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AMERICAS
Talen Energy, a power producer, agreed to acquire Moxie Freedom Energy Center and Guernsey Power Station, two combined-cycle gas-fired plants, from Caithness Energy, an independent power producer, and BlackRock, an investment company, for $3.5bn, according to press releases.
Talen Energy is advised by Citigroup, RBC Capital Markets, Kirkland & Ellis (led by William J. Benitez) and White & Case (led by Andrew Weisberg). Financial advisors are advised by Cahill Gordon & Reindel (led by Josiah M. Slotnick). Caithness Energy is advised by Lazard and Paul Hastings (led by Mike Huang). BlackRock is advised by Morgan Stanley and Simpson Thacher & Bartlett (led by Eli Hunt), according to press releases and MergerLinks data.
ARCHIMED, an investment firm focused exclusively on healthcare industries, agreed to acquire ZimVie, a life sciences leader in the dental implant market, for $730m, according to press releases.
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.
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, Fredrikson & Byron and Ropes & Gray, according to press releases.
Dubai-based Sidara is considering cutting its offer for Wood Group after the UK’s Financial Conduct Authority launched an investigation into the oilfield services firm.
The extent of the potential price reduction remains unclear, but Sidara is reportedly concerned about possible legal risks stemming from the regulator’s probe, according to Reuters.
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.
Brookfield Asset Management, a global alternative asset manager, and Deutsche Bank, a financial services company, completed the $835m investment in 5C, a next-generation AI infrastructure and data center solutions provider, according to press releases.
5C was advised by Moelis & Co and Osler Hoskin & Harcourt. Brookfield was advised by Simpson Thacher & Bartlett. Deutsche Bank is advised by Milbank, according to press releases and Mergerlinks data.
LVMH-backed L Catterton, a private equity firm, led an $800m round in Flexjet, a private jet operator, with participation from KSL Capital Partners and J. Safra Group, according to press releases.
Flexjet was advised by Jefferies & Company, Morgan Stanley and Goldman Sachs. KSL Capital Partners was advised by Joele Frank (led by Kate Thompson and Erik Carlson), according to press releases.
Cobepa, a private equity firm, completed the minority investment in SAX, an accounting and advisory firm, according to press releases. Financial terms were not disclosed.
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.
Goldman Sachs Alternatives and Blackstone, two investment companies, agreed to acquire a majority stake in NAVEX, an ethics, risk and compliance management software-as-a-service provider, from BC Partners and Vista Equity, two private equity firms, according to press releases. Financial terms were not disclosed.
NAVEX is advised by JP Morgan and Simpson Thacher & Bartlett (led by Anthony Vernace). Goldman Sachs is advised by Weil Gotshal and Manges (led by Christopher Machera), according to press releases.
ArcLight Capital Partners, a private equity firm, completed the acquisition of Advanced Power, a power developer and manager, according to press releases. Financial terms were not disclosed.
Arclight was advised by Latham & Watkins. Advanced Power was advised by Morgan Stanley and Sidley Austin, according to press releases.
Blackstone, an American multinational private equity firm, agreed to acquire a majority stake in NetBrain, a network automation and AI platform, according to press releases. Financial terms were not disclosed.
Blackstone is advised by Simpson Thacher & Bartlett. NetBrain is advised by McDermott Will & Emery, according to press releases.
Exuma Capital-backed Peak Roofing Partners, a comprehensive roofing solutions provider, completed the acquisition of Skymark Roofing, a company that specializes in providing residential and commercial roofing services, according to press releases. Financial terms were not disclosed.
Peak Roofing Partners was advised by 10 to 1 Public Relations, 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.
ARK Invest, an American investment management firm, completed a $182m investment in BitMine, a Bitcoin mining and hosting company, according to press releases.
Carlyle, an American multinational private equity, alternative asset management, and financial services corporation, agreed to acquire a majority stake in Adastra, a global IT consultancy and services provider specializing in data, cloud and AI transformations, according to press releases. Financial terms were not disclosed.
Perceptive Advisors, a private equity firm, completed the acquisition of Synthego, an advanced genome engineering products and services provider, according to press releases. Financial terms were not disclosed.
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, JP Morgan, 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.
Vibra in talks to acquire Moove from Cosan. ( Reuters)
Brazilian fuel distributor Vibra has entered discussions with conglomerate Cosan to acquire its lubricants subsidiary, Moove. The potential deal marks a strategic move by Vibra to expand its operations in the lubricants segment.
The talks were reportedly initiated after CVC Capital Partners, a European private equity firm and minority shareholder in Moove, signaled interest in selling its stake. Vibra may be looking to acquire full ownership of the company, not just the minority share.
Blackstone exits consortium pursuing TikTok US stake. ( Bloomberg)
Blackstone has withdrawn from a group of investors that had been exploring a minority investment in TikTok’s US-based business. The move marks a shift in the composition of the consortium aiming to secure a foothold in the popular social media platform’s American operations.
Blackstone has relinquished its potential stake to the remaining members of the group. These include Oracle, venture capital firm Andreessen Horowitz, and growth equity investor General Atlantic.
Activist Elliott boosts stake in data center REIT Equinix. ( Bloomberg)
Elliott Investment Management has increased its stake in Equinix and is urging the data center operator to take measures aimed at boosting its share price.
The activist investor now holds a position significant enough to rank among Equinix’s top 10 shareholders.
Karman announces proposed public offering of common stock. ( Press Release)
A group of investors in Karman, including an affiliate of its biggest shareholder, plans to sell 20m shares nearly five months after the company’s IPO.
The sellers include Dallas-based private equity firm Trive Capital and Karman’s leadership team, including CEO Tony Koblinski. The offering will be marketed over two days, with pricing set for July 23 after the US market closes.
McGraw Hill raises $415m in US IPO at $3.3bn valuation. ( Reuters)
McGraw Hill has raised $414.6m in its US initial public offering, pricing 24.4m shares at $17 each - below its marketed range of $19 to $22.
Backed by Platinum Equity, the offering values the educational publisher at $3.3bn.
Accelerant and investors raise $724m in upsized US IPO. ( Bloomberg)
Accelerant Holdings, backed by Todd Boehly, along with its investors, has raised $724m in an upsized US initial public offering that priced above the marketed range.
The specialty insurance marketplace operator and shareholders, including funds tied to Altamont Capital Partners, sold 34.5m shares at $21 each.
Universal Music confidentially files for US listing. ( Reuters)
Universal Music Group, the world’s largest music label, has confidentially filed for a US stock market listing, following pressure from major shareholder Pershing Square.
While the company didn’t disclose the size or fundraising target of the offering, its market value stood at roughly €49.7bn ($58bn) based on its latest Dutch exchange closing price.
Neuberger Berman closes NB Strategic Co-Investment Partners V above target at $2.8bn. ( Press Release)
Neuberger Berman, a private, employee-owned investment manager, announced the successful close of NB Strategic Co-Investment Partners V. The Fund closed with over $2.8bn in capital commitments, surpassing its target of $2.25bn as well as the predecessor fund size.
"We are grateful to our investors for supporting us in this successful fundraise and continue to be excited by the market opportunity in co-investments. This Fund enables our clients to participate in distinct investment opportunities we originate by being a flexible and value-added capital solutions provider to our GP partners, especially by acting as co-underwriters of new transactions and investing mid-life in existing sponsor-owned portfolio companies, typically providing capital for growth and partial realizations," Joana Rocha Scaff, Neuberger Head of Europe Private Equity.
Neuberger Berman was advised by Ropes & Gray, according to press releases.
EMEA
Apax Partners, a private equity firm, agreed to acquire Apax Global Alpha, an investment trust focused on private equity investments, for $1.1bn, according to press releases.
TA Associates, a private equity company, completed the acquisition of FD Technologies, a provider of products and consulting services, technology and energy institutions, for $722m, according to press releases.
FD Technologies was advised by Investec (led by Carlton Nelson), JP Morgan (led by James A. Kelly), Rothschild & Co (led by Anton Black) and A&O Shearman (led by Matthew Hamilton-Foyn). TA Associates was advised by Jefferies & Company, Arthur Cox and Latham & Watkins (led by Paul Dolman). Irenic Capital Management was advised by Willkie Farr & Gallagher (led by Gavin Gordon), according to press releases and Mergerlinks data.
doValue, a European financial services provider, agreed to acquire coeo Group, a debt collection services provider, from Waterland Private Equity, a private equity investment group, for €390m ($454m), according to press releases.
doValue is advised by Citigroup, Goldman Sachs, KPMG, UniCredit, White & Case and Image Building (led by Rafaella Casula), according to press releases and MergerLinks data.
SS&C Technologies, a global provider of services and software for the financial services and healthcare industries, agreed to acquire Calastone, a global funds network, from Carlyle, a private equity firm, for £766m ($1.03bn), according to press releases.
Calastone is advised by Barclays, Linklaters and Mishcon de Reya. SS&C Technologies is advised by Davis Polk & Wardwell and Prosek Partners, according to press releases.
Goldman Sachs Alternatives, an investment firm, agreed to acquire a majority stake in Mace Consult, a delivery partner for the world's complex and marquee infrastructure and built environment projects, from Mace Group, an international consulting and construction company, according to press releases. Financial terms were not disclosed.
Goldman Sachs Alternatives is advised by Jefferies & Company, Lazard, and White & Case. Mace Group is advised by UBS and Linklaters, according to press releases and Mergerlinks data.
Advent, a private equity investor, agreed to acquire a 70% stake in the essential home business of Reckitt Benckiser, a consumer goods company, in a $4.8bn deal, according to press releases.
Advent is advised by Barclays and Citigroup. Reckitt Benckiser is advised by Morgan Stanley and FTI Consulting (led by Charles Armitstead), 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.
EQT, a private equity firm, agreed to acquire Spanish online classifieds businesses from Adevinta, a global online classifieds company, according to press releases. Finanical terms were not disclosed.
EQT is advised by Ernst & Young and Clifford Chance. Adevinta is advised by Goldman Sachs (led by Clif Marriott) and LionTree Advisors (led by Antal Runneboom and Louis Kenna), according to press releases and MergerLinks data.
British Columbia Investment Management Corporation, a provider of investment management services, agreed to invest in Three Hills, a private markets investment firm specialised in providing bespoke capital solutions to entrepreneurs and management teams, according to press releases. Financial terms were not disclosed.
British Columbia Investment Management Corporation is advised by Latham & Watkins. Three Hills is advised by Campbell Lutyens and Travers Smith, according to press releases and MergerLinks data.
Insight Partners, a global venture capital and private equity firm, led a $160m Series B round in Xelix, an agentic AI software company, with participation from Passion Capital and LocalGlobe, according to press releases.
Xelix was advised by Solano Partners. Insight Partners was advised by Houlihan Lokey, according to press releases.
KKR, a global investment firm, agreed to acquire a minority stake in Etraveli Group, a travel technology company, according to press releases. Financial terms were not disclosed.
CVC is advised by JP Morgan, according to press releases.
Inter Europol, a Polish bakery, completed the acquisition of PAN-PEK, a producer and distributor of bakery products, from Enterprise Investors, a private equity firm, according to press releases. Financial terms were not disclosed.
Enterprise Investors was advised by UniCredit, according to press releases and MergerLinks data.
Bridgepoint, a private equity and asset management firm, completed the acquisition of a majority stake in mydentist, a provider of affordable dentistry, from Palamon Capital Partners, a pan-European growth investor, according to press releases. Financial terms were not disclosed.
Palamon Capital Partners was advised by Morgan Stanley, according to MergerLinks data.
Gimv, a European investment company, agreed to invest in Hemink, a provider of finishing, and sustainable renovation and maintenance of real estate, according to press releases. Financial terms were not disclosed.
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.
General Catalyst, an investment firm, and Square Peg, a venture capital firm, led a $150m round in Aidoc, a company that develops artificial intelligence tools for radiologists and multidisciplinary patient treatment, with participation from NVentures, Hartford HealthCare, Mercy, Sutter Health and WellSpan Health, according to press releases.
Ampersand, a private equity firm, agreed to acquire CurTec, a manufacturer of high-performance plastic packaging solutions, from Bencis, a private equity firm, according to press releases. Financial terms were not disclosed.
BASF advances sale of coatings unit with shortlisted bidders. ( Bloomberg)
BASF has invited selected bidders to submit offers for its coatings division next month, as it moves forward with a potential deal that could value the business at €6bn ($7bn) or more. The company has narrowed the field to a group of suitors and is progressing toward the next stage of the sale.
The shortlisted bidders include private equity firms Carlyle Group, KPS Capital Partners, Lone Star Funds, and Platinum Equity. Dutch paint manufacturer Akzo Nobel has also made it to the next round and is the only strategic industry bidder still in the running.
Cinven, KKR, and Providence consider €5bn exit from MasOrange. ( PE Insights)
Cinven, KKR, and Providence Equity Partners are exploring a sale of their 50% stake in Spanish telecom joint venture MasOrange, in a potential deal valued at over €5bn ($5.9bn).
Orange, which holds the remaining 50%, is also considering a partial or full buyout. Talks are at an early stage.
Citi, Barclays among banks backing Advent buyout of Reckitt unit. ( Bloomberg)
HSBC, Santander, and Sumitomo Mitsui are also expected to participate in the deal, which is considered a highly valuable opportunity in investment banking.
Final bids expected soon for Cellnex’s Swiss tower stake. ( Bloomberg)
EQT, Omers Administration, and Phoenix Tower International are preparing final offers for Cellnex Telecom’s majority stake in its Swiss operations, which could be valued at up to €2bn ($2.3bn). The potential deal has attracted significant interest as companies seek to expand their telecommunications infrastructure assets in Europe.
Binding bids are expected to be submitted by the end of next week. The individuals requested anonymity due to the private nature of the negotiations and ongoing sale process.
One Rock Capital among final bidders for BP’s Castrol business. ( Reuters)
One Rock Capital Partners, a US private equity firm, is one of the few remaining contenders to acquire BP’s Castrol lubricants unit.
The firm is bidding for the entire business, while Canada Pension Plan Investment Board, also interested, is reportedly seeking only a minority stake.
Blackstone plans to sell Haven and Warner Leisure in separate deals. ( Sky News)
Blackstone is gearing up to sell Haven holiday parks next year, while also planning a separate disposal of Warner Leisure Hotels. The two businesses, which are currently part of Bourne Leisure, may be split and auctioned off independently as part of a strategic break-up.
Blackstone, which holds a controlling stake in Bourne Leisure, is preparing to approve the sale of Haven as early as next year. The move would represent a significant reshaping of the UK leisure portfolio under Blackstone's ownership.
Utmost Group weighs sale of pensions unit. ( Bloomberg)
Utmost Group, a UK-based insurer supported by Oaktree Capital Management, is evaluating the potential sale of its UK life and pensions division as it prepares for a possible stock market listing in London.
The company has engaged Fenchurch, a boutique advisory firm specializing in financial services, to assess strategic options for the unit, including a potential sale.
Terra Firma Capital Partners in the running to acquire Boatfolk. ( Sky News)
Terra Firma Capital Partners is one of the final contenders to acquire Boatfolk, a prominent marina operator in the UK. Boatfolk owns 11 marinas across the country, including a location in East Cowes on the Isle of Wight. The private equity firm, originally founded by Guy Hands, is said to be actively pursuing the takeover, which would expand its portfolio into leisure and marine infrastructure.
The buyout firm, now led by Richard Hands, the founder’s son, has emerged as a key bidder as Boatfolk continues its months-long exploration of a potential sale. If successful, the acquisition would mark a notable move by Terra Firma into one of the UK’s largest independent marina networks.
CFC weighs London IPO as part of growth strategy. ( FT)
CFC, a cyber insurance group backed by private equity, is evaluating strategic options that include a potential initial public offering in London, which could value the company at over £5bn ($6.7bn).
The firm has been owned by EQT and Vitruvian Partners since 2021, when it was valued at just over £2.5bn ($3.4bn). CFC is currently in preliminary talks with advisers to chart its future growth, with a public listing not anticipated before the second half of 2026. Other venues, including a possible US listing, are also under consideration.
H&F’s Verisure targets €3bn-plus IPO in Stockholm. ( Bloomberg)
Verisure and its investors are considering raising between €3bn ($3.5bn) and €4bn ($4.7bn) through an initial public offering in Stockholm, potentially making it the largest IPO in Europe in the past three years.
The offering is anticipated to primarily involve the issuance of new shares to help Verisure reduce its debt. Additionally, current shareholders - led by majority owner Hellman & Friedman, a private equity firm - may also sell some of their holdings as part of the deal.
Pollen Street raises €2bn for private equity strategy. ( Bloomberg)
Alternative asset manager Pollen Street Capital has secured €2bn ($2.3bn) for its private equity strategy, driven by growing demand for mid-market deals in Europe, particularly from North American investors.
The London-based firm’s private equity Fund V raised €1.5bn ($1.7bn) in commitments, surpassing its initial €1bn ($1.2bn) target. The new fund is also 85% larger than its predecessor, which raised £700m ($943m) in 2021.
Pantheon raises $2.2bn for third opportunistic credit secondaries programme. ( Press Release)
Pantheon, a global private markets investor, has announced the final close of Pantheon Credit Opportunities III and related vehicles, securing total commitments of approximately $2.2bn.
The fundraise surpassed its initial target by more than 2.5 times, reflecting strong investor demand for the firm’s credit strategies.
Eurazeo announces the first closing of growth fund IV at €650m. ( Press Release)
Eurazeo announces the first closing of the Eurazeo Growth Fund IV at €650m ($756m), with a target of €1bn ($1.16bn), and prominent European institutions among its initial investors.
EGF IV builds on a decade of investing into more than 30 global tech champions including Doctolib, Cognigy, EcoVadis, Fever, Dataiku, Neo4j, Qonto and commercetools. EGF IV reinforces Eurazeo’s long-standing commitment to backing the global ambitions of Europe’s visionary founders. This new fund is already demonstrating strong momentum with its first investments scaling at more than a 50% year-over-year revenue pace.
APAC
Barings and QIC, investment firms, led a AUD370m ($241m) round in Pacific Energy Group, a gas company, according to press releases.
Pacific Energy Group was advised by Campbell Lutyens, according to press releases.
Actis, a growth markets investor in sustainable infrastructure, completed the acquisition of Barghest Building Performance, an Energy-Savings-as-a-Service provider for heating, ventilation, and air conditioning systems in Asia, according to press releases. Financial terms were not disclosed.
Astorg-backed IQ-EQ, an operator of an investment services firm, agreed to acquire Gordian Capital, an institutional cross-border fund platform and fund solutions provider, according to press releases. Financial terms were not disclosed.
BlackRock’s GIP in talks to acquire 40% stake in Aboitiz InfraCapital. ( DealStreetAsia)
Global Infrastructure Partners, part of BlackRock, is in discussions to acquire a 40% stake in Aboitiz InfraCapital, the infrastructure unit of Philippine conglomerate Aboitiz Group.
The deal is part of a broader strategic partnership between GIP and Aboitiz Equity Ventures and remains subject to due diligence and regulatory approval. If completed, it would rank among the largest foreign equity investments in Philippine infrastructure in recent years. Financial terms were not disclosed.
Singapore selects JP Morgan and others to boost stock market liquidity. (Bloomberg)
Singapore will allocate SGD1.1bn ($856m) to three asset managers, including JP Morgan Asset Management, as part of its effort to boost liquidity and attract more investors to the local stock market.
The initial phase of the SGD5bn ($3.9bn) Equity Market Development Program will also involve state-backed firms Avanda Investment Management and Fullerton Fund Management.
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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