Fairstone Bank of Canada to acquire Laurentian Bank in a $1.9bn deal.

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AMERICAS

National Bank of Canada to acquire the retail and SME banking portfolios of Laurentian Bank of Canada.

National Bank of Canada, a banking, investment, and financial services company, agreed to acquire the retail and SME banking portfolios of Laurentian Bank of Canada, a bank and financial services company, according to press releases. Financial terms were not disclosed.

National Bank of Canada is advised by McCarthy Tetrault. Laurentian Bank is advised by Blair Franklin Capital Partners, JP Morgan, Norton Rose Fulbright and Osler Hoskin & Harcourt, according to press releases.

OceanSound Partners completes the investment in Burns Engineering.

OceanSound Partners, a private equity firm, completed the investment in Burns Engineering, an engineering solutions provider for transportation, critical infrastructure and the built environment, according to press releases. Financial terms were not disclosed.

Burns was advised by Chesapeake Corporate Advisors, Venable and Stanton PRM (led by Alex Goss). OceanSound was advised by Skadden Arps Slate Meagher & Flom (led by Kenneth Wolff) and Stanton PRM (led by Alex Goss), according to press releases.

Marvell Technology to acquire Celestial AI for $3.25bn.

Marvell Technology, a US-based semiconductor company, agreed to acquire Celestial AI, a machine learning accelerator company, for $3.25bn, according to press releases.

Marvell Technology is advised by Citigroup and Wilson Sonsini Goodrich & Rosati. Celestial AI is advised by Morgan Stanley and Latham & Watkins (led by Mark M. Bekheit), according to press releases.

Torginol completes the acquisition of Chips Unlimited.

Torginol, a manufacturer of engineering materials, completed the acquisition of Chips Unlimited, a provider of spray-applied textured coatings, according to press releases. Financial terms were not disclosed.

Torginol was advised by Reinhart Boerner Van Deuren and Profile Advisors (led by Mike Geller). Chips Unlimited was advised by Dorsey & Whitney, according to press releases.

Connectbase completes the acquisition of Cloud Age.

Connectbase, a technology provider specializing in a connected-world platform, completed the acquisition of Cloud Age, a technology company specializing in automated invoice processing, according to press releases. Financial terms were not disclosed.

Cloud Age was advised by BSA Legal Group. Connectbase was advised by Moelis & Co and Foley Hoag, according to press releases.

EAM completes the investment in Connectbase.

EAM, a growth-focused private equity firm, completed the investment in Connectbase, a technology company, according to press releases. Financial terms were not disclosed.

EAM was advised by Goodwin Procter. Connectbase was advised by Moelis & Co and Foley Hoag, according to press releases.

Stonepeak completes the acquisition of student housing portfolio of Cardinal Group.

Stonepeak, a private equity firm, completed the acquisition of student housing portfolio of Cardinal Group, a property management firm, according to press releases. Financial terms were not disclosed.

Stonepeak was advised by JLL Corporate Finance and Simpson Thacher & Bartlett. Cardinal Group was advised by JLL Corporate Finance and Simpson Thacher & Bartlett, according to press releases.

The Baldwin Group to merge with CAC Group in a $1.03bn deal.

The Baldwin Group, a consulting firm, agreed to merge with CAC Group, an insurance broker and advisory firm, in a $1.03bn deal, according to press releases.

CAC Group is advised by Latham & Watkins (led by John Giouroukakis), according to MergerLinks data.

Graham Partners to invest in Target Flavors.

Graham Partners, a private investment firm, agreed to invest in Target Flavors, a developer and producer of custom flavor solutions, according to press releases. Financial terms were not disclosed.

Graham Partners is advised by Dechert (led by Jeffrey Legath), according to press releases.

Trane Technologies to acquire digital business of Stellar Energy.

Trane Technologies, a provider of HVAC and refrigeration systems, agreed to acquire digital business of Stellar Energy, a provider of clean energy and sustainable cooling solutions, according to press releases. Financial terms are not disclosed.

Trane Technologies is advised by Morgan Stanley, according to press releases.

Element Fleet Management to acquire Car IQ.

Element Fleet Management, a pure-play automotive fleet manager, agreed to acquire Car IQ, a San Francisco–based technology company specialized in connected vehicle payments, according to press releases. Financial terms were not disclosed.

Element Fleet Management is advised by BMO Capital Markets, according to press releases.

Paradigm led a $1bn Series E round in Kalshi.

Paradigm, a research-driven technology investment firm, led a $1bn Series E round in Kalshi, a developer of an online financial trading platform, with participation from Sequoia, Andreessen Horowitz, Meritech Capital, IVP, ARK Invest, Anthos Capital, CapitalG and Y Combinator, according to press releases.

NTT led a $233m Series D round in Mujin.

NTT, a provider of telecommunications services, led a $233m Series D round in Mujin, a company specializing in intelligent automation, with participation from Qatar Investment Authority, Mitsubishi HC Capital and Salesforce Ventures, according to press releases.

Oil majors unite to oppose Subsea7-Saipem merger in Brazil antitrust case. (Reuters)

Oil majors operating in Brazil have united in opposing a proposed merger between energy contractors Subsea7 and Saipem, and antitrust regulator Cade has requested new data from the two firms as part of its probe.

In a November filing to Cade, Brazil’s oil industry group IBP said the combined company - to be called Saipem7 - would hold a dominant enough position to raise costs, delay projects and pressure some clients into exclusive long-term contracts.

Batistas to hire Citi for sale of stake in iron ore miner. (Bloomberg)

J&F, the Brazilian holding company controlled by the Batista brothers, has engaged Citigroup to explore a sale of a minority stake in its LHG Mining unit to a potential strategic partner.

The company is working with the bank to identify buyers and structure the transaction.

Notion is said to weigh tender offer at $12bn valuation. (Bloomberg)

Notion, the productivity software company, is in talks to allow some employees and early investors to sell shares at a valuation of about $12bn.

The secondary share sale is expected to raise around $200m. The privately held company was last valued at $10 bn, following a 2022 tender offer in which Sequoia Capital and Index Ventures purchased shares at that price.

SiTime is said in talks to acquire Renesas’s timing division. (Bloomberg)

Analog chipmaker SiTime, which makes chips that keep circuits in sync for data centers, is in talks to acquire Renesas Electronics' timing unit.

SiTime is discussing the terms of a potential deal for the Renesas division, which produces the clocks that synchronize signals in wireless infrastructure, networking and data centers.

Safety firm UL Solutions' owner offers 12.5m shares. (Bloomberg)

The nonprofit owner of UL Solutions is offering 12.5m shares for sale, about 18 months after the safety-testing company’s initial public offering. UL Standards & Engagement is selling the stock and has hired Goldman Sachs and JP Morgan to manage the transaction.

At UL Solutions’ December 2 closing price of $88.85 per share, the sale would raise roughly $1.1bn.

Medline to weigh marketing $5bn IPO as soon as December 8. (Bloomberg)

Medline is preparing to launch formal marketing for its initial public offering as soon as December 8, in what is expected to be the biggest US listing of the year.

The medical supply company - backed by Blackstone, Carlyle and Hellman & Friedman - aims to secure about $2bn in cornerstone investor commitments before officially opening the order book. Medline had previously targeted raising about $5bn in the IPO.

EMEA

Asurion to acquire Domestic & General from CVC and ADIA.

Asurion, a provider of phone insurance, agreed to acquire Domestic & General, a provider of appliance repair and maintenance services, from CVC and ADIA, private equity and investment advisory firms, according to press releases. Financial terms are not disclosed.

Asurion is advised by Goldman Sachs, Morgan Stanley and Hogan Lovells. CVC is advised by Rothschild & Co and Latham & Watkins, according to press releases.

CVC to acquire Smiths Detection from Smiths Group for £2bn.

CVC, a private equity and investment advisory firm, agreed to acquire Smiths Detection, a provider of threat-detection and screening technologies, from Smiths Group, an industrial technology company, for £2bn ($2.65bn), according to press releases.

CVC is advised by Barclays. Smiths Group is advised by Goldman Sachs (led by Nick Harper), JP Morgan (led by Richard Perelman), Freshfields Bruckhaus Deringer and FTI Consulting (Alex Le May), according to press releases.

Trive Capital-backed Tenpin completes the acquisition of Fairgame.

Trive Capital-backed Tenpin, a bowling and indoor activities facility, completed the acquisition of Fairgame, a London-based company specializing in a variety of fun-filled games, according to press releases. Financial terms were not disclosed.

Trive Capital and Tenpin were advised by Shoosmiths. Fairgame was advised by Tamweel Capital and Akin Gump Strauss Hauer & Feld, according to press releases.

Inteva Products completes the acquisition of portions of European business of IAC Group.

Inteva Products, a global automotive supplier of engineered components and systems, completed the acquisition of portions of European business of IAC Group, a global supplier of automotive components and systems, according to press releases. Financial terms were not disclosed.

IAC Group was advised by Jones Day (led by Mathis Bredimus and Thomas Wearsch), according to press releases.

Carne Group completes the acquisition of Japan Fund Management from Mizuho Trust & Banking.

Carne Group, an independent third-party management company, completed the acquisition of Japan Fund Management, an alternative investment fund manager, from Mizuho Trust & Banking, a full-line trust banking company, according to press releases. Financial terms were not disclosed.

Carne Group was advised by Loyens & Loeff, according to press releases.

European Rearmament Bank seeks merger with JP Morgan-backed rival multilateral lender. (Reuters)

The European Rearmament Bank, aimed at creating a state-backed lender for European defense projects, has proposed merging with the Defence, Security and Resilience Bank to consolidate efforts and strengthen appeal to governments.

Guy de Selliers, a leader of the ERB initiative, stated that the merger would avoid duplication and competition between the two organizations promoting a multilateral defense bank.

Saudi Fund to own almost all of Electronic Arts after buyout. (WSJ)

Saudi Arabia’s government investment fund is set to take nearly full ownership of Electronic Arts, marking another major financial bet at a time when the kingdom’s coffers are already under pressure.

The Public Investment Fund is partnering with technology-focused buyout firm Silver Lake and Jared Kushner’s investment firm Affinity Partners to acquire the videogame maker for $55bn including debt. The transaction, first announced in September 2025, would become the largest-ever leveraged buyout.

Qatar to sell $360m Sainsbury’s stake after share rally. (Bloomberg)

Qatar’s sovereign wealth fund has sold a stake worth about £266m ($352m) in J Sainsbury, ending its nearly two-decade run as the supermarket’s largest shareholder.

The Qatar Investment Authority disposed of roughly 83.6m shares in Britain’s second-largest grocery chain at £3.18 ($4.21) a piece. It also entered a derivatives agreement with JP Morgan, under which the bank sold a further 14m shares.

Schroders explores options, including sale, for financial planning unit Benchmark Capital. (Reuters)

British money manager Schroders is exploring options, including a potential sale, for its financial planning unit Benchmark Capital, as part of a broader shift away from serving mass-affluent clients toward wealthier, more profitable customers.

Benchmark Capital is positioned for significant growth and is expected to continue expanding its operations through 2026 and beyond. The unit currently supports over 1k financial planners across the UK and manages approximately £32bn ($42.4bn) in client assets.

Former Pornhub owner interested in Lukoil assets. (Reuters)

Austrian businessman Bernd Bergmair, former majority owner of an adult entertainment group including website Pornhub, has approached the US Treasury about buying international assets of sanctioned Russian oil major Lukoil.

The US imposed sanctions on Lukoil, Russia’s largest privately-owned oil producer, as part of efforts to pressure Moscow to end its war in Ukraine.

Prudential weighs exit from billionaire-backed Alexforbes. (Bloomberg)

US insurer Prudential Financial is exploring a possible sale of its stake in South African financial-services firm Alexforbes.

The Newark-based company has notified African Rainbow Capital, controlled by billionaire Patrice Motsepe, that it is considering an exit. Alexforbes has also been informed of Prudential’s plans, though no final decision has been made.

Energy firms Uniper, Sefe draw investor interest. (Reuters)

Energy firms Uniper and Sefe, both rescued by Berlin during Europe’s energy crisis, are drawing interest from potential investors.

The two companies are viewed as strategic opportunities in the energy sector, attracting attention from institutional investors. At a recent conference in Frankfurt on German energy and infrastructure, around 50 firms representing more than €10tn ($11.6tn) in global assets discussed investment prospects in the sector.

APAC

Adani Group plans $15bn India airports expansion by 2030. (Bloomberg)

India’s Adani Group plans to invest $15bn over the next five years to expand passenger capacity at its airports to 200m annually.

The plan includes adding terminals, taxiways and a new runway at the Navi Mumbai airport, which is scheduled to open on December 25.

JD.com’s supply-chain technology unit seeks up to $424m in Hong Kong IPO. (Bloomberg)

JD.com’s supply-chain technology arm has begun taking investor orders for a Hong Kong initial public offering that could raise as much as HKD3.3bn ($424m), marking the culmination of more than two years of efforts to go public.

Jingdong Industrials is offering 211m shares at a price range of HKD12.70 ($1.63) to HKD15.50($2) each. The Beijing-based company is scheduled to list its shares on December 11.

ICICI Prudential AMC to launch $1.2bn India IPO. (Bloomberg)

ICICI Prudential AMC is preparing to launch its IPO as soon as December 8, targeting $1.2bn in proceeds.

The firm, India’s second-largest mutual fund manager by assets, has filed an updated draft offer document and is seeking a valuation near $12bn. If completed, the listing would become India’s fifth IPO of more than $1bn so far this year.

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