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AMERICAS

Hg Capital completes a $500m investment in Rightsline.

Hg Capital, an investor in European and transatlantic technology and services businesses, completed a $500m investment in Rightsline, a provider of rights and royalties management software for IP-intensive industries, according to press releases.

Hg Capital was advised by RBC Capital Markets, Latham & Watkins and PricewaterhouseCoopers. Rightsline was advised by AQ Technology Partners, Brown Rudnick and Goodmans, according to press releases.

Imperial Brands completes the acquisition of Black Buffalo for $150m.

Imperial Brands, a UK‑based global consumer goods company focused on tobacco and nicotine products, completed the acquisition of Black Buffalo, a US-based producer of nicotine products designed as tobacco‑free alternatives to traditional smokeless tobacco, for $150m, according to press releases.

Imperial Brands was advised by Morgan Stanley, KPMG and White & Case. Black Buffalo was advised by Goldman Sachs and Paul Weiss Rifkind Wharton & Garrison (led by Nickolas Bogdanovich and James E. Langston), according to press releases and MergerLinks data.

Lovell Minnick-backed Xactus completes the acquisition of the Mortgage Credit Link platform of MeridianLink.

Lovell Minnick-backed Xactus, a fintech specializing in verification solutions for the mortgage and financial services industries, completed the acquisition of the Mortgage Credit Link platform of MeridianLink, a technology company that provides cloud-based digital lending and account opening software for financial institutions, according to press releases. Financial terms were not disclosed.

Xactus was advised by JP Morgan, McDonald Hopkins and Kirkland & Ellis. Lovell Minnick was advised by Prosek Partners, according to press releases.

Periscope Equity completes the investment in Amusement Connect.

Periscope Equity, a private equity firm, completed the investment in Amusement Connect, a provider of cashless payment and arcade management solutions that allow entertainment venues to replace physical coins and tokens with reloadable digital game cards and mobile wallets, according to press releases. Financial terms were not disclosed.

Periscope Equity was advised by Bigelow and MiddleM Creative (led by Jan Morris). Debt financing was provided by Western & Southern Financial, according to press releases.

Bregal Sagemount completes the investment in LSPedia.

Bregal Sagemount, a private equity firm, completed the investment in LSPedia, a provider of mission-critical compliance, traceability, and supply chain software to the pharmaceutical industry, according to press releases. Financial terms were not disclosed.

Bregal Sagemount was advised by Goodwin Procter. LSPedia was advised by Koley Jessen, according to press releases.

Eastwood Homes completes the acquisition of Peachtree Building Group.

Eastwood Homes, a Charlotte-based residential homebuilder, completed the acquisition of Peachtree Building Group, an Atlanta-based residential homebuilder, according to press releases. Financial terms were not disclosed.

Eastwood Homes was advised by JTW Advisors and Williams Parker, according to press releases.

Astorg-backed CordenPharma to acquire AmbioPharm.

Astorg-backed CordenPharma, a global contract development and manufacturing organization, agreed to acquire AmbioPharm, a pharmaceutical manufacturing company specializing in peptide drug ingredients, according to press releases. Financial terms were not disclosed.

AmbioPharm is advised by BNP Paribas, according to press releases.

The existing investors led a $250m Series F round in Stord.

The existing investors, including Strike Capital, Kleiner Perkins, Founders Fund, Franklin Templeton, Baillie Gifford, G Squared, Bond, Lux and others, led a $250m Series F round in Stord, a cloud supply chain firm, according to press releases.

Webster investors approve $12bn purchase by Santander. (Bloomberg)

Shareholders of Webster Financial have approved the $12bn takeover proposal by Banco Santander, clearing a key remaining condition for the transaction.

The approval was confirmed following an extraordinary shareholder meeting, with Webster set to release detailed voting results in due course.

GFL, Secure win shareholder OK for merger in defeat for Abrams. (Bloomberg)

GFL Environmental and Secure Waste Infrastructure have received shareholder approval for their proposed merger, despite opposition from investor Abrams Capital Management.

A significant majority of votes cast at a special meeting supported the transaction, with about 140m shares in favor and 35m against. The companies are expected to release final voting results in due course.

Wall Street awaits GameStop CEO Cohen's next move after eBay rejected takeover bid. (Reuters)

GameStop chief executive Ryan Cohen indicated he remains open to pursuing an acquisition of eBay after the e‑commerce company rejected a roughly $56bn unsolicited takeover proposal, describing it as unattractive.

Cohen had offered $125 per share in a proposal comprising cash and stock, with the cash portion supported by GameStop’s $9.4bn cash reserves and a non‑binding debt financing commitment of up to $20bn. The feasibility of securing investment‑grade financing for the combined entity remains uncertain.

TrueBlue board of directors unanimously rejects unsolicited proposal from HireQuest for On-Demand business. (Press Release)

TrueBlue has rejected an unsolicited, non‑binding proposal from HireQuest to acquire the On‑Demand segment of its PeopleReady business for $105m in cash.

The company’s board unanimously determined not to pursue the proposal following its review of the offer.

Greenbriar-backed Applied Aerospace seeks $682.5m in IPO. (Bloomberg)

Applied Aerospace & Defense, a space and defense engineering company backed by Greenbriar Equity Group, is seeking to raise up to $682.5m in an initial public offering.

The Huntsville, Alabama‑based firm plans to offer 32.5m shares at a price range of $18 to $21 each. At the top of the range, the company would have a market value of about $3.6bn based on the outstanding shares listed in its filing with the US Securities and Exchange Commission.

SpaceX investor Powerlaw to debut on Nasdaq as IPO race heats up. (Bloomberg)

Powerlaw, a closed‑end fund holding stakes in companies including SpaceX and OpenAI, is set to begin trading on Nasdaq without raising new capital, offering public‑market exposure to private technology assets.

About 20% of the company’s 43.24m outstanding shares will be freely tradable at listing, with the remainder scheduled to be released over the following six months, based on information disclosed in a regulatory filing.

Copper startup Quilla is in IPO talks ahead of Peru mining expansion. (Bloomberg)

Quilla Resources, a copper exploration and development company, is in discussions with prospective advisers regarding a potential listing of its shares in Toronto.

The company is evaluating an initial public offering as part of broader plans to support the expansion of its operations in Peru. Deliberations are ongoing, and any decision on timing, structure and size of a potential listing has not yet been finalized.

Lululemon ends proxy battle with founder Chip Wilson. (Reuters)

Lululemon Athletica has reached an agreement with founder Chip Wilson to resolve a boardroom dispute by granting him two board seats.

In return, Wilson has agreed not to publicly challenge the company for 18 months as it prepares for leadership transition under a new chief executive.

EMEA

Highlander Partners-backed MONZA-ARES to merge with Brain Institute.

Highlander Partners-backed MONZA-ARES, a Romanian operator of specialized cardiology health centers, agreed to merge with Brain Institute, a Romanian private medical center specializing in advanced cerebral neurosurgery, ENT, and robotic spine surgery, according to press releases. Financial terms were not disclosed.

MONZA-ARES is advised by Quest Partners, TS Partners, Radu Taracila Padurari Retevoescu and Contradiction. Debt financing is provided by Raiffeisen. Brain Institute is advised by Mitel & Partners and Taxhouse, according to press releases.

PipeChain completes the acquisition of Quyntess.

PipeChain, a Swedish cloud software company specializing in digital supply chain management, completed the acquisition of Quyntess, a Dutch supply chain software company, according to press releases. Financial terms were not disclosed.

PipeChain was advised by DLA Piper. Quyntess was advised by Marktlink and Fruytier Lawyers in Business, according to press releases.

A consortium of investors led a $240m Series A round in Focused Energy.

A consortium of investors including RWE, Federal Agency for Breakthrough Innovation SPRIN-D, EIC Fund, and Prime Movers Lab, led a $240m Series A round in Focused Energy, a German-American deep-tech company developing commercial laser-driven nuclear fusion power plants, according to press releases.

Focused Energy was advised by Fink & Fuchs (led by Patrick Rothwell), according to press releases.

AkzoNobel shares jump after $14.5bn Nippon Paint, Sherwin-Williams Bid. (WSJ)

Akzo Nobel has rejected a takeover proposal valued at about €12.49bn ($14.53bn) from rival Nippon Paint as it continues to pursue plans to combine with Axalta Coating Systems.

Shares in Akzo Nobel rose by as much as 21% in European trading following the development, while Axalta shares also moved higher. Nippon Paint shares declined in Tokyo trading.

CVC sells Naturgy stake for $3.57bn. (WSJ)

CVC Capital Partners has sold its stake in Naturgy Energy Group, raising €3.07bn ($3.57bn), weeks after BlackRock exited its investment in the Spanish energy company.

Rioja Acquisition, a vehicle controlled by CVC, sold an 11.08% stake in Naturgy at €28.55 ($33.2) per share. The price represents a discount of about 4.6% to the company’s prior closing price.

Bolloré CEO says Ackman’s offer for Universal Music is too low. (Bloomberg)

Bolloré has indicated that Bill Ackman’s offer for Universal Music Group undervalues the company and should be rejected.

The French conglomerate, which is the largest shareholder in UMG, made its first public comments on the proposal during its capital markets day following Ackman’s approach in April.

In tussle with NLB, Raiffeisen wins takeover target Addiko's endorsement. (Reuters)

Adiko Bank has expressed support for Raiffeisen Bank’s takeover offer despite a higher competing bid from Nova Ljubljanska banka, citing greater certainty of completion.

Nova Ljubljanska banka has offered €29 ($33.7) per share, valuing Addiko at about €566m ($658m), compared with Raiffeisen Bank’s €26.50 ($30.8) per share proposal. Addiko noted that the rival bid lacks sufficient shareholder backing and faces regulatory hurdles, while both offers remain subject to acceptance thresholds and run until July 22.

Russia fails again to sell stake in gold miner UGC. (Reuters)

Russia has failed for a second time to auction a stake in gold producer Uzhuralzoloto that was seized in 2025, complicating efforts to raise funds amid budget pressures.

A Russian court ruled in July 2025 that a majority stake in the company, previously held by businessman Konstantin Strukov, should be transferred to the state as part of a broader wave of asset nationalisations.

Brussels set to open in-depth probe into JD.com’s takeover of Ceconomy. (FT)

EU authorities are set to open an in‑depth foreign subsidies investigation into JD.com’s proposed acquisition of German electronics retailer Ceconomy, marking an escalation in scrutiny of Chinese investment in the region.

The probe would be the first detailed review of a Chinese takeover under the EU’s foreign‑subsidies framework and comes ahead of broader discussions among European policymakers on relations with China.

Defense billionaire’s father builds new business on CSG model. (Bloomberg)

The founder of CSG is seeking to raise up to €200m ($233m) this year to expand his industrial group following the company’s initial public offering earlier this year.

The capital is expected to be raised through a new investment fund and would support growth across CE Industries, which comprises 34 companies active in areas including military equipment refurbishment and industrial services.

United Group founder sues BC Partners firms over news assets. (Bloomberg)

The founder of United Group has filed a lawsuit in the UK against entities backed by BC Partners in an effort to block a potential sale of the company’s news business, escalating a dispute over the telecoms and media group.

Entities controlled by Dragan Šolak and former chief executive Victoriya Boklag allege that BC Partners has initiated a process to sell part of the business to Alpac Capital without the required consent under a shareholder agreement. The transaction has not been completed and has not been formally announced.

APAC

ProLogium to go public via SPAC merger with Translational Development Acquisition at a valuation of $3.8bn.

ProLogium, an energy innovation company dedicated to the development and manufacturing of next-generation lithium ceramic batteries, agreed to go public via SPAC merger with Translational Development Acquisition, a special purpose acquisition company, at a valuation of $3.8bn, according to press releases.

ProLogium is advised by Cohen & Company Capital Markets, Credit Agricole, LCS & Partners, Sullivan & Cromwell and Weber Shandwick. Translational Development Acquisition is advised by BTIG and Venable, according to press releases.

India said to prepare $1bn LIC stake sale in June 2026. (Bloomberg)

India is preparing to begin formal marketing for June 2026 for a share sale in Life Insurance Corporation of India that could raise up to INR 100bn ($1bn).

The government plans to sell a stake of about 2% in the state‑run insurer through a transaction expected in late June or early July, targeting institutional investors.

India seeks to sell $531m stake in top coal miner. (Bloomberg)

The Indian government plans to sell up to a 2% stake in Coal India through a secondary share sale that could raise about $531m.

The offer involves up to 123.25m shares, including a greenshoe option, and is scheduled to run from May 27 to May 29. The sale has a floor price of INR412 ($4.31) per share, representing a discount of about 10% to the latest closing price.

Qualcomm strikes AI chip deal with TikTok owner ByteDance. (Bloomberg)

Qualcomm has reached an agreement with ByteDance to supply chips for artificial‑intelligence data centers, marking a strategic expansion beyond its traditional smartphone processor business.

ByteDance plans to procure application‑specific integrated circuits to support its AI‑driven services, including software built around AI agents.

ByteDance weighs capex of as much as $70bn in AI Push. (Bloomberg)

ByteDance is evaluating a significant increase in capital expenditure as it expands its artificial‑intelligence capabilities and global infrastructure footprint.

The company is considering spending up to $70bn this year on data centers and related AI infrastructure, with funding supported in part by operating profits generated in 2025.

AustralianSuper appoints new Chief Investment Officer. (Press Release)

AustralianSuper has appointed Shaun Manuell as its next chief investment officer.

Manuell has led the fund’s Australian equities team for 13 years, overseeing the growth of internally managed equities from AUD1bn ($716m) to AUD100bn ($71bn).

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