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AMERICAS

Adobe to acquire Semrush for $1.9bn.

Adobe, a technology company, agreed to acquire Semrush, a data-driven marketing platform, for $1.9bn, according to press releases.

Adobe is advised by Wachtell Lipton Rosen & Katz (led by Jacob A. Kling). Semrush is advised by Centerview Partners, Davis Polk (led by Lee Hochbaum) and Blueshirt Group (led by Brinlea Johnson), according to press releases.

Dycom to acquire Power Solutions for $2bn.

Dycom, a provider of specialty contracting services, agreed to acquire Power Solutions, an electrical contractor for $2bn, according to press releases.

Dycom is advised by Goldman Sachs and Weil, Gotshal & Manges. Power Solutions is advised by Source One and Miles & Stockbridge, according to press releases.

Ara Partners completes the acquisition of a majority stake in Centric Fiber.

Ara Partners, a private equity firm, completed the acquisition of a majority stake in Centric Fiber, a company specializing in high-speed internet, according to press releases. Financial terms were not disclosed.

Centric Fiber was advised by Guggenheim Partners and Simpson Thacher. Ara Partners was advised by RBC Capital Markets and Kirkland & Ellis, according to press releases.

HIG Capital completes the investment in GT Independence.

HIG Capital, a private equity firm, completed the investment in GT Independence, a national leader in long-term home care and support solutions for Medicaid participants, according to press releases. Financial terms were not disclosed.

HIG Capital was advised by Guggenheim Partners, Morgan Stanley and McDermott Will & Schulte, according to press releases and MergerLinks data.

Opti9 completes the acquisition of Aptible.

Opti9, an IT services provider, completed the acquisition of Aptible, a PaaS company, according to press releases. Financial terms were not disclosed.

Aptible was advised by BDO. Opti9 was advised by iMiller PR (led by Jake Curtachio), according to press releases.

PCMI to acquire enterprise solutions business unit of StoneEagle.

PCMI, an SaaS provider for Finance & Insurance product and service contract administration, agreed to acquire enterprise solutions business unit of StoneEagle, the automotive industry's source for data intelligence and technology innovation, according to press releases. Financial terms were not disclosed.

StoneEagle is advised by Barclays, according to press releases and MergerLinks data.

Institutional Investors led a $800m funding round in Kraken.

Institutional Investors led a $800m funding round in Kraken, a fintech company, according to press releases.

Artisan to acquire Grandview.

Artisan, a global multi-asset investment platform, agreed to acquire Grandview, a real estate investment manager, according to press releases. Financial terms are not disclosed.

Artisan is advised by Broadhaven, Hodes Weill and Simpson Thacher. Grandview is advised by Polsinelli, according to press releases.

US states can intervene to challenge HPE's $14bn Juniper acquisition. (Reuters)

A group of US states may intervene in Hewlett-Packard Enterprise’s $14bn acquisition of Juniper Networks, as the Department of Justice proposed a settlement to allow the deal to proceed.

US District Judge Casey Pitts in San Jose, California, said that Colorado and other states can weigh in on the transaction, but did not rule on whether he will investigate the circumstances under which the agreement was reached.

US plans to approve sale of chips to Saudi AI venture Humain. (Bloomberg)

The United States is set to approve the first sales of advanced artificial intelligence chips to Saudi Arabia’s AI firm Humain, marking a milestone for the state-backed company as Crown Prince Mohammed bin Salman meets with President Donald Trump.

The approvals are expected under a broader AI agreement between Washington and Riyadh. The accord, which could be finalized as soon as this week, would allow a negotiated volume of AI chip exports to Saudi Arabia, which has required US permission for such shipments since 2023.

Meta wins FTC antitrust trial over Instagram, WhatsApp deals. (Bloomberg)

Meta Platforms won a major court victory after a judge ruled that its acquisitions of Instagram and WhatsApp do not violate US antitrust law, dealing a setback to the federal government’s efforts to break up the company over the past five years.

US District Judge James Boasberg in Washington said the Federal Trade Commission failed to demonstrate that the deals enabled Meta to unlawfully monopolize the social networking market.

Musk's xAl in advanced talks to raise $15bn at a valuation of $230bn. (Deal Street Asia)

Elon Musk’s artificial intelligence company, xAI, is in advanced discussions to raise $15bn in new equity at a valuation of $230bn.

The proposed fundraising terms were shared with investors by Musk’s wealth manager, Jared Birchall, highlighting the company’s efforts to secure a major capital infusion as it expands its AI ambitions.

EMEA

Seven2 to acquire a majority stake in Zwart Techniek.

Seven2, a private equity firm, agreed to acquire a majority stake in Zwart Techniek, a Netherlands-based integrator of mission-critical power systems for data centers, vital and public infrastructure, and power-critical businesses across Europe, according to press releases. Financial terms were not disclosed.

Zwart Techniek is advised by Loyens & Loeff (led by Antoinette van der Hauw), according to press releases and MergerLinks data.

Plenitude to acquire a portion of French operating asset portfolio from Neoen.

Plenitude, an energy company, agreed to acquire a portion of French operating asset portfolio from Neoen, a producer of renewable energy, according to press releases. Financial terms were not disclosed.

Neoen is advised by Credit Agricole, according to press releases and MergerLinks data.

Lloyds Banking Group to acquire Curve.

Lloyds Banking Group, a financial services group, agreed to acquire Curve, a fintech company, according to press releases. Financial terms are not disclosed.

Wafra completes the acquisition of a minority stake in Ardian. (Bloomberg)

Wafra, a privately owned investment company, completed the acquisition of a minority stake in Ardian, a French private investment firm, according to Bloomberg. Financial terms were not disclosed.

Air France-KLM is first suitor for stake in Portugal’s TAP. (Bloomberg)

Deutsche Lufthansa and IAG plan to file expressions of interest in Portugal’s TAP in the coming days, joining Air France-KLM in the process to acquire a stake in the state-owned airline.

Lufthansa and British Airways owner IAG are expected to submit their letters to the Portuguese government by November 22. No details on the contents of the submissions were disclosed.

German quantum computing supplier Raith weighs €1bn sale. (Bloomberg)

Capiton, the private equity owner of Raith, a German nanotechnology supplier serving critical tech sectors including quantum computing, is exploring a potential sale of the business that could be valued at around €1bn ($1.2bn).

The Dortmund-based company has engaged UBS Group to advise on the possible transaction and has contacted prospective buyers. Major US technology firms could be among those interested in acquiring the asset.

Ardian is said to tap Morgan Stanley, Macquarie for GBA exit. (Bloomberg)

Ardian has appointed Morgan Stanley and Macquarie Group to advise on a potential sale of German laboratory services provider GBA Group, which could be valued at around €1.5bn ($1.7bn).

The private equity firm has been exploring strategic options for GBA, and a sale process could begin as early as 2026. Deliberations remain at an early stage, and Ardian could still choose not to pursue a transaction.

NHS landlord lines up bankers for £700m sale. (FT)

NHS landlord Primary Health Properties is preparing to sell a hospital portfolio valued at around £700m ($920m), enlisting Rothschild & Co to advise on the potential transaction.

The sale, still in its early stages, is expected to include hospitals from the Northwest Healthcare Properties and Ramsay Health Care businesses. Most of the assets were part of Assura, the London-listed group that PHP acquired in August for £1.8bn ($2.37bn) following a competitive takeover battle with a KKR-led consortium.

Universal faces EU warning over $775m downtown deal. (Bloomberg)

Universal Music Group’s $775m bid for Downtown Music Holdings is expected to face a formal warning from European Union regulators, who have raised concerns that the deal could limit services for artists signed to independent labels.

A so-called statement of objections is likely to be issued soon. They added that the decision remains in draft form and the timing of its release could be delayed.

TotalEnergies, Chevron lead race to buy stake in Galp's Mopane in Namibia. (Reuters)

TotalEnergies and Chevron are leading the auction for a 40% operating stake in Galp’s Mopane oil field in Namibia.

The Mopane field is estimated to hold at least 10bn barrels of resources, and Galp has indicated it expects to announce a winning bidder by the end of 2025.

Lone Star, Altaris, One Rock said among bidders for Lonza assets. (Bloomberg)

Lone Star Funds, Altaris and One Rock Capital Partners are among the shortlisted bidders for Lonza Group’s capsules and health ingredients business.

The US private equity firms have advanced to a second round of bidding for the assets. Additional bidders could still emerge, and deliberations remain ongoing with no final decisions made.

UniCredit says no active discussions with BPER and Unipol on potential deal. (Reuters)

UniCredit has denied any talks with BPER or its main shareholder Unipol regarding a potential tie-up, stating that the rumours are false.

The Italian bank expressed disappointment over the ongoing speculation, following reports in La Stampa suggesting UniCredit might target BPER after its abandoned takeover attempt of Banco BPM in July 2025.

APAC

Thai energy giant PTT eyes funds from joint venture stake sale to Hon Hai. (Bloomberg)

Thai oil and gas company PTT is exploring a sale of its entire stake in an electric-vehicle joint venture to Hon Hai Precision Industry, as part of efforts to raise fresh capital.

The two companies formed the partnership in 2021 to build an EV manufacturing plant in a $1bn deal. PTT originally held a 60% stake before reducing its holding to 40%.

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