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AMERICAS

CB Biotechnology completes the acquisition of Theratechnologies for up to $254m.

CB Biotechnology, an affiliate of pharmaceutical contract manufacturer Future Pak, completed the acquisition of Theratechnologies, a Canadian biopharmaceutical company specializing in HIV and oncology treatments, for up to $254m, according to press releases.

Theratechnologies was advised by Barclays, Raymond James, Cleary Gottlieb Steen & Hamilton, Fasken (led by Marie Josee Neveu) and Norton Rose Fulbright. Future Pak was advised by DPO&Co, Bourne Partners, Honigman Miller Schwartz & Cohn and McMillan, according to press releases and MergerLinks data.

DB Insurance to acquire Fortegra from Tiptree and Warburg Pincus for $1.65bn.

DB Insurance, a South Koreaan non-life insurer company, agreed to acquire Fortegra, a US-based specialty insurer from Tiptree, a US-based company that provides specialty insurance products, and Warburg Pincus, a private equity firm, for $1.65bn, according to press releases.

Fortegra is advised by Bank of America, Barclays, Ropes & Gray and Sidley Austin. DB Insurance is advised by Goldman Sachs and Latham & Watkins, according to press releases.

Heritage Financial Corporation to acquire Olympic Bancorp.

Heritage Financial Corporation, a Washington state-chartered full-service commercial bank, agreed to acquire Olympic Bancorp, a bank, according to press releases. Financial terms were not disclosed.

Olympic Bancorp is advised by Piper Sandler and Otteson Shapiro. Heritage Financial Corporation is advised by D.A. Davidson & Co and Barack Ferrazzano Kirschbaum & Nagelberg, according to press releases.

Eastern Bankshares and HarborOne Bancorp receive regulatory approval to merge. (Press Release)

Eastern Bankshares, parent of Eastern Bank, and HarborOne Bancorp, parent of HarborOne Bank, announced today that they have received all required regulatory approvals for their proposed merger, originally announced on April 24, 2025.

The merger is expected to close on or around November 1, 2025.

HarborOne Bancorp is advised by Raymond James and Goodwin Procter (led by Samantha M. Kirby). Eastern Bankshares is advised by JP Morgan and Nutter McClennen & Fish, according to press releases and MergerLinks data.

AAR completes the acquisition of ADI American Distributors for $146m.

AAR, a provider of aviation services to commercial and government operators, MROs, and OEMs, completed the acquisition of ADI American Distributors, a distributor of components and assemblies, for $146m, according to press releases

AAR was advised by Jones Day (led by Ryan Drzemiecki), according to press releases

Frontenac to invest in Beckway.

Frontenac, a private equity firm, agreed to invest in Beckway, a specialized consulting firm, according to press releases Financial terms were not disclosed.

Beckway is advised by Clearsight Advisors (led by Joel Kallett), according to press releases and MergerLinks data.

KSL Capital Partners completes the acquisition of The Westin Hilton Head Island Resort & Spa.

KSL Capital Partners, an alternative investment firm, completed the acquisition of The Westin Hilton Head Island Resort & Spa, according to press releases Financial terms were not disclosed.

KSL Capital was advised by Joele Frank (led by Jonathan Keehner), according to press releases and MergerLinks data.

SunPower completes the acquisition of Sunder Energy.

SunPower, a solar technology, services, and installation company, completed the acquisition of Sunder Energy, a residential solar sales company, according to press releases Financial terms were not disclosed.

DRA Advisors-backed CenterCal Properties completes the acquisition of Long Beach Towne Center.

DRA Advisors-backed CenterCal Properties, a premier retail and mixed-use developer and operator, completed the acquisition of Long Beach Towne Center, a shopping center, according to press releases. Financial terms were not disclosed.

ACL Digital completes the acquisition of Symbiance.

ACL Digital, a provider of digital product innovation and engineering services, completed the acquisition of Symbiance, a biotechnology company, according to press releases. Financial terms were not disclosed.

Trump signs order approving TikTok US sale plan. (Reuters)

President Donald Trump signed an executive order on September 26 confirming that his plan to sell TikTok’s US operations to a group of American and global investors would satisfy national security requirements set out in a 2024 law. The move follows months of debate over the Chinese-owned app’s future in the United States.

Vice President JD Vance said the new US-based company will be valued at about $14bn, a figure well below some analyst estimates for the popular short-video platform.

Kraken in advanced talks for funding ahead of possible IPO. (Bloomberg)

Kraken is in advanced discussions to raise new capital that could value the cryptocurrency exchange at about $20bn, as it accelerates fundraising efforts ahead of a potential public listing. The move comes amid renewed investor interest in digital asset platforms.

The proposed funding, which has not yet been finalised and remains dependent on market conditions, would include a commitment of between $200m and $300m from a strategic investor.

Electronic Arts nears record-breaking buyout deal. (WSJ)

Electronic Arts is close to agreeing a deal to go private in what could become the largest leveraged buyout in history. The video game publisher, known for its blockbuster sports franchises, is in advanced discussions with a consortium of investors.

The group includes private equity giant Silver Lake, Saudi Arabia’s Public Investment Fund and Jared Kushner’s investment firm Affinity Partners. A formal announcement of the deal could come as soon as next week.

Land & Buildings pushes Six Flags to unlock real estate value. (WSJ)

Activist investor Land & Buildings Investment Management is urging Six Flags Entertainment to spin off or sell its real estate assets and make additional changes aimed at boosting the theme park operator’s share price. The firm, which holds about a 2% stake in Six Flags.

Shares of Six Flags rose more than 4% after the news. The company had a market value of about $2.1bn as of September 25, when its stock hit a 52-week low.

Softbank and Ark Investment circle Tether funding round. (Bloomberg)

SoftBank Group and Ark Investment Management are among potential backers in a major funding round that could solidify Tether Holdings’ position as one of the world’s largest private companies. The deal would mark a significant step in bringing outside capital to the stablecoin issuer.

The two technology-focused investors are part of a group of high-profile names in early discussions to provide funds to Tether. It would be the company’s largest search yet for external investment.

Abra ends merger talks between Gol and Azul. (Reuters)

Airline group Abra has decided to end discussions over a potential merger between Brazilian carrier Gol, which it controls, and rival Azul.

The decision halts plans for the creation of a dominant airline in Latin America’s largest economy. A combined Gol-Azul would have controlled about 60% of Brazil’s domestic market, overtaking the local unit of Chile-based LATAM Airlines.

Rockpoint Gas Storage targets $347m in IPO. (Bloomberg)

Rockpoint Gas Storage, the North American natural gas storage platform of Brookfield Asset Management, is planning to raise up to $347m through an initial public offering. The Calgary-based company aims to tap public markets to support growth and expansion.

The firm intends to offer 22m shares at a price range of $13.6 to $15.8 each.

MRI Software’s private equity owners weigh sale or IPO. (Reuters)

The private equity owners of real estate software provider MRI Software are exploring strategic options for the business, including a possible sale or a public listing on a US exchange.

A deal for MRI Software could take place within the next 12 months and is expected to value the company at up to $10bn including debt.

EMEA

Prosus-backed OLX to acquire La Centrale from Providence Equity Partners for €1.1bn.

Prosus-backed OLX, an online classifieds company, agreed to acquire La Centrale, an autos classifieds platform, from Providence Equity Partners, a specialist private equity investment firm, for €1.1bn ($1.3bn), according to press releases

La Centrale is advised by NewCap (led by Nicolas Merigeau). OLX is advised by Bank of America and A&O Shearman. Providence is advised by Goldman Sachs (led by Clif Marriott), Kirkland & Ellis and FGS Global (led by Charlie Chichester).

Hayfin completes the acquisition of Gropius Passagen from Nuveen and Unibail-Rodamco-Westfield.

Hayfin, an alternative asset management platform, completed the acquisition of Gropius Passagen, a shopping centre, from Nuveen, an investment management firm, and Unibail-Rodamco-Westfield, a commercial real estate company, according to press releases Financial terms were not disclosed.

Hayfin was advised by JLL Corporate Finance, Gleiss Lutz (led by Tim Weber) and Macfarlanes. Nuveen was advised by Ambas Financial Services, CBRE Group and HauckSchuchardt Drees & Sommer, according to press releases and MergerLinks data.

EPS Ventures to acquire the remaining stake in Cool Company.

EPS Ventures, a corporate venture company, agreed to acquire the remaining stake in Cool Company, a liquefied natural gas carrier, for $9.65 per share, according to press releases

Cool Company is advised by Evercore and Latham & Watkins. EPS is advised by Credit Agricole and Skadden Arps Slate Meagher & Flom, according to press releases and MergerLinks data.

Applus+ to acquire APEM Group for £335m.

Applus+, a testing, inspection and certification company, agreed to acquire APEM Group, a global environmental consultancy firm, for £335m ($449m), according to press releases

Applus+ is advised by RBC Capital Markets and Paul Weiss Rifkind Wharton & Garrison (led by Will Aitken-Davies and David Holdsworth), according to press releases and MergerLinks data.

ING is running into delays in concluding the sale of its Russian operations. (Reuters)

Dutch bank ING said it is facing delays in completing the previously announced sale of its Russian division to Global Development JSC.

“At the time, the transaction was expected to close in the third quarter of 2025, pending various regulatory approvals. However, since the buyer has not yet obtained all the necessary approvals, completing the deal in the third quarter is currently not realistic,” ING said.

ING is advised by Brunswick Group, according to press releases.

Akropolis Group completes the acquisition of Galio Group.

Akropolis Group, a Baltic shopping and entertainment centre development and management company, completed the acquisition of Galio Group, a prominent real estate development and management company, according to press releases. Financial terms were not disclosed.

Epiris begins £700m sale of Pure Cremation. (Sky News)

Private equity firm Epiris, the owner of Pure Cremation, has launched a sale process that could value the UK funeral provider at up to £700m ($938m). Pure Cremation operates the country’s busiest crematorium and is one of Britain’s largest funeral providers.

Advisers to Epiris, which bought the company from its founders in 2023, have begun approaching potential bidders to gauge interest in the business as the auction gets underway.

Claire’s UK on brink of rescue deal with Modella Capital. (Sky News)

Modella Capital and Interpath Advisory are close to finalising a deal to take over the British operations of Claire’s, the accessories retailer. The agreement is expected to follow the appointment of Interpath as administrator to the company’s UK and Irish arms.

While the transaction would rescue the business, it is likely to result in significant store closures and job losses across Claire’s high street network as the new owners restructure the chain.

MFE-MediaForEurope in talks over Impresa stake. (Bloomberg)

MFE-MediaForEurope, the media group controlled by Italy’s Berlusconi family, is in discussions to potentially acquire a stake in Portuguese media company Impresa. The move could mark an expansion of MFE’s presence in Southern Europe’s media landscape.

Impresa, headquartered near Lisbon, said its majority shareholder is in exclusive talks with MFE “to evaluate potential corporate transactions for the acquisition of a relevant participation” in the company. No binding agreement has been reached so far.

Ovo explores sale of stake in software arm Kaluza. (Sky News)

Ovo, Britain’s fourth-largest home energy supplier, is preparing to sell a further stake in its software division Kaluza as part of efforts to bolster its balance sheet. The deal could value Kaluza at “unicorn” status, reflecting strong investor appetite for energy technology platforms.

The company, which serves just under four million retail customers, has appointed investment bank Arma Partners to explore options for the sale and attract potential buyers for the stake in Kaluza.

Banco de Fomento Angola secures record IPO proceeds. (Bloomberg)

Banco de Fomento Angola has raised $239m in the country’s largest-ever initial public offering, marking a major step forward for Angola’s privatization program. The offering involved the sale of nearly 30% of the bank’s shares.

According to Angola’s stock exchange BODIVA, demand for the shares was more than five times the amount available, attracting over 11k orders.

NatWest reshapes leadership with new executive role. (Sky News)

NatWest Group’s group chief operating officer Jen Tippin is leaving as part of chief executive Paul Thwaite’s ongoing shake-up of the bank’s leadership. The move comes only months after the lender returned to full private sector ownership.

Thwaite, who became chief executive two years ago, has created a new chief customer and operations officer role to sharpen NatWest’s focus on customer service and accelerate its transformation plans.

APAC

Momenta weighs Hong Kong IPO amid US-China tensions. (Reuters)

Chinese autonomous driving developer Momenta is considering moving its planned initial public offering from New York to Hong Kong. The shift would place Momenta among a growing number of Chinese firms choosing the Asian financial hub as tensions with the US continue to escalate.

The potential change follows the expiration in June of approval from China’s securities regulator to pursue a US listing, which had been granted in mid-2023.

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