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Top Highlights
DoorDash, an American company operating online food ordering and food delivery, agreed to acquire Deliveroo, an online food delivery company, in a £2.9bn ($3.9bn) deal, according to press releases.
IonQ, an American provider of quantum computing hardware and software, completed the acquisition of 56.9% stake in ID Quantique, a provider of quantum key distribution (QKD) systems, from SK Telecom, a South Korean wireless telecommunications operator, for $228.4m, according to press releases.
IonQ was advised by ArentFox Schiff, Homburger, Wilson Sonsini Goodrich & Rosati (led by Austin Wolfe and Rich Mullen) and Joele Frank (led by Joele Frank). SK Telecom was advised by Lee & Ko, Lenz & Staehelin (led by Andreas Rotheli) and White & Case (led by Dongho Lee), according to press releases and MergerLinks data.
Great Hill Partners, a private equity firm, completed the acquisition of a majority stake in Vision Government Solutions, a provider of appraisal, CAMA, and property tax software and services, according to press releases. Financial terms were not disclosed.
Vision was advised by Shea & Co, Cooley and FGS Global. Great Hill was advised by Robert W Baird, Kirkland & Ellis (led by Nils Remole and Christian A. Atwood) and FGS Global. Rubicon Technology Partners was advised by Shea & Co, according to press releases and MergerLinks data.
Deal Round up
AMERICAS
EMEA
AB Foods in talks with Hovis owner over Allied Bakeries deal. ( Reuters)
Alpha Group rejects all-cash takeover proposal from US-based Corpay. ( Reuters)
Golden Goose markets €480m bond sale with IPO buyback option. ( Bloomberg)
Lone Star-backed Novo Banco targets possible IPO in June 2025. ( Bloomberg)
APAC
Japan’s SMBC nears deal to acquire 51% stake in India’s Yes Bank. ( Reuters)
F88, backed by Mekong Capital, targets Vietnam listing. ( Bloomberg)
Former Temasek India executives launch $400m growth equity fund. ( Bloomberg)
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AMERICAS
bluebird bio, Carlyle, SK Capital Partners, and Beacon Parent Holdings, announced on May 5 that all required regulatory approvals to complete the previously announced acquisition of the Company by Carlyle and SK Capital have been received.
General Atlantic, a global investor, agreed to acquire a minority stake in Liftoff, a provider of performance marketing and monetization solutions for the app economy, from Blackstone, a private equity firm, according to press releases. Financial terms were not disclosed.
Liftoff and Blackstone are advised by Goldman Sachs, Jefferies & Company and Simpson Thacher & Bartlett. General Atlantic is advised by Morgan Stanley and Paul Weiss Rifkind Wharton & Garrison, according to press releases and MergerLinks data.
Blackstone Products, a manufacturer of outdoor griddles and cooking accessories, completed the merger with Weber, a manufacturer of outdoor cooking equipments, according to press releases. Financial terms were not disclosed.
Weber was advised by Houlihan Lokey, BDT & MSD Partners and Kekst CNC (led by Todd Fogarty). Blackstone Products was advised by JP Morgan, according to press releases and MergerLinks data.
DoorDash, a global platform for local commerce, agreed to acquire SevenRooms, a global hospitality technology company, according to press releases. Financial terms were not disclosed.
SevenRooms is advised by William Blair & Co and Goodwin Procter. DoorDash is advised by A&O Shearman, according to press releases.
Navitas Wealth Advisors, a financial consultant, and VisionPoint Advisory Group, an independent registered investment advisor, completed the $3.7bn merger to form Balefire, an SEC Registered Investment Adviser and comprehensive wealth management firm, according to press releases.
Balefire was advised by Advisor Growth Strategies and Impact Communications, according to press releases.
AMETEK, a global provider of industrial technology solutions, agreed to acquire FARO Technologies, a provider of measurement devices, for $920m, according to press releases.
FARO Technologies is advised by Sapphire Investor Relations (led by Erica Mannion), according to press releases.
GenNx360 Capital Partners-backed Shenandoah, a provider of underground infrastructure services, completed the acquisition of Pro-Pipe, a sewer line inspection, assessment and rehabilitation company, from National Underground Group, a utility contractor, according to press releases. Financial terms were not disclosed.
GenNx360 Capital Partners and Shenandoah were advised by Winston & Strawn, according to press releases.
ConnectM, a provider of electrified equipment, mobility, and distributed energy, completed the acquisition of Air Temp Service, a provider of heating and cooling solutions, according to press releases. Financial terms were not disclosed.
ConnectM was advised by RedChip Companies (led by Dave Gentry), according to press releases.
Stephan Tetrault, a French-Canadian entrepreneur, completed the acquisition of GameStop Canada, a video game retailer, from GameStop, an American video game, consumer electronics, and gaming merchandise retailer, according to press releases. Financial terms were not disclosed.
Stephan Tetrault was advised by HNA Capital Group, according to press releases.
OpenAI, an AI research and deployment company, agreed to acquire Windsurf, an AI-powered code editor and IDE that provides tools for writing, editing, and managing code, for $3bn, according to press releases.
Castle Biosciences, a company improving health through innovative tests that guide patient care, agreed to acquire Previse, a gastrointestinal health company with a primary focus on chronic acid reflux related diseases, according to press releases. Financial terms were not disclosed.
DHL Supply Chain, a logistics provider, completed the acquisition of IDS Fulfillment, a logistics and fulfillment company. Financial terms were not disclosed.
EMEA
ADNOC is expected to gain unconditional EU antitrust clearance for its €14.7bn ($16.6bn) acquisition of German chemicals company Covestro, marking the largest deal in the Abu Dhabi oil giant’s history.
The transaction highlights efforts by Middle Eastern countries to diversify investments and reduce reliance on oil as the global shift toward cleaner energy accelerates.
Rieter, a supplier of installations for manufacturing yarns from short-staple fibers, agreed to acquire Barmag, a manufacturer for manmade fiber spinning systems and texturing machines, from OC Oerlikon, a materials and surface solutions provider, for CHF713m ($866m), according to press releases.
Rieter is advised by Alantra and Lenz & Staehelin (led by Tino Gaberthuel and Simone Ehrsam). OC Oerlikon is advised by UBS and Homburger (led by Daniel Hasler), according to press releases and MergerLinks data.
Lineage, a global temperature-controlled warehouse REIT, completed the acquisition of Permanor, a provider of cold storage and logistics solutions in Norway, according to press releases. Financial terms were not disclosed.
Lineage was advised by Seven Lakes Partners and MikeWorldWide, according to press releases.
Durable Capital Partners, Altimeter Capital, and General Catalyst led a $120m Series C round in Parloa, an agentic AI company, with participation from EQT Ventures, RPT Capital, Senovo, and Mosaic Ventures, according to press releases.
Parloa was advised by Chameleon Collective (led by Michelle Barry), according to press releases.
Main Capital Partners-backed PeakAvenue, a provider of a comprehensive platform for quality management processes, agreed to acquire APIS Informationstechnologien, a provider of FMEA and risk analysis software, according to press releases. Financial terms were not disclosed.
APIS is advised by Taylor Wessing (led by Christian Traichel), according to press releases and MergerLinks data.
Juniper Square, a provider of partnership enablement for the private funds industry, completed the acquisition of Forstone Luxembourg, a certified public accountant, according to press releases. Financial terms were not disclosed.
Forstone is advised by A&O Shearman, according to press releases and MergerLinks data.
Dover Corporation, an American conglomerate manufacturer of industrial products, agreed to acquire Sikora, a provider of precision measurement, inspection, and control solutions for production processes, for €550m ($623m), according to press releases.
Arthur J. Gallagher, a US-based global insurance brokerage and risk management services firm, completed the acquisition of Aspera, an insurance and reinsurance brokerage firm, according to press releases. Financial terms were not disclosed.
AB Foods in talks with Hovis owner over Allied Bakeries deal. ( Reuters)
Associated British Foods is in discussions with private equity firm Endless about a potential deal involving its Allied Bakeries division, which could unite two major UK bread brands, Kingsmill and Hovis.
AB Foods, the owner of Primark, has been reviewing strategic options for the loss-making Allied Bakeries business following the loss of a key contract with supermarket giant Tesco.
Alpha Group rejects all-cash takeover proposal from US-based Corpay. ( Reuters)
Alpha Group International, a UK-based financial services provider, has rejected an all-cash takeover proposal from US business payments firm Corpay.
Corpay, which provides solutions for vendor payments, had approached Alpha Group last week with interest in a potential acquisition.
Golden Goose markets €480m bond sale with IPO buyback option. ( Bloomberg)
Golden Goose, the Italian luxury sneaker brand, is marketing €480m ($543m) in floating-rate notes to refinance existing debt, including a clause allowing it to repurchase the bonds if it proceeds with an IPO within the next year.
Initial pricing guidance is in the low 400 basis points over the benchmark. The offering gives the company flexibility as it explores a potential return to public markets.
Lone Star-backed Novo Banco targets possible IPO in June 2025. ( Bloomberg)
Novo Banco, the Portuguese lender backed by Lone Star, is progressing with preparations for a potential initial public offering, aiming for a listing as early as June 2025.
Bourke stated that June remains the target, but if market conditions are unfavourable, the IPO could be postponed to September.
APAC
TPG, a private equity firm, agreed to acquire 35% stake in SCHOTT Poonawalla, a provider of packaging solutions for the pharmaceutical and biotech industries, from Serum Institute of India, an Indian multinational biotechnology and biopharmaceuticals company, according to press releases. Financial terms were not disclosed.
TPG Capital is advised by Jefferies & Company, AZB & Partners and Edelman. Serum Institute of India is advised by J. Sagar Associates, according to press releases.
Greater Sum Ventures, a private equity firm, completed the majority investment in MyVenue, an event venue point-of-sale (POS) technology, according to press releases. Financial terms were not disclosed.
MyVenue was advised by TI Partners, according to press releases.
British International Investment, the UK’s development finance institution and impact investor, completed the $100m investment in ReNew Energy, a decarbonisation solutions company, according to press releases.
Japan’s SMBC nears deal to acquire 51% stake in India’s Yes Bank. ( Reuters)
Sumitomo Mitsui Banking Corp (SMBC) is nearing an agreement to acquire a 51% stake in Indian lender Yes Bank.
If completed, the transaction could become one of the largest deals in India’s banking sector, where foreign acquisitions remain uncommon.
F88, backed by Mekong Capital, targets Vietnam listing. ( Bloomberg)
F88, backed by Mekong Capital, plans to list its shares on Vietnam’s Unlisted Public Company Market as early as July 2025, with plans to begin trading on the Ho Chi Minh City Stock Exchange within two years.
The company had previously aimed to list on UpCom in 2023 and on the Ho Chi Minh City exchange in 2024. Tuan confirmed that F88 now meets the requirements to operate as a public company.
Former Temasek India executives launch $400m growth equity fund. ( Bloomberg)
Padmanabh Sinha and Vibhor Kumar Talreja, former Temasek executives, have launched LaunchBay Capital, a growth equity firm focused on India.
The firm is targeting a $400m fundraising from both international and domestic institutional investors, including $100m to $150m allocated for co-investment capital.
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