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Top Highlights
Flutter Entertainment, an online sports betting and iGaming operator, completed the acquisition of Snaitech, an Italian omni-channel operator, from Playtech, a gambling software development company, for $2.6bn, according to press releases.
S&P Global, an essential intelligence provider, agreed to spin off S&P Global Mobility, an automotive industry data and analysis provider, according to press releases. Financial terms were not disclosed.
S&P Global is advised by Citigroup, Evercore, Goldman Sachs, Morgan Stanley, Baker McKenzie and Davis Polk & Wardwell (led by Brian Wolfe and William H. Aaronson), according to MergerLinks data and press releases.
Novartis, a company specializing in global healthcare solutions, agreed to acquire Regulus Therapeutics, a clinical-stage biopharmaceutical company, for $1.7bn, according to press releases.
Regulus Therapeutics is advised by Evercore and Latham & Watkins, according to press releases.
Deal Round up
AMERICAS
Blackstone explores $3bn sale of sustainability software firm Sphera. ( Reuters)
China’s CIC plans $1bn sale of US private equity fund stakes.
Brazil’s BRB nears completion of due diligence for Banco Master acquisition. ( Reuters)
Santander aims to expand in US while considering asset sales in Europe. (Bloomberg)
McEwen considers Argentina share listing for copper unit IPO. ( Bloomberg)
FPV Ventures raises $525m second fund to back early-stage startups. ( Bloomberg)
EMEA
Mediobanca’s Banca Generali bid seen as positive for Monte dei Paschi takeover. ( Reuters)
Sullivan Street nears deal for Senior’s aerostructures business. ( Bloomberg)
UK analytics firm GlobalData draws takeover interest. ( Bloomberg)
APAC
Pop Mart investor sells $101m stake after share rally. ( Bloomberg)
Shanghai-backed fund weighs purchase of Otsuka’s stake in MicroPort. (Bloomberg)
DN Solutions shelves $1.1bn IPO amid market uncertainty. ( Bloomberg)
CloudKitchens explores IPO of Middle East business. ( Bloomberg)
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AMERICAS
Kohlberg, a middle market private equity firm, completed the acquisition of RESA Power, a provider of electrical testing, transformer services, engineering studies, and custom equipment solutions, from Investcorp, a global alternative investment firm, according to press releases. Financial terms were not disclosed.
Kohlberg was advised by Harris Williams & Co, Stifel, Kirkland & Ellis (led by Joshua Kogan) and Gasthalter & Co (led by Amanda Shpiner). Investcorp was advised by Guggenheim Partners, Robert W Baird (led by Rob Kaderavek) and Gibson Dunn & Crutcher (led by Sean Griffiths), according to MergerLinks data and press releases.
Rowley Law is investigating possible securities law violations by SpringWorks Therapeutics and its board over the proposed $3.4bn acquisition by Merck, in which shareholders will receive $47 per share. The deal is expected to close in the second half of 2025.
GI Alliance, a company specializing in gastroenterology practice management, completed the acquisition of Urology America, a national urology platform, and Potomac Urology, an independent urology practice, according to press releases. Financial terms were not disclosed.
Urology America was advised by Goldman Sachs and Katten Muchin Rosenman. GI Alliance was advised by Punching Nun Group (led by Kelley Swann), according to press releases.
Renovus Capital Partners-backed F2 Strategy, a company specializing in wealth management technology and marketing services, completed the acquisition of MD Solutions, a financial technology firm, according to press releases. Financial terms were not disclosed.
F2 Strategy was advised by StreetCred PR (led by Lindsay McCoy), according to press releases.
Silvaco, a company specializing in software solutions, agreed to acquire Tech-X Corporation, a software company, according to press releases. Financial terms were not disclosed.
Silvaco is advised by Needham & Co, according to press releases.
Mastercard, a multinational payment card services corporation, agreed to invest in the cross-border business of Corpay, a corporate payments company, for $300m, according to press releases.
Mastercard is advised by Citigroup, according to MergerLinks data.
Alvarez & Marsal Capital-backed VTG, a company specializing in national security solutions, completed the acquisition of Triaplex, a provider of cyber and signals intelligence solutions, according to press releases. Financial terms were not disclosed.
Palo Alto Networks, a company specializing in global cybersecurity solutions, agreed to acquire Protect AI, an AI and ML security solutions provider, according to press releases. Financial terms were not disclosed.
Apex Capital, a private equity firm, completed the acquisition of Juanita's Foods, a manufacturer of authentic Mexican-style canned foods, according to press releases. Financial terms were not disclosed.
Blackstone explores $3bn sale of sustainability software firm Sphera. ( Reuters)
Blackstone is considering the sale of Sphera, a sustainability-focused software and consulting firm, in a deal that could value the company at $3bn.
The private equity firm has engaged William Blair and Evercore to advise on the process, which remains in its early stages.
China’s CIC plans $1bn sale of US private equity fund stakes.
China Investment Corporation is preparing to sell around $1bn worth of US-based private equity fund interests on the secondary market.
The assets span multiple funds managed by eight general partners, including Blackstone and Carlyle, and were originally acquired between 2016 and 2017.
Brazil’s BRB nears completion of due diligence for Banco Master acquisition. ( Reuters)
State-run lender BRB is close to finalizing due diligence for its acquisition of Banco Master, with the deal expected to be valued at BRL2bn ($360m).
Costa stated the process is in its final stage and that the valuation under consideration is aligned with expectations.
Santander aims to expand in US while considering asset sales in Europe. ( Bloomberg)
Banco Santander is seeking to strengthen its position in the US as it evaluates a potential retreat from certain European markets.
The bank views expansion in the US as part of its long-term strategy and reported that first-quarter results in the country exceeded expectations.
McEwen considers Argentina share listing for copper unit IPO. ( Bloomberg)
Rob McEwen’s copper venture is exploring a share listing in Argentina as part of its planned IPO, reflecting growing investor interest in the country.
McEwen Copper aims to go public in New York or Toronto to fund development of the Los Azules project in San Juan province. A potential Buenos Aires listing is also under consideration as part of the offering strategy.
FPV Ventures raises $525m second fund to back early-stage startups. ( Bloomberg)
FPV Ventures, founded by Wesley Chan and Pegah Ebrahimi, has raised $525m for its second venture capital fund.
Established in 2022, the firm focuses on early-stage investments and previously raised a $450m debut fund. Chan was formerly with Felicis Ventures, while Ebrahimi is a Morgan Stanley alum.
EMEA
Australian Wine, a consortium of international institutional investors and owner of Accolade Wines, completed the acquisition of the international strategic wine brands of Pernod Ricard, a wine and spirits company, according to press releases. Financial terms were not disclosed.
Australian Wine was advised by FTI Consulting (led by Stuart Carson) and SEC Newgate. ICG was advised by Latham & Watkins (led by Huw Thomas). Pernod Ricard was advised by JP Morgan, Morgan Stanley and Cleary Gottlieb Steen & Hamilton (led by Nallini Puri), according to MergerLinks data and press releases.
Madison Dearborn and CDPQ-backed IPL, a manufacturer of rigid-plastic products, agreed to merge with Brookfield and the Schoeller family-backed Schoeller Allibert, a manufacturer of reusable transport packaging, according to press releases. Financial terms were not disclosed.
IPL is advised by BMO Capital Markets and Evercore. Schoeller family is advised by JP Morgan, according to MergerLinks data and press releases.
Midea, a listed technology group, completed the acquisition of Teka Group, a provider of household appliances and sinks, according to press releases. Financial terms were not disclosed.
Teka Group was advised by Ernst & Young, HSBC and Ashurst, according to MergerLinks data and press releases.
TWG Global, a holding company investing across a wide range of industries, agreed to acquire a minority stake in Mubadala Capital, the asset management subsidiary of Mubadala Investment, for $2.5bn, according to press releases.
Lunate, an alternative investment manager, agreed to acquire a stake in Azura Partners, a wealth manager, according to press releases. Financial terms were not disclosed.
Mitsubishi Electric, a company specializing in electrical and electronic equipment, completed the acquisition of Ascension Lifts, an independent Irish elevator company, according to press releases. Financial terms were not disclosed.
Mediobanca’s Banca Generali bid seen as positive for Monte dei Paschi takeover. ( Reuters)
Mediobanca’s €6.3bn ($7.2bn) bid for wealth manager Banca Generali is viewed as a favorable development for Monte dei Paschi di Siena’s proposed takeover, according to a key MPS investor.
The offer is seen as a move by Mediobanca to counter Monte dei Paschi’s acquisition proposal. Banca Generali, a financial advisory network, is owned by insurer Generali.
Sullivan Street nears deal for Senior’s aerostructures business. ( Bloomberg)
Sullivan Street Partners is close to acquiring the aerostructures unit of UK engineering group Senior, which supplies parts to Airbus and Boeing.
A final agreement could be reached in the coming weeks. The deal is expected to value the business at around £200m ($268m), including debt.
UK analytics firm GlobalData draws takeover interest. ( Bloomberg)
GlobalData, a UK-based research and analytics company controlled by entrepreneur Mike Danson, is receiving takeover interest from several international private equity firms.
The London-listed firm has been approached by potential bidders, including KKR.
APAC
I Squared Capital-backed Hexa Climate Solutions, a renewable energy and decarbonization IPP platform, completed the acquisition of the Indian renewables portfolio from Fortum, an energy company, according to press releases. Financial terms were not disclosed.
Pop Mart investor sells $101m stake after share rally. ( Bloomberg)
An investor has sold a $101m stake in Pop Mart International Group following a surge in the Chinese toy company's stock.
Around 4.1m shares were sold at HKD192.95 ($25) each, representing a 2.5% discount to the previous closing price. The sale follows Pop Mart’s strong earnings report last month, when it posted more than double the profit from the prior year, driven by the popularity of its Labubu dolls.
Shanghai-backed fund weighs purchase of Otsuka’s stake in MicroPort. ( Bloomberg)
A fund supported by Shanghai Industrial Investment is in discussions to acquire Otsuka’ stake in Chinese medical device company MicroPort Scientific.
Otsuka has been reviewing options for its holding in the Hong Kong-listed firm, including a potential sale. As of the end of June 2024, the Japanese pharmaceutical group held a 20.9% stake.
DN Solutions shelves $1.1bn IPO amid market uncertainty. ( Bloomberg)
South Korea’s DN Solutions has canceled its planned IPO, which aimed to raise up to $1.1bn, citing unstable market conditions and valuation challenges.
The machine-tools maker said in a filing that uncertainty in both domestic and global financial markets led to the decision, marking a setback for Seoul’s share-sale recovery.
CloudKitchens explores IPO of Middle East business. ( Bloomberg)
CloudKitchens, the ghost kitchen startup led by former Uber CEO Travis Kalanick, is considering an initial public offering of its Middle East operations.
The company, backed by Saudi Arabia’s sovereign wealth fund, has appointed Goldman Sachs to advise on the potential listing.
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