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AMERICAS

SEGA SAMMY completes the merger with GAN Limited in $91m deal.

SEGA SAMMY, a Japanese global holding company, completed the merger with GAN Limited, a North American B2B technology provider, in $91m deal, according to press releases.

GAN Limited was advised by B. Riley, Sheppard Mullin Richter & Hampton and Alpha IR (led by Ryan Coleman). SEGA SAMMY was advised by SMBC Nikko Securities and Greenberg Traurig, according to press releases.

SunCoke Energy to acquire Phoenix Global for $325m.

SunCoke Energy, a high-quality coke processing and handling company, agreed to acquire Phoenix Global, a provider of molten slag, metal scraps, raw materials, and finished products handling and transportation services, for $325m, according to press releases.

SunCoke Energy is advised by Evercore and Latham & Watkins. Phoenix Global is advised by Moelis & Co and Gibson Dunn & Crutcher, according to press releases.

Definity to acquire Canadian personal insurance business from Travelers for $2.4bn.

Definity, an insurance company, agreed to acquire Canadian personal insurance business from Travelers, an insurance company that offers a wide range of property and casualty insurance products, for $2.4bn, according to press releases.

Travelers is advised by Jefferies & Company, Skadden Arps Slate Meagher & Flom (led by Todd Freed, Patrick Lewis and Liana-Marie Lien) and Stikeman Elliott, according to press releases and MergerLinks data.

Motorola Solutions to acquire Silvus Technologies from TJC for $4.4bn.

Motorola Solutions, a data communications and telecommunications equipment provider, agreed to acquire Silvus Technologies, a developer of advanced communication systems for tactical applications, from TJC, a private equity firm, for $4.4bn, according to press releases.

Silvus Technologies is advised by Morgan Stanley. Motorola Solutions is advised by Wachtell Lipton Rosen & Katz (led by Viktor Sapezhnikov and David Karp), according to press releases and MergerLinks data.

Rocket Lab to acquire Geost from ATL Partners-backed Lightridge Solutions for $275m.

Rocket Lab, a provider of launch services and space systems, agreed to acquire Geost, an electro-optical and infrared payload development and manufacturing company, from ATL Partners-backed Lightridge Solutions, a space and airborne sensor solutions provider, for $275m, according to press releases.

Geost is advised by Robert W Baird, according to press releases and MergerLinks data.

Toyota completes the $250m investment in Joby Aviation.

Toyota, a Japanese multinational automotive manufacturer, completed the $250m investment in Joby Aviation, a California-based transportation company developing an all-electric, vertical take-off and landing air taxi, according to press releases.

EMEA

Bugaboo completes the acquisition of Joolz from Gimv.

Bugaboo, a Dutch design company that makes parental products, completed the acquisition of Joolz, a company that offers strollers and accessories designed for parents, from Gimv, a European investment company, according to press releases. Financial terms were not disclosed.

Bugaboo was advised by De Brauw Blackstone Westbroek. Gimv was advised by PricewaterhouseCoopers and Loyens & Loeff (led by Anke van Holthe tot Echten), according to MergerLinks data.

VeloBank to acquire consumer banking business of Citi Handlowy.

VeloBank, a Polish universal bank, agreed to acquire consumer banking business of Citi Handlowy, a Polish commercial bank, according to press releases. Financial terms were not disclosed.

Citi Handlowy is advised by Ernst & Young and Citigroup, according to press releases.

HIG Capital to acquire workwear business of Rentokil Initial for $465m.

HIG Capital, a private equity and alternative assets investment firm, agreed to acquire workwear business of Rentokil Initial, a pest control, hygiene and wellbeing services provider, for $465m, according to press releases.

Rentokil Initial is advised by Goldman Sachs, according to press releases.

Cantor Fitzgerald to acquire O’Connor alternatives investment platform from UBS.

Cantor Fitzgerald, a global financial services and real estate services holding company, agreed to acquire O’Connor alternatives investment platform from UBS, a global, large-scale and diversified asset manager, according to press releases. Financial terms were not disclosed.

UniCredit to acquire an additional 9.7% stake in Alpha Bank.

UniCredit, an Italian global banking and financial services company, agreed to acquire an additional 9.7% stake in Alpha Bank, a Greek bank, according to press releases. Financial terms were not disclosed.

Exxon enters talks to sell French business for €400m. (Press Release)

ExxonMobil France has entered into exclusive negotiations with North Atlantic France for both the proposed sale of its 82.89% majority shareholder interest in Esso Société Anonyme Française as well as the proposed sale of ExxonMobil Chemical France.

“ExxonMobil has been operating in France for over 120 years and we plan to maintain a significant commercial presence with the Esso brand at around 750 retail sites across the country. France remains an important market for us, and we will continue to support customers with sales of chemicals, finished lubricants, base stocks, synthetics, and other specialty products as well,” Tanya Bryja, ExxonMobil Senior Vice President of Product Solutions.

GlobalData extends deadline for ICG takeover Bid, ends talks with KKR. (Reuters)

GlobalData, a London-based data analytics and consulting firm, announced that it has extended the deadline to June 11 for private equity group ICG to submit a formal takeover offer. At the same time, the company has terminated discussions with KKR after both parties were unable to agree on the terms of a potential deal.

In April, the data analytics and consulting firm announced it was in discussions with funds managed by ICG and KKR regarding a potential all-cash acquisition offer. The proposal also included an option allowing shareholders to choose an unlisted equity alternative.

Neinor Homes eyes major stake in Aedas to form Spain’s largest developer. (Bloomberg)

Neinor Homes is in advanced talks to acquire a significant stake in its competitor Aedas Homes, a potential transaction that could result in the creation of Spain’s largest property developer with a combined market valuation of approximately $2.6bn.

Neinor is negotiating with Castlelake, the majority shareholder of Aedas, regarding a possible acquisition. Castlelake currently holds a 79% stake in Aedas. Apollo Global Management is collaborating with Neinor to arrange financing for the proposed deal, although the specifics remain confidential.

UniCredit CEO firmly denies interest in Generali takeover. (Borsa Italiana)

Andrea Orcel, CEO of Italian banking group UniCredit, has dismissed speculation about a potential takeover of insurance giant Generali. When questioned by journalists, Orcel unequivocally stated that such a move is "to be ruled out."

UniCredit, meanwhile, has been actively pursuing other strategic moves, including an all-share offer for fellow Italian bank Banco BPM and acquiring a stake in the lender.

Dubai Residential REIT soars in market debut amid property boom. (Bloomberg)

Dubai Holding’s $584m residential real estate investment trust made a strong entrance on its trading debut, reflecting continued investor enthusiasm amid the city’s booming property market. The REIT's launch underscores the growing appeal of Dubai’s real estate sector to global and regional investors.

On May 28 morning, Dubai Residential REIT climbed over 10% to reach $0.33 per unit. The offering had been priced at $0.30 per unit - the upper end of its proposed range, resulting in an implied market capitalization of approximately $3.9bn.

APAC

Indorama Netherlands completes the acquisition of 24.9% stake in Essel Propack from Blackstone for $220m.

Indorama Netherlands, a chemical company, completed the acquisition of 24.9% stake in Essel Propack, a global tube-packaging company, from Blackstone, an American multinational private equity, alternative asset management, and financial services firm, for $220m, according to press releases.

Indorama Netherlands was advised by Goldman Sachs, Chandhiok & Mahajan and Khaitan & Co (led by Haigreve Khaitan). Blackstone was advised by Morgan Stanley, Simpson Thacher & Bartlett (led by Ian Ho) and Trilegal, according to press releases and MergerLinks data.

FK Myntra completes the $125m investment in Myntra Design. (DealStreetAsia)

FK Myntra, a Singapore-based investment holding company, completed the $125m investment in Myntra Design, a fashion-focused e-commerce platform, according to DealStreetAsia.

Hillhouse Investment led a $100m Series A round in Digua Robotics. (DealStreetAsia)

Hillhouse Investment, a global investment firm, led a $100m Series A round in Digua Robotics, a spinoff company of Horizon Robotics offering development infrastructure for consumer and industrial robots, with participation from 5Y Capital, Linear Capital, Hermitage Capital, Unity Ventures, Vertex Growth, Monolith Management, Dunhong Capital Management, AlphaX Partners, Plum Ventures and Huangpu River Capital, according to DealStreetAsia.

Nissan aims to raise $7bn amid looming debt repayment. (Bloomberg)

Nissan Motor is preparing to raise over $7bn through a mix of debt financing and asset sales, as it braces for a significant loan repayment burden next year. The Japanese automaker is undertaking these efforts to maintain business continuity amid financial pressure.

The company intends to issue up to $4.38bn in convertible securities and bonds, which will include high-yield notes denominated in US dollars and euros. Additionally, Nissan plans to secure a $1.4bn syndicated loan backed by UK Export Finance. This move is closely tied to its operations in Sunderland, home to the largest car manufacturing facility in the United Kingdom.

BAT completes the block trade of 2.5% ITC shares. (Press Release)

British American Tobacco has completed the block trade of 313m ordinary shares in ITC to institutional investors by way of an accelerated bookbuild process. The Block Trade Shares represent c.2.5% of ITC’ issued ordinary share capital.

Net proceeds from the Block Trade amount to INR121bn ($1.4bn).

Sybos to sell $567m stake in EBOS Group at discount. (Reuters)

Sybos, a major shareholder in New Zealand-based medical equipment manufacturer EBOS Group, is divesting shares worth $566.7m. The sizable sale reflects a significant reduction in Sybos's holding in the company.

The investor is offloading 26.74m shares at a price of $21.2 per share, representing an 8.9% discount compared to EBOS Group's closing price on May 28.

KKR among companies said to be proposing Taiyo Holdings buyout. (Press Release)

Chemical manufacturing company Taiyo Holdings has received various proposals, including capital and business alliances as well as privatization offers through a special purpose company.

Taiyo has established a special committee composed of independent outside board directors and external experts to consider different options from the perspective of enhancing corporate value and securing the common interests of shareholders. However, no decisions have been made at this time.

Hero FinCorp gets SEBI nod for $430m IPO. (Economic Times)

Hero FinCorp, the financial services arm of two-wheeler giant Hero MotoCorp, has received approval from the Securities and Exchange Board of India to proceed with its $430m IPO.

According to the Draft Red Herring Prospectus, the IPO will comprise a fresh issue of equity shares worth $246m, along with an offer for sale of $184m by existing investor shareholders. This fundraising move marks a significant step in Hero FinCorp’s growth and expansion strategy.

Shein shifts IPO strategy to Hong Kong amid regulatory setback. (Reuters)

Online fast-fashion giant Shein is preparing to pursue a stock market listing in Hong Kong, following a failed attempt to gain approval for an initial public offering in London. The company’s proposed London listing did not receive the necessary clearance from Chinese regulators, prompting a strategic pivot toward the Asian financial center.

Shein, originally founded in China, is now aiming to file a draft prospectus with the Hong Kong Stock Exchange in the coming weeks. The company is targeting a public debut in Hong Kong before the end of the year.

Cathay Innovation closes $1bn VC fund. (Press Release)

Cathay Innovation held the final close of Cathay Innovation Fund III at $1bn, making it the largest AI-dedicated VC fund coming out of the European Union - with a global investment scope and platform built to bring AI into industry at scale.

Cathay Innovation Fund III, launched in July 2022, invests in vertical AI solutions across four key sectors: digital health, fintech, consumer, and mobility/energy. To date, the fund has already made 14 investments across the US, Europe, and Asia.

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