CPP Investments and Equinix complete the acquisition of atNorth from Partners Group for $4bn.

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AMERICAS

Blackstone and Centerbridge-backed MacLean Power Systems to acquire Delta Star.

Blackstone and Centerbridge-backed MacLean Power Systems, a company providing electrical infrastructure solutions, agreed to acquire Delta Star, a provider of power transformers and mobile substation solutions, according to press releases. Financial terms were not disclosed.

Delta Star is advised by Wells Fargo Securities, Hunton Andrews Kurth, Johnson Legal Group and Woods Rogers. MacLean Power Systems is advised by Barclays, JP Morgan, Jefferies & Company, UBS, Blake Cassels & Graydon (Blakes) and Vinson & Elkins (led by Zachary Horne, Robert Hughes and Jordan Fossee), according to press releases.

BMG completes the merger with Great Mountain Partners-backed Concord in an up to $7bn deal.

BMG, an international music company and a wholly-owned division of the German media corporation Bertelsmann, completed the merger with Great Mountain Partners-backed Concord, an American independent music company, in an up to $7bn deal. The combined company will be owned approximately 67% by Bertelsmann and approximately 33% by affiliates of Great Mountain Partners, according to press releases.

BMG was advised by ArentFox Schiff, Davis Polk & Wardwell and FGS Global. Concord was advised by JP Morgan, Latham & Watkins (led by Shanta Chirravuri, Javier F. Stark and Nadia Sager), Reed Smith and FGS Global. Great Mountain Partners was advised by Alston & Bird, according to press releases and MergerLinks data.

Yellow Wood Partners to acquire the Holistic Health platform of Nestle for $1bn.

Yellow Wood Partners, a private equity firm, agreed to acquire the Holistic Health platform of Nestle, a Switzerland-based multinational food and drink processing conglomerate corporation, for $1bn, according to press releases.

Yellow Wood Partners is advised by Canaccord Genuity, Perella Weinberg Partners, Goodwin and ASC Advisors (led by Steve Bruce). Nestle is advised by Morgan Stanley and Latham & Watkins, according to press releases and MergerLinks data.

TA-backed Solifi completes the acquisition of Inovatec.

TA-backed Solifi, a US-based financial technology software company, completed the acquisition of Inovatec, a Canadian fintech providing cloud-based loan origination and lending software, according to press releases. Financial terms were not disclosed.

Solifi was advised by RBC Capital Markets, Goodwin, Stikeman Elliott and Hunter Public Relations. Inovatec was advised by TD Securities and Torkin Manes, according to press releases.

Great Hill Partners to invest in Aurenity.

Great Hill Partners, a private equity firm, agreed to invest in Aurenity, a US-based technology-enabled excess and surplus insurance managing general agent. Founding investor Agman and Aurenity’s management team will retain significant equity stakes following the transaction, according to press releases. Financial terms were not disclosed.

Great Hill Partners is advised by Oliver Wyman, Ardea Partners, Goodwin and FGS Global. Aurenity is advised by Evercore and Fried Frank Harris Shriver & Jacobson, according to press releases.

Ryman Hospitality completes the acquisition of Grande Lakes Orlando Resort from Trinity Investments for $1.38bn.

Ryman Hospitality, a lodging and hospitality REIT, completed the acquisition of Grande Lakes Orlando Resort, a luxury resort complex in Orlando, from Trinity Investments, a hospitality-focused real estate investment platform, for $1.38bn, according to press releases.

Ryman Hospitality was advised by Bank of America, JP Morgan, Bass Berry & Sims and Greenberg Traurig. Trinity Investments was advised by Prosek Partners (led by Kristin Cole), according to press releases and MergerLinks data.

Everus completes the acquisition of Epsilon Industries for $295m.

Everus, a construction services provider, completed the acquisition of Epsilon Industries, a designer and manufacturer of complex, modular mechanical and electrical building infrastructure systems, for $295m, according to press releases.

Epsilon Industries was advised by Stikeman Elliott (led by Mario Nigro and Alethea Au). Everus was advised by JP Morgan, Torys (led by Steven Rotchtin) and Vallum Advisors (led by Paul Bartolai). Debt financing was provided by JP Morgan, according to press releases and MergerLinks data.

Fortrea to acquire the early phase services division of Worldwide Clinical Trials.

Fortrea, a global contract research organization, agreed to acquire the early phase services division of Worldwide Clinical Trials, a mid-sized, global contract research organization providing full-service drug development solutions, according to press releases. Financial terms were not disclosed.

Fortrea is advised by Barclays, Mintz Levin and Prosek Partners (led by Kate Dillon). Worldwide Clinical Trials is advised by BroadOak Capital and Greenberg Traurig, according to press releases.

Blue Sea Capital completes the acquisition of a majority stake in CompletePet from Align Capital Partners.

Blue Sea Capital, completed the acquisition of a majority stake in CompletePet, a US-based developer and contract manufacturer of pet wellness products, from Align Capital Partners, a growth-oriented private equity firm. CompletePet management reinvested alongside Blue Sea, according to press releases. Financial terms were not disclosed.

CompletePet and Align Capital Partners were advised by BellMark Partners, Houlihan Lokey and McGuireWoods. Blue Sea Capital was advised by Lincoln International and McDermott Will & Schulte, according to press releases.

GI Partners completes the acquisition of a majority stake in Otodata.

GI Partners, a private investment firm, completed the acquisition of a majority stake in Otodata, a Canadian provider of remote tank monitoring and vehicle tracking solutions. Renovo Capital and management retained minority interests in the company, according to press releases. Financial terms were not disclosed.

GI Partners was advised by Robert W Baird, Ropes & Gray and Chris Tofalli Public Relations (led by Chris Tofalli). Otodata was advised by Evercore and DLA Piper, according to press releases.

Salute to acquire T5 Operations of T5 Data Centers.

Salute, a provider of integrated lifecycle services for data centers agreed to acquire T5 Operations of T5 Data Centers, a digital infrastructure company, according to press releases. Financial terms were not disclosed.

T5 Operations is advised by Lazard and King & Spalding. Salute is advised by Simpson Thacher & Bartlett (led by Elizabeth Cooper, Keegan Lopez and Johanna Mayer) and Element Communications (led by Simon Reeves), according to press releases and MergerLinks data.

Empower completes the acquisition of the retirement administration business of Milliman for $340m.

Empower, a provider of retirement and wealth management services, completed the acquisition of the retirement administration business of Milliman, an actuarial and consulting firm, for $340m, according to press releases.

Empower was advised by Eversheds Sutherland. Milliman was advised by Chesky Partners and K&L Gates, according to press releases.

Starman to merge with GoPro.

Starman, a US-based optical photonics company, agreed to merge with GoPro, a US-based consumer electronics company known for its action cameras. GoPro shareholders are expected to receive approximately $285m in aggregate cash consideration and retain approximately 10% of the combined company upon completion, according to press releases.

GoPro is advised by Houlihan Lokey and Fenwick & West. Houlihan Lokey is advised by Sullivan & Cromwell (led by Stephen M. Kotran), according to press releases and MergerLinks data.

SLB completes the acquisition of the geoscience and petroleum engineering software portfolio from S&P Global.

SLB, an oilfield services company, completed the acquisition of the geoscience and petroleum engineering software portfolio from S&P Global, a provider of financial and analytical services, according to press releases. Financial terms were not disclosed.

SLB was advised by Akin Gump Strauss Hauer & Feld. S&P Global was advised by JP Morgan and Ropes & Gray, according to press releases.

American Healthcare REIT completes the acquisition of six communities from Kensington Senior Living for $572m.

American Healthcare REIT, a real estate investment trust that acquires, owns and operates a diversified portfolio of clinical healthcare real estate, completed the acquisition of six communities from Kensington Senior Living, a owner, developer, and operator of luxury, higher-acuity senior housing communities specializing in assisted living and memory care, for $572m, according to press releases.

American Healthcare REIT was advised by Spotlight Marketing Communications (led by Damon Elder), according to press releases.

Shell to acquire the remaining 67% stake in Tri Start Energy.

Shell, an oil and chemical group, agreed to acquire the remaining 67% stake in Tri Start Energy, a convenience store operator and fuel distributor, according to press releases. Financial terms were not disclosed.

Comstock plans to cut debt with $1.65bn Haynesville stake sale to Azerbaijan's SOCAR. (Reuters)

Comstock Resources plans to sell stakes in its Haynesville shale assets and midstream business to Azerbaijan’s SOCAR for $1.65bn in cash, as the US natural gas producer seeks to reduce debt. The transaction is expected to close by end of 2026.

SOCAR will acquire interests of up to 20% across Comstock’s Haynesville operations and 15% of Pinnacle Gas Services, while Comstock will retain operatorship and control of the assets.

Mexico's Axtel moves to allow offer from a second bidder. (Bloomberg)

Competition for Axtel is intensifying after its board gave preliminary approval to a second takeover proposal. Transtelco Holding plans to launch a tender offer for 100% of the Mexican telecommunications provider.

The proposal will compete with a rival bid from a group led by Axtel Co-Chairman Tomás Milmo Santos, setting up a potential bidding battle for the company.

Advisory firm Interpath looking for its own US deal. (FT)

Bridgepoint-backed Interpath is seeking to acquire a midsized US professional services firm with around 50 employees, focused on restructuring, deals advisory, forensic investigations and value creation.

Bridgepoint acquired Interpath for £800m ($1.08bn) in January 2026, with US expansion a key priority following the firm’s recent growth across Europe.

AI startup Cognition set to raise around $1bn at a $47bn value. (Bloomberg)

Cognition AI is set to raise around $1bn in a new funding round that would value the artificial intelligence coding startup at about $47bn. The round has attracted strong demand, with nearly $10bn of investor interest.

The final fundraising amount could exceed $1bn as discussions continue. Terms remain subject to change before the round closes.

AIP said to consider seeking $8bn for next buyout fund. (Bloomberg)

American Industrial Partners is considering raising around $8bn for its next buyout fund and has held preliminary discussions with potential investors in 2026.

The fundraising remains at an early stage, and the private equity firm could still change its target or decide not to proceed.

Apple’s former CFO Maestri drops role running corporate services. (Bloomberg)

Apple is reshaping its senior leadership as John Ternus begins his tenure as CEO, with former CFO Luca Maestri stepping away from his remaining corporate services responsibilities. Current CFO Kevan Parekh has assumed oversight of information systems, security and corporate real estate.

The transition also includes broader management changes, with Phil Schiller stepping back from the App Store and events, while Eddy Cue, Sabih Khan and Parekh take on larger roles under Ternus.

EMEA

Neuberger, Ares and Onex-backed Ryan completes the acquisition of Svalner Atlas Advisors from Consolid for $400m.

Neuberger, Ares, and Onex-backed Ryan, a technology-driven tax services firm that offers advisory and consulting services on a multi-jurisdictional basis, completed the acquisition of Svalner Atlas Advisors, an independent tax and transaction advisory firm operating across the Nordics and Benelux regions, from Consolid, a private equity firm, for $400m, according to press releases and MergerLinks data.

Svalner Atlas Advisors and Consolid were advised by Nordea Bank. Svalner Atlas Advisors was also advised by Ernst & Young. Ryan was advised by Alantra, Baker McKenzie (led by Carl M. Svernlov), Kirkland & Ellis and Cognito (led by Simon Evans), according to press releases and MergerLinks data.

BioMarin Pharmaceutical completes the acquisition of Alesta Therapeutics for c. $490m.

BioMarin Pharmaceutical, a biotechnology company, completed the acquisition of Alesta Therapeutics, a clinical-stage biotechnology company, for c. $490m, according to press releases.

BioMarin Pharmaceutical was advised by Morgan Stanley and Jones Day (led by Jonn R. Beeson and Ben Chouka). Alesta Therapeutics was advised by JP Morgan, Goodwin and NautaDutilh, according to press releases and MergerLinks data.

Invision completes the acquisition of a majority stake in Kadi from TowerBrook-backed IDAK Food Group.

Invision, a Swiss private equity firm, completed the acquisition of a majority stake in Kadi, a Swiss manufacturer of frozen and refrigerated foods, from TowerBrook-backed IDAK Food Group, a Swiss holding company that owns and manages European producers of premium frozen foods, according to press releases. Financial terms were not disclosed.

TowerBrook and IDAK Food Group were advised by UBS. IDAK Food Group was also advised by Z Kommunikation & Beratung (led by Daniela Zivadinovic), according to press releases and MergerLinks data.

Portugal receives assessment of binding bids for flag carrier TAP privatisation. (Reuters)

Portugal has received an assessment of binding bids from Air France-KLM and Lufthansa for a 44.9% stake in flag carrier TAP, moving the privatisation process closer to a final decision. The stake has been estimated at around €700m ($812m).

The government can now select a preferred bidder or invite one or both groups to submit improved offers. Portugal aims to complete the privatisation by the end of 2026.

EON's planned Ovo acquisition faces UK antitrust probe. (Bloomberg)

EON’s planned acquisition of Ovo Energy, which would create Britain’s largest energy provider, is facing an initial investigation by the UK Competition and Markets Authority.

The regulator is assessing whether the proposed transaction could reduce competition in the country’s energy supply market.

Commerzbank CEO said serving out contract depends on agreement with board. (Reuters)

Commerzbank CEO Bettina Orlopp confirmed direct talks with UniCredit as the Italian lender continues its pursuit of the German bank. UniCredit has secured access to up to 49.65% of Commerzbank shares.

Orlopp cautioned against a rushed integration and stressed the importance of coordination with the German government, which remains Commerzbank’s second-largest shareholder with a stake of around 12%.

LIV Golf prepares for imminent bankruptcy filing. (FT)

LIV Golf may file for bankruptcy protection as soon as next week as it seeks fresh funding to continue operations in a scaled-down form in 2027. The league has been negotiating with private capital firm BC Partners after Saudi Arabia’s Public Investment Fund withdrew financial support earlier in 2026.

BC Partners is awaiting clarity on player payments and the potential bankruptcy structure before committing capital. LIV Golf has also reduced operations, cut employees and canceled two events during the 2026 season.

Renault-backed Wandercraft seeks €100m in new funding. (Bloomberg)

Renault-backed robotics startup Wandercraft is seeking about €100m ($117m) in fresh funding to support its expansion. The French company is working with Goldman Sachs on the fundraising.

Wandercraft is targeting a pre-money valuation of about €750m ($879m). Discussions remain ongoing and terms could still change.

Oura Taps Netflix, Robinhood Veterans for Board Ahead of IPO. (Bloomberg)

Smart ring maker Oura is expanding its board with four independent directors who have public company experience as it prepares for a potential US initial public offering.

The company is seeking to raise up to $3bn in an IPO that could take place in September 2026, with the board appointments supporting its preparations for a public listing.

African reinsurer plans Botswana's first IPO in almost a decade. (Bloomberg)

Continental Reinsurance Holdings is set to become the Botswana Stock Exchange’s first initial public offering since 2017, seeking to raise BWP2.13bn ($157m) as it targets growth across Africa’s underinsured markets.

Around 20% of the proceeds will fund expansion opportunities across Africa, while the remainder will be used to provide liquidity to exiting shareholders.

Softbank-backed Opay considers a secondary listing in Nigeria. (Bloomberg)

SoftBank-backed Opay Digital Services is considering a secondary listing in Nigeria following a planned initial public offering in the US. The Nigeria-focused fintech is expected to unveil its New York IPO prospectus soon.

Citigroup, Deutsche Bank and JP Morgan are working with Opay on the offering. Plans for the secondary Nigerian listing remain under consideration.

APAC

Medtronic to invest c. $700m in Cornerstone Robotics.

Medtronic, a healthcare technology company, agreed to invest c. $700m in Cornerstone Robotics, an innovative surgical robotics company, according to press releases.

Medtronic is advised by Morgan Stanley and Cleary Gottlieb Steen & Hamilton. Cornerstone Robotics is advised by Kirkland & Ellis and Global Law Office, according to press releases.

La Caisse completes the acquisition of a 24% stake in Altius Telecom for CAD1.76bn.

La Caisse, an investment group, completed the acquisition of a 24% stake in Altius Telecom, an independent telecom tower platform, for CAD1.76bn. Following completion, Brookfield remains the largest investor in Altius, alongside La Caisse and existing shareholders GIC and BCI, according to press releases.

China's Unitree slumps 50% from peak as debut euphoria fades. (Bloomberg)

Unitree Robotics shares have fallen more than 50% from their intraday peak reached during August Shanghai debut, marking a sharp reversal after one of the most closely watched IPOs on the Star Board.

The stock fell as much as 4.3% to CNY546.51 ($81.3), compared with its debut-day peak of CNY1,100 ($163.6). Shares had initially surged as much as 629%, briefly giving Unitree a market value above CNY340bn ($50.6bn).

TPG files confidential IPO application for Malaysia hospital assets valued at around $8bn. (WSJ)

TPG has confidentially filed to list hospital assets in Malaysia in an initial public offering that could value the business at close to $8bn.

The offering could raise up to $2.5bn, potentially making it the third-largest IPO in Malaysia’s history.

Indian data centre operator Yotta targets 2027 IPO, seeks up to $1.5bn. (DealStreetAsia)

Hiranandani Group-backed Yotta is preparing to file draft IPO papers in October 2026 and aims to raise up to $1.5bn to repay debt, acquire graphics processing units and expand its sovereign cloud infrastructure.

The company is currently raising pre-IPO capital and expects the IPO itself to be smaller than initially planned as part of its funding requirements have already been met.

HIG Capital expands its capital formation team with Younghee Choi as head of Asia. (Press Release)

HIG Capital has appointed Younghee Choi as Head of Asia for its Capital Formation Group, strengthening its fundraising capabilities across the region. Based in Hong Kong, she will lead capital formation across the firm’s private equity, credit and real assets strategies.

Choi joins from Blackstone, where she served as Senior Managing Director and Head of Korea Institutional Client Solutions. HIG manages $75bn in capital globally.

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