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AMERICAS

Quad-C Management completes the investment in Thibaut.

Quad-C Management, a private equity firm, completed the investment in Thibaut, a wallpaper and wallcovering company, according to press releases. Financial terms were not disclosed.

Quad-C Management was advised by Robert W Baird and White & Case. Thibaut was advised by William Blair & Co and Jones Day, according to press releases.

Apollo Global Management completes the acquisition of a majority stake in Noble Environmental.

Apollo Global Management, an American asset management firm, completed the acquisition of a majority stake in Noble Environmental, a US-based waste management and environmental services company, according to press releases. Financial terms were not disclosed.

Apollo Global Management was advised by Latham & Watkins. Noble Environmental was advised by Vinson & Elkins (led by Matt Falcone) and Guggenheim Partners, according to press releases and MergerLinks data.

Zydus Lifesciences to acquire Assertio for $166.4m. (Press Release)

Assertio announced that its board approved a definitive agreement with Zydus Lifesciences to acquire all outstanding shares of the company for $23.50 per share in cash ($166.4m), following a competitive process under its prior merger agreement with Garda Therapeutics.

Assertio is advised by Moelis & Co, Gibson Dunn & Crutcher and Longacre Square Partners. Zydus Lifesciences is advised by Paul Weiss Rifkind Wharton & Garrison (led by Chelsea Darnell and Krishna Veeraraghavan), according to press releases and MergerLinks data.

Corient to acquire Capital Advisors.

Corient, a wealth management firm, agreed to acquire Capital Advisors, a registered investment advisor based in Oklahoma, according to press releases. Financial terms were not disclosed.

Corient is advised by StreetCred PR (led by Jimmy Moock). Capital Advisors is advised by Piper Sandler, according to press releases.

Inszone Insurance Services completes the acquisition of Smith & Company Insurance.

Inszone Insurance Services, an insurance brokerage company, completed the acquisition of Smith & Company Insurance, an insurance agency based in Arkansas, according to press releases. Financial terms were not disclosed.

Sundance Growth-backed Orbweaver completes the acquisition of Budde Marketing Systems.

Sundance Growth-backed Orbweaver, an enterprise-grade data automation and supply chain integration software provider, completed the acquisition of Budde Marketing Systems, a provider of POS data management and channel analytics services, according to press releases. Financial terms were not disclosed.

TA Associates to invest in Govineer Solutions.

TA Associates, a global private equity company, agreed to invest in Govineer Solutions, a provider of mission-critical software and payments solutions for local governments, according to press releases. Financial terms were not disclosed.

Insider One completes the acquisition of Bluecore.

Insider One, a marketing technology company, completed the acquisition of Bluecore, a retail marketing technology company that uses AI and machine learning to unify product catalog data with shopper behavior, according to press releases. Financial terms were not disclosed.

Jack Daniel’s maker Brown-Forman rejects $15bn takeover offer from Sazerac. (WSJ)

Brown‑Forman has rejected a $32‑per‑share cash takeover proposal from US spirits producer Sazerac, weeks after merger discussions with France’s Pernod Ricard ended without an agreement.

Brown‑Forman shares closed down 1% on May 12 at $26.56, well below the level implied by Sazerac’s offer.

TWO board unanimously rejects UWMC's latest illusory, predatory and unactionable proposal. (Press Release)

Two Harbors Investment has rejected a revised unsolicited proposal from UWM Holdings Corporation following a review by its board with the support of independent financial and legal advisers.

The board concluded that the revised proposal does not constitute a superior offer under the terms of Two Harbors’ amended merger agreement with CrossCountry Mortgage and is not expected to lead to a superior proposal.

Anthropic in talks to raise $30bn at $900bn valuation. (Bloomberg)

Anthropic is in early discussions with investors on a financing round that could raise at least $30bn, potentially marking the company’s largest capital raise to date.

The artificial‑intelligence company is exploring a transaction that would value it at more than $900bn before new funding. Talks are ongoing and the terms, timing and size of any deal have not been finalized.

Snowhawk announces final close of inaugural Digital Infrastructure Fund with approximately $1.3bn of total commitments. (Press Release)

Snowhawk has closed its first fund, Snowhawk Capital Digital Opportunities Fund I, with about $1.3bn in commitments, including capital raised through separate deal‑level co‑investments.

The fund will invest in digital‑infrastructure assets and services across North America, focusing on control‑oriented investments in lower‑middle‑market companies that support cloud computing, artificial intelligence, connectivity and technology‑enabled services.

S2G Investments closes $1bn Solutions Fund I to scale growth-stage companies across food & agriculture, energy, and oceans. (Press Release)

S2G Investments has closed its first Solutions Fund with $1bn in commitments, targeting growth‑stage investments across food and agriculture, energy and ocean‑related sectors.

The fund attracted capital from a mix of institutional investors, including pension funds, funds of funds and family offices across North America, Europe, Asia and Australia.

JP Morgan promotes trio of top bankers to lead dealmakers. (Bloomberg)

JP Morgan has appointed three executives to jointly lead its global investment banking business as part of a reorganization of the division’s senior management.

Dorothee Blessing, Kevin Foley and Jared Kaye were named co‑heads of global investment banking and will report to John Simmons and Filippo Gori, who jointly oversee the firm’s global banking division.

CVC announces appointment of John Hourican as Chief Financial Officer. (Press Release)

CVC Capital Partners has appointed John Hourican as chief financial officer and a member of the board, effective September 1, 2026. He will succeed Fred Watt, who is set to retire after nearly 20 years with the firm.

Hourican most recently served as chief executive of NewDay and previously held senior leadership roles at Bank of Cyprus, Royal Bank of Scotland and ABN AMRO Bank. He brings extensive experience across investment banking, retail banking and consumer finance.

EMEA

Coupa completes the acquisition of Rossum.

Coupa, a cloud-based platform focused on AI-driven business spend management for enterprises, completed the acquisition of Rossum, an intelligent document processing platform that automates data extraction and workflows for business documents, according to press releases. Financial terms were not disclosed.

Coupa was advised by Kirkland & Ellis. Rossum was advised by Guggenheim Partners and Orrick Herrington & Sutcliffe, according to press releases.

Hometree to acquire the home services division from OVO Energy.

Hometree, a fast-growing UK-based residential energy services company, agreed to acquire the home services division, including the CORGI HomePlan, a UK-based provider of boiler, heating and home emergency insurance, and CORGI HomeHeat, a UK-based service specializing in the installation of A-rated, energy-efficient boilers, from OVO Energy, a major UK-based energy supplier. Following completion, Pollen Street, a London-based private alternative asset manager, will hold a majority stake in the combined Hometree platform, according to press releases. Financial terms were not disclosed.

Hometree is advised by Nomura Greentech. Pollen Street is advised by Paul Weiss Rifkind Wharton & Garrison (led by Oliver Marcuse and Stefan Arnold-Soulby), according to MergerLinks data.

HIG Capital-backed Avanta Salud Integral to acquire Vitaly Group.

HIG Capital-backed Avanta Salud Integral, a Spain-based provider of occupational health and safety services, agreed to acquire Vitaly Group, a provider of occupational health and safety services in the Iberian Peninsula, according to press releases. Financial terms were not disclosed.

Vitaly Group is advised by Arcano Partners (led by Jorge Vasallo). HIG Capital and Avanta Salud Integral are advised by Paul Weiss Rifkind Wharton & Garrison (led by Roger Johnson and Hein Visser), according to MergerLinks data.

Thrive Capital led a $2.1bn Series B funding round in Isomorphic Labs.

Thrive Capital, an American venture capital firm, led a $2.1bn Series B funding round in Isomorphic Labs, a British multinational artificial intelligence company, with participation from Alphabet, GV, MGX, Temasek, CapitalG and the UK Sovereign AI Fund, according to press releases.

SAP completes the investment in n8n at a $5.2bn valuation.

SAP, a German-based multinational software company, completed the investment in n8n, a German software company and workflow automation platform, at a $5.2bn valuation, according to press releases.

UK's Intertek set to back $12.7bn EQT takeover bid after investor pressure. (Reuters)

Intertek said it is prepared to recommend a £9.4bn ($12.7bn) takeover proposal from Swedish private‑equity firm EQT after previously rejecting three bids and amid pressure from shareholders.

Shares in the product‑testing company rose as much as 8% to £57.20 ($77.5), their highest level in more than four years.

Providence Equity considers acquisition of Gamma Communications. (Bloomberg)

Gamma Communications has confirmed that Providence Equity Partners is among the parties exploring a potential acquisition of the London‑listed telecommunications services company.

The discussions are at a preliminary stage and there is no certainty that any offer will be made, Gamma said in a statement. The company added that it is continuing to engage with interested parties as part of the process.

EQT taps Qatari funding as bids for €8bn VW unit near. (Bloomberg)

EQT is seeking funding from the Qatar Investment Authority as it prepares a binding bid for Volkswagen’s large marine‑engine unit ahead of a deadline next month.

Volkswagen has asked bidders to submit the next round of offers for the Everllence business in early June. EQT is bidding as part of a consortium that includes the Qatar Investment Authority and Porsche Automobil Holding, both of which are major shareholders in Volkswagen.

FirstRand picks BofA, RMB to advise on sale of UK Aldermore unit. (Bloomberg)

FirstRand has appointed Bank of America and its investment‑banking arm, Rand Merchant Bank, as advisers to support the potential sale of its UK‑based subsidiary Aldermore Group as it looks to exit the European market.

The South African lender is using a dual‑adviser structure to broaden the pool of potential buyers for the specialist banking business, which it acquired in 2017.

Aramco targets raising over $10bn from property portfolio. (Bloomberg)

Saudi Aramco is exploring options to raise capital from its real‑estate portfolio, including a large campus that houses the company’s headquarters in the Eastern Province.

The energy group is evaluating a transaction that could generate at least $10bn, potentially through a sale‑and‑leaseback structure that would allow it to unlock capital while retaining use of the assets.

Ghana eyes buying sanctions-hit Lukoil’s stake in oil block. (Bloomberg)

Ghana is considering steps to acquire Lukoil's stake in an offshore oil block as it seeks greater control over future oil production in the country.

The government is assessing the use of pre‑emptive rights to purchase the Russian company’s 38% interest in the Deepwater Tano Cape Three Points block. Ghana has asserted a first‑right claim following Carlyle Group’s agreement earlier this year to acquire most of Lukoil’s international portfolio, which is expected to include the Ghanaian asset.

Uzbek State Fund rises in London debut after $604m IPO. (Bloomberg)

Uzbekistan’s national investment fund rose in its London trading debut after the government sold a $604m stake.

The fund’s global depositary receipts opened at $26 after the Ministry of Economy and Finance sold 23.4m units at a fixed price of $25 each, a statement showed. The ministry sold a 31% stake in the fund, known as UzNIF, across listings in London and Tashkent, valuing it at about $1.95bn.

Engineering firm TSK shares gain in Spain after €150m IPO. (Bloomberg)

Shares of TSK Electronica y Electricidad opened higher after the Spanish engineering firm raised €150m ($176m) in an initial public offering, marking the first sizeable main‑market listing in Spain this year.

The family‑owned company’s stock opened at €5.28 ($6.2) per share, about 5% above the IPO price of €5.05 ($5.93), which was set at the top of the marketed range.

BYD in talks with Stellantis and others about taking Europe plants. (Bloomberg)

BYD is in discussions with Stellantis and other European automakers about taking over underutilized manufacturing facilities in the region.

The electric‑vehicle maker is evaluating potential transactions involving plants in countries including Italy as part of its efforts to expand its manufacturing footprint in Europe.

UK veterinary group CVS targeted by activist investor. (FT)

CVS Group is facing pressure from activist investor Converium Capital to improve performance following the conclusion of a regulatory review into pricing practices in the UK veterinary sector.

The Montreal‑based fund has built a roughly 2% stake in the FTSE 250‑listed company and has warned it may seek to nominate board candidates if its demands are not addressed.

APAC

EQT to acquire Kakaku.com for $3.8bn.

EQT, an investment firm, agreed to acquire Kakaku.com, a Japanese company that operates a comparison shopping website, for $3.8bn, according to press releases.

EQT is advised by Mitsubishi UFJ Morgan Stanley Securities, according to MergerLinks data.

Blackstone drops $4bn New World deal over control clash. (Bloomberg)

Blackstone has withdrawn from a proposed $4bn transaction with New World Development after the Hong Kong property developer declined to relinquish control.

The decision brings an end to negotiations that had been under way for about a year and had slowed in recent months. Goldman Sachs advised Blackstone on the proposed transaction.

EDF said to plan sale of Chinese renewables amid nuclear shift. (Bloomberg)

Electricité de France is working with an adviser on a potential sale of its renewable‑energy assets in China as the French state‑owned utility refocuses on nuclear power projects in Europe.

EDF’s wind and solar portfolio in China could be valued at more than $500m. The company is sounding out interest from potential buyers, including Chinese firms, though the process is at an early stage and may not result in a transaction.

Japan’s regional bank M&A wave to create $74bn lender. (Bloomberg)

Two regional banks in central Japan are planning to integrate their operations as consolidation in the sector accelerates.

The combination of Aichi Financial Group and San ju San Financial Group would create a regional banking group with total assets exceeding JPY11.6tn ($74bn). The lenders said further details will be disclosed once arrangements are finalized.

Metis TechBio shares jump 127% as hot HK debuts extend run. (Bloomberg)

Metis TechBio rose about 127% in its Hong Kong trading debut after the biotechnology company raised HKD2.1bn ($270m) in an initial public offering.

The shares traded as high as HKD29.98 ($3.83) before closing at HKD23.80 ($3.04), compared with an offer price of HKD10.50, giving the company a market value of about $3.5bn. Impact Therapeutics Inc., which also began trading on May 13, rose about 108% after raising $108m in its IPO.

Boyu Capital plans to raise $3bn for new China fund. (Bloomberg)

Boyu Capital Investment Management is planning to raise $3bn for a new fund following its recent acquisition of a majority stake in Starbucks’ China business.

The private‑equity firm has begun approaching potential investors for the fund. The plans are at a preliminary stage and remain subject to change.

New BHP CEO Brandon Craig says Miner open to deals for growth. (Bloomberg)

BHP Group’s incoming chief executive has not ruled out acquisitions as part of the mining company’s long‑term growth strategy.

The company is prioritising copper when evaluating potential transactions, reflecting its focus on commodities linked to electrification and energy transition trends.

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