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AMERICAS

PowerGEM completes the acquisition of Marquette Energy Analytics.

PowerGEM, a power grid and energy market simulation software and services provider, completed the acquisition of Marquette Energy Analytics, an energy demand forecasting company, according to press releases. Financial terms were not disclosed.

Marquette Energy Analytics was advised by Husch Blackwell and Taureau Group. PowerGEM was advised by Goodwin Procter, according to press releases.

Apollo completes the investment in T.D. Williamson.

Apollo, an asset management firm, completed the investment in T.D. Williamson, a provider of pipeline infrastructure technology and services, according to press releases. Financial terms were not disclosed.

T.D. Williamson and SCF Partners were advised by Vinson & Elkins (led by William Matthew Strock). Apollo was advised by Kirkland & Ellis (led by Stephen Noh and Adam Larson), according to press releases and MergerLinks data.

Omega Funds, Atlas Venture, Lightspeed Venture Partners, BVF Partners, and Cormorant Asset Management led a $177m Series A round in Antares Therapeutics.

Investment firms Omega Funds, Atlas Venture, Lightspeed Venture Partners, BVF Partners, and Cormorant Asset Management led a $177m Series A round in Antares Therapeutics, a biotechnology company developing first-in-class precision medicines for cancer and other serious diseases, with participation from Vinyanshu Ventures, Abingworth, Invus, Tenmile, Vida Ventures, and Willett Advisors, according to press releases.

Antares Therapeutics was advised by Precision AQ, according to press releases.

Teknor Apex completes the acquisition of Danimer Scientific.

Teknor Apex, a plastic material science solutions company, completed the acquisition of Danimer Scientific, a bioplastics company focused on the development and production of biodegradable materials, according to press releases. Financial terms were not disclosed.

Teknor Apex was advised by SIY Communications, according to press releases.

Ryman Hospitality Properties completes the acquisition of JW Marriott Phoenix Desert Ridge Resort & Spa for $865m.

Ryman Hospitality Properties, a lodging and hospitality real estate investment trust, completed the acquisition of JW Marriott Phoenix Desert Ridge Resort & Spa, a hotel in Phoenix, Arizona, for $865m, according to press releases.

Sixth Street completes the $200m investment in Wealthbox.

Sixth Street, a global investment firm, completed the $200m investment in Wealthbox, a CRM software platform for financial advisors, according to press releases.

DoorDash to acquire Symbiosys for $175m.

DoorDash, an online food ordering and food delivery company, agreed to acquire Symbiosys, a retail media platform, for $175m, according to press releases.

Wellington Management led a $150m Series F round in Glean.

Wellington Management, an investment management company, led a $150m Series F round in Glean, an AI-powered work assistant, with participation from Khosla Ventures, Bicycle Capital, Geodesic Capital, Archerman Capital, Altimeter, Capital One Ventures, Citi, Coatue, DST Global, General Catalyst, ICONIQ, IVP, Kleiner Perkins, Latitude Capital, Lightspeed Venture Partners, Sapphire Ventures, and Sequoia Capital, according to press releases.

Voyager Technologies raises $382.8m in US IPO. (Reuters)

Voyager Technologies raised $382.8m in its US IPO, selling approximately 12.35m shares at $31 each, pricing above the marketed range of $26–$29. The strong pricing reflects heightened investor interest as global military spending increases and demand rises for advanced space and defense technologies.

Proceeds from the IPO will support the company’s continued development of mission-critical systems for defense and aerospace applications. Voyager’s product offerings are positioned to benefit from defense modernization efforts and growing public and private investment in space infrastructure.

Acorn Capital closes single-asset continuation fund for Sentry Aerospares. (Press Release)

Acorn Capital Management has closed a single-asset continuation fund to extend its investment in Sentry Aerospares, a firm operating in the aerospace sector. The continuation fund allows Acorn to maintain and expand its partnership as Sentry pursues global growth opportunities. Financial details of the transaction were not disclosed.

Kline Hill Partners and LSV Advisors co-led the transaction, providing new capital that will support Sentry's ongoing expansion and operational initiatives. The structure offers liquidity to existing investors while enabling Acorn to remain invested in the company’s growth trajectory.

EMEA

KKR-Stonepeak raise bid in battle for UK's Assura to $2.3bn. (Reuters)

KKR and Stonepeak raised their bid for UK healthcare property firm Assura to £1.7bn ($2.3bn), beating a rival offer from Primary Health Properties.

The new bid is all-cash, requires no divestments, and offers a 39% premium over Assura’s value before the initial approach.

Assura is advised by Barclays (led by Bronson Albery), Lazard (led by Cyrus Kapadia), Stifel (led by Mark Young), Travers Smith, and FGS Global (led by Gordon Simpson). KKR is advised by Jefferies & Company (led by Thomas Forrow and Tom Yeadon), Bowmans, Simpson Thacher & Bartlett (led by Amy Mahon), and FGS Global (led by Faeth Birch). Primary Health Properties is advised by Citigroup (led by James Ibbotson and Robert Redshaw), Deutsche Numis (led by Stuart Ord and Ben Stoop), JP Morgan, Peel Hunt (led by Henry Nicholls), Rothschild & Co (led by Alex Midgen), CMS, and Sodali & Co (led by Rory Godson), according to press releases.

WSP to acquire Ricardo for £363.1m.

WSP Global, a Canadian consulting firm, agreed to acquire Ricardo, a global strategic, environmental and engineering consultancy, for £363.1m ($490m), according to press releases.

WSP is advised by RBC Capital Markets and Linklaters, according to press releases.

Oakley Capital completes the acquisition of a majority stake in G3.

Oakley Capital, a pan-European private equity investor, completed the acquisition of a majority stake in G3, a global strategic advisory consultancy, according to press releases. Financial terms were not disclosed.

Oakley Capital was advised by Simpson Thacher & Bartlett (led by James Howe). G3 was advised by Jefferies & Company, according to press releases and MergerLinks data.

Oakley Capital completes the acquisition of a majority stake in Join Business Management Consulting.

Oakley Capital, a pan-European, mid-market private equity investor, completed the acquisition of a majority stake in Join Business Management Consulting, an Italian management and IT consultancy firm, according to press releases. Financial terms were not disclosed.

Join Business Management Consulting was advised by Mediobanca, according to press releases and MergerLinks data.

Georgian, Greenoaks, and Lightspeed Venture Partners led a $540m Series E round in Cyera.

Investment firms Georgian, Greenoaks, and Lightspeed Venture Partners led a $540m Series E round in Cyera, a data security company, according to press releases.

Cherry Ventures and Balderton Capital led a $150m Series A round in Proxima Fusion.

Cherry Ventures and Balderton Capital, venture capital firms, led a $150m Series A round in Proxima Fusion, a European fusion energy company, with participation from UVC Partners, DeepTech & Climate Fonds, Plural, Leitmotif, Lightspeed, Bayern Kapital, HTGF, Club degli Investitori, Omnes Capital, Elaia Partners, Visionaries Tomorrow, Wilbe, and redalpine, according to press releases.

CKI seeks re-entry into Thames Water auction after bidder exit. (Sky News)

Hong Kong-based CK Infrastructure has requested to rejoin the auction process for Thames Water following the withdrawal of a preferred bidder. In a letter to Thames Water Chairman Sir Adrian Montague, CKI asked for access to due diligence materials and indicated it could submit a formal bid within six weeks.

The move comes as Thames Water faces mounting financial distress, increasing the risk of potential nationalization. CKI’s renewed interest reflects its long-standing investment appetite for UK utility assets and willingness to move quickly as the bidding landscape shifts.

BPCE leads the race to acquire Lone Star-backed Novo Banco. (Bloomberg)

French banking group BPCE has emerged as the frontrunner to acquire Portugal's Novo Banco from Lone Star Funds. BPCE has pulled ahead of rival bidder CaixaBank and is currently negotiating deal terms with Lone Star, though no final agreement has been reached.

Lone Star continues to weigh alternatives, including a potential IPO for Novo Banco, while parallel sale discussions are ongoing. The transaction could mark a significant exit for Lone Star, which acquired control of Novo Banco in 2017 during Portugal’s post-crisis banking sector restructuring.

Long Harbour prepares £700m bid for PRS REIT with secured financing. (Sky News)

Long Harbour has lined up financing to pursue a £700m ($891m) acquisition of PRS REIT, a UK suburban housing investment trust that began a formal sale process earlier this year. The approach follows Long Harbour securing backing from a major financial partner to support the potential transaction.

PRS REIT, which focuses on private rented suburban homes, has attracted takeover interest as the sector continues to consolidate amid ongoing demand for stable rental housing investments. Long Harbour’s bid underscores institutional appetite for residential assets with predictable income streams.

Adnoc studies the potential acquisition of BP assets amid breakup speculation. (Bloomberg)

Abu Dhabi National Oil is assessing the possibility of acquiring select BP assets. The evaluation follows speculation that BP may face pressure to divest certain units or pursue a broader breakup, creating acquisition opportunities for strategic buyers.

Adnoc has begun internal reviews and held preliminary discussions with bankers regarding potential transactions. The company is also exploring the option of partnering with other bidders to jointly acquire and divide specific BP assets, depending on how any divestiture process unfolds.

APAC

Tencent Music to acquire Ximalaya for $2.4bn. (DealStreetAsia)

Tencent Music, an online music and audio entertainment platform, agreed to acquire Ximalaya, a long-form online audio platform, for $2.4bn, according to DealStreetAsia.

Bain, KKR, Lone Star advance in $2.8bn bidding for Sapporo real estate unit. (Bloomberg)

Bain Capital, KKR, and Lone Star have moved into the second round of bidding for Sapporo Holdings’ real estate division. The unit is expected to fetch over JPY400bn ($2.8bn), with final bids due by August and a transaction target set for year-end.

The divestment is part of Sapporo’s strategy to optimize its portfolio and unlock capital amid ongoing consolidation in Japan’s real estate market. Competition among global private equity firms highlights continued investor appetite for stable property assets in Japan.

Starbucks receives strong interest in China business stake sale. (FT)

Starbucks has attracted significant interest from potential investors for a stake in its China business. The US coffee chain is exploring strategic options as part of efforts to reinvigorate sales in China, which remains its second-largest market globally.

The company has not disclosed specific bidders or terms, but Niccol emphasized the volume of interest received thus far. The potential sale could provide Starbucks with capital and partnership opportunities to strengthen its China operations amid a highly competitive market environment.

General Mills explores the sale of Häagen-Dazs China stores for several hundred million. (Bloomberg)

General Mills is considering the sale of its Häagen-Dazs ice cream store operations in China as it confronts sales challenges in the market. The company has hired an adviser to assist with the potential transaction, which could launch later this year.

The assets could fetch several hundred million dollars, though discussions are at a preliminary stage. The potential divestiture reflects General Mills' broader strategic reassessment of its international operations as competition and shifting consumer trends continue to affect growth in China.

ICICI Prudential Asset Management nears $1.2bn IPO filing in India. (Bloomberg)

ICICI Prudential Asset Management, a joint venture of Prudential in India, is preparing to file for an IPO that may raise up to INR100bn ($1.2bn). The firm is expected to submit its draft red herring prospectus to the Indian regulator within the next three to four weeks.

The offering could value the company at approximately $12bn, making it one of the country’s most significant financial listings this year. ICICI Prudential has hired 17 lead managers to handle the IPO process, underscoring the scale and complexity of the transaction.

Meesho plans $700m–$800m IPO filing in Mumbai backed by SoftBank. (Bloomberg)

Meesho, the Indian e-commerce platform backed by SoftBank, is preparing to confidentially file for an IPO in Mumbai in the coming weeks, according to sources. The company is expected to target a capital raise between $700m and $800m through the offering, subject to final market conditions and regulatory approvals.

The move comes as Meesho looks to capitalize on its rapid growth in India’s online retail sector, where it offers a low-cost platform for small sellers and consumers. An IPO would provide new capital to fuel expansion and strengthen its position in the competitive e-commerce market.

NSDL targets $400m IPO in India slated for July. (Bloomberg)

National Securities Depository, India’s oldest depository, is moving forward with an IPO expected to raise approximately $400m. The listing, previously cleared by the Indian market regulator last October, is now scheduled to launch as soon as July.

The offering will allow NSDL to capitalize on a growing interest in India’s capital markets as equity participation broadens. Proceeds may support business expansion and strengthen the firm’s position as a core infrastructure provider for India’s securities ecosystem.

Ares Management closes $2.4bn Japan data center development fund. (Press Release)

Ares Management has completed the final close of Japan DC Partners I LP, its first fund focused on data center investment and development, raising approximately JPY350bn ($2.4bn) in equity commitments. The fund’s scale positions Ares among Japan’s largest investors in data center infrastructure, targeting growing demand driven by cloud computing and AI.

The capital will support new development projects designed to meet surging digital capacity needs in Japan’s rapidly expanding data infrastructure market. The fund reflects Ares' strategy to diversify into high-growth, technology-driven real estate sectors within Asia.

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