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AMERICAS

Kohlberg completes the acquisition of a majority stake in Advanced Industrial Devices from Black Bay Partners.

Kohlberg, a private equity firm, completed the acquisition of a majority stake in Advanced Industrial Devices, a manufacturer of variable frequency drive packages, motor controls, and automation and control solutions, from Black Bay Partners, a middle-market private equity firm, according to press releases. Financial terms were not disclosed.

Kohlberg & Company was advised by Robert W Baird, Kirkland & Ellis, Ropes & Gray and Gasthalter & Co (led by Amanda Shpiner). Advanced Industrial Devices was advised by Harris Williams & Co and Jones Walker. Black Bay Partners was advised by Jones Walker, according to press releases.

Aurora Capital Partners completes the acquisition of Softdocs.

Aurora Capital Partners, a private equity firm, completed the acquisition of Softdocs, a provider of process automation and document management solutions to education and government, according to press releases. Financial terms were not disclosed.

Aurora Capital Partners was advised by Macquarie Group, Gibson Dunn & Crutcher and Prosek Partners. Softdocs was advised by Raymond James, Robert W Baird and Alston & Bird, according to press releases.

Third Coast Bancshares to merge with Great Plains Bancshares in a $239.6m deal.

Third Coast Bancshares, a Texas-based, commercially focused bank holding company, agreed to merge with Great Plains Bancshares, the bank holding company for Great Plains National Bank, in a $239.6m deal, according to press releases.

Third Coast is advised by Keefe Bruyette & Woods, Norton Rose Fulbright and Dennard Lascar (led by Ken Dennard and Natalie Hairston). Great Plains is advised by Stephens and Fenimore Kay Harrison & Ford, according to press releases.

ONEOK completes the acquisition of the Permian Midland Basin assets of Brazos Midstream for $4.425bn.

ONEOK, an American diversified corporation focused on the natural gas industry, completed the acquisition of the Permian Midland Basin assets of Brazos Midstream, a full-service midstream company, for $4.425bn, according to press releases.

ONEOK is advised by Barclays and Latham & Watkins (led by Ryan Maierson, Nick S. Dhesi, Clayton M. Heery and Jennifer Roy). Brazos Midstream Energy is advised by Citigroup and Akin Gump Strauss Hauer & Feld, according to press releases and MergerLinks data.

Alto to acquire Forge Trust from Charles Schwab.

Alto, a technology-led self-directed retirement account custodian and broker-dealer, agreed to acquire Forge Trust, a custodian of alternative assets and a subsidiary of Forge Global, from Charles Schwab, an American multinational financial services company, according to press releases. Financial terms were not disclosed.

Alto is advised by O'Melveny & Myers and Dotted Line Communications. Charles Schwab is advised by JP Morgan and Wachtell Lipton Rosen & Katz (led by Matthew M. Guest and Nathaniel R. Ludewig), according to press releases and MergerLinks data.

AT&T, Global Infrastructure Partners and CPP Investments to form a joint venture.

AT&T, a US telecommunications company, Global Infrastructure Partners, a BlackRock-owned infrastructure investor, and CPP Investments, a Canadian pension fund investor, agreed to form a joint venture combining Forged Fiber 37 and Gigapower, the US fiber infrastructure businesses. AT&T will retain a 50% stake in the joint venture, while Global Infrastructure Partners and CPP Investments will collectively own the remaining 50%, according to press releases.

Global Infrastructure Partners is advised by Simpson Thacher & Bartlett. BlackRock is advised by Barclays. CPP Investments is advised by Weil Gotshal and Manges (led by Luke E. Laumann), according to MergerLinks data.

Warren Equity Partners completes the acquisition of VDA from Keystone Capital Management.

Warren Equity Partners, a private equity firm, completed the acquisition of VDA, a vertical transportation consulting and inspection firm, from Keystone Capital Management, a venture capital and private equity company, according to press releases. Financial terms were not disclosed.

Keystone Capital and VDA were advised by Citizens M&A, Houlihan Lokey and DLA Piper, according to press releases.

Teamworks Innovations to acquire Atrium Sports from Sportradar-owned Synergy Sports for $170m.

Teamworks Innovations, a US-based technology company specialising in operational solutions for sports organisations, agreed to acquire Atrium Sports, a B2B sports technology company that provides video analysis, and data and analytics tools used by professional for coaching, scouting and player evaluation, from Sportradar-owned Synergy Sports, a basketball analytics and automated video tracking company, for $170m. Sportradar will retain certain Synergy Sports technology assets and capabilities following the transaction, according to press releases.

Breakthrough Energy Ventures and Clutterbuck Capital led a $200m Series B round in Type One Energy.

Breakthrough Energy Ventures, a venture capital firm, and Clutterbuck Capital, an SEC-registered investment adviser and hedge fund manager, led a $200m Series B round in Type One Energy, a technology company that develops nuclear fusion power plants using stellarator technology, with participation from Lowercarbon Capital, Siemens Energy Ventures, and SiteGround Capital, according to press releases.

Virginia Lieutenant Governor opposes NextEra-Dominion deal. (Bloomberg)

Virginia Lieutenant Governor Ghazala Hashmi has opposed NextEra Energy’s proposed $67bn takeover of Dominion Energy as the transaction awaits state regulatory approval.

The opposition adds to scrutiny surrounding the proposed acquisition, with concerns raised over whether the combination would serve the interests of Virginia residents.

Solidion Technology sees no basis to increase its offer to Polar Power, in response to board rejection of all-cash asset acquisition proposal. (Press Release)

Solidion Technology has decided not to increase its all-cash offer to acquire substantially all of Polar Power’s assets after the target’s board rejected the proposal.

The battery technology company reiterated that its offer reflects its assessment of Polar Power’s assets, financing requirements and execution risks, and said it remains committed to maintaining a disciplined approach to potential acquisitions.

SpaceX in talks to borrow $40bn to buy Nvidia chips. (Bloomberg)

SpaceX is in early discussions to raise $40bn in debt financing to fund purchases of Nvidia chips, in what could become one of the largest financings tied to artificial intelligence infrastructure.

The company is holding talks with banks and investors, with Pacific Investment Management among the investment managers evaluating the potential financing. Discussions remain at an early stage and may not result in a transaction.

Venture Global is in talks to sell US LNG to more Chinese buyers. (Bloomberg)

US liquefied natural gas exporter Venture Global is in early-stage discussions to sign long-term supply agreements with additional Chinese buyers as China seeks to diversify its sources of LNG.

The company is holding talks with at least three Chinese LNG importers, including PetroChina, for supplies from its export facilities in Louisiana. A potential agreement with PetroChina could cover more than 1m tons of LNG annually.

LS Power closes $6bn Fund VI. (Press Release)

LS Power has raised approximately $6bn for LS Power Equity Partners VI, exceeding its initial $4bn target and reaching the fund’s hard cap.

The fund will invest across power and energy infrastructure, including renewables, conventional generation and energy storage. Around $1.7bn has already been committed to investments linked to LS Power’s pending acquisitions of gas-fired generation assets from Constellation Energy, which will form a 5-gigawatt platform across the Mid-Atlantic and Texas.

JP Morgan hires veteran dealmaker Rob Sweeney amid investment banking expansion. (Reuters)

JP Morgan has appointed former Goldman Sachs and Sycamore executive Rob Sweeney as global chair of investment banking.

Sweeney will advise major corporate clients, with a particular focus on the consumer and retail sectors, and work with senior bankers on key relationships. He will also support the bank’s security and resilience initiatives.

Matt Gaudio named Tusker CEO, leading rapidly growing IT firm. (Press Release)

Tusker has appointed Matt Gaudio as chief executive officer, succeeding Matt Zafirovski, who is leaving after six years to take a leadership position at a publicly traded technology company.

Gaudio previously served as Tusker’s chief solutions officer and has played a key role in integrating businesses acquired by the IT services provider. The company plans to continue pursuing a combination of organic growth and acquisitions as it works toward becoming a $1bn business.

EMEA

ANTA Sports completes the acquisition of a 29.06% stake in PUMA from Artemis for €1.5bn.

ANTA Sports, a Chinese sportswear brand, completed the acquisition of a 29.06% stake in PUMA, a global sports brand specializing in innovative technologies and products, from Artemis, a holding company, for €1.5bn ($1.8bn), according to press releases.

ANTA Sports was advised by Fangda Partners (led by Michael Han, Jeffrey Ding and Christian Peng) and FGS Global (led by Claudia Kosser). PUMA was advised by Brunswick Group. Artemis was advised by Credit Agricole and Rothschild & Co, according to press releases and MergerLinks data.

SAP to acquire TechWolf.

SAP, a German enterprise software company, agreed to acquire TechWolf, a Belgium-based provider of an AI-powered work intelligence platform, according to press releases. Financial terms were not disclosed.

SAP is advised by Jones Day (led by Bret J. Stancil and Jonas Van den Bossche). TechWolf is advised by JP Morgan, Cooley and Cresco Law, according to press releases and MergerLinks data.

Automation Anywhere to acquire Boost.ai from Nordic Capital.

Automation Anywhere, a US-based provider of agentic automation and enterprise orchestration software, agreed to acquire Boost.ai, a Norway-based provider of conversational and voice AI solutions, from Nordic Capital, a private equity firm, according to press releases. Financial terms were not disclosed.

Automation Anywhere is advised by Bank of America and Winston Taylor. Boost.ai is advised by Santander, according to press releases.

DWS to acquire Peakside Capital Advisors.

DWS, a German asset manager, agreed to acquire Peakside Capital Advisors, a Switzerland-based real estate investment manager, according to press releases. Financial terms were not disclosed.

DWS is advised by Advestra (led by Andreas Hinsen, Alexander von Jeinsen and Sandro Fehlmann). Peakside Capital Advisors is advised by Feldhoff & Cie (led by Anke Sostmann), according to press releases and MergerLinks data.

Dutch government plans to halve ABN Amro stake to 10.5%. (Bloomberg)

The Netherlands plans to reduce its stake in ABN Amro to 10.5% from 20.7%, moving the Dutch lender closer to full private ownership.

State investment vehicle NLFI will sell the shares through a trading plan. ABN Amro had a market value of about €34.5bn ($38.7bn) at Tuesday’s close.

Apollo submits non-binding bid for German energy firm Uniper. (Reuters)

Apollo Global Management has submitted a non-binding offer for German state-owned energy group Uniper, joining the sale process for one of the country’s largest utilities.

Potential bidders were invited to submit indicative offers for Uniper, which was rescued by the German government in 2022 through a €13.5bn ($15.1bn) bailout.

Sanlam’s $1.2bn Santam bet puts capital choices in focus. (Bloomberg)

Sanlam has launched a $1.2bn bid to acquire the remaining shares in Santam, giving Africa’s largest insurer full ownership of the business and greater flexibility to deploy capital across its operations.

The transaction forms part of Sanlam’s broader expansion strategy across Africa, India and the Lloyd’s of London market. The group operates in about 29 countries and has also expanded through its partnership with Allianz and investments in Shriram Group’s insurance businesses in India.

South African antitrust body seeks to revoke Premier-RFG deal. (Bloomberg)

South Africa’s Competition Commission is seeking to revoke regulatory approval for Premier Group’s acquisition of packaged food producer RFG Holdings.

The regulator has applied to the Competition Tribunal to withdraw its conditional approval of the transaction, alleging that key information regarding plans to close a fruit-canning facility following the acquisition was withheld during the review process.

Poland to vet Paramount buy of local Warner Bros. Discovery unit. (Bloomberg)

The Polish government will review Paramount Skydance’s acquisition of Warner Bros Discovery-owned television broadcaster TVN under rules covering takeovers of companies considered strategically important to Poland.

The review could take up to 90 days and gives the government authority to block the transaction. Poland’s State Assets Ministry described the process as an administrative procedure.

NBA merger offer rejected by Euroleague in blow to expansion. (Bloomberg)

Euroleague has rejected a proposed merger with the NBA that would have combined the organizations as part of plans to create a new NBA Europe competition.

Following the collapse of the talks, the NBA is pursuing its European expansion independently and is approaching individual teams about participating in the proposed league.

Exein and Deutsche Telekom IoT partner to secure the next generation of connected devices. (Press Release )

Cybersecurity company Exein has formed a strategic partnership with Deutsche Telekom IoT to integrate device-level security with global connectivity services for connected devices across industries including robotics, automotive, energy and manufacturing.

The partnership will combine Exein’s on-device runtime security technology with Deutsche Telekom IoT’s connectivity network, aiming to provide integrated protection throughout the IoT lifecycle. Exein currently protects more than 2bn devices globally and recently raised $270m at a $1.7bn valuation.

Ares faces 50% loss on cash piled into TalkTalk with BT deal. (Bloomberg)

Ares Management is expected to recover only about half of the hundreds of millions of pounds it invested in TalkTalk after BT acquired the UK broadband provider out of insolvency.

Ares received around £100m ($133m) in exchange for releasing its security over TalkTalk and consenting to BT’s purchase. Including interest and other repayments received over the years, the asset manager is expected to recover roughly 50% of its total investment.

Dangote Refinery offers East Africa almost 20% of IPO shares. (Bloomberg)

Dangote Petroleum Refinery & Petrochemicals is offering nearly 20% of its planned initial public offering to investors in East Africa, with the regional allocation potentially raising up to $300.4m.

Kenya’s markets regulator has approved the offering of global depositary receipts to eligible local investors, while Uganda has authorized the promotion and distribution of the IPO to investors in the country.

Nordic ASP Data Center is said to weigh Oslo IPO. (Bloomberg)

Norwegian AI infrastructure developer ASP Data Center is considering an initial public offering in Oslo that could raise around $100m.

The company has begun gauging interest from prospective investors, with a potential listing targeted as soon as this year.

Spanish miner Abenojar Tungsten announces plans for London IPO. (Bloomberg)

Spanish miner Abenojar Tungsten is planning an initial public offering in London to support the development of its El Moto tungsten project in central Spain.

The company is considering selling shares on the London Stock Exchange in the fourth quarter, adding to the pipeline of overseas companies pursuing UK listings.

Rwanda tungsten miner eyes New York IPO as munitions metal soars. (Bloomberg)

Rwandan miner Trinity Metals is preparing for a potential US initial public offering and has begun discussions with prospective advisers and investors as it seeks to expand tungsten production.

The company is also exploring a pre-IPO funding round, primarily with US investors, as it advances preparations for a potential public listing.

Billionaire C&A family taps CFO to lead 185-year-old empire. (Bloomberg)

Cofra Holding has appointed Florian Brenninkmeyer as its new chairman, accelerating succession plans at the holding company controlled by the billionaire Brenninkmeijer family.

Brenninkmeyer, a sixth-generation family member, will take over as chairman in April and step down from his current role as chief financial officer of the Swiss group.

APAC

First Digital to go public via SPAC merger with CSLM Digital Asset Acquisition Corp III at a $250m valuation.

First Digital, a Hong Kong-based financial services and digital asset infrastructure provider best known for issuing the USD-referenced stablecoin FDUSD, agreed to go public via SPAC merger with CSLM Digital Asset Acquisition Corp III, a special purpose acquisition company focused on digital assets and Web3 technologies, at a $250m valuation, according to press releases.

CSLM Digital Asset Acquisition Corp III is advised by Loeb & Loeb. First Digital Group is advised by Black Spade Advisory, Cohen & Company Capital Markets, DLA Piper and YAP Global (led by Samantha Yap), according to press releases.

PasarPolis explores merger with Indonesian insurance player. (DealStreetAsia)

Indonesian insurtech company PasarPolis is exploring a strategic merger with local insurer Asuransi Eka Lloyd as insurance companies seek to strengthen their capital positions ahead of tighter regulatory requirements.

The potential combination would bring together PasarPolis’ digital insurance platform with Eka Lloyd’s established insurance operations in Indonesia.

Oasis urges Nidec to mull privatization, brace for delisting. (Bloomberg)

Activist investor Oasis Management has urged Nidec to evaluate potential privatization options as the Japanese manufacturer faces accounting issues and the risk of delisting.

Oasis is calling for Nidec’s board to appoint financial advisers and seek preliminary non-binding proposals from strategic buyers and private equity firms. The investor is seeking a review of a potential take-private transaction rather than an immediate decision to pursue a sale.

King of Africa’ smartphone maker seeks $428m in HK debut. (Bloomberg)

Chinese smartphone maker Shenzhen Transsion Holdings is seeking to raise up to HKD3.36bn ($428m) through a Hong Kong share sale.

The company is offering 86.6m shares at a maximum price of HKD38.80 ($4.94) each, with trading expected to begin on October 15. Transsion is already listed in Shanghai, where its shares have fallen 19% this year.

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