Dassault Systèmes completes the acquisition of ArisGlobal from Nordic Capital for $2bn.

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AMERICAS

Orangewood Partners completes the acquisition of a majority stake in Refrigerated Solutions Group.

Orangewood Partners, a long-term focused private investment firm, completed the acquisition of a majority stake in Refrigerated Solutions Group, a manufacturer of commercial refrigeration equipment and cold-storage solutions. RSG will serve as the foundational investment of THRM, Orangewood’s newly established platform focused on acquiring, building and improving technology in foodservice equipment and services businesses, according to press releases. Financial terms were not disclosed.

Refrigerated Solutions Group was advised by Hennepin Partners. Orangewood Partners was advised by XMS Capital Partners, Bryan Cave Leighton Paisner (BCLP) and Prosek Partners (led by Nick Elierson), according to press releases.

OceanSound Partners completes the investment in Iris Technology.

OceanSound Partners, a middle-market private equity firm, completed the investment in Iris Technology, a developer and manufacturer of tactical power systems, according to press releases. Financial terms were not disclosed.

OceanSound Partners was advised by Gibson Dunn & Crutcher and Stanton PRM. Iris Technology was advised by Kroll, Crowell & Moring and Stanton PRM (led by Charlyn Lusk), according to press releases.

First Community Bankshares to merge with Main Street Financial Services Corp in a $243m deal.

First Community Bankshares, a US-based publicly traded bank holding company, agreed to merge with Main Street Financial Services Corp, a US-based publicly traded bank holding company, in a $243m deal, according to press releases.

First Community Bankshares is advised by D.A. Davidson & Co and Bowles Rice. Main Street Financial Services Corp is advised by Raymond James and Dinsmore & Shohl, according to press releases.

KKR completes the acquisition of a 49% stake in the Campus Point investment entity of Alexandria Real Estate Equities for $475m.

KKR, a US-based global investment firm, completed the acquisition of a 49% stake in the Campus Point investment entity of Alexandria Real Estate Equities, a publicly traded real estate investment trust, for $475m, according to press releases.

KKR was advised by Gibson Dunn & Crutcher. Alexandria Real Estate Equities was advised by Eastdil Secured and Proskauer Rose, according to press releases.

UMB Financial to acquire El Dorado Savings Bank for $506m.

UMB Financial, a diversified financial holding company, agreed to acquire El Dorado Savings Bank, a federal savings bank based in California, for $506m, according to press releases.

El Dorado Savings Bank is advised by Piper Sandler and Manatt Phelps & Phillips. UMB Financial is advised by Sullivan & Cromwell, according to press releases.

EnerSys to acquire Ultralife for $320m.

EnerSys, an industrial technology company and a manufacturer of stored energy solutions, agreed to acquire Ultralife, a manufacturer of batteries, communication systems and power solutions, for $320m, according to press releases.

EnerSys is advised by XMS Capital Partners and Reed Smith. Ultralife is advised by Alliance Advisors (led by Jody Burfening), according to press releases.

PPC-backed Americhem completes the acquisition of Noble Biomaterials.

PPC-backed Americhem, a US-based manufacturer of custom polymer solutions, completed the acquisition of Noble Biomaterials, a US-based developer and manufacturer of antimicrobial, conductive and advanced functional materials, according to press releases. Financial terms were not disclosed.

Americhem was advised by FTI Consulting (led by Christina Dell’Orto and Caleigh Leyton). Noble Biomaterials was advised by Jefferies & Company, according to press releases and MergerLinks data.

Leonard Green & Partners completes the acquisition of Radon Medical Imaging from 5th Century Partners.

Leonard Green & Partners, a private equity investment firm, completed the acquisition of Radon Medical Imaging, a US-based provider of medical imaging equipment maintenance, repair and sales services, from 5th Century Partners, a private equity firm, according to press releases. Financial terms were not disclosed.

Radon Medical Imaging was advised by Houlihan Lokey and DLA Piper, according to press releases.

Madison Square Garden Sports completes the spin-off of its New York Rangers business.

Madison Square Garden Sports, a US-based publicly traded professional sports company, completed the spin-off of its New York Rangers business. The business was separated into MSG Rangers, a newly independent publicly traded company. Following the spin-off, Madison Square Garden Sports was renamed MSG Knickerbockers and retained its New York Knicks basketball business, according to press releases. Financial terms were not disclosed.

Madison Square Garden Sports was advised by JP Morgan and Sullivan & Cromwell, according to MergerLinks data.

I Squared Capital to acquire Orizon Aerostructures.

I Squared Capital, a private equity firm, agreed to acquire Orizon Aerostructures, a manufacturer of aerostructures, aircraft components and sub-assemblies for commercial aerospace, according to press releases. Financial terms were not disclosed.

SpaceX and Tesla turn to boards cozy with Musk to mull a merger. (Bloomberg)

SpaceX and Tesla have formed special committees of independent directors to explore a potential merger.

Musk, who leads both companies, stated that he is excluded from the discussions due to conflicts of interest, leaving the independent committees to evaluate the possible combination.

US agency approves Amazon Leo’s $11.5bn acquisition of Globalstar. (Reuters)

The US Federal Communications Commission has approved Amazon Leo’s $11.5bn acquisition of satellite operator Globalstar, supporting Amazon’s expansion into satellite communications and its efforts to compete with SpaceX’s Starlink.

The deal includes Globalstar’s satellites and mobile-satellite spectrum, as well as Apple’s 20% stake acquired in 2024 through a $1.5bn investment. Amazon plans to launch commercial satellite services by the end of 2026 while continuing Globalstar’s existing services for Apple.

FTC to sue to block Cintas-UniFirst deal. (Reuters)

The US Federal Trade Commission is reportedly preparing to sue to block Cintas’ $5.5bn acquisition of rival UniFirst, citing concerns over the companies’ combined market share in uniform rental and facility services.

The deal, agreed in March 2026 after several takeover attempts since 2022, remains under antitrust scrutiny. The FTC has not yet formally voted on whether to pursue legal action.

Trafigura, Mubadala cancel planned sale of Brazilian iron port. (Bloomberg)

Trafigura Group and Mubadala Capital have suspended plans to sell a Brazilian iron ore port after receiving bids below their valuation expectations.

The decision comes amid uncertainty over the outlook for iron ore, which has weighed on buyer interest and pricing.

Robotics lab Physical Intelligence in talks for a $20bn valuation. (Bloomberg)

Physical Intelligence is in discussions to raise at least $1bn in a new funding round that could nearly double the robotics AI startup’s valuation to around $20bn.

Existing investors Avenir and Lux Capital are in talks to lead the financing, which remains under negotiation.

Disruptive announces $10bn flagship fund. (Press Release)

Disruptive has announced a $10bn flagship fund focused on growth- and late-stage private technology companies, targeting opportunities in artificial intelligence, computing infrastructure, defense, and national security.

The fund plans to invest in approximately 10 companies, deploying up to $1bn per investment, while maintaining the firm’s concentrated investment strategy.

EMEA

Baird Capital-backed Blue Matter completes the acquisition of Cognite.

Baird Capital-backed Blue Matter, a provider of strategic consulting and healthcare communications services, completed the acquisition of Cognite, a global healthcare communications agency, according to press releases. Financial terms were not disclosed.

Cognite is advised by Rothschild & Co and DLA Piper. Blue Matter is advised by Reed Smith and Sam Brown (led by Mike Beyer), according to press releases.

CoStar Group to acquire Vexcel for $730m.

CoStar Group, a provider of online real estate marketplaces, agreed to acquire Vexcel, a provider of aerial imagery, for $730m, according to press releases.

CoStar Group is advised by Goldman Sachs and Latham & Watkins. Vexcel is advised by William Blair & Co and Snell & Wilmer, according to press releases.

Alamo Group completes the acquisition of Econ Engineering for £120m.

Alamo Group, a global manufacturer of industrial and vegetation management equipment, completed the acquisition of Econ Engineering, a manufacturer of roadway maintenance trucks and equipment, for £120m ($160m), according to press releases.

Alamo Group was advised by D.A. Davidson & Co, according to press releases.

TPG pursues $5bn acquisition of UK data centre group Ark. (FT)

TPG is in talks to acquire UK-based Ark Data Centres from Elliott Management in a transaction that could value the business at around $5bn, potentially ranking among the largest data centre deals in 2026.

Ark operates 27 data centres across the UK and Belgium and has a joint venture with the UK government. Elliott, which first invested in Ark in 2012, is exploring an exit, although discussions remain ongoing and no deal is guaranteed.

CVC, Cinven, Puig eye luxury fragrance maker Parfums de Marly. (Reuters)

CVC Capital Partners, Cinven and Spanish beauty group Puig are among potential bidders for luxury fragrance brand Parfums de Marly, as owner Advent International explores a sale.

Advent acquired the business in 2023, and a transaction could value it at below €2bn ($2.23bn). Discussions remain ongoing, with no deal guaranteed.

CVC weighs bid for Dutch ingredients maker Corbion. (Bloomberg)

CVC Capital Partners is exploring a potential acquisition of Dutch food ingredients manufacturer Corbion, raising the possibility of a competitive bidding process.

The private equity firm is evaluating a possible takeover, although discussions remain preliminary and no formal offer has been announced.

Advent raises $30bn for latest buyout, mid-market funds. (Reuters)

Advent International has raised $30bn across its latest private equity funds, including $27bn for its flagship Global Private Equity XI fund and more than $3bn for a new mid-market strategy.

The flagship fund will primarily target investments in Europe and North America, while the mid-market strategy will invest $100m–$350m in companies valued at up to $1.25bn.

APAC

CPE Fund to acquire an 81% stake in the Chinese business of A. O. Smith at a $400m valuation.

CPE Fund, an alternative asset manager, agreed to acquire an 81% stake in the Chinese business of A. O. Smith, a manufacturer of residential and commercial water heaters and boilers, at a $400m valuation, according to press releases.

A. O. Smith is advised by Goldman Sachs and Latham & Watkins, according to press releases.

Warburg Pincus sweetens Ingenia offer, ramps up bidding war. (Bloomberg)

Warburg Pincus has increased its takeover offer for Australian retirement living and holiday park operator Ingenia Communities to AUD5.50 ($3.86) per share, valuing the company at around AUD2.2bn ($1.6bn).

The revised all-cash bid exceeds a competing offer from AVID Property Group by AUD0.10 ($0.07) per stapled security, intensifying the takeover contest.

Malaysian billionaires revive plan to create nation's biggest mobile operator. (Bloomberg)

The billionaire families behind Malaysia’s Maxis and U Mobile are reviving merger plans that could create the country’s largest wireless operator by market value.

Maxis has invited selected investment banks and law firms to pitch for advisory roles and could appoint advisers soon. Discussions remain preliminary, with no agreement announced.

Danantara bids for stake in Indonesian stock exchange. (Reuters)

Indonesia’s sovereign wealth fund Danantara has submitted a bid to acquire a stake in the Indonesia Stock Exchange as the bourse prepares to transition into a shareholder-owned, for-profit company.

Danantara could acquire a stake of around 40%, while IDX continues to consider other potential investors. The exchange plans to issue new shares as part of the restructuring, with an IPO expected at a later stage.

IFC weighs up to $250m investment in JBM Auto's electric bus business. (DealStreetAsia)

The International Finance Corporation is considering an investment of up to $250m in India’s JBM Auto and its electric mobility subsidiaries.

The proposed financing would support the deployment of electric buses and related infrastructure across India.

Blackstone opens new office in Bengaluru, deepening presence in India. (Press Release)

Blackstone has opened its second office in India, establishing a Global Capability Center in Bengaluru to strengthen its corporate and operational functions globally.

The new office will be overseen by Senior Managing Director Susan Yung, while Blackstone’s investment professionals will remain based in Mumbai. The expansion reinforces the firm’s long-term commitment to India, where it has operated for 20 years.

Mi Material to debut on SGX Mainboard after $168m IPO. (DealStreetAsia)

Mi Material Holding is set to begin trading on the Singapore Exchange Mainboard on October 28 after raising approximately SGD215m ($168m) through its IPO and cornerstone placement.

The semiconductor packaging materials supplier priced its shares at SGD1.80 ($1.4) each, implying a market capitalization of around SGD891m ($696m). Investor demand reached 2.2 times the shares available in the offering.

Danish brewer Carlsberg files updated papers for India unit's IPO. (Reuters)

Carlsberg India has filed an updated draft prospectus for its planned initial public offering, following regulatory approval earlier in October 2026.

The IPO will consist entirely of an offer for sale of 86.42m shares by existing shareholders, with no new capital raised. The listing would allow Carlsberg to monetize part of its investment in India amid strong investor demand for IPOs.

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