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AMERICAS

Gilat to acquire the satellite and space communications segment of Comtech for $157.5m.

Gilat, a global provider of satellite-based broadband communications, agreed to acquire the satellite and space communications segment of Comtech, a provider of communications technology solutions, for $157.5m, according to press releases.

Gilat is advised by Quilty Space, Oppenheimer & Co, Naschitz Brandes Amir and Alliance Advisors. Comtech is advised by TD Securities, Norton Rose Fulbright and Longacre Square Partners, according to press releases.

Riverspan Partners-backed High Divide Minerals completes the acquisition of Vanderbilt Minerals.

Riverspan Partners-backed High Divide Minerals, a mining and materials company, completed the acquisition of Vanderbilt Minerals, a manufacturer and supplier of specialty minerals and chemical products, according to press releases. Financial terms were not disclosed.

Riverspan Partners and High Divide Minerals were advised by Piper Sandler, Kirkland & Ellis and Milbank. Riverspan Partners was advised by FGS Global. Vanderbilt Minerals was advised by Greenhill & Co and Latham & Watkins, according to press releases.

Natural Gas Services Group completes the acquisition of Flatrock Compression for $120m.

Natural Gas Services Group, a provider of natural gas compression equipment, technology, and services to the energy industry, completed the acquisition of Flatrock Compression, a provider of rental compression services with operations in the Permian Basin and Eagle Ford, for $120m, according to press releases.

Flatrock Compression is advised by Greenridge Advisors (led by Amy Nelson), CBurke Legal (led by Carol Burke) and Nelson Mullins Riley & Scarborough. Natural Gas Services Group is advised by Intrepid Advisors and Gibson Dunn & Crutcher, according to press releases.

Nano Dimension to merge with Infinite Epigenetics.

Nano Dimension, a machinery industry company, agreed to merge with Infinite Epigenetics, an AI-powered preventive health and diagnostics company, according to press releases. Financial terms were not disclosed.

Infinite Epigenetics is advised by Wells Fargo Securities and Latham & Watkins. Nano Dimension is advised by Houlihan Lokey and Paul Hastings, according to press releases.

Salesforce to acquire Fin for $3.6bn.

Salesforce, a designer and developer of enterprise software, agreed to acquire Fin, a provider of AI-powered customer experience software, for $3.6bn, according to press releases.

Salesforce is advised by Wachtell Lipton Rosen & Katz (led by Meng Lu and Andrew Nussbaum). Fin is advised by Morgan Stanley, according to MergerLinks data.

Mining tycoon Gina Rinehart buys over $1bn SpaceX stake. (WSJ)

Gina Rinehart, through Hancock Prospecting, has taken a more than $1bn stake in SpaceX as part of the company’s record‑setting IPO. The investment represents a significant diversification beyond Hancock’s core mining operations.

The move underscores confidence in SpaceX’s long‑term growth potential, with Hancock also highlighting possible future collaboration in critical minerals supply. The investment comes as SpaceX’s shares surged following its market debut, reinforcing strong investor demand for exposure to the business.

EMEA

Equitix to acquire a 17.5% stake in the Beatrice offshore wind farm from TRIG for £155m.

Equitix, a global investor, developer, and long-term fund manager of core infrastructure assets, agreed to acquire a 17.5% stake in the Beatrice offshore wind farm from TRIG, a London-listed renewable energy investment company, for £155m ($208m), according to press releases.

TRIG is advised by BNP Paribas (led by Virginia Khoo), Investec (led by Lucy Lewis) and Brunswick Group (led by Diana Vaughton), according to press releases.

Rothschild & Co to acquire Marcard, Stein & Co.

Rothschild & Co, a global financial services group, agreed to acquire Marcard, Stein & Co, a Hamburg-based private bank, according to press releases. Financial terms were not disclosed.

Marcard, Stein & Co is advised by Freshfields (led by Christoph H. Seibt). Rothschild & Co is advised by Noerr (led by Dominik Rompza) and Open Up (led by Kilian Borter), according to press releases and MergerLinks data.

Kesko to acquire Dahl’s operations in Sweden, Norway and Denmark from Saint-Gobain for €1.5bn.

Kesko, a trading sector company, agreed to acquire Dahl’s operations in Sweden, Norway and Denmark from Saint-Gobain, a provider of construction materials and services, for €1.5bn ($1.74bn), according to press releases.

Kesko is advised by Nordea Bank, PricewaterhouseCoopers and White & Case, according to press releases.

American Express to acquire TheFork from Tripadvisor for $700m.

American Express, an American multinational financial services corporation, agreed to acquire TheFork, an online restaurant booking platform, from Tripadvisor, an online travel platform, for $700m, according to press releases.

TheFork and Tripadvisor are advised by Goldman Sachs, Goodwin Procter and Reed Smith, according to press releases.

Innovex to acquire TCO Group for $95m.

Innovex, an oilfield equipment provider, agreed to acquire TCO Group, a Norwegian-founded global oilfield service company, for $95m, according to press releases.

TCO Group is advised by Thommessen. Innovex is advised by Akin Gump Strauss Hauer & Feld and Wikborg Rein, according to press releases.

1890 Holdings to acquire an additional stake in West Ham United from the Gold family.

1890 Holdings, part of the broader EP Group led by Daniel Křetínský, agreed to acquire an additional stake in West Ham United, a professional football club based in Stratford, East London, from the Gold family, according to press releases. Financial terms were not disclosed.

The Gold family is advised by Rothschild & Co, according to MergerLinks data.

SWI Group to acquire a 38.3% stake in Genesis Digital Assets for $500m.

SWI Group, an institutional investment company, agreed to acquire a 38.3% stake in Genesis Digital Assets, one of the largest privately held digital infrastructure platforms, for $500m, according to press releases.

Elliott to take almost 5% stake in UK distributor Bunzl. (Bloomberg)

Elliott Investment Management has built an almost 5% stake in UK distributor Bunzl, following a period of share price weakness after a prior profit warning. The move signals renewed activist interest in the company.

Elliott is pushing Bunzl to conduct a share buyback of up to 10% of its market capitalisation over the next 12 months, aiming to enhance shareholder returns. Discussions remain private, and the company has not publicly responded to the activist’s proposals.

eToro exploring acquisitions amid push into traditional banking services. (FT)

eToro is exploring multiple acquisitions as it looks to expand its platform and diversify into traditional financial services, including payments and potentially banking. The company is reportedly working with advisers on two near‑term deals targeting wealth‑technology businesses, including one in the US.

The strategy forms part of a broader push to reduce reliance on trading revenues and build a more stable earnings profile. eToro is also considering applying for a banking licence or acquiring a bank, as fintech groups increasingly seek consolidation opportunities amid challenging funding conditions.

Bridgepoint weighs $1bn sale of anti-drone group guarding World Cup sites. (FT)

Bridgepoint is preparing a potential sale of Danish counter‑drone technology company MyDefence, in a transaction that could value the business at around $1bn. The private‑equity firm has reportedly hired an adviser and is considering launching an auction later in 2026.

The asset has attracted interest from buyout firms and defence contractors, driven by rapidly increasing demand for anti‑drone systems amid geopolitical tensions. MyDefence, which supplies detection and jamming technologies used in security operations, including major global events, has seen strong growth and expanding market relevance.

APAC

Frasers Group to acquire the remaining 77.1% stake in Accent Group for AUD316m.

Frasers Group, a retail group, offered to acquire the remaining 77.1% stake in Accent Group, a retail and distribution company, for AUD316m ($224m), according to press releases.

Frasers Group is advised by Lander & Rogers, Reynolds Porter Chamberlain and Keith Bishop PR (led by Keith Bishop). Accent Group is advised by Luminis Partners, Arnold Bloch Leibler and Sodali & Co (led by Helen Karlis), according to press releases.

CAF II to invest in Racks Central.

China‑ASEAN Investment Cooperation Fund II, an offshore multilateral cooperation fund, agreed to invest in Racks Central, a Singapore‑headquartered data centre platform with a growing regional footprint, according to press releases. Financial terms were not disclosed.

Australia's Woodside Energy says it is unaware of any proposal involving Exxon Mobil. (Reuters)

Woodside Energy has clarified that it is not aware of any proposal from ExxonMobil and is not engaged in discussions, responding to recent takeover speculation. The statement follows reports suggesting Exxon was evaluating Woodside as a potential acquisition target to expand its position in LNG and Asian markets.

The clarification dampened deal expectations, with Woodside shares declining after earlier gains driven by takeover rumours. ExxonMobil has not commented, while potential political and regulatory opposition in Australia could also pose challenges to any future transaction.

Shell to select Aditya Birla for Sprng Energy deal. (Bloomberg)

Aditya Birla has emerged as the frontrunner to acquire Sprng Energy, the Indian renewable power platform owned by Shell. The process is advancing with a potential agreement expected in the coming weeks.

Shell is seeking a valuation of around $1.8bn for the asset, though discussions remain ongoing and terms could still change. The transaction would mark a significant expansion in India’s renewable energy sector, with strategic interest from large domestic conglomerates.

Australia's Sigma Healthcare jumps after dropping pursuit of Boots. (Reuters)

Sigma Healthcare has dropped its pursuit of Boots, concluding that a potential acquisition would not align with its strategic and capital allocation priorities. The discussions had been at an early stage and no formal offer was made.

The decision was met positively by investors, with Sigma’s shares rising more than 8%, as the company reiterated its focus on its core Australian operations. The withdrawal comes amid broader consideration of Boots’ future, with the UK pharmacy chain previously reported to be worth around $10bn.

Jack Ma-backed Ant Group set for high-stakes overhaul of billion-user app. (Bloomberg)

Ant Group is testing a major overhaul of its Alipay super app, introducing an AI‑driven assistant interface as it seeks to strengthen its position against Tencent’s WeChat. The update marks a step‑up in competition between China’s leading digital platforms for user engagement.

The new AI agent would allow users to complete tasks such as booking rides, ordering food, and managing investments through voice or text commands, subject to user approval. The initiative reflects Ant’s broader push to integrate AI‑based services into its platform as it targets deeper engagement across its billion‑user ecosystem.

Razorpay confidentially files for $500m India IPO. (Bloomberg)

Razorpay has confidentially filed draft documents for a $500m IPO in India with the Securities and Exchange Board of India. The fintech company joins a growing number of startups opting for the confidential pre‑filing route ahead of a potential listing.

The approach allows companies to test investor appetite and refine disclosures before making filings public. Details on timing, valuation, and structure have not been disclosed, and the offering remains subject to market conditions.

Foundation Healthcare said to plan filing IPO prospectus soon. (Bloomberg)

Foundation Healthcare, backed by SeaTown, is preparing to file its IPO prospectus in Singapore in the coming days. The company is targeting a listing in the third quarter as it advances the process.

The IPO could raise up to SGD500m ($390m) and value the business at more than $1bn. Details remain subject to change, with discussions ongoing and no final terms confirmed.

Xiaohongshu to ready Hong Kong IPO filing this month. (Bloomberg)

Xiaohongshu is preparing to confidentially file for an IPO in Hong Kong by the end of the month. The Shanghai‑based social‑media platform is working with advisers as it advances listing plans.

The potential offering could rank among Hong Kong’s largest IPOs in recent years, though details on timing, size, and valuation remain under discussion. The process is still at an early stage and subject to change, with no final terms confirmed.

Tencent-backed Enflame heads to IPO as China AI chip wave grows. (Bloomberg)

Enflame, the AI chipmaker backed by Tencent, has received approval to proceed with an IPO on Shanghai’s STAR Market, marking a key milestone toward listing one of China’s leading domestic semiconductor players. Tencent holds about 20% of the company and remains a major customer.

The company plans to raise around CNY6bn ($888m) by offering 10%–15% of its shares, with proceeds earmarked for AI cloud chip development and production. The listing reflects growing momentum in China’s AI chip sector as local firms scale to compete with global semiconductor leaders.

Patsnap to confidentially file for HK, Singapore dual IPO. (Bloomberg)

Patsnap, an intellectual‑property data provider, has confidentially filed for a dual IPO in Hong Kong and Singapore. The filings have been submitted to both exchanges as the company advances plans to go public.

The listing could take place as soon as 2026, subject to market conditions and regulatory approvals. The transaction would mark a rare large‑scale tech listing from Southeast Asia, with details on size, valuation, and timing still under discussion.

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