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AMERICAS

ChartSpan completes the acquisition of Validic.

ChartSpan, a care management services provider, completed the acquisition of Validic, a healthcare technology company, according to press releases. Financial terms were not disclosed.

Validic was advised by Oppenheimer & Co. Debt financing was provided by BIP Capital (led by Mark Buffington), according to press releases.

Premji Invest led a $190m Series A-1 round in Upscale AI.

Premji Invest, a venture capital firm, led a $190m Series A-1 round in Upscale AI, a technology company providing AI networking infrastructure solutions, with participation from NVIDIA, Salesforce Ventures, Seligman Ventures, Temasek, Maverick Silicon, Mayfield, Prosperity7 Ventures, StepStone Group and Tiger Global, according to press releases.

Upscale AI was advised by Racepoint Global, according to press releases.

Brightstar Capital Partners completes the acquisition of Erdman.

Brightstar Capital Partners, a private equity firm, completed the acquisition of Erdman, an architecture and engineering firm, according to press releases. Financial terms were not disclosed.

Brightstar Capital Partners was advised by Prosek Partners, according to press releases.

Altimeter Capital led a $1.5bn Series F round in Baseten.

Altimeter Capital, a private equity firm, led a $1.5bn Series F round in Baseten, an AI inference company, with participation from Conviction, and Spark Capital. Sands Capital, Wellington Management, IVP, Greylock, 01A, Blackbird, Durable Capital Partners, Verified Capital, Battery Ventures, and D. E. Shaw, according to press releases.

NOVVA Group to acquire a Colombian solar portfolio from ABO Energy.

NOVVA Group, an infrastructure developer, agreed to acquire a Colombian solar portfolio from ABO Energy, a developer of renewable energy projects, according to press releases. Financial terms were not disclosed.

Miner Sinda kicks off US IPO roadshow with $1.97bn valuation target. (Reuters)

Sinda, a silver mining company backed by The Electrum Group, has launched its US IPO roadshow, targeting a valuation of up to $1.97bn. The company plans to sell 17.75m shares priced between $11.25 and $13.25, aiming to raise up to $235m.

The offering comes amid improving IPO market conditions and increased investor interest in precious metals producers, supported by rising silver demand. Sinda is focused on developing its Guanajuato asset in Mexico, with shares expected to list on the New York Stock Exchange under the ticker “SIND.”

EMEA

Balbec Capital completes the acquisition of Funding 365.

Balbec Capital, an alternative investment manager, completed the acquisition of Funding 365, a specialist property finance lender, according to press releases. Financial terms were not disclosed.

Balbec Capital was advised by BDO, Pinsent Masons and Gasthalter & Co (led by Sam Fisher and Justin Dechiario). Funding 365 was advised by Interpath and TLT Solicitors, according to press releases.

Nextpower to acquire Zimmermann PV-Steel Group for up to $378m.

Nextpower, a developer of solar tracking technologies and software aimed at transitioning to renewable power, agreed to acquire Zimmermann PV-Steel Group, a manufacturer of photovoltaic mounting structures, for up to $378m, according to press releases.

Nextpower is advised by HBI Communication (led by Jasmin Rast). Zimmermann PV-Steel Group is advised by Peryton Advisory, according to press releases.

DHCare to acquire the human mobility division of Ottobock.

DHCare, a medical device company, agreed to acquire the human mobility division of Ottobock, a MedTech company focused on prosthetics, neuro-orthotics and exoskeletons, according to press releases. Financial terms were not disclosed.

Ottobock is advised by Freshfields (led by Christoph H. Seibt), according to press releases and MergerLinks data.

A consortium of investors led a $380m Series D round in Nearfield Instruments.

A consortium of investors including Fidelity Management & Research Company, Temasek, Walden Catalyst Ventures, Innovation Industries, M&G Investments, and Invest-NL led a $380m Series D round in Nearfield Instruments, an advanced semiconductor 3D metrology and process control firm, with participation from Qatar Investment Authority, TNO Ventures and ING, according to press releases.

Nearfield Instruments was advised by FleishmanHillard, according to press releases.

Jason Kow completes the acquisition of Queensgate Investments from AlTi Global.

Jason Kow completed the acquisition of Queensgate Investments, a private real estate investment and advisory firm, from AlTi Global, an independent global wealth and asset management firm, according to press releases. Financial terms were not disclosed.

Queensgate Investments was advised by The Communication Group, according to press releases and MergerLinks data.

Macquarie Asset Management and Asterion Industrial Partners complete a £300m investment in Southern Water.

Macquarie Asset Management, an Australian financial services group, and Asterion Industrial Partners, an investment management company, completed a £300m ($397m) investment in Southern Water, a utility provider delivering water supply and wastewater treatment services, according to press releases.

Sandvik to acquire Diemme Filtration from Aqseptence Group.

Sandvik, a Swedish engineering group, agreed to acquire Diemme Filtration, a manufacturer of solid-liquid separation equipment, from Aqseptence Group, a filtration, separation and water technology solutions, according to press releases. Financial terms were not disclosed.

GROUPAUTO International completes the acquisition of the remaining 67% stake in Softeca.

GROUPAUTO International, an automotive aftermarket trading group, completed the acquisition of the remaining 67% stake in Softeca, a technology company, according to press releases. Financial terms were not disclosed.

UniCredit plans are unviable while Berlin retains stake. (Rueters)

Plans by UniCredit to take Commerzbank private are seen as unviable while the German government retains its stake. A delisting or squeeze‑out would be difficult to execute without securing a high ownership threshold.

The comments underscore ongoing resistance to UniCredit’s takeover bid, with authorities prioritising stability, employment, and support for Germany’s Mittelstand. The process remains contested, with Commerzbank continuing to urge shareholders to reject the offer.

easyJet rebuffs Castlelake bid that’s well above share price. (Bloomberg)

easyJet has rejected three takeover proposals from private equity firm Castlelake, prompting the investor to take its latest offer directly to shareholders. The bid values the airline at about £4.74bn ($6.3bn).

Castlelake’s most recent proposal of £6.25 ($8.28) per share remains above easyJet’s current trading level, though the market discount suggests skepticism over whether a transaction will proceed. The situation remains ongoing and non‑binding, with no agreement reached.

Russian industrialist Baisarov eyes expanding investments in metals after buying gold miner stake. (Reuters)

Ruslan Baisarov, through BTS‑Most, is looking to expand investments across the metals and mining sector, signalling a broader strategic push beyond its current portfolio. The company is assessing opportunities across a range of mineral commodities as it builds out a pipeline of potential deals.

This follows the recent acquisition of a 67.2% stake in Uzhuralzoloto for RUB93.2bn ($1.26bn), seen as an initial step in the strategy. The focus extends to copper, lithium, silver, platinum group metals, and rare earths, with the group also open to partnerships and further investments.

Germany, KNDS family owners agree on stake sale ahead of IPO. (Bloomberg)

Germany has agreed to acquire a 40% stake in KNDS from the company’s family owners, paving the way for a potential IPO of the Franco‑German defense group. The transaction would align Germany’s holding with that of the French state, which already owns 50% of the business.

The stake sale resolves earlier disagreements over valuation and marks a key step in restructuring KNDS’s ownership ahead of a listing. The remaining shares held by family investors could be partially sold as part of the IPO process, as Europe’s defense sector sees increased consolidation and state involvement.

Europe’s original first check investor Seedcamp raises $320m. (Press Reelase)

Seedcamp has raised $320m across two new funds, including a $220m core fund and a $100m follow‑on vehicle, as the European venture capital firm continues backing early‑stage technology companies. The firm is one of Europe’s earliest investors in startups such as Revolut, Wise, and UiPath.

The new funds will focus on early‑stage investments and supporting portfolio companies through later rounds, alongside an expansion of Seedcamp’s US presence. The raise underscores continued investor interest in European tech venture capital, particularly in areas such as AI, robotics, and deeptech.

Uber-backed Electric Bike firm Lime seeks $180.9m in IPO. (RNS Announcement)

Lime, the electric bike and scooter rental company backed by Uber, is seeking to raise up to $180.9m in a US IPO. The offering includes 6.7m shares priced between $24 and $26 each.

The transaction also includes a small secondary component from existing shareholders, including senior management. The listing reflects continued investor interest in urban mobility platforms, with proceeds expected to support expansion and operations.

APAC

Danone to acquire MADE Group.

Danone, a multinational food-products corporation, agreed to acquire MADE Group, a vertically integrated food and beverage company, according to press releases. Financial terms were not disclosed.

Danone is advised by UBS, according to MergerLinks data.

Danone to acquire the remaining 49% stake in Danone Saputo Dairy Australia from Saputo Dairy Australia.

Danone, a multinational food-products corporation, agreed to acquire the remaining 49% stake in Danone Saputo Dairy Australia, a joint venture engaged in the manufacturing and wholesale of fresh dairy and plant-based products, from Saputo Dairy Australia, a dairy processing company, according to press releases. Financial terms were not disclosed.

Danone is advised by UBS, according to MergerLinks data.

ECARX to acquire Flyme from DreamSmart and Meizu Group for $266m.

ECARX, a supplier of intelligent automotive computing and software solutions, agreed to acquire Flyme, an intelligent, cross-platform operating system, from Chinese consumer electronics companies DreamSmart and Meizu Group, for $266m, according to press releases.

Accent Group's independent board committee urges shareholders to reject Frasers’ takeover offer. (Reuters)

Accent Group’s independent board committee has recommended that shareholders reject the AUD390.8m ($274m) takeover offer from major shareholder Frasers Group, stating that the proposal undervalues the company. The AUD0.65 ($0.46) per share offer reflects no premium to the pre‑announcement share price.

The committee also described the bid as “materially inadequate” and opportunistic, noting it comes during a period of weakness in discretionary retail. The offer is below the AUD0.90 ($0.63) per share price previously paid by Frasers to build its stake, reinforcing concerns over valuation.

Hong Kong seeks IPO access for Chinese investors, higher quotas. (Bloomberg)

Hong Kong is in discussions with Chinese authorities to grant mainland investors access to local IPOs, as part of efforts to strengthen cross‑border capital markets and boost investor participation. The initiative follows increased scrutiny of offshore capital flows.

Proposals include raising southbound investment quotas, lowering eligibility thresholds, and expanding the range of investment products under Connect programmes. The measures remain under discussion, with no final agreement reached.

PLDT eyes $397m REIT IPO in boost for Philippine market. (Bloomberg)

PLDT is preparing a REIT IPO of its data‑center unit VITRO, aiming to raise up to PHP 24.2bn ($397m) in what could be the first listing in the Philippines in 2026. The offering is expected to help support market activity and liquidity.

The transaction involves the sale of up to 2.2bn secondary shares, including an overallotment option, priced at up to PHP11 per share ($0.18), representing about 48.95% of the company. The listing remains subject to regulatory approvals and market conditions.

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