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Top Highlights
Cinven, a private equity company, agreed to acquire a majority stake in Objectway, a digital end-to-end solution provider for wealth managers, according to press releases. Financial terms were not disclosed.
Objectway is advised by Houlihan Lokey, BNP Paribas, Deloitte, PwC, Giovannelli Associati, and Russo De Rosa Associati. Cinven is advised by Jefferies, Freshfields (led by Luigi Verga and Alastair Brown), PwC, Alix Partners, Oliver Wyman, and Deloitte, according to press releases.
TowerBrook Capital, an investment management firm, and Prelude Growth Partners, a consumer-focused growth equity firm, agreed to invest in Amylu Foods, a manufacturer of all-natural, value-added protein products, according to press releases. Financial terms were not disclosed.
Amylu Foods is advised by JP Morgan, Winston & Strawn and Startr Co. TowerBrook is advised by Benefit Street Partners, MidCap Financial Services, Sidley Austin (led by Brien M. Wassner) and Brunswick Group (led by Alex Yankus). Debt financing is provided by Eldridge Industries, Stifel, Sumitomo Mitsui Banking and Willow Tree Credit Partners, according to MergerLinks data and 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 Sourcescrub, a California-based provider of deal-sourcing data and workflows, from Francisco Partners, a private equity firm, according to press releases. Financial terms were not disclosed.
Deal Round up
AMERICAS
Trump administration weighs record IPO for Fannie Mae and Freddie Mac. ( WSJ)
Heartflow announces pricing of upsized initial public offering. ( Press Release)
Accel-KKR closes $1.9bn continuation fund. ( Press release)
Citigroup hires JP Morgan’s Guillermo Baygual as co-head of M&A. ( Bloomberg)
EMEA
Siemens in exclusive talks with Square Asset Management over Lisbon campus sale and leaseback. ( Bloomberg)
Revolution Beauty rejects takeover bid from True, considers capital raising. ( Reuters)
APAC
Iress in talks with Blackstone and Thoma Bravo after earlier $1.28bn bid withdrawn. ( WSJ)
New World Development in talks with Blackstone, CapitaLand over asset sales. ( Bloomberg)
Torrent Gas weighs $450m Mumbai IPO. ( Bloomberg)
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AMERICAS
Britain’s Competition and Markets Authority has approved Boeing’s planned acquisition of Spirit AeroSystems, deciding there was no need for an in-depth investigation into potential anti-competitive effects.
The CMA’s clearance removes a key regulatory hurdle for Boeing, which has been under financial and reputational pressure in recent years. The transaction is part of Boeing’s strategy to strengthen control over critical aircraft components.
Horizon Technology Finance, a specialty finance company, agreed to merge with Monroe Capital Corporation, a publicly-traded specialty finance company, according to press releases. Financial terms were not disclosed.
Monroe Capital is advised by Houlihan Lokey, Nelson Mullins Riley & Scarborough and BackBay Communications. Horizon Technology is advised by Oppenheimer & Co, Blank Rome and ICR (led by Garrett Edson). Monroe Capital is advised by Keefe Bruyette & Woods, Dechert and Eversheds Sutherland, according to MergerLinks data and press releases.
One Equity Partners, a private equity firm, agreed to invest in KBR-backed Brown & Root Industrial Services, a provider of non-discretionary, specialty industrial services, from BCP, a services and infrastructure-focused private equity management firm, according to press releases. Financial terms were not disclosed.
One Equity is advised by Arnovia, Guggenheim Partners, KPMG, Sidley Austin (led by Brien M. Wassner and John C. Godfrey) and Stanton PRM. BCP is advised by Houlihan Lokey, Kirkland & Ellis (led by Mike Marek) and Joele Frank (led by Ed Trissel). KBR is advised by Baker McKenzie, according to MergerLinks data and press releases.
CoreWeave’s proposed $9 bn acquisition of data centre operator Core Scientific is encountering opposition from some of Core Scientific’s largest shareholders. These investors believe the current terms undervalue their holdings.
The dissenting shareholders are reportedly preparing to vote against the deal unless improved terms are presented in the coming weeks, creating uncertainty around the transaction’s completion.
An investor consortium, including K5 Global, Bezos Expeditions, Wellington Management, Alpha JWC Ventures, Alpha Wave Ventures, Venture Investors Health Fund, Lumira Ventures, Hatteras Venture Partners, Early Stage Partners, Amzak Health, HealthQuest Capital, Yonjin Venture, the State of Wisconsin Investment Board, the State of Michigan Retirement System and JJDC, agreed to acquire HistoSonics, a medical device company, for $2.25bn, according to press releases.
HistoSonics is advised by Citigroup, Fox Rothschild, Wilson Sonsini Goodrich & Rosati (led by Michael Danaher and Philip Oettinger) and KKH Advisors (led by Kimberly Ha). The investor consortium is advised by Morgan Stanley, Cooley (led by Patrick Loofbourrow) and Orrick Herrington & Sutcliffe (led by Max Cantor), according to MergerLinks data and press releases.
Shamrock, an investment firm, completed the acquisition of Penta Group, a stakeholder communications and reputation intelligence firm, from Falfurrias, a private equity investment firm, according to press releases. Financial terms were not disclosed.
Penta was advised by Canaccord Genuity and McGuireWoods. Shamrock was advised by BrightTower (led by Amir Akhavan) and Morrison Foerster (led by Patrick Huard), according to MergerLinks data and press releases.
Sarnova-backed Cardio Partners, a provider of emergency readiness solutions, completed the acquisition of RescueStat, a healthcare technology company specializing in AED program management and remote monitoring, according to press releases. Financial terms were not disclosed.
Cardio Partners was advised by Simpson Thacher & Bartlett (led by Michael Holick). RescueStat was advised by Perkins Coie and Hawley Troxell Ennis & Hawley, according to press releases.
BV Investment Partners, a private equity firm, completed a majority investment in The Millennium Alliance, a peer-to-peer executive events platform, according to press releases. Financial terms were not disclosed.
The Millennium Alliance was advised by BrightTower (led by Sam Barthelme). BV was advised by Ropes & Gray (led by Paul Sullivan) and Chris Tofalli Public Relations (led by Chris Tofalli), according to MergerLinks data and press releases.
Clari, a connected revenue operations platform, agreed to merge with Salesloft, a sales engagement platform, according to press releases. Financial terms were not disclosed.
Clari is advised by Morgan Stanley and 10Fold Communications (led by Ashley Nakano), according to MergerLinks data and press releases.
Cohen & Company, an accounting and business advisory firm, completed the acquisition of Gioffre & Company, an accounting firm, according to press releases. Financial terms were not disclosed.
Cohen & Company was advised by Calfee, Halter & Griswold, according to press releases.
Ripple, an enterprise blockchain and crypto solutions company, agreed to acquire Rail, a platform for global payments, for $200m, according to press releases.
Zephyr Secure, a storage security solutions company, completed the acquisition of Royal Hardware and Royal Components, a hardware supply company, according to press releases. Financial terms were not disclosed.
Lockton, an insurance brokerage and consulting firm, agreed to acquire Benefits Communication Insourcing, a business administration company, according to press releases. Financial terms were not disclosed.
Trump administration weighs record IPO for Fannie Mae and Freddie Mac. ( WSJ)
President Donald Trump and his economic team are exploring a landmark sale of shares in Fannie Mae and Freddie Mac, the government-owned mortgage giants that underpin stability and affordability in the US housing market.
The plans remain under consideration, with Trump reviewing multiple options. The White House believes selling up to 15% of the companies’ shares through an initial public offering could raise as much as $30bn, potentially marking the largest IPO in history.
Heartflow announces pricing of upsized initial public offering. ( Press Release)
Heartflow, a company specialised in AI technology for coronary artery disease, today announced the pricing of its upsized initial public offering of 16,666,667 shares of its common stock at a public offering price of $19.00 per share.
The shares are expected to begin trading on the Nasdaq Global Select Market on August 8, 2025 under the ticker symbol “HTFL.”
Heartflow is advised by JP Morgan, Morgan Stanley, Piper Sandler, Stifel and Canaccord Genuity.
Accel-KKR, a global technology-focused investment firm, announced the completion of AKKR Isosceles CV, an approximately $1.9bn single-asset continuation fund that will extend its partnership with isolved, a provider of human capital management software and solutions servicing the entire employee lifecycle.
The transaction allows Accel-KKR to provide liquidity to existing investors in isolved while providing the company with a commitment of $350m in new capital to accelerate its growth through organic initiatives and accretive acquisitions.
Accel-KKR was advised by Lazard, Jefferies, Kirkland & Ellis and Kekst CNC (led by Todd Fogarty).
Citigroup hires JP Morgan’s Guillermo Baygual as co-head of M&A. ( Bloomberg)
Citigroup has named JP Morgan Chase’s Guillermo Baygual as co-head of mergers and acquisitions, marking the latest in a series of senior investment banking hires from its Wall Street rival.
Baygual will team up with former JP Morgan colleague Drago Rajkovic, who was appointed in June, to lead Citigroup’s M&A business.
EMEA
Equistone Partners-backed Regent Acquisitions, a UK-based special purpose acquisition, terminated the acquisition of Inspired, a UK-based energy and sustainability advisory services provider, for £109m ($146m), according to press releases
FalconPoint Partners-backed Jennmar, a provider of infrastructure products and specialized services to the civil, solar, mining, and construction industries, completed the acquisition of Weber Mining & Tunnelling, a company focused on resin injection solutions for ground consolidation, according to press releases. Financial terms were not disclosed.
Jennmar was advised by Evercore and Lowenstein Sandler. Weber was advised by Hogan Lovells and Rothschild & Co, according to press releases.
Hammerson, a British property development and investment company, completed the acquisition of the remaining 50% stake in Bullring and Grand Central, a city centre based shopping centre, from CPP Investments, an investment management organization, for £319m ($429m), according to press releases.
Hammerson was advised by MHP Communications (led by Oliver Hughes), according to MergerLinks data and press releases.
Bain Capital explores options for Ahlstrom, including IPO or €8bn sale. ( Bloomberg)
Bain Capital is considering strategic options for Ahlstrom, a Finnish fiber-based specialty materials company, which could include an initial public offering or a sale valued at up to €8bn ($9.3bn).
The private equity firm has engaged Morgan Stanley to examine a possible sale, while Rothschild & Co is leading work on the potential listing.
Turkish Airlines to bid for minority stake in Air Europa. ( Bloomberg)
Turkish Airlines plans to submit a binding offer for a minority stake in Air Europa, aiming to expand its network with a carrier that operates extensively from Spain across Europe and to destinations in Latin America and the Caribbean.
The Turkish flag carrier said that the investment is “in line with our company’s long-term value generation objectives.”
Siemens in exclusive talks with Square Asset Management over Lisbon campus sale and leaseback. ( Bloomberg)
Siemens has entered exclusive negotiations with Square Asset Management for the sale and leaseback of a building complex in Lisbon.
The German industrial group selected Portugal’s largest real estate fund manager after receiving multiple bids for its Siemens Campus Alfragide site. Both sides are now discussing the terms of the offer.
Revolution Beauty rejects takeover bid from True, considers capital raising. ( Reuters)
Revolution Beauty has turned down a takeover proposal from specialist private equity firm True, a move that leaves the cosmetics group likely to pursue a capital raise from existing shareholders.
Shares in the London-listed makeup and haircare company closed 13% lower at £3.25 ($4.35). Revolution Beauty, whose products are sold online and through high street retailers such as Boots and Superdrug, launched a sale process in May and said in June that it had received interest from multiple parties.
APAC
Hideaki Tanaka, the CEO of SOFT99, offered to acquire the remaining 78.03% stake in SOFT99, a car detailing services and products provider, for $247m, according to press releases.
SOFT99 is advised by KPMG and Nishimura & Asahi. Hideaki Tanaka is advised by Mitsubishi UFJ Morgan Stanley Securities and Anderson Mori & Tomotsune, according to MergerLinks data and press releases.
Invesco Real Estate, a global real estate investment company, agreed to acquire RetireAustralia, an owner, operator and developer of retirement villages, from Infratil, an infrastructure investment company, and the New Zealand Superannuation Fund, a sovereign wealth fund, for AUD845m ($551m), according to press releases.
RetireAustralia is advised by Jefferies & Company, according to MergerLinks data and press releases.
Sunningdale Tech, a manufacturer of precision-engineered plastic components, agreed to acquire Sanwa Group, a precision plastic injection moulding, insert moulding, and component sub-assembly company, according to press releases. Financial terms were not disclosed.
Sanwa is advised by OCBC Bank (led by Hanwei Lin), according to MergerLinks data.
Iress in talks with Blackstone and Thoma Bravo after earlier $1.28bn bid withdrawn. ( WSJ)
Australian financial-technology provider Iress is in discussions with Blackstone, having previously considered — and seen withdrawn — a $1.28bn proposal from the US private equity giant.
On August 8, Iress confirmed it is engaging with both Blackstone and Thoma Bravo to determine whether either could present an offer its board would recommend to shareholders. The earlier Blackstone bid, valued at $6.85 per share, implied an equity value of $1.28bn.
New World Development in talks with Blackstone, CapitaLand over asset sales. ( Bloomberg)
New World Development is in discussions with potential investors including Blackstone and CapitaLand Group as the cash-strapped Hong Kong developer seeks to sell assets to boost liquidity.
Blackstone has been in talks to acquire some of New World’s assets and could be open to exploring a take-private deal, though no formal proposal has been made.
Torrent Gas weighs $450m Mumbai IPO. (Bloomberg)
India’s Torrent Gas is exploring an initial public offering in Mumbai that could raise about $450m.
The city gas distribution arm of Torrent Group has invited investment banks to pitch for roles in the planned share sale. Depending on market conditions and global trade tensions, the IPO could value Torrent Gas at roughly $3bn.
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