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AMERICAS

Excelerate Energy completes the acquisition of the Jamaica assets & operations business from New Fortress Energy for $1.05bn.

Excelerate Energy, a US-based LNG company, completed the acquisition of the Jamaica assets & operations business from New Fortress Energy, a global energy infrastructure company, for $1.05bn, according to press releases.

Excelerate Energy was advised by Evercore, Gibson Dunn & Crutcher (led by Andrew Kaplan) and FGS Global (led by Stephen Pettibone and Frances Jeter). New Fortress Energy was advised by Intrepid Financial Partners and Vinson & Elkins (led by Francisco Morales Barrón and Mark Brasher), according to press releases and MergerLinks data.

Stonlasec8 Indigenous Alliance to acquire a 12.5% stake in Westcoast natural gas pipeline system from Enbridge for CAD715m.

Stonlasec8 Indigenous Alliance, a partnership of 36 First Nations in British Columbia focused on Indigenous economic development, agreed to acquire a 12.5% stake in Westcoast natural gas pipeline system, a critical natural gas transmission asset in BC, from Enbridge, an energy company, for CAD715m ($513m), according to press releases.

Stonlasec8 Indigenous Alliance is advised by TD Securities, Boughton Law, Sedgwick Strategies (led by Allie Meeres), and MNP. Enbridge is advised by RBC Capital Markets and McCarthy Tetrault, according to press releases.

Actis and GIC to acquire Serena Energia.

Actis, a growth market investor in sustainable infrastructure, and GIC, a long-term investor, offered to acquire Serena Energia, a company that generates and sells renewable energy, according to press releases. Financial terms were not disclosed.

Actis is advised by BTG Pactual, according to MergerLinks data.

IPO market regains momentum as tariff concerns ease. (Bloomberg)

The global IPO market is showing renewed activity following a sharp rebound in stocks after US President Donald Trump’s tariff announcement temporarily disrupted dealmaking.

Companies without direct trade exposure are moving forward with listings ahead of summer and potential renewed geopolitical volatility. While 2025 was already expected to be a strong year for IPOs, Trump’s April 2 tariff move triggered a wave of deal suspensions, resulting in the slowest April for IPO volume since 2020.

Village Roadshow and Warner Bros. postpone dispute over $100m 'Matrix' debt. (Bloomberg)

Village Roadshow and Warner Bros., co-producers of The Matrix films, have agreed to delay their dispute over up to $100m in unpaid debt tied to the franchise.

The decision allows the auction of bankrupt Village Roadshow Entertainment Group’s film library to proceed before the studios resume their legal battle over remaining obligations from the most recent Matrix instalment.

EMEA

Greencore to acquire Bakkavor for $1.6bn.

Greencore, a manufacturer of convenience food, agreed to acquire Bakkavor, an international food manufacturing company specialising in fresh prepared foods, for $1.6bn, according to press releases.

Bakkavor is advised by Citigroup (led by Michael Lavelle), MHP Communications (led by Katie Hunt), Peel Hunt (led by Dan Webster and Michael Nicholson), A&L Goodbody, and Freshfields Bruckhaus Deringer. Greencore is advised by FTI Consulting (led by Nick Hasell and Jonathan Neilan), Deutsche Numis (led by Edward McBride) Rothschild & Co (led by Alice Squires), Arthur Cox, and Slaughter & May. Debt financing was provided by Goodbody (led by Cameron Duncan and Jason Molins) and Shore Capital & Corporate (led by James Thomas), according to press releases.

Renaissance Partners and TPG Rise to acquire a majority stake in SICIT.

Renaissance Partners, an investment firm, and TPG Rise, a climate investing platform of TPG, agreed to acquire a majority stake in SICIT, a producer of biostimulants, transforming the residues of the leather industry into high value-added products for sustainable agriculture through a fully circular business model, according to press releases. Financial terms were not disclosed.

TPG Rise is advised by JP Morgan, Nomura, Latham & Watkins and Paul Weiss Rifkind Wharton & Garrison (led by Annie Herdman). Renaissance Partners is advised by Ernst & Young, BNP Paribas, Banco BPM, Intesa SanPaolo, Lazard, PricewaterhouseCoopers and GiovannaMarchiComunicazione. Intesa Holding is advised by Chiomenti, according to press releases.

ARGOS completes the acquisition of a majority stake in Axitea from Stirling Square.

ARGOS, an independent European private equity group, completed the acquisition of a majority stake in Axitea, a provider of digitally enabled surveillance and security services for corporates, from Stirling Square, a private equity company, according to press releases. Financial terms were not disclosed.

Axitea was advised by Deloitte (led by Federica Lamperti), Ernst & Young (led by Enrico Silva), Lazard (led by Michele Marocchino), and Pavia e Ansaldo Studio Legale (led by Paola Carlotti). ARGOS was advised by DC Advisory (led by Giuliano Guarino), Boston Consulting Group (led by Elisa Crotti), Ernst & Young (led by Giovanni Grandini), Giovannelli e Associati (led by Alessandro Giovannelli), WST (led by Luca Pangrazzi). Debt financing was provided by BNL ITALIA and BNP Paribas, according to press releases.

FirstCash to acquire H&T Group for $394m.

FirstCash, a international operator of over 3k retail pawn stores in the US and Latin America, agreed to acquire H&T Group, an operator of pawn stores in the United Kingdom, for $394m, according to press releases.

H&T Group is advised by Canaccord Genuity, Shore Capital & Corporate and Gowling WLG. FirstCash is advised by Jefferies & Company and Global IR Group (led by Gar Jackson), according to press releases.

Madison International Realty completes the acquisition of a 24.5% stake in Puma Property Finance.

Madison International Realty, a real estate private equity group, completed the acquisition of a 24.5% stake in Puma Property Finance, a specialist lender to the U.K. real estate development market, according to press releases. Financial terms were not disclosed.

Madison was advised by Jones Day (led by Christopher Slack) and FTI Consulting (led by Richard Sunderland), according to press releases and MergerLinks data.

GIC completes the investment in Citco.

GIC, a long-term investor, completed the investment in Citco, a privately owned global hedge fund administrator, according to press releases. Financial terms were not disclosed.

GIC was advised by Dechert (led by Mark Thierfelder), according to MergerLinks data.

KBC to acquire a 98.45% in 365.bank from J&T Finance for $834m.

KBC, a universal multi-channel bank-insurer, agreed to acquire a 98.45% in 365.bank, a banking platform, from J&T Finance, a joint-stock company operating predominantly in Central and Eastern Europe, for $834m, according to press releases.

KBC is advised by JP Morgan, according to MergerLinks data.

Chapters Group completes the acquisition of Finfox Group.

Chapters Group, a company investing in attractive small- and mid-sized enterprises from various sectors, completed the acquisition of Finfox Group, a software company, according to press releases. Financial terms were not disclosed.

Finfox Group was advised by Lenz & Staehelin (led by Simone Ehrsam), according to press releases.

Terumo to acquire drug product plant from WuXi Biologics for €150m.

Terumo, a company specializing in medical devices and CDMO services, agreed to acquire drug product plant from WuXi Biologics, a biopharmaceutical company, for €150m ($168m), according to press releases.

WuXi Biologics is advised by Evercore, according to MergerLinks data.

Ares Management to acquire a 20% stake in Plenitude from Eni.

Ares Management, a global investment firm, agreed to acquire a 20% stake in Plenitude, a renewables and retail energy company, from Eni, an energy company, according to press releases. Financial terms were not disclosed.

Ares Management is advised by UniCredit, according to MergerLinks data.

Proofpoint to acquire Hornetsecurity.

Proofpoint, a company specializing in cybersecurity and compliance, agreed to acquire Hornetsecurity, a provider of AI-powered Microsoft 365 security solutions, according to press releases. Financial terms were not disclosed.

UK to permit foreign states to own up to 15% of newspaper publishers. (Reuters)

The UK government plans to allow state-owned investors to acquire stakes of up to 15% in British newspaper publishers, as part of broader media reforms aimed at resolving ongoing ownership uncertainty surrounding the Telegraph.

The reforms will also expand government oversight of media mergers to include news websites and magazines.

EToro IPO delivers $530m windfall for Spark Capital after 15-year bet. (Bloomberg)

Spark Capital gained approximately $530m following EToro Group’s public listing, marking the outcome of a 15-year early-stage investment in the Israeli fintech firm.

With a total investment of around $19m, Spark held a 13% stake at the time of EToro’s IPO, which valued the company at $4.3bn. The listing delivered a return of about 29 times the firm’s original investment.

Abu Dhabi's Arabian Construction taps FAB and HSBC for planned IPO. (Bloomberg)

Arabian Construction has appointed First Abu Dhabi Bank and HSBC to advise on a planned initial public offering in the United Arab Emirates, as it looks to benefit from the country’s thriving property market.

The Abu Dhabi-based firm aims to launch the listing as early as the second half of the year and is targeting a capital raise in the range of several hundred million dollars.

Deutsche Boerse and Euronext intensify push to curb IPO shift to US. (Reuters)

Deutsche Boerse and Euronext are ramping up efforts to keep initial public offerings in Europe, challenging the view that US listings offer higher valuations.

European and UK exchanges have faced a slowdown in IPO activity over the past two years, with several companies opting to list or relocate their primary listings to the US in search of deeper capital markets and stronger valuations.

CaixaBank and Sabadell finalize risk transfers amid rising bank M&A activity. (Bloomberg)

CaixaBank and Banco Sabadell are finalizing substantial risk transfer deals to unlock capital for growth as consolidation gains momentum in Spain’s banking sector.

CaixaBank has priced a significant risk transfer tied to €2bn ($2.3bn) in corporate loans, while Sabadell is completing a separate transaction linked to €1.3bn ($1.4bn) in financing for small and mid-sized businesses.

Commerzbank CEO and staff push back against UniCredit takeover interest. (Reuters)

Commerzbank’s CEO and hundreds of employees rallied in support of the German bank’s standalone strategy during its annual shareholder meeting, amid takeover interest from Italy’s UniCredit.

Around 200 employees gathered outside the meeting venue with placards reading “strong and standalone” and “no to UniCredit,” underscoring internal resistance to any potential deal.

Billionaire Lakshmi Mittal buys mansion in ‘Beverly Hills of Dubai’. (Bloomberg)

Lakshmi Mittal, one of the UK’s wealthiest individuals, has purchased one of Dubai’s most expensive homes.

The India-born billionaire acquired a luxury property in an exclusive gated community often referred to as the “Beverly Hills of Dubai.” The transaction was completed earlier this year.

Adidas completes bulk of job cuts at headquarters. (Reuters)

Adidas has finished most of its planned workforce reductions at its headquarters near Munich as part of efforts to boost efficiency.

The company is about two-thirds through the process, which is focused on removing overlapping roles and streamlining operations.

APAC

Starbucks begins exploring stake sale in China business. (Bloomberg)

Starbucks has begun reaching out to private equity firms, technology companies, and other potential investors as it evaluates options for its China operations, including a possible stake sale.

The coffee chain, through a financial adviser, has invited feedback on how to grow the China business. A potential transaction could value the assets at several billion dollars.

Hengrui Pharma targets up to $1.3bn in Hong Kong IPO. (Bloomberg)

Jiangsu Hengrui Pharmaceuticals has launched investor orders for a Hong Kong listing that could raise up to HKD9.9bn ($1.3bn), marking one of the largest deals supporting the city’s share-sale revival.

The Chinese drugmaker is offering 225m shares priced between HKD41.45 ($5.30) and HKD44.05 ($5.63) each, representing a discount of up to 28% compared to its most recent closing price in Shanghai—consistent with typical valuation gaps between Hong Kong and mainland-listed stocks.

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