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Daily Review is our daily roundup of M&A news. Announcements, rumors, insights, and data before your morning coffee. Subscribe and never miss a beat with MergerLinks.
30 May 2025

EagleTree Capital completes the investment in NuTrail.

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e.l.f. Beauty to acquire rhode for $1bn.
 
e.l.f. Beauty, a company specializing in cosmetics and skincare, agreed to acquire a majority stake in rhode, a company focused on skincare and hybrid makeup, for $1bn, according to press releases.

e.l.f. Beauty is advised by Latham & Watkins (led by Mark Bekheit and Tad Freese). rhode is advised by JP Morgan, Moelis & Co, Cravath Swaine & Moore (led by Faiza Saeed and Cole DuMond), Skadden Arps Slate Meagher & Flom (led by Glen Mastroberte), and Derris (led by Lena Griffin), according to press releases.
 
EagleTree Capital completes the investment in NuTrail.

EagleTree Capital, a private equity firm, completed the investment in NuTrail, a firm producing no sugar added nut granola that is gluten-free and non-GMO, according to press releases. Financial terms were not disclosed.

NuTrail was advised by Ernst & Young, Houlihan Lokey and Winston & Strawn. EagleTree Capital was advised by Alvarez & Marsal and Jones Day (led by Emily Cai, Andrew M. Levine and Charles N. Bensinger III), according to press releases and MergerLinks data.
 
Vista Equity Partners to acquire Acumatica from EQT.

Vista Equity Partners, a company specializing in enterprise software investments, agreed to acquire Acumatica, a company focused on cloud-native ERP solutions for small and mid-sized businesses, from EQT, a private equity firm, according to press releases. Financial terms were not disclosed.

Acumatica is advised by Moelis & Co, Simpson Thacher & Bartlett, and Communique PR (led by Megan Nielson). Vista Equity Partners is advised by Greenberg Traurig, according to press releases.
 
Deal Round up
 
AMERICAS
 
FTC conditionally approves Synopsys’ $34bn Ansys deal. (Bloomberg)

Surge Ventures-backed SurgeONE.ai completes the acquisition of MGL Consulting.
 
Karman Space & Defense completes the acquisition of Industrial Solid Propulsion.
 
LLR Partners completes the investment in TruTechnologies.

TotalMed to merge with TNAA.
 
Zscaler to acquire Red Canary.

Genesis Bank cleared to acquire Excel Bank. (Press Release)
 
IG4 Capital in talks to invest in Brazil's Rio Alto Energias. (Reuters)
 
EMEA
 
Cobepa-backed Ascential completes the acquisition of Eurodommages.
 
Shell to acquire 12.5% stake in Bonga oilfield from TotalEnergies for $510m.
 
FountainVest seeks $1.32bn in Arc’teryx maker share sale. (Bloomberg)

Sweden’s Snigel plots IPO as European defense boom fuels growth. (Bloomberg)

Saudi Arabia’s wealth fund is said to explore tech unit’s IPO. (Bloomberg)
 
APAC
 
NTT Docomo to acquire 65.81% stake in SBI Sumishin Net Bank from SBI for JPY420bn.
 
Top Thai wind power firm to fund $2bn spending by IPO. (Bloomberg)
COMPANIES

Acumatica

Ansys

Ascential

e.l.f. Beauty

eEquity AB

Eurodommages

Karman

NTT Docomo

SBI 

Shell

SIT

Snigel

Synopsys

TotalEnergies

Zscaler

 

INVESTORS

Cobepa

EagleTree Capital

EQT

FountainVest

IG4 Capital

LLR Partners

PIF

Surge Ventures

Vista Equity

 

FINANCIAL ADVISORS

Alvarez & Marsal

Bank of America

Cambon Partners

Citigroup

Ernst & Young

Evercore

Houlihan Lokey

JP Morgan

KAL Capital Markets

Moelis & Co

PwC

Qatalyst Partners 

Rothschild & Co

UBS

 
LEGAL ADVISORS

Cleary Gottlieb

Cravath

Delaby & Dorison

DLA Piper

Fried Frank

Goodwin Procter

Holland & Knight

Jones Day

Latham & Watkins

McAfee & Taft

Morrison & Foerster

Paul Weiss

Proskauer Rose

Simpson Thacher

Skadden

Willkie Farr

Winston & Strawn

WLRK

 

PR ADVISORS

Brunswick Group

Communique PR

Derris

FGS Global

Haven Tower 

Joele Frank 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
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AMERICAS
 
FTC conditionally approves Synopsys’ $34bn Ansys deal. (Bloomberg)
 
The FTC has approved Synopsys’ $34bn acquisition of Ansys contingent on both companies selling certain assets to Keysight Technologies. Synopsys will divest its optical and photonic software tools, while Ansys will sell a power analysis product.

Ansys is advised by Qatalyst Partners (led by Frank Quattrone and George Boutros), Goodwin Procter (led by Stuart Cable, Lisa Haddad, and James Ding), Skadden Arps Slate Meagher & Flom (led by Mike Ringler), and Joele Frank (led by Matthew Sherman). Qatalyst Partners is advised by Morrison & Foerster (led by Spencer Klein). Synopsys is advised by Evercore (led by Naveen Nataraj), Cleary Gottlieb Steen & Hamilton (led by Paul Shim, Christopher Moore, and Benet O'Reilly), Brunswick Group, FGS Global (led by John Christiansen). Evercore is advised by Paul Weiss Rifkind Wharton & Garrison, according to press releases and MergerLinks data.

Surge Ventures-backed SurgeONE.ai completes the acquisition of MGL Consulting.

Surge Ventures-backed SurgeONE.ai, a company specializing in AI-powered compliance and cybersecurity solutions, completed the acquisition of MGL Consulting, a company focused on compliance consulting, according to press releases. Financial terms were not disclosed.
 
SurgeONE.ai is advised by McAfee & Taft (led by Josh Smith) and Haven Tower Group (led by Mitch Manning). MGL Consulting is advised by Kamps Legal (led by Julie E. Kamps), according to press releases.
 
Karman Space & Defense completes the acquisition of Industrial Solid Propulsion.

Karman Space & Defense, an American fabricator of space and defense systems, completed the acquisition of Industrial Solid Propulsion, a specialty energetic propulsion technologies provider, according to press releases. Financial terms were not disclosed.

Industrial Solid Propulsion was advised by KAL Capital Markets. Karman Space & Defense was advised by Citigroup and Willkie Farr & Gallagher, according to press releases.
 
LLR Partners completes the investment in TruTechnologies.

LLR Partners, a private equity firm, completed the investment in TruTechnologies, provider of real-time clinical trial oversight, according to press releases. Financial terms were not disclosed.

TruTechnologies was advised by Bank of America and Wachtell Lipton Rosen & Katz (led by Matthew M. Guest). LLR Partners was advised by DLA Piper, according to press releases and MergerLinks data.

TotalMed to merge with TNAA.

TotalMed, a company specializing in healthcare staffing and workforce solutions, agreed to merge with Travel Nurse Across America (TNAA), a company focused on travel nurse and allied health staffing, according to press releases. Financial terms were not disclosed.
 
TotalMed is advised by UBS and Fried Frank Harris Shriver & Jacobson, according to press releases. 
 
Zscaler to acquire Red Canary.

Zscaler, a cloud security company, agreed to acquire Red Canary, a provider of managed detection and response services to help organizations defend against cyber threats, according to press releases. Financial terms were not disclosed.

Red Canary is advised by JP Morgan, according to press releases and MergerLinks data.

Genesis Bank cleared to acquire Excel Bank. (Press Release)

Genesis Bank announced it has received all required regulatory and shareholder approvals to complete its planned acquisition of Excel Bank, a tradename of EH National Bank. The deal, first announced on February 13, 2025, is expected to close by mid-June 2025.

Genesis Bank is advised by Holland & Knight, according to press releases and MergerLinks data. 
 
IG4 Capital in talks to invest in Brazil's Rio Alto Energias. (Reuters)

A new fund managed by IG4 Capital is in advanced negotiations with creditors of Brazilian renewable energy firm Rio Alto Energias Renovaveis to restructure its debt and inject capital into the business.

Rio Alto, which focuses on developing and operating solar energy projects, has a portfolio exceeding 1.8 GW in operational and pipeline assets. The company has been working to avoid bankruptcy proceedings amid financial difficulties.
 
EMEA
 
Cobepa-backed Ascential completes the acquisition of Eurodommages.

Cobepa-backed Ascential, a British-headquartered global company, specialising in events, intelligence and advisory services, completed the acquisition of Eurodommages, an automotive insurance brokerage firm, according to press releases. Financial terms were not disclosed.

Eurodommages was advised by PricewaterhouseCoopers (led by Céline
Appel
), Cambon Partners (led by Guillaume Eymar), Proskauer Rose (led by Xavier Norlain) and Willkie Farr & Gallagher (led by Gabriel Flandin). Ascential was advised by Rothschild & Co (led by Philippe Dubois de Montreynaud), Delaby & Dorison (led by Emmanuel Delaby), Valoren and PricewaterhouseCoopers, according to press releases and MergerLinks data.
 
Shell to acquire 12.5% stake in Bonga oilfield from TotalEnergies for $510m.

Shell, a company specializing in oil and gas exploration and production, agreed to acquire a 12.5% stake in the Bonga oilfield from TotalEnergies, a company focused on integrated energy operations, for $510m, according to press releases.
 
FountainVest seeks $1.32bn in Arc’teryx maker share sale. (Bloomberg)

FountainVest Partners is seeking to raise up to $1.32bn through the sale of about 35m shares in Amer Sports at a price range of $37.20 to $37.73 per share. 

The sale represents roughly half of its stake in the sporting goods maker, whose brands include Arc’teryx. FountainVest was part of the group that acquired Amer in 2019 for $5.2bn.

Sweden’s Snigel plots IPO as European defense boom fuels growth. (Bloomberg)

Swedish defense equipment maker Snigel is considering a stock market listing in 2026 as demand for its tactical gear rises amid heightened defense spending across Europe.

The privately held firm, known for supplying backpacks and bulletproof vests to elite military units, was valued at about SEK500m ($51.9m) earlier this year following a funding round in which eEquity AB emerged as its largest shareholder.

Saudi Arabia’s wealth fund is said to explore tech unit’s IPO. (Bloomberg)

Saudi Arabia’s Public Investment Fund is exploring a potential initial public offering of its wholly-owned technology firm, Saudi Information Technology.
 
Banks have been invited to pitch for roles on the possible listing. The process remains at an early stage, with key details such as the offer size and timeline still under discussion. The move is part of the kingdom’s broader push to generate capital for its economic diversification strategy.
 
APAC
 
NTT Docomo to acquire 65.81% stake in SBI Sumishin Net Bank from SBI for JPY420bn.

NTT Docomo, a company specializing in mobile telecommunications, agreed to acquire a 65.81% stake in SBI Sumishin Net Bank, a company focused on internet banking services, from SBI, a financial services company, for JPY420bn ($2.9bn), according to press releases.
 
Top Thai wind power firm to fund $2bn spending by IPO. (Bloomberg)

Wind Energy Holding, Thailand’s largest wind power producer, plans to invest THB65bn ($2bn) to nearly triple its generation capacity to 2k MW by 2037, up from the current 700 MW.

To support the expansion, the company intends to go public. It is also exploring new project opportunities in the Philippines, according to CEO Nuttpasint Chet-Udomlap.
 

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