Fernando Chico Pardo to acquire a 25% stake in Banamex from Citi for $2.3bn.

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AMERICAS

Kodiak Robotics went public via SPAC merger with Ares Acquisition Corporation II in a $2.5bn deal.

Kodiak Robotics, a provider of AI-powered autonomous vehicle technology, went public via SPAC merger with Ares Acquisition Corporation II, a publicly traded special purpose acquisition company, in a $2.5bn deal, according to press releases.

Kodiak Robotics was advised by Chardan, TD Cowen, Wilson Sonsini Goodrich & Rosati, Blueshirt Group (led by Lauren Sloane) and Futurista Communications (led by Stacy Morris). Financial advisors were advised by Greenberg Traurig. Ares Acquisition Corporation II was advised by Citigroup, JP Morgan, Kirkland & Ellis and Ropes & Gray. Financial advisors were advised by Latham & Watkins (led by Steven Stokdyk), according to press releases and MergerLinks data.

Hearst completes the acquisition of DallasNews Corporation for $75m.

Hearst, a diversified media, information, and services company, completed the acquisition of DallasNews Corporation, a holding company of The Dallas Morning News and Medium Giant, for $75m, according to press releases.

DallasNews was advised by JP Morgan, Gibson Dunn & Crutcher (led by Jeffrey Chapman), Haynes and Boone (led by Jennifer Wisinski) and Kekst CNC (led by Jonathan Morgan). Financial advisor was advised by Cravath Swaine & Moore (led by Minh Van Ngo). Hearst was advised by Clifford Chance (led by Chang-Do Gong), according to press releases and MergerLinks data.

CPS Energy completes the acquisition of four natural gas power generation facilities from PROENERGY for $1.4bn.

CPS Energy, a natural gas and electric company, completed the acquisition of four natural gas power generation facilities from PROENERGY, an engineering, R&D, and manufacturing powerhouse, for $1.4bn, according to press releases.

CPS Energy was advised by JP Morgan and Dykema. PROENERGY was advised by CIBC World Markets and Latham & Watkins (led by David Kurzweil), according to press releases.

Mid Penn Bancorp to acquire 1st Colonial Bancorp for $101m.

Mid Penn Bancorp, a commercial banking company, agreed to acquire 1st Colonial Bancorp, a New Jersey-based banking institution, for $101m, according to press releases.

Mid Penn Bancorp is advised by Keefe Bruyette & Woods and Holland & Knight. 1st Colonial Bancorp is advised by Stephens and Stradley Ronon Stevens & Young, according to press releases.

KKR-backed Alchemer completes the acquisition of Chatmeter.

KKR-backed Alchemer, a company specializing in customer experience and feedback management, completed the acquisition of Chatmeter, a San Diego-based AI-powered customer intelligence platform, according to press releases. Financial terms were not disclosed.

Chatmeter was advised by Lincoln International and Weil Gotshal and Manges. Alchemer was advised by Dechert and The Nova Method (led by Michelle Baum), according to press releases.

SmartStop Self Storage to acquire Argus Professional Storage Management.

SmartStop Self Storage, a real estate investment trust, agreed to acquire Argus Professional Storage Management, a self-storage third-party management company, according to press releases. Financial terms were not disclosed.

Argus is advised by Fennemore. SmartStop is advised by BMO Capital Markets and Nelson Mullins Riley & Scarborough, according to press releases and MergerLinks data.

Axon to acquire Prepared.

Axon, a global public safety technology company, agreed to acquire Prepared, an AI-powered emergency communications platform, according to press releases. Financial terms were not disclosed.

Prepared is advised by Latham & Watkins. Axon is advised by Morgan Lewis & Bockius, according to press releases.

Frazier Healthcare-backed RevSpring to acquire Kyruus Health.

Frazier Healthcare-backed RevSpring, a provider of analytics-driven communications and payment solutions, agreed to acquire Kyruus Health, a care access platform, according to press releases. Financial terms were not disclosed.

Kyruus is advised by Morgan Stanley, according to press releases and MergerLinks data.

3DR Labs to acquire Strings.

3DR Labs, a provider of 3D medical image post-processing, agreed to acquire Strings, an AI-powered enterprise solution for workload monitoring and automation, according to press releases. Financial terms were not disclosed.

3DR Labs is advised by Morgan Lewis & Bockius, according to press releases and MergerLinks data.

Cohere Capital completes the investment in Leverege.

Cohere Capital, a private equity firm, completed the investment in Leverege, a provider of AI-native software solutions, according to press releases. Financial terms were not disclosed.

Leverege was advised by KPMG, according to press releases.

US Innovative Technology led a $250m round in Modular.

US Innovative Technology, an investment firm, led a $250m round in Modular, a software company, with participation from DFJ Growth, GV (Google Ventures), General Catalyst and Greylock Ventures.

Datavant to acquire DigitalOwl.

Datavant, a healthcare data collaboration platform, agreed to acquire DigitalOwl, an AI-driven medical data analysis platform focused on insurance and legal industries, according to press releases. Financial terms were not disclosed.

Ignite Reading completes the acquisition of Esteam.

Ignite Reading, a company specializing in high-dosage virtual literacy tutoring, completed the acquisition of Esteam, an AI-driven education startup, according to press releases. Financial terms were not disclosed.

Right Traffic to acquire Southwest Barricades.

Right Traffic, a provider of traffic control solutions through cutting-edge technology, agreed to acquire Southwest Barricades, a respected traffic control company, according to press releases. Financial terms were not disclosed.

Intel seeks investment from Apple as part of comeback bid. (Bloomberg)

Intel has approached Apple about a potential investment to support the chipmaker, which is partially owned by the US government. The companies have also discussed ways to collaborate, though talks are in early stages and may not result in an agreement. Intel shares rose 6.4% to $31.22, while Apple closed slightly lower at $252.31.

The move follows a $5bn investment from Nvidia last week for PC and data center chips, and a $2bn investment from SoftBank in August. Intel is also exploring other potential investments and partnerships.

Nippon Steel notes gap with US over golden share in US Steel deal. (Reuters)

Nippon Steel said there remains a small difference with Washington regarding the authority of a golden share linked to its planned acquisition of US Steel.

The issue resurfaced after reports that the Trump administration blocked US Steel’s plan to shut down an Illinois plant, citing its golden share rights.

Medline weighs $5bn US IPO as soon as October. (Bloomberg)

Medline, a medical supplies maker backed by Blackstone, Carlyle, and Hellman & Friedman, is considering a public IPO filing in late October. The offering could raise about $5bn, potentially becoming the largest US listing of the year.

The Northfield, Illinois-based firm had previously filed confidentially, and an October submission could allow it to go public as soon as November.

EMEA

OCS Group to acquire EMCOR UK from EMCOR Group for £190m.

OCS Group, an international facilities services company, agreed to acquire EMCOR UK, a United Kingdom building services segment, from EMCOR Group, a provider of mechanical and electrical construction services, industrial and energy infrastructure and building services, for £190m, according to press releases.

OCS is advised by Weil Gotshal and Manges. EMCOR is advised by Evercore, Ropes & Gray, FTI Consulting (led by Blake Mueller) and Joele Frank (led by Andrea Rose), according to press releases and MergerLinks data.

Spain approves BBVA’s improved €17bn ($20bn) bid for Sabadell. (Reuters)

The Spanish stock market supervisor has cleared BBVA’s higher takeover offer for Sabadell, announced earlier this week. Shareholders now have until October 10 to tender their shares, with results expected a week later.

Sabadell’s board has up to five days to issue its opinion on the revised bid, though CEO Cesar Gonzalez Bueno has said the price is still likely to be deemed insufficient.

China’s SDIC weighs sale of UK renewable energy assets. (Bloomberg)

State Development and Investment Group (SDIC) is considering selling its UK energy assets, operated through Edinburgh-based Red Rock Renewables. The portfolio includes offshore and onshore wind farms.

The sale could be valued between £500m ($673m) and £700m, with SDIC working alongside a financial adviser on the potential disposal.

Generali says BPCE asset management deal requires board approval. (Reuters)

Generali stated that any agreement to merge its asset management unit with BPCE will require prior approval from its board of directors.

The two firms signed a non-binding accord in January to combine Generali Investments and Natixis Investment Managers into what would be Europe’s largest asset manager by revenue.

Goldman-backed Petershill to return capital, delist from LSE. (Bloomberg)

Petershill Partners, backed by Goldman Sachs, plans to return capital to investors and delist from the London Stock Exchange.

The firm said its strong financial performance is not reflected in its share price and valuation, which the board believes undervalues the company’s underlying assets.

Heineken sells euro bonds to fund $3.2bn FIFCO acquisition. (Bloomberg)

Heineken is issuing a three-part euro-denominated bond to finance its $3.2bn purchase of Florida Ice and Farm Company’s beverage and retail businesses.

The offering includes three-year notes at about 70 basis points over mid-swaps, eight-year notes at 115–120 basis points, and 12-year notes at 135–140 basis points, with Moody’s expected to rate the bonds A3.

APAC

LG Electronics India to launch $1.3bn IPO. (Bloomberg)

LG Electronics’ India unit plans to raise about INR115bn ($1.3bn) in an IPO starting the week of October 6. The offering values the company around $9bn, below the $15bn initially expected in December.

The firm has received regulatory approval for its updated draft prospectus and is preparing to file the final version early next week.

Stonepeak targets $4bn for second Asia infrastructure fund. (Reuters)

US-based investor Stonepeak is aiming to raise up to $4bn for its second Asia-focused infrastructure fund, with demand driven by investors seeking long-term returns in the region.

The firm expects to secure around $1bn, or a quarter of its target, by the end of this month, four months after the fund’s launch in May.

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