EQT and GIC completes the acquisition of majority stake in Calisen from Global Infrastructure Partners, Goldman Sachs Alternatives and Mubadala at a $5bn valuation.

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AMERICAS

EQT to acquire Crown Castle's Small Cells Solutions Business for $4.25bn.

EQT, a private equity firm, agreed to acquire Crown Castle's Small Cells Solutions Business, a digital infrastructure provider specializing in small cell networks, for $4.25bn, according to press releases.

EQT is advised by JP Morgan, TD Securities and Kirkland & Ellis (led by John D. Pitts and Ben Hardison). Crown Castle is advised by Bank of America, Morgan Stanley and Paul Weiss Rifkind Wharton & Garrison (led by Andrew Krause, Nickolas Bogdanovich and Scott Barshay), according to press releases and MergerLinks data.

Broad Sky Partners completes the acquisition of Commonwealth Electrical Technologies.

Broad Sky Partners, a private equity firm, completed the acquisition of Commonwealth Electrical Technologies, an electrical contractor and energy solutions company, according to press releases. Financial terms were not disclosed.

CET was advised by FMI Capital Advisors and Kirkland & Ellis. Broad Sky Partners was advised by Berenson & Co, Stifel, Greenberg Traurig and Prosek Partners (led by Jacqueline Ryan), according to press releases.

AGIC Capital completes the acquisition of Solmetex from Avista Healthcare Partners.

AGIC Capital, a global private equity firm, completed the acquisition of Solmetex, a provider of dental products, systems, and consumables, from Avista Healthcare Partners, a private equity firm, according to press releases. Financial terms were not disclosed.

Solmetex was advised by Houlihan Lokey and Robert W Baird. AGIC Capital was advised by White & Case. Avista Healthcare was advised by Willkie Farr & Gallagher and Kekst CNC (led by Daniel Yunger), according to press releases.

Brighton Park completes the investment in HITRUST.

Brighton Park, an investment firm focused on entrepreneur-led, growth-stage companies in software and healthcare, completed the investment in HITRUST, a provider of information security assurance for risk management and compliance, according to press releases. Financial terms were not disclosed.

HITRUST was advised by Harris Williams & Co, Katten Muchin Rosenman and Kesselring Communications (led by Lelsie Kesselring). Brighton Park was advised by Paul Weiss Rifkind Wharton & Garrison and FGS Global, according to press releases.

Partners Group to acquire a portfolio of energy transition-focused assets from Avenue Golden Continuation Fund for $2.2bn.

Partners Group, a private equity firm, agreed to acquire a portfolio of energy transition-focused assets from Avenue Golden Continuation Fund, a fund managed by Avenue and operated by Middle River Power, for $2.2bn, according to press releases.

Avenue Capital is advised by Guggenheim Partners, Morgan Stanley, Latham & Watkins and Kekst CNC (led by Todd Fogarty), according to MergerLinks data and press releases.

Triton International to acquire Global Container International from Wafra in a $1bn deal.

Triton International, a lessor of intermodal freight containers, agreed to acquire Global Container International, a marine container leasing company, from Wafra, an investment management firm, in a $1bn deal, according to press releases.

Global Container International is advised by Goldman Sachs and Sidley Austin. Triton International is advised by Skadden Arps Slate Meagher & Flom (led by Eric C. Otness). Wafra is advised by Prosek Partners, according to press releases and MergerLinks data.

Navigator Global Investments to acquire a 23.5% stake in 1315 Capital for $71m.

Navigator Global Investments, an investment management company, agreed acquire a 23.5% stake in 1315 Capital, a private equity firm, for $71m, according to press releases.

1315 Capital is advised by Ardea Partners and Ropes & Gray (led by Paul Van Houten). NGI is advised by Fried Frank Harris Shriver & Jacobson and Sodali & Co (led by Ryan Thompson), according to press releases.

Aldaron Partners and True Wind Capital complete the acquisition of DCM Services.

Private equity firms Aldaron Partners and True Wind Capital completed the acquisition of DCM Services, a provider of estate and specialty account recovery solutions, according to press releases. Financial terms were not disclosed.

DCM Services was advised by Houlihan Lokey, Greenberg Traurig and Rubenstein Associates. Aldaron Partners and True Wind Capital were advised by Orrick Herrington & Sutcliffe, according to press releases.

PSG to invest in Lightkeeper.

PSG, a growth equity firm specializing in software and technology-enabled services, agreed to invest in Lightkeeper, a provider of data, analytics, risk management, and reporting solutions for investment managers. Financial terms were not disclosed, according to press releases.

Lightkeeper is advised by Houlihan Lokey, Mintz Levin and Prosek Partners. PSG is advised by Weil Gotshal and Manges (led by Emily Willey and David Gail), according to press releases and MergerLinks data.

Sixth Street to invest in San Francisco Giants.

Sixth Street, a global investment firm, agreed to invest in San Francisco Giants, a professional baseball team, according to press releases. Financial terms were not disclosed.

San Francisco Giants is advised by The Raine Group and Pillsbury Winthrop Shaw Pittman. Sixth Street is advised by PJT Partners and Latham & Watkins, according to MergerLinks data and press releases.

RRJ Capital to invest $600m in Vista Global.

RRJ Capital, a private equity firm, agreed to invest $600m in Vista Global, a private aviation group, according to press releases.

Vista Global is advised by Jefferies & Company. RRJ Capital is advised by UBS and Debevoise & Plimpton (led by Geoffrey P. Burgess), according to MergerLinks data and press releases.

Permira completes the acquisition of Encore Fire Protection from Levine Leichtman Capital Partners.

Permira, a global investment firm, completed the acquisition of Encore Fire Protection, a company focused on fire protection services, from Levine Leichtman Capital Partners, a private equity firm specializing in middle-market investments. Financial terms were not disclosed, according to press releases.

Levine Leichtman was advised by Harris Williams, Robert W Baird and Kirkland & Ellis, according to press releases and MergerLinks data.

Petershill completes the investment in Frazier Healthcare Partners.

Petershill, a company that specializes in minority investments in leading alternative asset managers, completed the investment in Frazier Healthcare Partners, a healthcare-focused private capital firm, according to press releases. Financial terms were not disclosed.

Frazier was advised by Houlihan Lokey and Kirkland & Ellis. Petershill was advised by Fried Frank Harris Shriver & Jacobson, according to press releases.

GIC completes the minority investment in Cimed.

GIC, Singapore's Sovereign Wealth Fund, completed the minority investment in Cimed, a pharmaceutical firm that provides vitamins and nutrition, beauty and hygiene, medicines, and dermo-cosmetic products, according to press releases. Financial terms were not disclosed.

Cimed was advised by JP Morgan and Spinelli Advogados, according to MergerLinks data and press releases.

Forward Consumer Partners completes the acquisition of a majority stake in Bar Keepers Friend.

Forward Consumer Partners, a private investment firm, completed the acquisition of a majority stake in Bar Keepers Friend, a household cleaning product manufacturer, according to press releases. Financial terms were not disclosed.

Bar Keepers Friend was advised by Lewis Rice. Forward Consumer was advised by Kirkland & Ellis, according to press releases.

SoftBank Group to acquire Ampere Computing from Carlyle and Oracle for $6.5bn.

SoftBank Group, a multinational investment holding company, agreed to acquire Ampere Computing, an independent silicon design company, from Carlyle, a private equity firm, and Oracle, a computer software company, for $6.5bn, according to press releases.

SoftBank Group is advised by FGS Global, according to press releases.

General Atlantic to invest $500m in Nerdio.

General Atlantic, a global growth investor, agreed to invest $500m in Nerdio, an automated end-user computing platform, with participation from Lead Edge Capital and StepStone, according to press releases.

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

Pearl Energy Investments completes a $60m investment in Wild Basin Energy.

Pearl Energy Investments, a private equity firm specializing in the North American energy sector, completed a $60m investment in Wild Basin Energy, a company focused on acquiring natural gas minerals and royalties in the Haynesville Basin, according to press releases.

Pearl Energy Investments was advised by Willkie Farr & Gallagher (led by Tony Johnston and J. Holt Foster), according to press releases.

Walgreens Chair Pessina to increase stake after $10bn Sycamore takeover. (Financial Times)

Walgreens Boots Alliance Executive Chair Stefano Pessina will nearly double his stake in the US pharmacy group to 30% as part of its $10bn acquisition by private equity firm Sycamore.

Pessina, currently Walgreens’ largest shareholder with 17%, will inject additional capital into the company as part of the deal.

Citi and Apollo structure $3.5bn private credit financing for Boeing’s $7bn Jeppesen sale. (Bloomberg)

Citigroup and Apollo Global Management are offering $3bn to $3.5bn in private credit financing for Boeing’s Jeppesen navigation unit sale, expected to generate around $7bn. This marks a key test of the Citi-Apollo private credit partnership, which aims to fund $25bn in deals over five years. The financing, structured as staple financing, provides bidders with a pre-arranged funding option but remains optional.

Jeppesen has drawn interest from corporate buyers RTX and Honeywell International, as well as private equity firms Carlyle Group, Thoma Bravo, and Warburg Pincus. The deal has advanced to the second bidding round, with potential buyers considering Citi-Apollo’s credit solution. The initiative highlights the growing role of private credit in large M&A transactions.

This financing model enables Citi and Apollo to provide flexible funding alternatives, reducing reliance on traditional syndicated loans. Boeing’s Jeppesen divestment aligns with its strategy to streamline operations and focus on core aerospace assets.

Carlyle seeks buyers for Colombian oil producer. (Reuters)

Carlyle is looking for a buyer for its Colombian oil producer, SierraCol, in a deal valued at approximately $1.5bn.

SierraCol was established in 2020 after Carlyle acquired assets from Occidental Petroleum. With a production of 45k barrels of oil equivalent per day, it is the largest independent producer in Colombia.

KKR explores the acquisition of New Mexico utility owner TXNM. (Bloomberg)

KKR is considering an acquisition of TXNM Energy, the owner of New Mexico’s largest utility. TXNM has been working with an adviser to evaluate a potential sale after receiving takeover interest.

Takeover discussions have taken place in recent weeks, though no final decision has been made. The potential deal aligns with KKR’s ongoing investments in the energy and infrastructure sectors.

CVC is interested in buying Mubadala-backed Fortress. (Bloomberg)

CVC Capital Partners is exploring a potential acquisition of Fortress Investment Group as it looks to expand in private credit.

The European private equity firm has held discussions with Fortress and its majority owner, Abu Dhabi’s Mubadala Investment, though talks are not currently active.

Historically, CVC has worked with Rothschild & Co, Ernst & Young, Freshfields Bruckhaus Deringer and Clifford Chance, according to MergerLinks data.

KKR veteran joins Blue Owl to lead global family office expansion. (Press Release)

A former executive from KKR & Co global wealth unit has joined Blue Owl Capital to enhance its services for ultra-high-net-worth clients.

Blake Shorthouse will serve as global head of family capital at the New York-based firm. Based in London, he will report to James Clarke, global head of Blue Owl’s institutional business.

EMEA

Foresight to acquire Harmony Energy Income Trust for £191m.

Foresight, an investment manager in real assets and providing capital for growth with extensive experience of investing in energy transition, renewables and infrastructure projects, offered to acquire Harmony Energy Income Trust, a UK-based investment trust, investing in a diversified portfolio of utility-scale energy storage and renewable energy generation assets in Great Britain, for £191m ($247m), according to press releases.

HEIT is advised by Panmure Liberum (led by Chris Clarke and Tim Medak), Stifel (led by Mark Young), Gowling WLG and Camarco (led by Eddie Livingstone-Learmonth). Foresight is advised by RBC Capital Markets (led by Mark Rushton), Ashurst and H/Advisors Maitland (led by Sam Turvey), according to press releases.

Apollo to acquire OEG from Oaktree Capital.

Apollo, a global alternative asset manager, agreed to acquire a majority stake in OEG Energy Group, an offshore energy solutions business, from Oaktree Capital, a global investment firm, according to press releases. Financial terms were not disclosed.

OEG is advised by White & Case. Apollo is advised by Santander and Vinson & Elkins (led by Dan Komarek). Oaktree Capital is advised by Goldman Sachs, Gibson Dunn & Crutcher (led by Will Summers), Latham & Watkins and FGS Global (led by Rory King and Hannah Ratcliff), according to MergerLinks data and press releases.

Mirova to invest €50m in GreenWay.

Mirova, an investment manager dedicated to sustainable investing, agreed to invest €50m ($55m) in GreenWay, an electric vehicle charging service provider, according to press releases.

GreenWay is advised by Rothschild & Co, AKF Legal, Athena Legal, WKB Wiercinski Kwiecinski Baehr, Wozniak Legal and Deloitte, according to MergerLinks data and press releases.

Baltic Cable and Equitix to acquire Greenlink from Partners Group for €1bn.

Baltic Cable, an electric utility company, and Equitix, an international investor, developer and fund manager in infrastructurem, agreed to acquire Greenlink, a 504 megawatt subsea electricity interconnector linking Great Britain and Ireland, from Partners Group, a private equity company, for €1bn ($1.08bn), according to press releases.

Partners Group is advised by UBS, Arthur Cox and Clifford Chance, according to press releases.

Latour Capital to acquire Lynxeo from Nexans for €525m.

Latour Capital, a France-based private equity fund, agreed to acquire Lynxeo, a powerhouse in specialty industrial cables, from Nexans, a global company in the cable and optical fibre industry, for €525m, according to press releases.

Nexans is advised by JP Morgan, Bredin Prat and Havas (led by Mael Evin), according to press releases.

Qualitas Energy and Mirova to form Italian Renewable Platform.

Qualitas Energy, a fund manager focused on renewable energy, energy transition and sustainable infrastructure, and Mirova, an asset management company, agreed to form Italian Renewable Platform, a joint venture dedicated to owning, developing, building, and operating up to 250 MW of renewable energy projects in Italy, according to press releases. Financial terms were not disclosed.

Mirova is advised by KPMG and Watson Farley & Williams. Qualitas Energy is advised by Green Horse, according to press releases.

Wabtec to acquire Dellner Couplers from EQT for $960m.

Wabtec, a provider of equipment solutions and value-added services for the freight and transit rail industries, agreed to acquire Dellner Couplers, a Swedish original equipment manufacturer of train connection systems, from EQT, a private equity firm, for $960m, according to press releases.

Wabtec is advised by Jones Day (led by Julia V. Feldman and Robert Profusek). EQT is advised by JP Morgan, according to press releases and MergerLinks data.

IK Partners to acquire a minority stake in Seventeen Group.

IK Partners, a European private equity firm specializing in investments across various sectors, agreed to acquire a minority stake in Seventeen Group, a UK-based independent insurance and risk management organization. Financial terms were not disclosed.

IK Partners is advised by Willkie Farr & Gallagher (led by Eduardo Fernandez and Philip Coletto), according to MergerLinks data and press releases.

Investcorp to acquire a majority stake in Miebach.

Investcorp, a private equity firm, agreed to acquire a majority stake in Miebach, a global provider of supply chain and logistics consultancy services, according to press releases. Financial terms were not disclosed.

ADNOC considers $10bn acquisition of Mubadala's energy assets. (Bloomberg)

Abu Dhabi National Oil is reportedly exploring the acquisition of energy assets from Mubadala Investment, a sovereign wealth fund, in a deal valued at approximately $10bn. Discussions commenced late last year but have recently stalled due to valuation disagreements. Talks are expected to resume after Ramadan, with both parties expressing interest in reaching an agreement.

This potential acquisition aligns with Abu Dhabi's strategy to consolidate state holdings in specific industries, keeping ownership within the emirate. Mubadala, managing approximately $330bn in assets, has been shifting focus towards healthcare, finance, and technology, indicating a willingness to divest parts of its energy portfolio.

KKR-Warburg Pincus group submits non-binding bid for Gerresheimer. (Reuters)

A consortium including KKR and Warburg Pincus has submitted a non-binding offer for Gerresheimer, a manufacturer of injection pens for weight loss drugs like Wegovy.

The bid is close to €90 ($98) per share, valuing the company at nearly €3.1bn ($3.37bn), compared to its €2.65bn ($2.88bn) market capitalization as of Friday's close.

Liberty Global eyes Vodafone’s $2.18bn exit from Dutch joint venture VodafoneZiggo. (Bloomberg)

Liberty Global has approached Vodafone Group to acquire its 50% stake in their Dutch joint venture, VodafoneZiggo. Discussions have been ongoing for several months, with Vodafone's stake potentially valued at over €2bn ($2.18bn).

VodafoneZiggo, established in 2016, offers fixed, mobile, and integrated communication services across the Netherlands. Liberty Global is currently Vodafone's third-largest shareholder, following the Emirates Investment Authority and BlackRock.

These talks occur as European telecom companies advocate for relaxed merger regulations to facilitate consolidation and support investments in areas like 5G. Both Vodafone and Liberty Global have declined to comment on the discussions.

Ackman’s Pershing Square offloads €1.3bn in Universal Music Group. (Reuters)

Billionaire investor Bill Ackman's Pershing Square has sold a 2.7% stake in Universal Music Group, generating around €1.3bn ($1.4bn). This transaction reduces Pershing Square's holding in UMG from approximately 27% to 17% of its portfolio, though UMG remains its largest position.

The sale aligns with Pershing Square's earlier request for UMG to pursue a secondary listing in the United States, a move intended to enhance the company's visibility and attract a broader investor base.

Ardian nears €1bn acquisition of renewable energy firm Akuo. (Bloomberg)

Ardian, a prominent private equity firm, is reportedly close to finalizing a deal to acquire Akuo Energy, a French renewable energy company, for approximately €1bn ($1.1bn).

This potential acquisition aligns with Ardian's strategy to expand its investments in the renewable energy sector, reflecting a broader trend of increased interest in sustainable energy assets amid growing global demand for clean power.

TPG said to offer over €800m for unit of Italy’s Nexi. (Bloomberg)

TPG Capital has submitted an offer exceeding €800m ($870m) for the digital banking solutions unit of Italy’s Nexi.

Italian state lender Cassa Depositi e Prestiti has also expressed interest in the business, highlighting the government's view that the infrastructure may hold national strategic importance.

Adient, AIP, and FountainVest express interest in acquiring ZF Lifetec. (Bloomberg)

ZF Friedrichshafen is considering the sale of its airbags and seat belts division, ZF Lifetec, which has attracted interest from several potential buyers, including automotive supplier Adient, private equity firm American Industrial Partners, and investment company FountainVest Partners. The transaction is anticipated to be valued in the multi-billion euro range.

Discussions are ongoing, and while these firms have shown interest, there is no certainty that a deal will be finalized. The potential sale underscores the strategic importance of automotive safety components in the industry.

BayWa deal with EIP for renewable energy unit falls through. (Press Release)

German agricultural trading group BayWa will retain majority ownership of its renewable energy unit, after an initial agreement with Energy Infrastructure Partners collapsed.

The Munich-based company is now in discussions with its core banks, its subsidiary and major shareholders to secure capital and guarantees for BayWa until the end of its restructuring phase.

ProSieben delays General Atlantic deal amid takeover speculation. (PE Insights)

ProSieben’s supervisory board has postponed a decision on a deal that would grant General Atlantic a minority stake, instructing management to renegotiate terms before reconsideration.

The delay adds uncertainty to ProSieben’s asset restructuring, closely watched by private equity investors. General Atlantic, a co-investor in the broadcaster’s digital portfolio, holds stakes in Verivox, Flaconi, and ParshipMeet Group. ProSieben has been working to divest these assets, but General Atlantic’s blocking rights have complicated sales.

Reggeborgh acquires 3.04% stake in ABN Amro. (Reuters)

Dutch investment fund Reggeborgh has acquired a 3.04% stake in ABN Amro, one of the Netherlands' leading banks. This acquisition positions Reggeborgh as the fifth-largest investor in ABN Amro, following the Dutch state, MFS Investment Management, Norway's NBIM, and BlackRock.

Prior to this investment, Reggeborgh agreed to sell its 17.6% stake in Dutch private wealth manager Van Lanschot Kempen to ING. ABN Amro was nationalized during the 2008 financial crisis, and the Dutch state has been gradually reducing its ownership, currently holding a 32.4% stake.

H&F picks Goldman Sachs, Morgan Stanley for Verisure IPO. (Bloomberg)

Private equity firm Hellman & Friedman has appointed banks to lead the initial public offering of security group Verisure, which could be one of Europe’s largest listings in recent years.

Goldman Sachs and Morgan Stanley have been selected as global coordinators for the IPO. The listing process is underway, and details may still evolve.

Stada plans IPO launch soon. (Reuters)

German pharmaceutical company Stada is preparing to launch its initial public offering soon, testing Europe's equity markets.

Majority-owned by private equity firms Bain Capital and Cinven, the drug manufacturer aims to issue an intention to float on the Frankfurt stock exchange this week if market conditions remain stable.

Pantheon raises $1.1bn for latest GP-led private equity secondaries program. (Press Release)

Pantheon has closed its Pantheon Secondary Opportunities Fund II and related vehicles with total commitments of $1.1bn, nearly doubling the size of its $624m predecessor program.

PSOF II focuses on investing in companies with strong growth and value creation potential, managed by managers with strong alignment in continuation vehicles. The strategy leverages Pantheon’s expertise in secondaries investments, particularly GP-led transactions, and its deep mid-market specialization.

bd-capital raises €430m for the second fund. (Press Release)

bd-capital, a pan-European, operator-led investment firm, has successfully closed its second fund, bd-capital Fund 2, at €430m ($468m), exceeding its initial target of €350m ($380m) by over 20% in less than twelve months.

The fund attracted commitments from a diverse group of institutional investors, including insurance companies, pension funds, sovereign wealth funds, and family offices, with significant contributions from Europe, the Middle East, and North America.

Adara Ventures secures first close of €100m AV4 Fund, focusing on cybersecurity, AI & digital infrastructure. (Press Release)

Adara Ventures, a European venture capital firm focused on early-stage deep tech investments, announced the first close of its fourth flagship fund, AV4, targeting €100m ($108m) in capital commitments.

The fund aims to generate strong returns across key sectors, including cybersecurity, applied AI, digital infrastructure, hardware components, digital health and space.

APAC

Keensight Capital to acquire NIOX Group for $417m.

Keensight Capital, a private equity firm, offered to acquire NIOX Group, a medical device company focused on point of care asthma diagnosis, for $417m, according to press releases.

NIOX is advised by Singer Capital Markets (led by Jen Boorer) and Lazard (led by Vasco Litchfield), according to press releases and MergerLinks data.

Bain Capital to acquire an 18% stake in Manappuram Finance for $508m. (Reuters)

Bain Capital, a private investment firm, is set to acquire an 18% stake in Manappuram Finance, an Indian non-banking financial company, for $508m.

Warburg Pincus to acquire a 6.6% stake in New Frontier Health from Fosun for $124m.

Warburg Pincus, a private equity firm, agreed to acquire a 6.6% stake in New Frontier Health, the operator of United Family Healthcare, from Fosun, a Chinese drugmaker, for $124m, according to press releases.

Khazanah in talks to acquire INCJ's 21% stake in Edotco for approximately $400m. (Bloomberg)

Malaysia's sovereign wealth fund, Khazanah Nasional Bhd, is in talks to acquire Innovation Network Corporation of Japan's 21% stake in Edotco Group, a leading telecommunications infrastructure company. Financial details of the transaction were not disclosed; however, INCJ's initial investment in Edotco in 2016 was valued at $400m.

This strategic move underscores Khazanah's commitment to advancing Malaysia's digital infrastructure and economic growth. The acquisition also reflects the strong relationship between Malaysia and Japan, as INCJ reaches the end of its investment mandate.

Business BlackRock fund’s forfeited China towers to be sold at 40% loss. (Bloomberg)

A China office complex previously owned by a BlackRock fund is nearing a sale at a discount of more than 40%, leading to losses for the US asset manager and the banks backing the deal.

After BlackRock’s fund opted to forgo payments on a syndicated loan, the property was forfeited to lenders led by Standard Chartered, which has since been seeking buyers. The sale process is ongoing, and terms may still change.

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