CVC and Groupe Bruxelles Lambert to acquire Recordati for €10.7bn.

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AMERICAS

An investor consortium led a $1.9bn funding round in Prismic Life.

An investor consortium including Prudential Financial, a financial services company, and Warburg Pincus, a private equity firm, led a $1.9bn funding round in Prismic Life, a global reinsurance platform, according to press releases.

Prismic Life was advised by PGIM Private Capital, RBC Capital Markets, Appleby and Willkie Farr & Gallagher (led by David Luce), according to MergerLinks data and press releases.

Hadron Energy goes public via a SPAC merger with GigCapital7 in a $1.2bn deal.

Hadron Energy, a modular nuclear energy company specializing in Micro Modular Reactor development, design, and research, went public via a SPAC merger with GigCapital7, a special purpose acquisition company, in a $1.2bn deal, according to press releases.

Hadron Energy was advised by Cohen & Company Capital Markets, Duane Morris, Aspectus (led by Cliff Maroney), and Blueshirt Group, according to press releases and MergerLinks data.

Coupa to acquire Tonkean.

Coupa, a company specializing in autonomous spend management and agentic trade network technology, agreed to acquire Tonkean, an enterprise intake and orchestration platform focused on AI‑driven workflow automation, according to press releases. Financial terms were not disclosed.

Coupa is advised by Kirkland & Ellis. Tonkean is advised by Cascadia Capital and Fenwick & West, according to press releases.

Modaxo to acquire the public transit business from Conduent for $164m.

Modaxo, a global technology organization, agreed to acquire the public transit business from Conduent, a global technology‑driven business solutions and services provider, for $164m, according to press releases.

Conduent is advised by Jefferies & Company, according to MergerLinks data.

Anthropic, Blackstone, and Hellman & Friedman-backed AI-native enterprise services firm completes the acquisition of Fractional AI.

Anthropic, Blackstone, and Hellman & Friedman-backed AI-native enterprise services firm, a company specializing in AI‑driven enterprise transformation, completed the acquisition of Fractional AI, an applied AI services firm focused on end‑to‑end enterprise AI implementation, according to press releases. Financial terms were not disclosed.

Hellman & Friedman was advised by FGS Global, according to press releases.

YourStake completes the acquisition of First Affirmative.

YourStake, a company specializing in technology solutions for values‑based financial advisors, completed the acquisition of First Affirmative, a firm focused on sustainable and impact‑aligned investment programs, according to press releases. Financial terms were not disclosed.

YourStake was advised by Intention ly (led by Kelly Waltrich), according to press releases.

Lantheus explores potential $7bn sale after Curium approach. (Bloomberg)

Lantheus Holdings is considering a sale after receiving a takeover offer from Curium that values the radiopharmaceutical company at about $7bn.

The companies are in discussions over a potential transaction that could be completed within weeks, though no final decision has been made.

Aquarian seeks additional backers for $4.1bn Brighthouse acquisition. (Bloomberg)

Aquarian Holdings is seeking more investors to support its acquisition of Brighthouse Financial following a roughly $3bn financing commitment from Mubadala Capital.

The company has also worked with FocusPoint Private Capital Group to secure funding commitments from high-net-worth individuals for part of the transaction.

IMAX explores potential sale amid growth in premium theatrical experiences. (WSJ)

IMAX is exploring a potential sale and has approached entertainment companies as possible buyers as demand for premium movie-going experiences continues to outpace the broader box office market.

The process remains at an early stage and may not result in a transaction.

CVC strikes $1.5bn deal for GoDaddy rival Namecheap. (Bloomberg)

CVC has agreed to acquire web hosting and domain services provider Namecheap in a deal valued at about $1.5bn.

Founder and chief executive Richard Kirkendall is expected to retain a significant stake in the Arizona-based company following the transaction.

Orsted considers sale of US renewable assets worth more than $1bn. (Bloomberg)

Orsted is exploring a potential sale of its US onshore renewable energy portfolio as the company sharpens its focus on offshore wind projects in Europe.

The assets, which include wind, solar and battery storage operations, could be valued at more than $1bn.

Itausa, GIC and Equipav form group to bid for Copasa stake. (Bloomberg)

Itausa, Singapore sovereign wealth fund GIC and Equipav Saneamento are planning a joint bid to become strategic investors in Copasa’s privatization process.

The consortium is expected to split the required capital equally, while Aegea Saneamento is also set to participate with a minority stake.

Equatorial leans against bidding for Copasa privatization stake. (Bloomberg)

Equatorial is unlikely to bid for a key stake in Copasa after former partner Sabesp withdrew from plans to jointly participate in the Brazilian utility’s privatization.

The company is expected to make a final decision following a board meeting scheduled for May 25

Estée Lauder and Puig end merger discussions. (Press Release)

The Estée Lauder Companies and Puig have terminated discussions regarding a potential business combination.

Estée Lauder said it remains focused on executing its Beauty Reimagined strategy following the end of talks.

Senior Walmart executives depart under new CEO reshuffle. (WSJ)

Several senior Walmart executives are leaving the company as new Chief Executive John Furner reshapes leadership following his appointment in February.

Departures include Sam’s Club chief operating officer Tom Ward and Walmart US store operations head Cedric Clark.

EMEA

Aermont Capital to acquire the UK assets from Sun Communities for £768m.

Aermont Capital, a European asset management group, agreed to acquire the UK assets from Sun Communities, a real estate investment trust, for £768m ($1.03bn), according to press releases.

Aermont Capital is advised by Rothschild & Co and Macfarlanes. Sun Communities is advised by Lazard, Jones Day (led by Vica Irani) and Taft Stettinius & Hollister, according to MergerLinks data and press releases.

Hypax to acquire Powerbox Group from Cosel.

Hypax, a private equity investment firm, agreed to acquire Powerbox Group, a provider of advanced power conversion solutions for demanding applications, from Cosel, a manufacturer specializing in power supplies and emi filters, according to press releases. Financial terms were not disclosed.

Hypax is advised by Delphi and Taylor Wessing (led by Thorsten Seidel). Cosel is advised by Miura & Partners (led by Haruka Murata) and Setterwalls Advokatbyra (led by Mattias Detterfelt), according to MergerLinks data and press releases.

Avista Healthcare Partners and Damier Group to acquire sanotact from FLOTTE.

Avista Healthcare Partners, a private equity firm, and Damier Group, a Belgium‑based family office focused on consumer health platforms, agreed to acquire sanotact, a German vitamins, minerals, and supplements company, from FLOTTE, an investment arm of the Piëch-Nordhoff family, according to press releases. Financial terms were not disclosed.

Avista Healthcare Partners is advised by White & Case, Kekst CNC (led by Daniel Yunger). FLOTTE is advised by Alantra and CMS Legal, according to press releases.

Maxburg completes the acquisition of a majority stake in Scora Liquidity.

Maxburg, an investment management company, completed the acquisition of a majority stake in Scora Liquidity, a provider of B2B receivables management services, according to press releases. Financial terms were not disclosed.

Scora Liquidity was advised by Clearwater (led by Axel Oltmann). Maxburg was advised by Baker Tilly (led by Uwe Roth) and POELLATH (led by Gerald Herrmann), according to MergerLinks data and press releases.

Inchcape to acquire Silver Star.

Inchcape, a global automotive distributor, agreed to acquire Silver Star, an official distributor of Mercedes-Benz passenger vehicles and Daimler trucks and buses in Bulgaria, according to press releases. Financial terms were not disclosed.

Inchcape is advised by DGA Group (led by James Styles). Seller is advised by Skadden Arps Slate Meagher & Flom (led by Ani Kusheva), according to MergerLinks data and press releases.

Dümmen Orange and Syngenta Flowers to form a joint venture.

Dümmen Orange and Syngenta Flowers, two ornamental breeding and propagation companies, agreed to form a joint venture, according to press releases. Financial terms were not disclosed.

Dümmen Orange is advised by UBS. Syngenta Flowers is advised by Rabobank, according to MergerLinks data and press releases.

Energy Aspects completes the acquisition of Kayrros.

Energy Aspects, a market data and intelligence provider, completed the acquisition of Kayrros, an energy analytics and satellite data company, according to press releases. Financial terms were not disclosed.

Kayrros was advised by Bredin Prat (led by Sebastien Prat), according to MergerLinks data.

DigitalBridge and Aberdeen Investments complete the acquisition of Velian from Equans.

DigitalBridge and Aberdeen Investments, investment firms specializing in infrastructure and energy‑transition assets, completed the acquisition of Velian, an e‑mobility company, from Equans, a business focused on scalable, sustainable EV charging infrastructure, according to press releases. Financial terms were not disclosed.

Velian was advised by Teneo, according to press releases.

Stoneshield Capital to acquire a 15% stake in Exolum from OMERS.

Stoneshield Capital, an investment firm, agreed to acquire a 15% stake in Exolum, a global energy logistics company, from OMERS, a Canadian pension plan investor, according to press releases. Financial terms were not disclosed.

LTM to acquire the technology and consulting services business from Randstad.

LTM, a company specializing in AI‑centric technology and digital transformation services, agreed to acquire the technology and consulting services business from Randstad, a global talent company focused on specialized talent services and digital marketplaces, according to press releases. Financial terms were not disclosed.

Uber and DoorDash explore potential Delivery Hero takeover bid. (FT)

Uber and DoorDash have held exploratory talks with Delivery Hero investors as they evaluate potential bids for the German food delivery company.

Investors are said to be seeking more than €40 ($46) per share, implying a valuation of about €13bn ($15bn) for Delivery Hero.

JD.com weighs £2bn bid for The Very Group. (Reuters)

JD.com is evaluating a potential £2bn ($2.69bn) offer for UK online retailer The Very Group as the Chinese ecommerce company explores further expansion in the British market.

The move follows JD.com’s previous UK deal efforts, including its failed approach for Currys and earlier talks regarding Argos.

Apollo proposes $2bn takeover of Bodycote. (Reuters)

Bodycote said it has received a conditional all-cash takeover proposal from Apollo valuing the UK thermal processing services group at about £1.52bn ($2.04bn).

Apollo’s offer of £8.85 ($11.88) per share represents a nearly 27% premium to Bodycote’s previous closing price.

Germany balks at valuation for proposed KNDS stake purchase. (Bloomberg)

Germany is resisting terms for a proposed 40% stake purchase in KNDS as officials seek to limit the price paid for the tankmaker ahead of its planned IPO.

Berlin is aiming to acquire the stake at a valuation aligned with KNDS’s expected IPO pricing, with discussions ongoing between the government and the company’s family owners.

FountainVest explores sale of Swiss micro-tools maker SPT. (Bloomberg)

FountainVest is considering a sale of Swiss manufacturer Small Precision Tools in a deal that could value the business at up to $1bn.

The company has attracted interest from Chinese strategic buyers and industrial-focused investment funds.

Lone Star explores sale of German lender IKB. (Bloomberg)

Lone Star Funds is exploring a potential sale of IKB Deutsche Industriebank nearly 20 years after acquiring the German lender.

The process has attracted early interest from potential bidders including France’s Credit Agricole.

H.B. Fuller bids more than £600m for 22Advanced Medical Solutions. (Bloomberg)

H.B. Fuller has submitted a takeover proposal worth more than £600m ($804m) for Advanced Medical Solutions as the US chemicals company expands further into healthcare.

The offer values the UK tissue-healing products maker at more than 280 pence per share, representing a premium of over 30%.

OHB and KNDS consider delaying share sales to avoid SpaceX IPO. (Bloomberg)

OHB and KNDS are considering adjustments to the timing of their planned share sales to avoid clashing with SpaceX’s expected IPO debut.

The German satellite company and Franco-German tankmaker had been targeting June 12 launches for their offerings.

TotalEnergies explores sale of stakes in European green assets. (Bloomberg)

TotalEnergies is exploring the sale of a 50% stake in a portfolio of European renewable energy assets as it seeks partners for its green investments.

The assets include 1.2 gigawatts of solar and wind farms across France, Germany, Poland and Spain, with any deal potentially worth several hundred million euros.

APAC

Tuas’ $1.1bn acquisition of 2M1 collapses amid regulator probe. (Bloomberg)

Tuas’ planned $1.1bn acquisition of Singapore telecom operator M1 has collapsed after regulators halted their review of the transaction.

The deal was terminated after conditions were not met by the May 21 deadline as authorities continued investigating potential regulatory breaches.

AS Watson presses ahead with potential $30bn dual listing. (FT)

AS Watson is continuing preparations for a dual listing in London and Hong Kong despite market volatility and geopolitical uncertainty.

The retail group, which owns Superdrug and is controlled by CK Hutchison, is seeking to raise about $2bn in a listing that could value the company at roughly $30bn.

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