South Africa’s Naspers and based in Amsterdam, announced the deal in February, aiming to leverage AI to strengthen Just Eat Takeaway’s market position.
BBVA maintains Sabadell takeover offer despite TSB sale. ( Bloomberg)
BBVA confirmed it will keep its takeover bid for Banco Sabadell in place, despite Sabadell’s shareholder-backed decision to sell its UK subsidiary TSB. The bank said it had reviewed the resolutions adopted at Sabadell’s meeting and decided not to withdraw its offer.
The bid remains active as BBVA seeks to consolidate its position in the Spanish banking sector.
Apollo close to acquiring Kelvion from Triton. ( Bloomberg)
Apollo Global Management is in advanced stages of acquiring cooling equipment manufacturer Kelvion from Triton, with a deal possibly announced in the coming days.
Apollo emerged as the leading bidder after surpassing other interested parties. The transaction would mark another significant industrial acquisition for Apollo, pending final negotiations.
Withdrawal from Grain LNG acquisition talks. ( Bloomberg)
CK Infrastructure has decided to withdraw from bidding for National Grid’s Grain LNG terminal in the UK, which is valued at about £2bn ($2.7bn).
The Hong Kong-based company had been in advanced negotiations, with an agreement anticipated soon. CKI had been competing with a consortium led by Ontario Municipal Employees Retirement System, among roughly 20 initial interested parties.
APAC
Santos has extended the exclusive due diligence period for a consortium led by Abu Dhabi National Oil Company (ADNOC) until August 22. The consortium, which includes ADNOC’s investment arm XRG, Abu Dhabi Development Holding Company (ADQ), and Carlyle, has offered $5.76 per share, valuing the company at $18.7bn.
The proposal, first announced in mid-June, targets Australia’s second-largest gas producer and represents one of the largest energy sector deals involving Middle Eastern investors in Australia.
Santos is advised by Goldman Sachs, JB North & Co, Rothschild & Co and Herbert Smith Freehills Kramer (led by Baden Furphy). ADNOC is advised by JP Morgan, Allens, Corrs Chambers Westgarth (led by Sandy Mak) and Linklaters, according to press releases and MergerLinks data.
Aland Health owners seek sale at over $1.5bn valuation. ( Reuters)
The owners of China-based nutritional supplement producer Aland Health are exploring the sale of their combined controlling stake, aiming for a valuation above $1.5bn. Founder and chairman Chang Liang holds about 60% of the company.
The remaining shares are owned by investment firms, including Affinity Equity Partners, Goldman Sachs Growth Equity, and Henderson Investment.
Star Entertainment restarts 50% sale of Brisbane resort to HK investors. ( Reuters)
Star Entertainment has revived a previously stalled deal with Hong Kong-based partners to sell a 50% stake in its AUD3.6bn ($2.4bn) Brisbane resort. The interest is being sold for AUD53m ($34.5m), with AUD45m ($29.3m) already paid in March.
The move comes as the company seeks to shore up finances amid ongoing operational and regulatory challenges.
CapitaLand to expand commercial real estate in India. ( Reuters)
Singapore’s CapitaLand Investment has signed an agreement with the Maharashtra state government to invest INR192bn ($2.2bn) in Mumbai and Pune by 2030.
This investment forms part of CapitaLand’s broader India growth strategy, targeting an increase in its funds under management to about SGD15bn ($11.6bn) by 2028 from over SGD8bn ($6.2bn) currently.
Arafura Rare Earths receives interest for $100m export agency funding. ( Reuters)
Arafura Rare Earths has received a non-binding letter of interest from Export Finance Australia for potential funding of about $100m to support its Nolans project in the Northern Territory. The project focuses on producing rare earth materials, with backing from billionaire Gina Rinehart.
The funding, if confirmed, would help advance the project’s development and secure a critical minerals supply.
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