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Top Highlights
Chiesi, an international research-focused biopharmaceutical group, completed the acquisition of KalVista, a commercial-stage global biopharmaceutical company, in a $1.9bn deal, according to press releases.
VERAXA Biotech, an advancing a premier drug discovery and development engine for ADCs and other novel antibody-based therapy concepts, went public via a SPAC merger with Voyager Acquisition, a special-purpose acquisition company, in a $1.64bn deal, according to press releases.
AMERICAS
Heart health biotech Kardigan seeks $373.3m in US IPO. (Bloomberg)
Snow Rothschild Acquisition Corp announces closing of $200m IPO. (Press Release)
Ares raises $12.7bn to invest in asset-based finance through the Pathfinder closed-end strategy. (Press Release)
Animal Capital closes $33m Fund III to double down on early-stage strategy. (Press Release)
EMEA
UK takeover panel extends deadline for EQT takeover of Intertek. (Reuters)
Warburg Pincus and KKR tap buyers for UK broadband businesses. (FT)
Cambridge Aerospace in talks to raise at $3.5bn valuation. (Bloomberg)
Dangote Refinery seeks to raise $1bn in private debt sale. (Bloomberg)
APAC
Meta starts unwinding Manus deal by splitting operations. (Bloomberg)
EQT in talks for stake in Natural Remedies as firm weighs livestock carve-out. (DealStreetAsia)
China Resources New Energy seeks $3.6bn in IPO, set to be Shenzhen's largest. (Reuters)
Thai hospitality group Minor International said to mull Singapore IPO instead of HK. (Bloomberg)
Indonesian unicorn Akulaku preparing for Hong Kong IPO. (DealStreetAsia)
Factory robot startup Mujin raising funds ahead of IPO by 2030. (Bloomberg)
Jingye Steel seeks compensation from Britain over British Steel takeover. (Reuters)
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AMERICAS
Madison Dearborn Partners, an American private equity firm, completed the investment in Stephano Slack, a premier accounting and advisory firm, with participation from Norlantic Capital, according to press releases. Financial terms were not disclosed.
Madison Dearborn Partners was advised by Koltin Consulting Group, Kirkland & Ellis, Paul Weiss Rifkind Wharton & Garrison (led by Adam M. Givertz, Lewis M. Fainer and Brian Huang), Vedder Price and H/Advisors Abernathy (led by Deven Anand). Stephano Slack was advised by Leelanau Consulting and Pierson Ferdinand. Norlantic Capital was advised by Freshfields, according to press releases.
KSL Capital Partners, an alternative investment firm, completed the acquisition of Invited Clubs, an owner and operator of private golf, country, city and stadium clubs in North America, from Apollo, an American asset management firm, according to press releases. Financial terms were not disclosed.
KSL Capital Partners was advised by Barclays, Simpson Thacher & Bartlett and Joele Frank (led by Kate Kelley and Erik Carlson). Invited Clubs was advised by JP Morgan, Rothschild & Co, Wells Fargo Securities and Akin Gump Strauss Hauer & Feld, according to press releases.
ZincFive, a provider of immediate power solutions for the data centre and artificial intelligence infrastructure markets, agreed to go public via SPAC merger with Spark I Acquisition Corp, a special purpose acquisition company formed by SparkLabs Group, in a $752m deal, according to press releases.
ZincFive is advised by Cantor Fitzgerald, Chardan, Cooley and ICR. Spark I is advised by Wilson Sonsini Goodrich & Rosati. Cantor is advised by Latham & Watkins, according to press releases.
Kinepolis, a cinema and entertainment company engaged in operating movie theatres, agreed to acquire 13 Showcase Cinemas from Harbor Lights Entertainment, a film and media production company, for $30m, according to press releases.
Harbor Lights Entertainment is advised by LionTree Advisors and Latham & Watkins. Kinepolis is advised by EY Parthenon, PricewaterhouseCoopers and Dentons, according to press releases.
Dana, an American supplier of drivetrain and electrified propulsion systems for vehicles, agreed to merge with the mobility business of Eaton, a global intelligent power management company, in a $5.1bn deal. As part of the transaction, Eaton will receive a $1.1bn cash distribution, with its shareholders holding a 50.1% majority stake in the combined company, according to press releases.
Dana is advised by Ernst & Young, Goldman Sachs and Kirkland & Ellis. Eaton is advised by Paul Weiss Rifkind Wharton & Garrison (led by Dotun Obadina and Steven Williams), according to press releases and Mergerlinks data.
Ignite Proteomics, a functional proteomics company focused on advancing precision oncology, agreed to go public via SPAC merger with Copley Acquisition Corp, a special purpose acquisition company, according to press releases. Financial terms were not disclosed.
Ignite Proteomics is advised by Ladenburg Thalmann and Meister Seelig & Schuster. Copley Acquisition Corp is advised by Clear Street and Winston Taylor, according to press releases.
Magnetar, a US-based alternative asset management firm, and AMD Ventures, the corporate venture capital arm of Advanced Micro Devices, led a $350m Series B round in TensorWave, a provider of AMD-powered AI infrastructure solutions, with participation from Maverick Silicon, Nexus Venture Partners and Western Frontier, according to press releases.
TensorWave was advised by PAN Communications, according to press releases.
Evolution Equity Partners, an international venture capital investor, led a $600m funding round in Cyera, an AI-native data security platform, with participation from Cyberstarts, Temasek, Accel, AT&T Ventures, Blackstone, Coatue and Spark Capital, according to press releases.
Heart health biotech Kardigan seeks $373.3m in US IPO. ( Bloomberg)
Kardigan is seeking to raise $373.3m through an initial public offering in the US to support the development of late‑stage cardiovascular drug candidates.
The Princeton, New Jersey‑based company plans to offer 23.3m shares at a price range of $14 to $16 each. At the top of the range, Kardigan would have a market value of about $1.4bn based on the outstanding shares listed in its filing.
Snow Rothschild Acquisition Corp announces closing of $200m IPO. ( Press Release)
Snow Rothschild Acquisition Corp has closed its initial public offering of 20m units at $10 per unit.
Each unit comprises one Class A share and one‑half of a redeemable warrant, with proceeds placed into a trust account. The company’s units commenced trading on Nasdaq under the ticker “ISNRU”.
Ares raises $12.7bn to invest in asset-based finance through the Pathfinder closed-end strategy. ( Press Release)
Ares Management has closed Ares Pathfinder Fund III with $8.5bn in commitments, exceeding its initial fundraising target.
The fund will invest in asset‑based finance opportunities, reflecting continued investor demand for private credit and structured‑finance strategies.
Animal Capital closes $33m Fund III to double down on early-stage strategy. ( Press Release)
Animal Capital has closed its third fund with $33m in commitments, marking an expansion of its early‑stage venture investing strategy.
The fund represents a step‑up from the firm’s previous vehicles and will be deployed into early‑stage companies as Animal Capital increases the scale of its investment platform.
EMEA
Frasers Group, a British retail and investment conglomerate, offered to acquire the remaining 73.94% stake in Hugo Boss, a major German luxury fashion house, for €1.98bn ($2.3bn), according to press releases.
Motive Partners, an investment firm focused on technology-enabled companies, agreed to acquire Mobius, a UK-based pension investment platform, from Phoenix Equity Partners, a mid-market private equity firm, according to press releases. Financial terms were not disclosed.
Motive Partners is advised by Oliver Wyman, Lazard, PricewaterhouseCoopers and Proskauer Rose, according to press releases.
Lead Edge Capital, a growth equity firm, agreed to invest in Advancing Analytics, a European data and AI Databricks consultancy, according to press releases. Financial terms were not disclosed.
Lead Edge Capital is advised by Guggenheim Partners and Goodwin Procter. Advancing Analytics is advised by Canaccord Genuity and Osborne Clarke, according to press releases.
Stonepeak, an alternative investment firm, and Energy Equation Partners, an investment firm with deep expertise in fuel retail, agreed to acquire Anwim, a fuel distribution company and operator of the MOYA network of petrol stations, according to press releases. Financial terms were not disclosed.
Stonepeak and Energy Equation Partners are advised by Akin Gump Strauss Hauer & Feld, Rymarz Zdort Maruta and Paul Weiss Rifkind Wharton & Garrison, according to press releases.
Marubeni, a Japanese general trading and investment conglomerate, agreed to acquire TiAuto, a South African automotive aftermarket company, from Old Mutual Private Equity, a private equity manager, and Carlyle, an alternative asset management firm, according to press releases. Financial terms were not disclosed.
Old Mutual Private Equity and Carlyle are advised by DC Advisory (led by Michael Mariaz and Tosh Kojima), according to MergerLinks data.
Tether, a financial technology company, agreed to lead a Series C round of up to $1.4bn in NEURA Robotics, the pioneer in cognitive robotics and creator of the Neuraverse, with participation from Qualcomm Technologies, Amazon, NVIDIA, imec.xpand, Bosch, Schaeffler, European Investment Bank, Lingotto Horizon and InterAlpen Partners and others, according to press releases.
NEIRA Robotics is advised by FGS Global, according to press releases.
UK takeover panel extends deadline for EQT takeover of Intertek. (Reuters)
Intertek said the UK Takeover Panel has extended the deadline to June 18 for EQT’s £9.4bn ($12.6bn) takeover proposal.
The UK‑listed testing company remains a target for buyout firms amid increased interest in British assets, with valuations seen as supportive of acquisition activity.
Warburg Pincus and KKR tap buyers for UK broadband businesses. ( FT)
Warburg Pincus and KKR are exploring a sale of their stakes in UK broadband businesses as they seek to exit investments in the sector.
The firms have begun sounding out potential buyers for the assets amid continued consolidation in the UK telecom infrastructure market.
Cambridge Aerospace in talks to raise at $3.5bn valuation. ( Bloomberg)
Cambridge Aerospace, a UK‑based defense technology startup, is in discussions to raise about $300m at a valuation of roughly $3.5bn.
The company is evaluating a funding round led by venture investors to support the development of its interceptor systems. The financing remains under negotiation and terms may change.
Dangote Refinery seeks to raise $1bn in private debt sale. ( Bloomberg)
Dangote Petroleum Refinery & Petrochemicals is seeking to raise up to $1bn through a private debt placement to fund its operations.
The company plans to target foreign investors for the financing of its refining business, which is the largest of its kind in Africa.
APAC
Meta starts unwinding Manus deal by splitting operations. ( Bloomberg)
Meta has separated operations from Manus and halted data sharing between the two companies as it moves to unwind a $2bn acquisition.
The company has established operational restrictions limiting access between the two organisations, preventing the use of each other’s data systems and tools as part of the separation process.
EQT in talks for stake in Natural Remedies as firm weighs livestock carve-out. ( DealStreetAsia)
EQT is exploring a potential investment in India‑based pharmaceutical company Natural Remedies as part of its strategy to expand in the healthcare sector.
The private equity firm is engaging with the company’s shareholders to assess a transaction that could involve acquiring a significant stake, with discussions at an early stage and no deal agreed.
China Resources New Energy seeks $3.6bn in IPO, set to be Shenzhen's largest. ( Reuters)
China Resources New Energy, the renewable energy unit of China Resources Power, is targeting a fundraising of about CNY24.5bn ($3.62bn) through an initial public offering in Shenzhen.
If completed at that size, the transaction would rank as the largest IPO ever in Shenzhen and one of the biggest onshore listings in China in recent years.
Thai hospitality group Minor International said to mull Singapore IPO instead of HK. ( Bloomberg)
Minor International is considering a potential listing of its restaurant business in Singapore as it evaluates investor demand across Asian capital markets.
The company is working with financial advisers on plans for Minor Food Group, which operates global franchised restaurant brands, as it assesses optimal listing venues and structure.
Indonesian unicorn Akulaku preparing for Hong Kong IPO. ( DealStreetAsia)
Akulaku Group is progressing plans for an initial public offering as the Southeast Asian financial technology platform seeks to access public markets.
The company is evaluating a listing that could support its growth in digital lending and financial services across the region, with preparations underway as it advances toward an IPO.
Factory robot startup Mujin raising funds ahead of IPO by 2030. ( Bloomberg)
Mujin, a Japanese developer of industrial robotic software, is planning an initial public offering by 2030 as it seeks to capitalise on growing demand for artificial‑intelligence solutions in manufacturing.
The company is raising an extension to its Series D financing round, which previously totaled $233m and valued the business at more than $1bn, to support growth ahead of its planned listing.
Jingye Steel seeks compensation from Britain over British Steel takeover. ( Reuters)
Jingye Steel has called for compensation from the UK government following its loss of control over British Steel after the state took over the company.
The Chinese group said it incurred losses from its investment and is seeking redress as the government assumed control of the steelmaker.
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