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Top Highlights
Flex, an electronics manufacturer, completed the acquisition of EPC Power, a provider of intelligent power conversion solutions for data center and grid applications, from Goldman Sachs Alternatives and Cleanhill Partners, alternative investment firms, for $4.4bn, according to press releases.
Galderma, a Swiss pharmaceutical company, agreed to acquire ZO Skin Health, a physician-dispensed skincare brand, from Blackstone Tactical Opportunities, an opportunistic investment strategy platform, and the Obagi family for $1.5bn, according to press releases.
Galderma is advised by JP Morgan, Lazard and Ropes & Gray. ZO Skin Health and Blackstone Tactical Opportunities are advised by Citigroup, Raymond James, Paul Weiss Rifkind Wharton & Garrison and Weil Gotshal and Manges, according to press releases.
Bain Capital-backed Eaton Fiber, a wholesale fiber infrastructure platform established by Tillman Global, completed the acquisition of Ripple Fiber, an American fiber-optic internet provider and network operator, according to press releases. Financial terms were not disclosed.
Ripple Fiber was advised by Lazard and Ropes & Gray (led by Brandon Howald). Tillman Global was advised by BDO (led by Mark Malooly and Patrick Tiberi). Debt financing was provided by Future Standard (ex-FS Investments), Societe Generale and Sumitomo Mitsui Banking Corp, according to press releases and MergerLinks data.
AMERICAS
Zealand Pharma, Generate strike AI obesity drug deal worth up to $1.2bn. (Reuters)
General Atlantic plans early 2027 IPO at up to $10bn valuation. (FT)
Adams Street launches AVNGR, a Venture and Growth Evergreen Fund. (Press Release)
Pear VC raises $333m Fund V to double down on finding founders before the market does. (Press Release)
Sierra Space CFO departs company amid drive toward IPO. (Bloomberg)
EMEA
EDF agrees to sell clean hydrogen unit to Ardian-backed Hy24. (Bloomberg)
China approves Geely acquisition of 34% of Ford España. (Reuters)
Activist investor Ancora pushes Big Yellow to explore sale. (Reuters)
APAC
China's CNGR in talks to acquire giant Indonesian nickel smelter. (Bloomberg)
SK Group chairman sells 1.34% stake to Dell family office fund for $406m. (DealStreetAsia)
Singapore's PDG seeks $1.2bn loan for Malaysia data center. (Bloomberg)
India's CtrlS to invest $1.05bn to build hyperscale AI factory in eastern India. (Reuters)
MSETCL said to pick banks for up to $800m India IPO. (Bloomberg)
Hillhouse-backed NOTA said to target Tokyo IPO in December. (Bloomberg)
Bank of America no longer in talks to arrange IPO of China's Moonshot AI. (Bloomberg)
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AMERICAS
Terminus Capital Partners, a growth-oriented private equity firm focused on majority investments in B2B technology companies, completed the acquisition of majority stake in PickTrace, a provider of workforce management, labor compliance and operations technology purpose-built for agriculture, according to press release. Financial terms were not disclosed.
Terminus Capital Partners was advised by Moelis & Co and JonesSpross. PickTrace was advised by Software Equity Group and Holland & Knight, according to press release.
Tucker’s Farm Corporation-backed Badlands Security Company, a holding company that acquires and grows established, best-in-class security and locksmith operators in the Northeast, completed the acquisition of Cosmic Fischer, a commercial security integrator that has served New York City since 1968, according to press release. Financial terms were not disclosed.
Cosmic Fischer was advised by Vaupen Financial Advisors and Strauss Troy. Badlands Security Company was advised by Taft Stettinius & Hollister. Debt financing was provided by Quilvest Capital Partners, according to press release.
Agilent, a provider of analytical and clinical laboratory technologies, agreed to acquire Proscia, the pathology AI company rewiring pathology for precision medicine, in a $270m deal, according to press releases.
Agilent is advised by DLA Piper and Joele Frank. Proscia is advised by Cooley, according to press releases.
FF EAI Robotics Ecosystem, a company that operates a robotics-focused technology platform and marketplace, agreed to acquire full robotics ecosystem business of FF Intelligent Electric, a provider of AI-powered electric vehicles and embodied AI robotics for consumer buyers and business partners, for $200m, according to press release.
FF EAI Robotics Ecosystem is advised by Advanture Capital Solutions and Loeb & Loeb. FF Intelligent Electric is advised by Pryor Cashman, according to press release.
National Fuel Gas Company, an energy company, agreed to spin off its Integrated Upstream and Gathering businesses, according to press releases. Financial terms were not disclosed.
National Fuel Gas Company is advised by Goldman Sachs, Skadden Arps Slate Meagher & Flom and Veriten, according to press releases.
Captona, an investment company focused on renewable energy and energy-transition infrastructure projects, completed the investment in Nexamp, a national clean energy company, according to press releases. Financial terms were not disclosed.
Captona was advised by Kirkland & Ellis and Prosek Partners. Nexamp was advised by Orrick Herrington & Sutcliffe, according to press releases.
Gryphon Investors-backed Vivify Specialty Ingredients, a high-performance natural and synthetic colour and ingredient solutions company, completed the acquisition of AuNutra Industries, a supplier of botanical extracts and specialty nutritional ingredients, according to press releases. Financial terms were not disclosed.
Gryphon Investors was advised by Profile Advisors. AuNutra was advised by Genoa Partners, according to press releases.
Bain Capital, a private investment firm, and Tillman Global, an essential digital and energy infrastructure company, completed a $1.5bn investment in Eaton Fiber, a provider of wholesale network infrastructure, according to press releases.
Godspeed Capital, a lower middle-market Defense & Government services, solutions, and technology-focused private equity firm, completed the acquisition of GreenVest, a provider of ecological restoration, compensatory mitigation, stormwater management, nature-based resilience, and environmental consulting services, according to press release. Financial terms were not disclosed.
Godspeed Capital was advised by Gasthalter & Co (led by Alex Jeffrey), according to press release.
HealthpointCapital, a private equity firm, completed the investment in Ospitek, a provider of AI- and IoT-enabled workflow management solutions, according to press releases. Financial terms were not disclosed.
HealthpointCapital was advised by McDermott Will & Schulte, according to press releases.
Distribution Solutions Group, a distribution company providing high touch, value-added distribution solutions for MRO, agreed to acquire GradeEight Holdings, a distributor of maintenance, repair and operations products, according to press releases. Financial terms were not disclosed.
Distribution Solutions Group is advised by Three Part Advisors (led by Steven Hooser and Sandy Martin), according to press releases.
World Marketing of America, a supplier of heating solutions, completed the acquisition of United States Stove Company, a manufacturer of wood-burning heating appliances, according to press release. Financial terms were not disclosed.
World Marketing of America was advised by Munich Global Partners (led by Marco Linner), according to press release.
Avanza + MedHQ, a provider of advisory, management, and administrative solutions to hospitals and health systems, completed the acquisition of Fulcrum Strategies, an independent payer contracting firm, according to press release. Financial terms were not disclosed.
Avanza + MedHQ was advised by 5BY5, according to press release.
Zealand Pharma, Generate strike AI obesity drug deal worth up to $1.2bn. ( Reuters)
Zealand Pharma has partnered with US biotechnology company Generate Biomedicines to develop AI-powered protein treatments for obesity and metabolic diseases in a deal worth up to $1.2bn.
Generate will receive $30m upfront and up to $35m in early milestones, with further payments tied to development and commercialization. The partnership initially covers two drug programs, with an option to add a third.
General Atlantic plans early 2027 IPO at up to $10bn valuation. ( FT)
General Atlantic is planning an initial public offering in early 2027, targeting a valuation of up to $10bn as the global private equity firm prepares for a potential public listing.
The firm specializes in growth equity investments across technology, consumer and financial services sectors worldwide.
Adams Street launches AVNGR, a Venture and Growth Evergreen Fund. ( Press Release)
Adams Street Partners has launched its Venture & Growth Fund (AVNGR), an evergreen investment vehicle with $363.5m in initial net assets, providing qualified investors access to global venture capital opportunities.
The fund will focus on secondaries and venture growth co-investments, offering monthly subscriptions and planned quarterly repurchase opportunities. It will become broadly available on December 1, 2026.
Pear VC raises $333m Fund V to double down on finding founders before the market does. ( Press Release)
Pear VC has closed its fifth fund at $333m, bringing total assets under management to more than $1.1bn. The fund will primarily target pre-seed and seed-stage startups, with capital reserved for follow-on investments.
The venture capital firm also promoted Arash Afrakhteh, Ajay Kamat and Shravan Reddy to General Partner, strengthening its investment team across AI, enterprise technology, fintech, healthcare and robotics.
Sierra Space CFO departs company amid drive toward IPO. ( Bloomberg)
Sierra Space CFO Jeff Schrader has left the spacecraft maker after approximately six months in the role, raising uncertainty over the timing of the company’s long-awaited initial public offering.
The company said Schrader departed to pursue a new professional opportunity and provided no further details on its future financing or IPO plans.
EMEA
The Riverside Company-backed Dastex Group, a pan-European expert in cleanroom contamination control, completed the investment in Abovo, a Switzerland-based distributor of primarily cleanroom consumables, according to press release. Financial terms were not disclosed.
The Riverside Company was advised by Holly M Communications (led by Holly Mulroy). Dastex Group was advised by Advestra (led by Daniel Raun), according to press release.
Stryker, a global medical technology company, agreed to invest $400m in CMR Surgical, a medical device company developing robotic surgery systems for minimally invasive procedures, according to press releases.
Stryker is advised by Citigroup, according to MergerLinks data.
EDF agrees to sell clean hydrogen unit to Ardian-backed Hy24. ( Bloomberg)
Electricité de France has agreed to sell its clean hydrogen development subsidiary Hynamics to infrastructure fund Hy24, backed by Ardian and FiveT Hydrogen, as the state-owned utility refocuses investment on nuclear reactors and other power sectors.
The transaction, covering hydrogen projects in France and the UK, is expected to close in the first quarter of 2027, subject to regulatory approvals.
China approves Geely acquisition of 34% of Ford España. ( Reuters)
China’s market regulator has unconditionally approved Geely’s acquisition of a 34% stake in Ford’s Spanish subsidiary, Ford España, clearing a key regulatory hurdle for the partnership.
Ford will retain a 66% stake in the joint venture, which plans to manufacture two electric SUVs at Ford’s Valencia plant and jointly develop a new vehicle.
Activist investor Ancora pushes Big Yellow to explore sale. ( Reuters)
Activist investor Ancora Holdings, which owns more than 4% of Big Yellow Group, is urging the UK-listed self-storage company to conduct a strategic review, including a potential sale, arguing that its shares are undervalued.
Ancora estimates Big Yellow is worth £12.36 ($16.36) per share, compared with its £7.99 ($10.58) closing price. The push follows unsuccessful takeover discussions with Blackstone in 2025.
APAC
StageWise Strategies, a provider of a downloadable SEO keyword research tool and an AI social media content generator with subscription and API plans, completed the acquisition of TEG SPV, a Uzbekistan-based provider of integrated hospitality, tourism and events, according to press release. Financial terms were not disclosed.
TEG SPV was advised by Bluestone Investment Partners, Kingswood Capital, Dentons and Ellenoff Grossman & Schole. StageWise Strategies was advised by Hunter Taubman Fischer & Li, according to press release.
China's CNGR in talks to acquire giant Indonesian nickel smelter. ( Bloomberg)
CNGR Advanced Material is in discussions to acquire an 80% stake in Indonesian nickel smelter PT Gunbuster Nickel Industry, potentially expanding its position in the country’s battery materials sector.
The acquisition could proceed as soon as early 2027, following completion of the indebted smelter’s court-ordered restructuring.
SK Group chairman sells 1.34% stake to Dell family office fund for $406m. ( DealStreetAsia)
SK Group Chairman Chey Tae-won has agreed to sell a 1.34% stake in SK to DFO Public Investments, a fund affiliated with Michael Dell’s family office, for KRW544bn ($406m), as he raises funds for a divorce settlement.
The transaction forms part of a broader 2.26% stake sale worth KRW944bn ($708m), including a 0.94% stake being sold to Korea Investment & Securities for KRW400bn ($300m).
Singapore's PDG seeks $1.2bn loan for Malaysia data center. ( Bloomberg)
Princeton Digital Group is seeking a syndicated loan of up to $1.2bn to finance its data center expansion in Malaysia, amid growing investment in artificial intelligence infrastructure.
HSBC, Maybank, OCBC, Standard Chartered and United Overseas Bank are acting as mandated lead arrangers and bookrunners for the three-year financing.
India's CtrlS to invest $1.05bn to build hyperscale AI factory in eastern India. ( Reuters)
Indian data center operator CtrlS plans to invest INR100bn ($1.05bn) to develop a 150MW hyperscale AI facility in Bodh Gaya, Bihar, supporting growing digital infrastructure demand from government institutions, businesses and hyperscalers.
The company previously invested INR4bn ($42m) in a 12MW data center in Patna and plans to develop more than 20 additional edge data centers across smaller Indian cities.
MSETCL said to pick banks for up to $800m India IPO. ( Bloomberg)
Maharashtra State Electricity Transmission has selected six investment banks for a planned initial public offering that could raise up to $800m.
The Indian power transmission utility has appointed SBI Capital Markets, Axis Capital, Motilal Oswal Investment Advisors, Avendus Capital, IIFL Capital Services and HDFC Bank as advisers for the proposed listing.
Hillhouse-backed NOTA said to target Tokyo IPO in December. ( Bloomberg)
NOTA is preparing for a potential initial public offering in Tokyo as soon as December 2026, in what could become one of Japan’s larger listings in 2026.
The luxury villa operator is working with Nomura on the proposed IPO. Deliberations remain ongoing, and the timing could still change.
Bank of America no longer in talks to arrange IPO of China's Moonshot AI. ( Bloomberg)
Bank of America is no longer being considered for a role in Moonshot AI’s planned Hong Kong initial public offering, as the Chinese artificial intelligence company faces scrutiny in the US.
The bank had been in discussions to serve as an overall coordinator for the IPO, but the talks did not result in a formal mandate.
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