Diversified Energy Company completes the acquisition of Birch Permian Holdings from Elliott Investment Management for $1.8bn.

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AMERICAS

Spencer Spirit Holdings completes the acquisition of Hot Topic from Sycamore Partners.

Spencer Spirit Holdings, a parent company of lifestyle and specialty retail brands, completed the acquisition of Hot Topic, an omni-channel merchandise destination, from Sycamore Partners, a private equity firm, according to press releases. Financial terms were not disclosed.

Hot Topic was advised by Jefferies & Company and Kirkland & Ellis. Spencer Spirit Holdings was advised by Solomon Partners, Wells Fargo Securities and Fried Frank Harris Shriver & Jacobson. Sycamore Partners was advised by Joele Frank (led by Michael Freitag), according to press releases and MergerLinks data.

Shell completes the acquisition of ARC Resources for $16.4bn.

Shell, a British multinational oil and gas company, completed the acquisition of ARC Resources, an energy company focused on the Montney shale basin in British Columbia and Alberta, Canada, for $16.4bn, according to press release.

Shell was advised by Goldman Sachs. ARC Resources was advised by RBC Capital Markets (led by John Cokinos), Baker Botts (led by David E. Jetter), Burnet Duckworth & Palmer, Freshfields (led by Graham Watson and Samira Afrasiabi), according to press releases and MergerLinks data.

Vertiv to acquire UtilityInnovation Group for $2.6bn.

Vertiv, a critical digital infrastructure specialist, agreed to acquire UtilityInnovation Group, a provider of microgrid solutions, advanced power controls and behind-the-meter power architecture design for data centers, for $2.6bn, according to press releases.

UtilityInnovation Group is advised by Morgan Stanley and Davis Polk & Wardwell. Vertiv is advised by JP Morgan, Buchanan Ingersoll & Rooney and Ruder Finn, according to press releases.

FTV Capital completes a $155m investment in TabaPay.

FTV Capital, a private equity firm, completed a $155m investment in TabaPay, a money movement platform, according to press releases.

FTV Capital was advised by Gibson Dunn & Crutcher and Prosek Partners. TabaPay was advise by Financial Technology Partners, Reed Smith and Hey Command, according to press releases.

Westbridge Capital-backed Reside Worldwide completes the acquisition of Graebel.

Westbridge Capital-backed Reside Worldwide, a provider of short and extended stay accommodations, completed the acquisition of Graebel, a provider of global talent mobility solutions, according to press releases. Financial terms were not disclosed.

Graebel was advised by Robert W Baird, Faegre Drinker Biddle & Reath and Linhart Public Relations (led by Shannon Mueller). Westbridge Capital and Reside Worldwide were advised by Oppenheimer & Co and K&L Gates, according to press releases.

PlusAI to go public via SPAC merger with Texas Ventures Acquisition III Corp in a $800m deal.

PlusAI, a provider of AI-based virtual driver software for autonomous trucks, agreed to go public via SPAC merger with Texas Ventures Acquisition III Corp, a special purpose acquisition company backed by Yorkville Advisors Global, a global asset manager, in a $800m deal, according to press releases.

Texas Ventures Acquisition III Corp is advised by DLA Piper. PlusAI is advised by Cohen & Company Capital Markets and Wilson Sonsini Goodrich & Rosati. Cohen & Company Capital Markets is advised by Lowenstein Sandler, according to press releases.

Hillman completes the acquisition of Kanebridge for $315m.

Hillman Solutions, a provider of hardware products and merchandising solutions, completed the acquisition of Kanebridge, a distributor of commercial and military-grade industrial fasteners, for $315m, according to press releases.

Kanebridge was advised by Piper Sandler and Koley Jessen. Hillman was advised by Jefferies & Company and Thompson Hine, according to press releases and MergerLinks data.

Equity Bancshares to merge with Lincoln Bancorp in a $123.8m deal.

Equity Bancshares, a company specializing in community-based banking and financial services, agreed to merge with Lincoln Bancorp, a provider of full-service consumer and business banking including deposit accounts, mortgages, home equity loans, business lending, and trust services, in a $123.8m deal, according to press releases.

Equity Bancshares is advised by Hovde Group and Norton Rose Fulbright. Lincoln Bancorp is advised by Stephens and Alston & Bird, according to press releases.

HIG Capital completes the acquisition of Outcomes.

HIG Capital, an alternative asset investment firm, completed the acquisition of Outcomes, a provider of clinical network services and pharmacy technology, according to press releases. Financial terms were not disclosed.

HIG Capital was advised by William Blair & Co and Kirkland & Ellis. Outcomes was advised by TripleTree and Simpson Thacher & Bartlett, according to press releases.

Audax-backed Justrite Safety Group completes the acquisition of ServerLIFT from American Pacific Group.

Audax-backed Justrite Safety Group, a global manufacturer and supplier of a deep portfolio of complementary mission-critical safety products, completed the acquisition of ServerLIFT, a designer and manufacturer of purpose-built, safety-certified lifting equipment and accessories, from American Pacific Group, a private equity firm, according to press releases. Financial terms were not disclosed.

ServerLIFT was advised by William Blair & Co and Jones Day (led by Joseph Hatina). American Pacific Group was advised by brands2life, according to press releases and MergerLinks data.

Align Capital Partners completes the acquisition of Trident Solutions.

Align Capital Partners, a private equity firm, completed the acquisition of Trident Solutions, a provider of industrial and commercial safety identification and marking products, according to press releases. Financial terms were not disclosed.

Trident Solutions was advised by Robert W Baird and Holland & Knight. Align Capital Partners was advised by Calfee Halter & Griswold, according to press releases.

Mill Point Capital-backed Voltaris Power completes the acquisition of Electronic Power Design.

Mill Point Capital-backed Voltaris Power, a manufacturer of custom low- and medium-voltage switchgear, transformers and integrated power solutions, completed the acquisition of Electronic Power Design, a manufacturer of low-voltage electrical distribution equipment, according to press releases. Financial terms were not disclosed.

Electronic Power Design was advised by Evercore and Haynes and Boone, according to press releases.

FDH Aero completes the acquisition of Peerless Electronics.

FDH Aero, a global supply chain partner for aerospace and defense, completed the acquisition of Peerless Electronics, a full-service, authorized stocking distributor for manufacturers across the military, aerospace, industrial, transportation, and medical sectors, according to press releases. Financial terms were not disclosed.

Peerless Electronics was advised by Eureka Capital Markets, according to press releases.

Aquiline to acquire majority stake in Flourish from MassMutual.

Aquiline, a private investment firm, agreed to acquire majority stake in Flourish, an innovative wealthtech platform, from MassMutual, a provider of insurance services, according to press releases. Financial terms were not disclosed.

MassMutual is advised by Wells Fargo Securities, according to press releases.

KKR to acquire A1 Garage Door Service for around $2bn. (Reuters)

KKR has agreed to acquire A1 Garage Door Service for around $2bn. The residential garage door repair and replacement company is currently backed by Cortec Group, which invested growth capital in the business in 2022.

Founded in 2007, A1 operates across roughly 20 US states and has grown into one of the country’s largest residential garage door service providers. The acquisition expands KKR’s exposure to home services, where it also owns stakes in businesses including Neighborly and Groundworks.

Shell to acquire stakes in BP-operated Conifer and Tupinamba prospects. (Reuters)

Shell Offshore will acquire a 30% stake in BP-operated Conifer in the Gulf of Mexico and a 50% interest in the Tupinamba exploration block in Brazil’s Santos Basin.

BP will retain 70% of Conifer and 50% of Tupinamba and continue as operator of both assets. The transactions expand Shell’s exposure to upstream oil and gas projects as both companies prioritise growth in their hydrocarbon portfolios.

Thoma Bravo’s Proofpoint in talks to acquire Varonis. (Bloomberg)

Thoma Bravo-backed Proofpoint is in talks to acquire cybersecurity company Varonis Systems, in a potential take-private transaction that would rank among the largest technology deals since the software-sector selloff earlier in 2026.

Varonis has been working with advisers to assess takeover interest, while Proofpoint is negotiating potential terms. A deal could be announced in the coming weeks if discussions progress.

Fashion empire Azzas 2154 to split two years after failed merger. (Bloomberg)

Azzas 2154 plans to separate into two independent publicly listed companies, unwinding the structure created by the merger that formed the Brazilian fashion group in 2024.

The split follows a prolonged dispute among the company’s main shareholders over governance and strategy and is intended to give each business greater operational and strategic independence.

Barrick said to weigh delaying North America gold IPO to 2027. (Bloomberg)

Barrick Mining is considering postponing the IPO of its North American gold business until 2027, after previously targeting completion by the end of 2026.

The planned listing would separate Barrick’s North American assets into a standalone public company led by CEO Mark Hill, while Sebastiaan Bock would take charge of the group’s remaining operations.

EMEA

Apogee Enterprises to acquire GroGlass for €62.5m.

Apogee Enterprises, a US-based industrial company, agreed to acquire GroGlass, a producer of anti-reflective coatings on glass, for €62.5m ($72.4m), according to press releases.

Apogee is advised by Dorsey & Whitney and Ellex, according to press releases.

Private equity firms Carlyle, Bain, Oaktree readying bids for Serie A international media unit. (Reuters)

Carlyle, Bain, Oaktree and Nextalia are preparing bids for a 10% to 20% stake in a new Serie A vehicle that would hold the league’s international media rights, as well as overseas betting and sponsorship activities.

The business generates about €200m ($232m) in core earnings and could be valued at €3bn ($3.47bn) to €4bn ($4.63bn). Binding bids are due by 4 September, and any transaction would require approval from at least 14 of Serie A’s 20 clubs.

Elliott builds Deutsche Telekom stake, opposes T-Mobile deal. (Bloomberg)

Elliott Investment Management has built a sizeable stake in Deutsche Telekom and is pushing the company to abandon a potential merger with its US subsidiary T-Mobile US.

The activist investor is instead urging Deutsche Telekom to pursue other ways to increase shareholder value, including larger share buybacks, as it challenges the strategic rationale for a combination with T-Mobile.

Apax lines up about €1bn debt to buy Gerresheimer units. (Bloomberg)

Apax Partners is arranging about €1bn ($1.2bn) of debt financing to support its acquisition of two businesses from German packaging company Gerresheimer.

The financing is expected to consist of leveraged loans, including term debt and a revolving credit facility, with the debt likely to be syndicated to institutional investors later in 2026.

Chevron, Shell sign preliminary agreement with Ghana for oil and gas block. (Reuters)

Chevron and Shell have signed a non-binding agreement with Ghana National Petroleum Corporation covering potential production rights in the South Deepwater Tano Cape Three Points oil and gas block.

The memorandum sets a framework for negotiating final licence terms and remains subject to approvals. The talks come as Ghana reviews its upstream fiscal regime and seeks new investment to reverse declining oil production.

Netley Capital closes flagship tertiaries fund, bringing strategy commitments to $1.2bn. (Press Release)

Netley Capital has reached approximately $1.2bn in total committed deployable capital for its tertiaries strategy following the final close of Netley Capital Tertiaries Fund 1 at an extended hard cap. The debut fund was significantly oversubscribed.

The firm focuses on acquiring investor interests in secondary private equity funds, with exposure to mid- and large-cap global buyout strategies. Netley launched in September 2025 with $315m in commitments and has since attracted institutional investors and family offices.

APAC

ITP Media Group completes the acquisition of Heart Media Group.

ITP Media Group, a media companies in the Middle East, completed the acquisition of Heart Media Group, a luxury and lifestyle media house, according to press releases. Financial terms were not disclosed.

ITP Media Group was advised by duke+mir, according to press releases.

South Korea set to merge state-run energy firms to cut costs. (Bloomberg)

South Korea plans to merge Korea National Oil with Korea Gas as part of a broader restructuring of state-owned enterprises aimed at reducing costs and improving competitiveness amid rising energy demand.

The government will also combine five subsidiaries of Korea Electric Power, liquidate Korea Coal after the closure of its mines, and consolidate four regional port authorities.

Billionaire Birla unit’s buyout loan draws $2.5bn in bids. (Bloomberg)

Aditya Birla Group is seeking an INR140bn ($1.46bn) acquisition loan to finance its purchase of Shell’s renewable energy assets in India, and has attracted up to INR240bn ($2.5bn) in commitments from at least four banks.

Axis Bank and State Bank of India have each offered up to INR70bn ($729m), while Union Bank of India and Punjab National Bank have each committed around INR50bn ($521m). Final drawdowns are expected to be below these maximum commitments.

Air India closes in on $1.1bn financial aid from owners. (Bloomberg)

Air India is close to securing INR100bn ($1.1bn) in financial support from Tata Sons and Singapore Airlines as the carrier works through the impact of a difficult year.

The funding would be provided in instalments and tied to performance milestones, with contributions made in proportion to ownership. Tata Sons holds 74.9% of Air India, while Singapore Airlines owns the remaining 25.1%.

Tencent-backed Enflame IPO draws 6k times online demand. (Reuters)

Shanghai Enflame Technology’s IPO attracted orders worth 6.11k times the shares available in its online tranche, with more than 7m investor accounts participating. Strong demand prompted the company to reallocate 3.4m shares from the offline tranche to retail investors.

The Tencent-backed AI chipmaker priced its offering at CNY142.18 ($21.15) per share and is seeking to raise about CNY6.1bn ($908m) through the sale of 43m shares on Shanghai’s STAR Market. Enflame plans to use the proceeds to develop its fifth- and sixth-generation AI chips and related software and hardware.

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