Daily Review

 

Shurya Vitra, a business company, agreed to acquire Emeren Group, a global solar project developer, owner, and operator, for $103m, according to press releases.

Emeren Group is advised by Kroll, Harney Westwood & Riegels and Morrison & Foerster. Shurya Vitra is advised by DLA Piper, according to press releases.

Blackstone-led investor consortium, including CPP Investments, Caisse de dépôt et placement du Québec, PSP Investments and British Columbia Investment Management, completed the acquisition of a 49.9% stake in the wireless network from Rogers Communications, a communications and entertainment company, for CAD7bn ($5.1bn), according to press releases.

Blackstone was advised by Kirkland & Ellis (led by John Pitts, Brittany Sakowitz and Patrick Moneypenny), and Stikeman Elliott (led by Warren Katz and Barbara Sheng). Rogers Communications was advised by Cravath Swaine & Moore (led by Joseph D. Zavaglia), according to press releases and MergerLinks data.

 

JBG SMITH, an owner, operator, and developer of mixed-use properties, completed the acquisition of Tysons Dulles Plaza, a 15-acre office campus, according to press releases. Financial terms were not disclosed.

JBG SMITH was advised by Rubenstein Associates, according to press releases.

 

Fox, a media company, completed the acquisition of Caliente TV, a Mexican sports streaming channel, gaining broadcast rights to UEFA Champions League, Ligue 1, and select Liga MX matches, according to press releases. Financial terms were not disclosed.

 

Apple explores potential acquisition or partnership with Perplexity AI. (Bloomberg )

 

Apple is internally discussing a potential bid for Perplexity AI, the fast-growing generative AI startup recently valued at $14bn. Led by M&A chief Adrian Perica and services head Eddy Cue, the talks aim to assess options to boost Apple’s AI capabilities amid rising pressure from competitors and regulatory shifts.

 

While no formal offer has been made, Apple has explored both acquisition and partnership structures, including integrating Perplexity into Safari and Siri. The move comes as Apple braces for possible changes to its $20bn-a-year default search deal with Google, now under antitrust scrutiny.

 

Perplexity’s ongoing discussions with Samsung may complicate Apple’s interest. A full acquisition would mark the largest in Apple’s history if it nears the $14bn mark, surpassing its $3bn Beats deal in 2014.

 

Citigroup hires JP Morgan’s Rajkovic as global M&A co-head. ( Bloomberg ) 

 

Citigroup has hired Dragan Rajkovic, a senior technology banker from JP Morgan, as its new global co-head of mergers and acquisitions. Based in San Francisco, Rajkovic will join fellow co-heads Mark Shafir and Ignacio Gutiérrez-Orrantia in leading Citi’s global M&A franchise.

 

Rajkovic spent over two decades at JPMorgan, where he advised on high-profile tech transactions. His appointment comes as Citigroup seeks to strengthen its dealmaking capabilities in the technology sector and expand its West Coast presence.

 

 

CUBE, a company specialized in automated regulatory intelligence and regulatory change management, agreed to acquire Acin, a regTech and global operational risk AI and technology provider for the financial services sector, according to press releases. Financial terms were not disclosed.

Acin is advised by Rothschild & Co (led by Daniel Domberger). Financial advisor is advised by Norton Rose Fulbright (led by Alan Bainbridge), according to press releases and MergerLinks data.

 

Aya Healthcare, a healthcare talent software and staffing company, completed the acquisition of Locum’s Nest, a workforce solutions provider, according to press releases. Financial terms were not disclosed.

 

Apollo nears £5bn funding deal for EDF’s Hinkley Point C. (Bloomberg)

 

Apollo Global Management is nearing an agreement to provide up to £5bn ($6.7bn) in financing for EDF’s Hinkley Point C nuclear project in the UK. The deal, focused on long-term loan structures, would reduce EDF’s reliance on sterling-denominated corporate debt markets.

 

Hinkley Point C has faced repeated delays and cost overruns, with total project costs now estimated at £47.9bn ($64.4bn). EDF's funding needs have increased further after China General Nuclear ceased contributions at the end of 2023, fulfilling its contractual obligations.

 

The financing would provide crucial support as EDF targets 2030 for the first reactor's launch - five years behind schedule - while simultaneously facing large capital demands to extend the life of its French nuclear fleet and build new reactors.

 

Metro’s largest shareholder open to selling stake. (Reuters )

 

EP Global Commerce, the largest shareholder in Germany’s Metro, is reportedly open to selling its stake in the wholesale group, according to sources familiar with the matter. The investment firm, backed by Czech billionaire Daniel Křetínský, has held a controlling interest in Metro since 2020.

 

Deliberations are at an early stage, with no formal sale process underway. A potential exit would mark a significant shift in Metro’s shareholder structure, as the company continues to navigate operational challenges in a highly competitive retail and cash-and-carry market.

 

Penta hires bankers for sale of UK financial advisor Amber River. ( Reuters ) 

 

Buyout firm Penta Capital has appointed bankers to explore a sale of Amber River, a UK-based financial advice platform. The company, built through a series of acquisitions, offers wealth planning, pensions, and investment advisory services across the UK.

 

The sale process is expected to attract interest from both private equity and strategic buyers targeting consolidation in the UK financial advice sector. Penta formed Amber River in 2019 and has since scaled it into a nationwide platform.

 

Pignataro’s ION plans investment in Azimut-backed Italian fintech. (  Bloomberg )

 

ION Group, led by Italian billionaire Andrea Pignataro, is planning to invest in an Italian fintech platform backed by asset manager Azimut. The deal would mark another step in ION’s expansion into financial infrastructure and technology across Europe.

 

The fintech firm offers digital wealth management and financial advisory tools and is part of Azimut’s strategy to build a next-generation advisory platform. The investment would deepen ION’s ties in the wealth tech space and align with its broader push to integrate software, data, and services in capital markets.

 

Germany in early talks over potential exit from energy firm SEFE. ( Bloomberg)

 

The German government has begun early-stage discussions on options to exit SEFE (Securing Energy for Europe), the former Gazprom unit it nationalized in 2022. The talks include evaluating market conditions, investor appetite, and potential sale structures for the energy trading and infrastructure firm.

 

SEFE was taken over amid the nergy crisis following Russia’s invasion of Ukraine. A divestment would mark a key milestone in Germany’s effort to reduce state involvement in critical energy supply chains while restoring confidence in market stability.

 

Cinven targets €2bn for new mid-market investment fund. (Bloomberg )

 

Cinven is seeking to raise between €1.5bn ($1.6bn) and €2bn ($2.1bn) for a new investment vehicle focused on mid-sized transactions, expanding its strategy beyond financial services into tech-enabled sectors. The new fund will succeed its Strategic Financials Fund, which closed at €1.5bn ($1.7bn) in 2022.

 

The move reflects a broader shift among buyout firms toward the mid-market, where deal activity has remained more resilient amid a global slowdown in IPOs and large-cap M&A. Cinven's push is part of a sector-specific approach to navigate tighter fundraising conditions and evolving investor priorities.

 

German robotics startup Neura eyes up to $1bn in fundraising. ( Bloomberg )

 

German robotics startup Neura Robotics is seeking to raise up to €1bn ($1.2bn) in fresh funding as it prepares to unveil its first humanoid robot. The fundraising, still in early stages, may involve both equity and debt, and could be adjusted depending on investor appetite.

 

The company is positioning itself in a competitive global market alongside firms such as Tesla, OpenAI-backed 1X Technologies, and Figure AI. Neura’s robots are built to automate repetitive industrial and domestic tasks, leveraging recent advances in AI. A public demo is planned next week in Munich.

 

 

Chevron seeks buyers for 50% stake in Singapore Refining Company. ( Reuters)

 

Chevron is exploring the sale of its 50% stake in Singapore Refining Company and has invited non-binding bids, including from joint venture partner PetroChina, which holds the remaining half. The stake is estimated to be worth between $300m and $500m.

 

The potential divestment comes amid a broader restructuring by Chevron to streamline global operations and cut costs, which may include up to 20% workforce reduction by next year. Additional assets in Australia and the Philippines are also being marketed as part of the strategic review.

 

Morgan Stanley has been appointed to advise on the sale process.

 

Ares said to buy Northstar funds for Asia private equity growth. (Bloomberg )

 

Ares Management has taken over three private equity funds previously managed by Indonesia’s Northstar Group, furthering its expansion in Asia despite Northstar’s exposure to the collapsed startup eFishery. About 20 Northstar investment professionals will join Ares, though co-founders Patrick Walujo and Glenn Sugita will not transition.

 

The deal follows extensive due diligence and comes as Ares builds out its presence across credit, private equity, and real assets in Asia. The eFishery meltdown, which triggered over $300m in losses, has not deterred Ares from integrating Northstar’s platform to deepen its regional exposure.