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AMERICAS

Tannenbaum Capital Group-owned Sunrise Realty Trust completed the merger with Southern Realty Trust for $70m.

Tannenbaum Capital Group-owned Sunrise Realty Trust, a commercial real estate lender providing financing solutions, completed the merger with Southern Realty Trust, a commercial real estate credit investment firm, for $70m, according to press releases.

Southern Realty Trust was advised by Keefe Bruyette & Woods (led by Allen Laufenberg and Ted Conway) and Vinson & Elkins (led by Gregory Cope and Zach Swartz). Sunrise Realty Trust was advised by Oppenheimer & Co, Hunton Andrews Kurth, and Venable. Tannenbaum Capital Group was advised by Dukas Linden Public Relations (led by Doug Allen), according to press releases and MergerLinks data.

Snowhawk to invest in Telarus.

Snowhawk Partners, a private equity firm, agreed to invest in Telarus, a premier technology services distributor, according to press releases. Financial terms were not disclosed.

Telarus is advised by Guggenheim Partners, Moelis & Co, and DLA Piper. Snowhawk is advised by Greenberg Traurig and Dahlia PR (led by Christy Kemp), according to press releases.

InMed Pharmaceuticals completes the merger with Mentari Therapeutics.

InMed Pharmaceuticals, a cannabinoid and small-molecule drug developer, completed the merger with Mentari Therapeutics, a biotechnology company developing migraine prevention therapies, according to press releases. Financial terms were not disclosed.

Mentari Therapeutics was advised by Wedbush Securities and Gibson Dunn & Crutcher (led by Branden C. Berns). InMed Pharmaceuticals was advised by Lucid Capital Markets, Norton Rose Fulbright, and Deerfield Group Communications (led by Lia Dangelico), according to press releases and MergerLinks data.

Authentic Brands Group completes the acquisition of the Lee business from Kontoor Brands for up to $1bn.

Authentic Brands Group, a brand management company, completed the acquisition of the Lee business from Kontoor Brands, an American clothing company, for up to $1bn, according to press releases.

Authentic Brands was advised by Kirkland & Ellis. Kontoor Brands was advised by Morgan Stanley and Foley & Lardner, according to press releases and MergerLinks data.

MPE Partners-backed Intermatic completes the acquisition of Sunrise Technologies.

MPE Partners-backed Intermatic, an energy management solutions company, completed the acquisition of Sunrise Technologies, a provider of outdoor lighting-control and power-connectivity products, according to press releases. Financial terms were not disclosed.

MPE Partners was advised by Jones Day (led by Kaitlinn Sliter). Debt financing was provided by CIBC Capital Markets and Manulife Wealth & Asset Management, according to press releases and MergerLinks data.

Cognizant completes the acquisition of Wizeline.

Cognizant, an AI Builder and technology services provider, completed the acquisition of Wizeline, an AI-native digital engineering and product development services firm, according to press releases. Financial terms were not disclosed.

Wizeline was advised by Canaccord Genuity. Cognizant was advised by Ashurst Perkins Coie, according to press releases.

Janus Henderson led a $730m Series D round in CesiumAstro.

Janus Henderson, an investment management company, led a $730m Series D round in CesiumAstro, a space communications and satellite technology company, with participation from Insight Partners, Sands Capital, Sumitomo Corporation of Americas, Woven Capital, Incharge Capital, Magnetar, AV, and NewSpace Capital, according to press releases.

CesiumAstro was advised by Griffin Communications Group, according to press releases.

Enbridge to acquire Laramie Energy for $550m.

Enbridge, an energy delivery company, agreed to acquire Laramie Energy, an oil and gas producer, for $550m, according to press releases.

Enbridge is advised by Barclays, according to MergerLinks data.

Automated Logic to acquire Logical Solutions.

Automated Logic, a provider of innovative, intelligent building-management solutions, agreed to acquire Logical Solutions, an automated logic dealer, according to press releases. Financial terms were not disclosed.

Carrier is advised by Paul Weiss Rifkind Wharton & Garrison (led by Laura Turano), according to MergerLinks data.

OpenAI closes $11bn in funding at $1.25tn valuation. (Bloomberg)

OpenAI has secured approximately $11bn in the initial portion of a funding round valuing the US artificial intelligence company at $1.25tn.

The funding has been transferred to the company, with the remaining portion of the round expected to close in the coming weeks, potentially bringing total proceeds to $20bn.

AstraZeneca offers $10bn to acquire Rhythm Pharmaceuticals. (Reuters)

AstraZeneca has made a non-binding offer of approximately $10bn to acquire US obesity drugmaker Rhythm Pharmaceuticals.

The proposal values Rhythm at up to $134 per share, including payments contingent on achieving specified milestones.

Extreme Networks explores potential $3bn sale following acquisition interest. (Reuters)

Extreme Networks, a US networking software and equipment provider, is exploring a potential sale after receiving unsolicited acquisition interest.

The company, which has a market capitalisation of approximately $3bn, is working with an investment bank to evaluate a possible transaction.

DTE Energy agrees to sell DTE Vantage for approximately $3bn. (Press Release)

DTE Energy has agreed to sell its non-utility business, DTE Vantage, for approximately $3bn to institutional investors advised by JP Morgan Asset Management's Global Infrastructure group.

The divestment will allow DTE Energy to focus on its regulated electric and gas operations and support a planned $44bn capital investment programme over the next five years, including investments to meet growing data centre demand.

Wendy's rejects $1.4bn takeover offer from Trian Fund Management. (WSJ)

Wendy's has rejected an unsolicited $1.4bn takeover offer led by Nelson Peltz's Trian Fund Management, which proposed acquiring the restaurant chain for $7.35 per share in cash.

The company's board unanimously rejected the proposal, arguing that it undervalued Wendy's, and adopted measures to protect against further hostile takeover attempts.

Alphabet acquires $548m stake in Qualcomm. (Reuters)

Alphabet built a stake worth approximately $548m in US semiconductor manufacturer Qualcomm during the third quarter, strengthening its investment in the chipmaker.

The investment comes as Qualcomm expands into the data centre market amid declining smartphone demand, with its shares rising 3% in premarket trading following the disclosure.

General Mills considers separation and potential sale of Häagen-Dazs business outside North America. (WSJ)

General Mills is considering separating its Häagen-Dazs ice cream business outside North America, potentially leading to a sale of the operations.

The potential divestment comes as consumer goods companies restructure their portfolios amid rising raw material and transport costs and shifting consumer preferences towards healthier products.

Devon Energy faces renewed pressure from activist investors to pursue sale. (Bloomberg)

Devon Energy is facing renewed calls from activist investors Toms Capital Management and Kimmeridge Energy Management to consider selling the company after concluding its strategic review.

The investors criticised Devon's decision to retain its assets, arguing that operations in Oklahoma, Pennsylvania and the US Rockies dilute the company's strategic focus.

EMEA

Enhanced to acquire a 77% stake in DEAG Deutsche Entertainment.

Enhanced Group, an elite sports competition and performance products company, agreed to acquire a 77% stake in DEAG Deutsche Entertainment, an entertainment service company, according to press releases. Financial terms were not disclosed.

Enhanced is advised by Oppenheimer & Co, ROTH Capital Partners, Greenberg Traurig, and Olshan Frome Wolosky. Oppenheimer & Co is advised by Lowenstein Sandler, according to press releases.

Francisco Partners-backed OEConnection completes the acquisition of Epyx, r2c Online, and Business Gateway from Corpay.

Francisco Partners-backed OEConnection, a company that provides software solutions for original equipment manufacturers, completed the acquisition of Epyx, r2c Online, and Business Gateway, three fleet software companies, from Corpay, a global business payments and spend management company, according to press releases. Financial terms were not disclosed.

OEConnection was advised by Paperchase Public Relations (led by Simon Wells). Francisco Partners was advised by DC Advisory and Goodwin. Corpay was advised by Barclays, JP Morgan and Jones Day, according to press releases and MergerLinks data.

Francisco Partners-backed OEConnection completed the acquisition of the vehicles maintenance business from Corpay.

Francisco Partners-backed OEConnection, an end-to-end technology platform serving as dealers, completed the acquisition of the vehicles maintenance business from Corpay, a global spend management company, according to press releases. Financial terms were not disclosed.

Corpay was advised by Barclays, JP Morgan and Jones Day (led by Julian Runnicles), according to press releases and MergerLinks data.

TAG Software Group completes the acquisition of Chalco.

TAG Software Group, a software investment and operating company and Valsoft operating group, completed the acquisition of Chalco, a proprietary software platform that integrates workflow, content, and product information into a coherent, interoperable business ecosystem, according to press releases. Financial terms were not disclosed.

Chalco was advised by Madison Corporate Finance and Studio Legale Giacopuzzi. Valsoft was advised by Chiomenti, according to press releases.

Alfa Laval to acquire NAVTOR from Accel-KKR for $700m.

Alfa Laval, a provider of first-rate products in the areas of heat transfer, separation and fluid handling, agreed to acquire NAVTOR, a software platform supporting e-navigation, vessel-performance solutions and onboard integrated workflows, from Accel-KKR, a technology-focused private equity and venture capital firm, for $700m, according to press releases.

Accel-KKR is advised by Kekst CNC (led by Todd Fogarty), according to press releases and MergerLinks data.

Acesur and Dcoop to acquire Deoleo from CVC and Alchemy in a €520m deal.

Acesur, a company that specializes in the production, packaging, and marketing of olive oil, and Dcoop, an agri-food cooperative, agreed to acquire Deoleo, an olive oil company, from CVC and Alchemy, two private equity firms, in a €520m ($584m) deal, according to press releases.

Deoleo is advised by William Blair & Co, according to press releases.

Monzo explores fundraising at £7.5bn valuation after takeover talks stall. (FT)

Monzo Bank is considering a new fundraising round at a valuation of approximately £7.5bn ($10bn) after failing to secure a £10bn ($13.3bn) takeover by Brazilian fintech Nubank.

Talks with private equity firms including Advent International, TPG and CVC over a potential stake sale of up to 15% have stalled, with Monzo previously seeking an £8bn ($10.7bn) valuation.

SoftBank and ABB consider China carve-out to salvage $5.4bn robotics deal. (Bloomberg)

SoftBank and ABB are exploring a carve-out of the Chinese operations from SoftBank's proposed $5.4bn acquisition of ABB's robotics business.

The companies and their advisers are seeking alternative deal structures after China's foreign investment security review authority blocked the acquisition on November 5.

Germany agrees to acquire 50% stake in KNDS. (Reuters)

The German government has reached an agreement with the family owners of Franco-German defence manufacturer KNDS to acquire a 50% stake in the company.

The acquisition aims to strengthen Germany's control over critical defence technology. The purchase price remains undisclosed and will be based on KNDS's equity valuation.

Armani heirs favour IPO over sale to industry buyer. (Reuters)

The heirs of Giorgio Armani are considering an eventual IPO of the Italian fashion house rather than a sale to a major industry player, while pursuing an initial minority stake sale.

Under Armani's will, the heirs must sell approximately 15% of the company within 12 to 18 months of his death, followed by either a further 30% to 54.9% stake sale or a stock market listing.

ACS considers Hochtief takeover and potential US listing of Turner Construction. (Bloomberg)

Spanish engineering group ACS is exploring a potential takeover of its German subsidiary Hochtief by acquiring the remaining shares it does not own or merging the two companies.

Following a potential transaction, ACS could pursue a New York stock market listing of Hochtief-owned US construction company Turner Construction.

Apollo-backed vVardis seeks up to $229m in US IPO. (Bloomberg)

Swiss dental startup vVardis is seeking to raise up to $229m through a US IPO, offering approximately 9.5m shares priced between $21 and $24 each.

The company, backed by Apollo Global Management and OrbiMed Advisors, has also granted underwriters an option to purchase up to 1.43m additional shares from its founders.

ATP considers stake sale in Spanish gas distributor Redexis valued at €2bn. (Bloomberg)

Danish pension fund ATP is considering selling its stake in Spanish gas distributor Redexis, which is valued at approximately €2bn ($2.2bn).

ATP has joined fellow shareholders USS Investment Management and Guotong Romeo Holdings in seeking a buyer, expanding an existing sale process managed by two advisers to include its stake.

APAC

New York Times in exclusive talks to acquire Letterboxd for $330m. (Press Release)

The New York Times is in exclusive talks to acquire film-focused social platform Letterboxd in a deal valued at approximately $330m.

The potential acquisition would expand the company's digital portfolio beyond news, following previous acquisitions of The Athletic, Wirecutter and Wordle.

Zhuhai Huafa plans $300m sale of Marriott-branded hotel to Zhuhai Gree. (Bloomberg)

Chinese conglomerate Zhuhai Huafa is selling a Marriott-branded hotel to Zhuhai Gree Group in a transaction valued at approximately $300m.

The sale aims to improve Huafa's liquidity, with the company having already received an advance payment. Net proceeds from the transaction remain undisclosed.

Schroders seeks $172m from sale of Singapore shopping mall. (Bloomberg)

Schroders is planning to divest real estate assets in Singapore, including Wisteria Mall, a two-storey suburban shopping centre valued at approximately $172m.

The asset manager has appointed Knight Frank and Savills to manage the sale process, with expressions of interest due by late November.

KKR seeks additional banks for potential $4bn Logisteed IPO. (Bloomberg)

KKR is inviting additional banks to submit proposals for the potential IPO of Japanese logistics operator Logisteed Holdings in Tokyo, which could take place as early as 2027.

The offering could raise up to $4bn, although some estimates are lower. Morgan Stanley has already been appointed to work on the planned listing.

Hillhouse-backed NOTA seeks to raise $152m in Tokyo IPO. (Bloomberg)

Japanese luxury villa operator NOTA is seeking to raise approximately $152m through a Tokyo IPO, potentially marking Japan's third-largest listing of the year.

The offering will include approximately 5.1m new shares and 12.2m existing shares, with a preliminary offer price of JPY1,390 ($8.8) valuing the company at JPY111bn ($702m).

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