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AMERICAS
Rail transportation services provider Norfolk Southern announced that its shareholders voted overwhelmingly, with nearly 99% of the shares cast in favor, to approve its previously announced transaction with Union Pacific, a US freight railroad. Norfolk Southern shareholders will receive 1.0 Union Pacific common share and $88.82 in cash for each share of Norfolk Southern owned. The transaction is expected to close by early 2027.
Identity security platform provider CyberArk’s shareholders have voted to approve the acquisition by Palo Alto Networks, a network security solutions provider. The acquisition proposal received approximately 99.8% support.
Teamshares, a tech-enabled acquiror of high-quality small-to-medium size enterprises, agreed to go public via a SPAC merger with Live Oak Acquisition Corp. V, a special purpose acquisition company, in a $746m deal. PIPE investment is provided by T. Rowe Price, according to press releases.
Teamshares is advised by Santander and Latham & Watkins (led by Ryan Maierson and Nick Dhesi). Santander is advised by Davis Polk & Wardwell. Live Oak V is advised by Ellenoff Grossman & Schole (led by Douglas Ellenoff), according to press releases.
Cognizant, an American multinational technology company, agreed to acquire 3Cloud, a dedicated Microsoft Azure services provider, from Gryphon Investors, a middle-market private investment firm, according to press releases. Financial terms are not disclosed.
Cognizant is advised by Mayer Brown (led by Nina Flax, William Kucera and Aideen Brennan). Gryphon Investors is advised by Lazard, Kirkland & Ellis, and Lambert & Co, according to press releases.
Epsilon, an onshore natural gas and oil production and gathering company, completed the acquisition of Peak Exploration & Production, a provider of exploration and development services intended for oil and gas properties, and Peak BLM Lease, an oil and gas company from Yorktown Partners, an energy-focused private equity firm, for $86.3m, according to press releases.
Epsilon was advised by Texas Capital Bank and Gray Reed. Yorktown Partners was advised by Willkie Farr & Gallagher (led by Jesse Betts), according to press releases.
MTQ USA, an egg production and distribution company created through a joint venture between the Pinto Family, founders of Mantiqueira, and JBS, agreed to acquire Hickman’s Egg Ranch, an egg producer based in the Mountain and West Coast regions, according to press releases. Financial terms are not disclosed.
Hickman’s Egg Ranch is advised by Stephens and Faegre Drinker Biddle & Reath, according to press releases.
Legence, a provider of engineering, consulting, installation, and maintenance services, agreed to acquire The Bowers Group, a mechanical contractor, for $475m, according to press releases.
Legence is advised by Kirkland & Ellis (led by Zach Savrick), according to press releases.
Biogen, a global biotechnology company, completed the acquisition of Alcyone Therapeutics, a clinical-stage company focused on precision therapies and drug delivery systems, for $85m, according to press releases.
Biogen was advised by H/Advisors Abernathy, according to press releases and MergerLinks data.
Springshare, an internet software company focusing on developing engaging web applications for libraries and educational institutions, completed the acquisition of Pathrise, an AI-enabled platform that combines job search software, specialized career resources, and personalized mentorship, according to press releases. Financial terms were not disclosed.
Previsible, a consulting firm specializing in AI search optimization and content management, completed the acquisition of Improove, a digital marketing agency specializing in website optimization and AI-driven solutions, according to press releases. Financial terms were not disclosed.
Eldridge Industries, a private investment and holding company, led a $250m funding round in Gopuff, a consumer goods and food delivery company, with participation from Valor Equity Partners, Baillie Gifford, Equalis Capital, George Ruan, Robinhood and Yakir Gabay, according to press releases.
Wellington Management, a global investment firm, completed an investment in dSilo, a technology company specializing in the Agentic AI Platform, according to press releases. Financial terms were not disclosed.
The Estee Lauder Companies, an American multinational cosmetics company, completed an investment in Xinu, a fragrance company specializing in aromas-infused beauty products, including candles, body care products, and travel sets, according to press releases. Financial terms were not disclosed.
Topgolf Callaway in talks to sell Topgolf unit to Leonard Green for about $1bn. ( WSJ)
Topgolf Callaway Brands is in discussions to sell its Topgolf division to private equity firm Leonard Green in a deal that could value the business at roughly $1bn.
Shares of the Carlsbad, California–based company rose about 7% in November 14 afternoon trading. The talks — which may or may not result in an agreement.
LKQ hires Bank of America to sell its specialty parts business. ( Reuters)
Auto parts supplier LKQ is planning to sell its specialty parts division, Keystone Automotive Industries, amid investor pressure to divest assets and boost shareholder value.
Analysts at Raymond James have estimated the division could be worth around $1bn, based on LKQ’s internal valuations.
Warburg and Permira are in talks to buy Clearwater Analytics. ( Reuters)
Global private equity firms Warburg Pincus and Permira are in talks to acquire investment and accounting software maker Clearwater Analytics.
Boise, Idaho-based Clearwater provides software that helps companies manage their investment portfolios.
San Diego Padres owners considering sale at record valuation. ( Bloomberg)
The Seidler family said it is considering selling the San Diego Padres, potentially setting a record valuation for an MLB team.
The move comes after a strong 2025 season in which the team generated over $500m in revenue, with 72 of 81 home games sold out. The Padres ranked second in total MLB attendance this season, behind only the Los Angeles Dodgers.
Janney Montgomery nears deal to sell financial-services unit. ( Bloomberg)
KKR-owned Janney Montgomery Scott is in advanced discussions to sell its division advising depository institutions along with its institutional equities business.
The potential deal with Brean Capital is part of Janney’s strategy to exit the capital markets business and concentrate on wealth management. The sale would include investment bankers handling mergers, acquisitions, and capital raising for lenders, as well as teams in equity research and sales and trading.
Activist investor Irenic has built a stake in Papa John’s. ( Reuters)
Activist investor Irenic Capital Management acquired a stake in Papa John's during the third quarter, adding new fuel to speculation about the pizza chain's future.
While activist hedge fund investments often signal a push for management to explore strategic options, it is not yet clear what changes, if any, Irenic may pursue at Papa John's.
Argentina power firm Genneia eyes first US IPO of the Milei era. ( Bloomberg)
Argentine power producer Genneia is preparing for an initial public offering in New York as early as the first quarter of 2026.
President Javier Milei’s decisive midterm victory last month has improved prospects for Argentine companies seeking access to global capital markets. Several firms have issued bonds in recent weeks, and Genneia would be the first Argentine company to launch a US IPO since at least 2019.
Blackstone’s Copeland files confidentially for US IPO. ( Bloomberg)
Blackstone-owned Copeland has filed confidentially for an initial public offering, positioning the industrial company for its first share sale in 2026, a year expected to be active for IPOs.
The number of shares and pricing for the offering have not yet been set. Morgan Stanley and Barclays are advising on the IPO, joined by Goldman Sachs Group and Jefferies Financial Group.
Crypto asset manager Grayscale shows revenue drop in IPO filing. ( Bloomberg)
Crypto asset manager Grayscale Investments has filed publicly for an initial public offering, becoming one of the first major digital asset firms to seek a listing under a more crypto-friendly US administration.
The company reported net income of $203m on revenue of $319m for the nine months ended September 30, down from $224m on $398m a year earlier. Grayscale had previously filed confidentially for the IPO in July.
EMEA
The European Commission has approved, under the Foreign Subsidies Regulation, the acquisition by State-owned oil and gas producer Abu Dhabi National Oil Company of Covestro, a producer of bisphenol. The approval is conditional upon full compliance with the commitments offered by the parties.
Lundbeck, a Danish international pharmaceutical company, offered to acquire Avadel, a biopharmaceutical company, for $2.2bn, according to press releases.
Avadel is advised by Goldman Sachs, Morgan Stanley, Arthur Cox, Goodwin Procter and Precision AQ (led by Austin Murtagh), according to MergerLinks data and press releases.
IVI RMA Global, a fertility group specializing in reproductive medicine, completed the acquisition of UAE and Saudi Arabia operations of ART Fertility Clinics, a reproductive medicine institution, from Gulf Capital, an alternative investment company, for $470m, according to press releases.
IVI RMA Global was advised by Eversheds Sutherland (led by Zeid Hanania), Stanton PRM (led by Alex Varney), and Tinkle (led by Mar Yuste), according to press releases.
Nimbus, a European industrial holding company, agreed to acquire the reed valve business from HOERBIGER, a compression technology, drive technology and hydraulics company, according to press releases. Financial terms were not disclosed.
HOERBIGER is advised by Heuking Kuhn Luer Wojtek (led by Georg Streit), according to MergerLinks data.
ACS Group, a company dedicated to civil engineering, construction, all types of services and telecommunications, and Global Infrastructure Partners, an infrastructure investor, agreed to form a joint venture in a €2bn ($2.3bn) deal, according to press releases.
ACS Group is advised by Santander, according to MergerLinks data.
Tata Steel, an Indian multinational steel company, agreed to acquire Velsen Power Plants from Vattenfall Power Generation, a producer and retailer of electricity and heat, for €140m ($163m), according to press releases.
Wolters Kluwer, an information, software, and services provider, agreed to acquire Libra Technology, a provider of AI technology for legal professionals, for €90m ($105m), according to press releases.
Repsol considers merger of $19bn upstream unit with APA. ( Bloomberg)
Repsol is exploring a reverse merger of its upstream unit with potential partners, including US energy producer APA, as it looks for ways to list the business in New York.
The Spanish oil and gas company has held preliminary discussions with APA, formerly Apache, and has also initiated talks with other potential merger partners.
Onex picks Rothschild and Morgan Stanley for sale of education firm Tes. ( Bloomberg)
Alternative asset manager Onex has hired banks to support its planned sale of Tes Global, a UK-based provider of education software.
The firm has tapped Rothschild & Co and Morgan Stanley to advise on the process. Tes, formerly the Times Educational Supplement, could fetch up to $2bn in a sale.
RedBird pulls £500m bid for the Telegraph titles. ( Sky News)
RedBird Capital Partners has confirmed that it has withdrawn its £500m ($658m) offer to acquire the right-leaning newspaper group, leaving the future ownership of the Daily Telegraph in renewed uncertainty.
The consortium led by RedBird — which included UAE-based investor IMI — has formally stepped back from its proposal to buy the titles.
Lloyds secures £120m deal for digital wallet provider Curve. ( Sky News)
Britain's largest high street lender has struck a £120m ($158m) deal to buy Curve, a digital wallet provider, despite shareholder concerns over the distribution of the sale proceeds.
Curve notified its investors this week that it had signed a share sale and purchase agreement with Lloyds Banking Group.
WPP draws interest from Havas and private equity. ( Bloomberg)
Advertising agency Havas has shown interest in WPP.
The report says high-level discussions have taken place at Havas, based near Paris, about a potential deal with WPP.
Santander’s Ebury considers stake sale after London IPO delay. ( Bloomberg)
Ebury, the UK payments firm backed by Banco Santander, and some of its owners are considering selling a stake in the fintech after postponing plans for a London listing.
Potential investors have been in discussions to acquire a minority stake in the company. Private equity firms Advent, Centerbridge Partners, and Cinven are among those that have explored possible investments.
Ex-Eurazeo CEO’s Ardabelle Capital hits €250m first close. ( Bloomberg)
Ardabelle Capital, the private equity firm led by former Eurazeo CEO Virginie Morgon, has raised around €250m ($290m) in commitments for its first fund.
The fund reached its first close with backing from the European Investment Fund, Oddo BHF’s private equity arm, and French asset manager Swen Capital Partners.
APAC
Mahindra & Mahindra, an Indian multinational automotive manufacturing corporation, and Manulife, an international financial services provider, agreed to form a joint venture in a $800m deal, according to press releases.
Mahindra & Mahindra is advised by Kotak Investment Banking and AZB & Partners (led by Darshika Kothari). Manulife is advised by Debevoise & Plimpton and Khaitan & Co (led by Nikhil Narayanan), according to MergerLinks data and press releases.
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