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AMERICAS

TJC completes the acquisition of Luna Innovations for $230m.

TJC, a private equity firm, completed the acquisition of Luna Innovations, an advanced optical technology company, for $230m.

TJC LP was advised by Guggenheim Partners, Kirkland & Ellis and Prosek Partners. Luna Innovations was advised by Evercore and King & Spalding. Evercore was advised by Sullivan & Cromwell (led by Stephen M. Kotran), according to press releases and MergerLinks data.

Cornell Capital completes the acquisition of Hancock Claims Consultants.

Cornell Capital, a private investment firm, completed the acquisition of Hancock Claims Consultants, a provider of outsourced claims field services to residential property and casualty insurance carrier, according to press releases. Financial terms were not disclosed.

Hancock Claims was advised by Piper Sandler, Robert W Baird and Kirkland & Ellis. Cornell Capital was advised by William Blair & Co, Davis Polk & Wardwell and Joele Frank (led by Kate Thompson), according to MergerLinks data and press releases.

Lone View Capital completes the investment in HappyCo.

Lone View Capital, a private equity firm, completed the investment in HappyCo, a property operations platform for multifamily housing, according to press releases. Financial terms were not disclosed.

HappyCo was advised by Houlihan Lokey and DLA Piper. Lone View Capital was advised by Ropes & Gray and Edelman (led by Jennifer Stroud), according to MergerLinks data and press releases.

Cognex to acquire RealSense for $500m.

Cognex, a company that provides machine vision products that help automate manufacturing processes, agreed to acquire RealSense, a computer-vision technology company that makes 3D depth cameras and AI software to give machines spatial awareness, for $500m, according to press releases.

Cognex Corporation is advised by Evercore. RealSense is advised by Bospar, according to press releases.

Norwest Equity Partners completes the acquisition of E-Z UP from Beach Point Capital.

Norwest Equity Partners, a private equity firm, completed the acquisition of E-Z UP, an American manufacturing company that invented and produces portable pop-up canopy tents and instant shelters, from Beach Point Capital, a credit-focused alternative asset manager and hedge fund, according to press releases. Financial terms were not disclosed

Norwest Equity Partners was advised by Winston Taylor. E-Z UP was advised by Kroll, according to press releases.

Binance completes a $100m investment in Circle.

Binance, a blockchain ecosystem and cryptocurrency infrastructure provider, completed a $100m investment in Circle, an internet financial platform, according to press releases.

Circle was advised by Latham & Watkins (led by Dan Gibbons), according to MergerLinks data.

ESENTIA Energy Development to acquire Energía Occidente de México from TC Energy for $400m.

ESENTIA Energy Development, a Mexican energy infrastructure company that owns and operates the country's largest private interconnected natural gas transportation network, agreed to acquire Energía Occidente de México, a Mexican energy company that owns and operates the approximately 313-km Guadalajara-Manzanillo natural gas pipeline system, from TC Energy, an energy infrastructure company, for $400m, according to press releases.

ESENTIA Energy Development is advised by Citigroup, according to press releases.

Verdane to invest in Xpansiv.

Verdane, a growth investment firm, agreed to invest in Xpansiv, a global market infrastructure provider for environmental commodities, specializing in the trading and management of carbon offsets, renewable energy certificates, and differentiated fuels, according to press releases. Financial terms were not disclosed

Rail deal opponents lobby White House on $72bn merger. (Bloomberg)

A coalition of shippers and labor unions is seeking to block the proposed $72bn merger between Union Pacific and Norfolk Southern, arguing that the combination could increase transportation costs across the US economy.

Representatives from the agriculture and chemicals industries have raised concerns with the White House that the transaction could give the combined railroad greater pricing power and increase the cost of transporting goods across the country.

North Carolina hospital deal loathed by residents set for vote. (Bloomberg)

Wake County officials in North Carolina are set to vote on a proposed merger between regional healthcare provider WakeMed Health and Hospitals and Atrium Health, one of the largest health systems in the US.

The county’s seven-member board of commissioners will decide whether the combination of the two nonprofit health systems can proceed after delaying the vote for three months. The proposed transaction has faced scrutiny from residents, advocacy groups and public officials over the approval process.

Rusal said to sound out buyers for its Jamaica and Guyana assets. (Bloomberg)

Russian aluminum producer Rusal is exploring the sale of its assets in Jamaica and Guyana as the company shifts its focus toward other regions.

The group has begun seeking potential buyers for its Windalco alumina complex in Jamaica and bauxite operations in Guyana. The divestment process remains at an early stage and may not result in a transaction.

Data center firm Accelevation targets up to $5.4bn valuation in US IPO. (Reuters)

Olympus Partners-backed data center infrastructure company Accelevation is targeting a valuation of up to $5.37bn in its US initial public offering as it seeks to capitalize on investor demand for AI-related businesses.

Accelevation and existing shareholders aim to raise up to $720m by offering 30m

shares at between $20 and $24 each.

Nvidia-backed AI drugmaker Iambic Therapeutics files for IPO. (Bloomberg)

Nvidia-backed Iambic Therapeutics has filed for a US initial public offering as the clinical-stage life sciences company seeks funding to advance its drug development pipeline.

The San Diego-based firm uses artificial intelligence to develop new treatments and plans to use proceeds from the offering to support three early-stage cancer drug programs.

Nvidia buying an additional $1.5bn in SB Energy shares ahead of IPO. (Bloomberg)

Nvidia is investing an additional $1.5bn in SoftBank-backed data center provider SB Energy ahead of the company’s planned US initial public offering.

The chipmaker will acquire new non-voting shares through a private placement at 90% of the IPO price, bringing Nvidia’s total investment in SB Energy to $3bn.

EMEA

USCO to acquire the Italtractor ITM undercarriage business of Titan International in a $285m deal.

USCO, a supplier of aftermarket and OEM parts to the global earthmoving machinery industry, agreed to acquire the Italtractor ITM undercarriage business of Titan International, a global manufacturer of wheels, assemblies, and undercarriage products used for heavy equipment, in a $285m deal, according to press releases.

Titan International is advised by Gianni & Origoni and Studio Poggi & Associati. USCO is advised by BDO, Eidos Partners, KPMG and Simmons & Simmons, according to press releases.

Warburg Pincus and CD&R near deal to buy Canaccord’s UK wealth division. (FT)

Warburg Pincus and Clayton, Dubilier & Rice are in advanced talks to jointly acquire Canaccord Genuity’s UK wealth management business after emerging as the leading bidders in a sale process.

Canaccord Wealth could be valued at more than £1bn ($1.34bn) in a potential transaction. BlackRock-owned HPS, which has held a minority stake in the business since 2021, is also expected to sell its holding as part of the deal.

Tikehau faces new challengers in bid for bottle-cap firm Tapí. (Bloomberg)

Italian bottle-cap maker Tapí Group has attracted takeover interest from several industry rivals, with two bids submitted and a third being prepared as private lender Tikehau Capital seeks to take control of the struggling company.

Guala Closures and Corticeira Amorim have submitted offers to acquire Tapí, while Cobepa, the owner of industry peer Crealis, is preparing a separate bid for the business.

Schroders names Westerman chair ahead of Nuveen deal close. (Reuters)

Schroders has appointed veteran former banker Matthew Westerman as its new chair ahead of the completion of its £9.9bn ($13.3bn) sale to US asset manager Nuveen.

The transaction has received regulatory and shareholder approvals and is expected to close on October 1, subject to court approval. The combination will create an investment group managing about $2.5tn in assets.

Goldman appoints Simon Lyons UK investment banking co-head. (Reuters)

Goldman Sachs has appointed Simon Lyons as co-head of UK investment banking, where he will work alongside Nimesh Khiroya and join the US bank as a partner later this year.

Lyons previously served as co-head of Europe at Ardea Partners and was a founding partner at PJT Partners. The appointment comes as Goldman Sachs leads UK M&A activity this year, advising on 69 transactions worth a combined $175bn.

APAC

Samara Capital to acquire a stake in Associated Road Carriers and Calyx Container Terminals.

Samara Capital, a mid-market private equity firm, agreed to acquire a stake in Associated Road Carriers, a B2B road transportation company, and Calyx Container Terminals, a licensed container freight station, according to press releases. Financial terms were not disclosed.

ARC is advised by Ernst & Young, JSA Advocates & Solicitors (led by Vikram Raghani) and Solicis Lex. Samara Capital is advised by PricewaterhouseCoopers and Trilegal, according to MergerLinks data and press releases.

New World, ADIA in talks for HKD3bn hotel sale to UOL. (Bloomberg)

New World Development is in talks to sell its 50% stake in the Hyatt Regency hotel in Kowloon, Hong Kong, to Singapore-based UOL Group, in a transaction that could value the property at around HKD3bn ($382m).

Abu Dhabi Investment Authority, which owns the remaining 50% of the hotel, is also in discussions to sell its stake to UOL, potentially giving the Singapore property group full ownership of the asset.

IELTS English-language exam co-owner IDP spurns Blackstone’s sweetened bid. (Reuters)

IDP Education has rejected an AUD694.7m ($493.9m) takeover proposal from Blackstone, arguing that the improved offer substantially undervalues the Australian education services company.

Blackstone-managed funds offered AUD2.50 ($1.78) per share in cash after an earlier AUD2.30 ($1.64) proposal was rejected. The latest bid represents a roughly 56% premium to IDP’s September 8 closing price, while the company’s board maintains that its restructuring program offers greater long-term value.

BlackRock said to buy into GCash owner’s record-breaking Philippine IPO. (Bloomberg)

Mynt, the company behind Philippine mobile wallet GCash, is set to raise about PHP60bn ($957m) in its initial public offering, with BlackRock, Capital Group and Schroders among the investors expected to participate.

The company plans to sell 9.23bn shares at around PHP6.50 ($0.10) each, below the PHP10 ($0.16) maximum price indicated when it filed for the IPO. Around 20 cornerstone investors, including International Finance Corporation, are expected to take up roughly 70% of the offering.

LIC said to lead bidding in NSE’s $2.4bn India IPO. (Bloomberg)

Life Insurance Corporation of India emerged as the largest bidder in the National Stock Exchange of India’s initial public offering, highlighting strong demand from domestic institutional investors despite subdued retail participation.

The state-owned insurer submitted bids worth around INR45bn ($470m), while ICICI Prudential Asset Management and Quant Mutual Fund bid about INR20bn ($209m) each. Norges Bank Investment Management and Mirae Asset Mutual Fund sought roughly INR10bn ($104m) each.

Softbank-backed Snapdeal parent AceVector targets $182m valuation in trimmed India IPO. (Deal Street Asia)

SoftBank-backed AceVector, the parent company of Indian e-commerce platform Snapdeal, is seeking a valuation of up to INR17.41bn ($181.7m) in a downsized initial public offering that will open for subscription on September 25.

The company aims to raise INR4.2bn ($43.8m), including INR2.87bn ($29.9m) through new shares alongside an offer for sale by existing investors. SoftBank-owned Starfish and Nexus Venture Partners are among the shareholders selling stakes, with trading expected to begin on October 5.

Vietnam's HDBank units weigh IPOs. (Deal Street Asia)

Vietnam’s HDBank is preparing initial public offerings for two of its units, HD Securities and consumer finance business HD Saison.

The lender previously announced plans to increase its stake in HD Securities from 29.99% to between 51% and 90% ahead of the unit’s planned listing. HDBank technology partner Galaxy Holdings is also pursuing a capital raise, bond issuance and overseas listing.

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