Coats Group completes the acquisition of OrthoLite for $780m.

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AMERICAS

CoreWeave failed to acquire Core Scientific for $9bn.

CoreWeave, an American cloud-computing startup, failed to acquire Core Scientific, a provider of blockchain and AI-related services, for $9bn, according to press releases.

Terex to merge with REV Group.

Terex, an American global manufacturer of industrial equipment, offered to merge with REV Group, an American manufacturer of specialty vehicles and related aftermarket parts and services. Terex shareholders will own 58% of the combined company, while REV Group shareholders will own the remaining 42%, according to press releases. Financial terms were not disclosed.

Terex is advised by Barclays, Fried Frank Harris Shriver & Jacobson and Pryor Cashman. REV Group is advised by JP Morgan and Davis Polk & Wardwell (led by James P. Dougherty, Evan Rosen and Derek Dostal), according to press releases.

Protective Life to acquire Portfolio from Abry Partners.

Protective Life, a financial services holding company and a US subsidiary of Dai-ichi Life, agreed to acquire Portfolio, a provider of reinsurance management services and finance and insurance products for car dealerships, from Abry Partners, a private equity firm, according to press releases. Financial terms were not disclosed.

Protective Life is advised by TD Securities and Maynard Nexsen. Abry Partners and Portfolio are advised by Jefferies & Company and Kirkland & Ellis. Abry Partners is advised by FGS Global, according to press releases.

First Mid to acquire Two Rivers Financial Group for $94m.

First Mid, a bank holding company, agreed to acquire Two Rivers Financial Group, the parent company of Two Rivers Bank & Trust, a regional bank, for $94m, according to press releases.

First Mid is advised by Keefe Bruyette & Woods and ArentFox Schiff. Two Rivers Financial Group is advised by D.A. Davidson & Co, Barack Ferrazzano Kirschbaum & Nagelberg and Dickinson Bradshaw Fowler & Hagen, according to press releases.

ADP completes the acquisition of Pequity.

Automatic Data Processing, a provider of HR and payroll solutions, completed the acquisition of Pequity, an innovative compensation management software provider, according to press releases. Financial terms were not disclosed.

ADP was advised by Paul Weiss Rifkind Wharton & Garrison (led by Neil Goldman), according to press releases.

Onex and AIG to acquire Convex in a $7bn deal.

Onex, a private equity firm, and AIG, an insurance, life insurance, and financial services company, agreed to acquire Convex, an international specialty insurer and reinsurer, in a $7bn deal, according to press releases.

Andreessen Horowitz led a $150m funding round in Harvey.

Andreessen Horowitz, a venture capital firm, led a $150m funding round in Harvey, a generative AI company.

Mastercard poised to buy crypto firm Zero Hash for nearly $2bn. (Reuters)

Mastercard is in advanced discussions to acquire cryptocurrency infrastructure firm Zero Hash in a deal valued between $1.5bn and $2bn. The potential transaction would mark one of Mastercard’s largest moves yet into the digital assets space.

If completed, the acquisition would underscore the payments giant’s growing interest in stablecoins and blockchain-based payment solutions. However, the discussions remain ongoing, and there is no certainty that a final agreement will be reached.

Warner Bros. CEO tells staff the Board wants a higher takeover bid. (Bloomberg)

Warner Bros. Discovery CEO David Zaslav held a town hall for employees, indicating the board would require a higher bid to approve a sale.

The board has rejected three offers from Paramount Skydance, including a recent $23.50-per-share proposal.

Trump memecoin issuer in talks to buy crowdfunding business. (Bloomberg)

A Donald Trump-linked memecoin appears set for a potential boost. Fight Fight Fight, the company behind the token launched just before Trump’s second presidential inauguration, is reportedly in discussions to acquire the US operations of crowdfunding platform Republic.com.

The deal could expand the token’s reach and influence among US investors, potentially giving it greater visibility and access to a wider user base.

Travel software firm Navan, holders raise $923m in IPO. (Bloomberg)

Navan, a business travel and expense management software company, and some of its shareholders raised $923m in a US initial public offering priced mid-range.

The Palo Alto-based firm sold 30m shares, while shareholders including co-founders and executives Ariel Cohen and Ilan Twig sold 6.9m shares at $25 each, after marketing the IPO at $24–$26 per share.

Arlington Capital Partners closes fund VII at $6bn. (Business Wire)

Arlington Capital Partners closed its seventh fund, ACP VII, at $6bn, exceeding its $4.75bn target and marking a 57% increase over its 2023 predecessor. The Washington-based private equity firm will continue investing in defense, government technology, and healthcare, with a focus on manufacturing onshoring and cybersecurity.

The oversubscribed fund drew strong support from existing investors, with re-up demand exceeding 115% from Fund VI, underscoring confidence in Arlington’s strategy of building US national security and industrial leaders.

NewPoint and Morgan Properties close oversubscribed fund I at $350m. (Business Wire)

NewPoint Impact Fund I closed with $348m in equity, surpassing its $250m–$275m target and attracting over 180 US investors.

The fund pairs NewPoint’s affordable housing expertise with Morgan Properties’ scale, aiming to provide lower-cost capital to developers and strong, tax-efficient returns to investors. It has deployed about $600m in municipal bonds across 17 deals, supporting 3,2k housing units.

EMEA

Cicor Technologies to acquire TT Electronics for £287m.

Cicor Technologies, a globally active provider of full-cycle electronic solutions for the healthcare technology, industrial, and aerospace & defense sectors, offered to acquire TT Electronics, a global provider of engineered electronics performance critical applications, for £287m ($378m), according to press releases.

TT Electronics is advised by Berenberg (led by Harry Nicholas), Gleacher Shacklock (led by James Dawson), Rothschild & Co (led by Ravi Gupta) and MHP Group (led by Tim Rowntree). Cicor is advised by UBS (led by Joe Hannon) and Camarco (led by Edward Gascoigne-Pees), according to press releases.

Cinven to acquire Universidad Alfonso X el Sabio Group from CVC.

Cinven, a private equity firm, agreed to acquire Universidad Alfonso X el Sabio Group, a private higher education platform in Spain, from CVC, a private equity firm, according to press releases. Financial terms were not disclosed.

Cinven is advised by Brunswick Group (led by Max McGahan). CVC is advised by Grupo Albion, according to press releases.

Vodafone to acquire Skaylink for €175m.

Vodafone, a telecommunications conglomerate, agreed to acquire Skaylink, a provider of digital transformation and cloud services, for €175m ($204m), according to press releases.

Skaylink is advised by Arma Partners, according to MergerLinks data.

Ares Management to acquire the remaining stake in BlueCove.

Ares Management, a global alternative investment manager, agreed to acquire the remaining stake in BlueCove, a scientific asset management firm, according to press releases. Financial terms were not disclosed.

Gunvor Group to acquire the international assets of LUKOIL.

Gunvor Group, an independent energy and commodities trading company, agreed to acquire the international assets of LUKOIL, a vertically integrated Russian multinational energy corporation, according to press releases. Financial terms were not disclosed.

Bessemer Venture Partners led a $150m Series C round in Legora.

Bessemer Venture Partners, an American venture capital firm, led a $150m Series C round in Legora, a collaborative AI platform for lawyers, with participation from ICONIQ, General Catalyst, Redpoint Ventures, Benchmark, and Y Combinator, according to press releases.

Porsche considers investing in Volkswagen's Everllence division. (Reuters)

Porsche, Volkswagen’s largest shareholder, is considering an investment in the carmaker’s Everllence diesel engine division, which Volkswagen plans to spin off.

Volkswagen could launch a divestment process for Everllence early next year, with preliminary interest already from Swedish private equity firm EQT. The division is estimated to be valued between €6bn ($7bn) and €8bn ($9.3bn). Both Volkswagen and Porsche declined to comment, reiterating that strategic options for the business are under review.

UniCredit boosts stake in Alpha Bank to $2.8bn. (Bloomberg)

UniCredit increased its stake in Alpha Bank to about 29.5%, as CEO Andrea Orcel deepens cooperation with the Greek lender without pursuing a full takeover.

The latest purchase, authorized by the European Central Bank, follows earlier stake increases in May and August 2025, bringing UniCredit’s total holding to roughly €2.4bn ($2.8bn).

Saudi Arabian media group announces plans to acquire a stake in Aleph Group as part of global expansion strategy. (PR Newswire)

SMC Media and Aleph Group plan a joint venture to manage digital advertising in the MENAT region, alongside a minority investment by SMC in Aleph’s global operations.

The partnership aims to boost revenue, expand SMC’s global reach, and support Saudi Arabia’s Vision 2030, pending approvals and regulatory clearance.

UK broadband challenger Netomnia courts CityFibre, Nexfibre for £2bn sale. (Bloomberg)

UK fiber challenger Netomnia is exploring a potential £2bn ($2.6bn) sale and has held advanced talks with rival CityFibre Holdings as part of its efforts to attract multiple buyers.

The company has not entered exclusive negotiations, and discussions remain preliminary.

EQT weighs bid for €10bn German car marketplace Mobile.de. (FT)

EQT is exploring a €10bn ($11.6bn) takeover of German car marketplace Mobile.de, suggesting the business could be sold rather than listed publicly.

The firm has held preliminary talks with Permira and Blackstone, which acquired Mobile.de’s parent in 2023. Mobile.de is part of Adevinta, being broken up by its owners, while EQT recently bought Adevinta’s Spanish classifieds business.

Food supplier Princes set to price London IPO at bottom of range. (Bloomberg)

Princes Group's initial public offering is expected to price at the bottom of its marketed range, reflecting caution as London aims to revive its listings market.

Shares are set to be offered at £4.75 ($6.28) each, compared with a marketed range of £4.75 ($6.28) to £5.90 ($7.80).

APAC

New Zealand's Fonterra gets farmers' approval for $2.42bn consumer business sale. (Reuters)

New Zealand’s Fonterra Co-operative Group said on October 30 that farmer shareholders approved the NZD4.2bn ($2.4bn) sale of its global consumer and related businesses to France’s Lactalis Group. About 88.5% of votes supported the deal, which includes brands such as Mainland, Anchor, Kapiti, and Anlene, along with long-term milk supply agreements.

Lactalis Group is advised by Cameron Partners (led by Thomas Luxton), Rothschild & Co (led by Robert Rozemulder), Allens (led by Adrian Amer), Bell Gully (led by James Gibson) and Freshfields Bruckhaus Deringer (led by Olivier Rogivue). Fonterra is advised by JP Morgan, Jarden, Craigs Investment Partners, Herbert Smith Freehills Kramer (led by Nick Baker), Russell McVeagh and Sodali & Co (led by James Strong), according to press releases and MergerLinks data.

India said to reject SBI plan to raise stake in Investec unit. (Bloomberg)

The Reserve Bank of India has rejected State Bank of India’s plan to raise its stake in an institutional equities joint venture with a local Investec unit from 20% to 40%, citing concerns over overlapping businesses within the SBI group.

The RBI asked SBI to either take full ownership or comply with the proposed rules for financial entities. Representatives for the RBI, SBI, and Investec did not comment.

India's Physicswallah said to plan $431m IPO in weeks. (Bloomberg)

Indian online education platform Physicswallah is preparing for an initial public offering that could raise around INR38.2bn ($431m). The company, backed by WestBridge Capital and Hornbill Capital Partners, has engaged with potential investors and the IPO could launch in the coming weeks.

The proposed offering would include a fresh issue of shares worth INR31bn ($351.7m) and a secondary sale of about INR7.2bn ($81.6m) by founders Alakh Pandey and Prateek Boob. Deliberations are ongoing, and both the valuation and timing of the IPO remain subject to change.

Groww parent Billionbrains seeks $752m in Mumbai IPO. (Bloomberg)

Billionbrains Garage Ventures, parent of India’s Groww platform, plans a Mumbai IPO to raise up to INR66.3bn ($752 m), open November 4–7, with trading from November 12.

The IPO includes INR10.6bn ($120.2m) of fresh shares and INR557.2m ($6.3m) via offer-for-sale from existing investors, with a price band of INR95–100 ($1.07-1.13) per share.

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