General Catalyst and Alpha Wave-backed Long Lake completes the acquisition of American Express Global Business Travel for $6.3bn.

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AMERICAS

Jefferson Energy to acquire Port Arthur Terminal and a 50% stake in Hardisty DRU unit from USD Group for $255m.

Jefferson Energy, a clean energy company, agreed to acquire Port Arthur Terminal and a 50% stake in Hardisty DRU unit from USD Group, a midstream infrastructure and logistics developer, for $255m, according to press releases.

Jefferson Energy is advised by Barclays, Jefferies & Company, Bennett Jones, Skadden Arps Slate Meagher & Flom (led by David Passes and Michael Schwartz) and Vinson & Elkins (led by Benji Barron). USD Group is advised by Houlihan Lokey and Gibson Dunn & Crutcher (led by Tull Florey), according to MergerLinks data and press releases.

BRC Group to acquire Sangoma Technologies in a $204m deal.

BRC Group, a diversified holding company with operations in financial services, communications, and retail, agreed to acquire Sangoma Technologies, a Canada-based provider of hardware and software solutions for IP communications, including voice and data connectivity components, gateway appliances, and communication software, in a $204m deal, according to press releases.

BRC Group Holdings is advised by Blake Cassels & Graydon, Choate Hall & Stewart, Klein Law and The NBD Group. Sangoma Technologies is advised by ATB Cormark Capital Markets, Goodmans and Norton Rose Fulbright, according to press releases.

Capitolis to acquire eSecLending from Parthenon Capital for $200m.

Capitolis, a financial technology company, agreed to acquire eSecLending, an independent securities financing business, from Parthenon Capital, a private equity firm, for $200m, according to press releases.

eSecLending is advised by Berenson & Co, Raymond James, Debevoise & Plimpton and Troutman Pepper Locke. Capitolis is advised by FT Partners, WilmerHale and Sloane & Company, according to MergerLinks data and press releases.

NorthStar Earth & Space went public via SPAC merger with Viking Acquisition Corp I in a $300m deal.

NorthStar Earth & Space, a technology company specialising in space domain awareness and data management, went public via SPAC merger with Viking Acquisition Corp I, a special purpose acquisition company, in a $300m deal, according to press releases.

Viking Acquisition Corp I was advised by KingsRock Advisors (led by Gil Ottensoser), Cassels Brock & Blackwell (led by Jonathan Sherman) and Nelson Mullins Riley & Scarborough. NorthStar Earth & Space was advised by Cohen & Company Capital Markets, Greenberg Traurig and Prosek Partners, according to press releases and MergerLinks data.

Transom Capital Group to acquire SoundThinking for c.$159m.

Transom Capital Group, a private equity firm, agreed to acquire SoundThinking, a public safety technology company, for c.$159m, according to press releases.

SoundThinking is advised by Tidal Partners, Cooley, Joele Frank (led by Aaron Palash, Kara Grimaldi and Maggie Carangelo) and Solebury Strategic Communications. Transom Capital is advised by Kirkland & Ellis and Prosek Partners, according to MergerLinks data and press releases.

OAI Holdings to acquire Omni Air International from Air Transport Services Group.

OAI Holdings, a private investment company, agreed to acquire Omni Air International, a passenger airline specialising in ACMI wet leasing and customised passenger charter services, from Air Transport Services Group, an aviation group providing aircraft leasing, air transportation, maintenance and related logistics and support services, according to press releases. Financial terms were not disclosed.

OAI Holdings is advised by BDT & MSD Partners and Spencer Fane. Air Transport Services Group is advised by Goldman Sachs, Hogan Lovells Cadwalader, Simpson Thacher & Bartlett (led by Eli Hunt and Keegan Lopez) and Joele Frank (led by Kate Thompson), according to MergerLinks data and press releases.

Coalesce Capital completed an investment in ClearDefense Pest Control.

Coalesce Capital, a private equity firm, completed an investment in ClearDefense Pest Control, a provider of residential and commercial pest management services, according to press releases. Financial terms were not disclosed.

ClearDefense Pest Control is advised by Citizens M&A and Orrick Herrington & Sutcliffe. Coalesce Capital is advised by Piper Sandler, Latham & Watkins and Joele Frank (led by Ed Trissel and Katharine Thompson), according to MergerLinks data and press releases.

Greenbriar Equity Group to acquire Spectrum Control from AEA Investors.

Greenbriar Equity Group, a private equity firm, agreed to acquire Spectrum Control, a designer and manufacturer of highly engineered radio-frequency, microwave and electromagnetic-spectrum-management components, from AEA Investors, a private equity firm, according to press releases. Financial terms were not disclosed.

Spectrum Control is advised by Evercore, William Blair & Co, Fried Frank Harris Shriver & Jacobson and Joele Frank (led by Kate Thompson and Madeline Jones). Greenbriar is advised by Kirkland & Ellis, according to MergerLinks data and press releases.

Madison Dearborn Partners-backed APM Group completes the acquisition of WorkCare.

Madison Dearborn Partners-backed APM Group, a provider of health and human services, completed the acquisition of WorkCare, a provider of occupational health, wellness, injury management, workforce wellbeing, and absence management services, according to press releases. Financial terms were not disclosed.

WorkCare was advised by Citizens M&A (led by Kevin Davies). APM Human Services International is advised by Ernst & Young. Madison Dearborn Partners is advised by Alston & Bird (led by Jeremy C. Silverman) and H/Advisors Abernathy, according to press releases.

DigitalBridge and Aberdeen Investments-backed ZEmobility completed the merger with VGMobility.

DigitalBridge and Aberdeen Investments-backed ZEmobility, an electric bus fleet operator, completed the merger with VGMobility, an electric-mobility infrastructure platform, according to press releases. Financial terms were not disclosed.

ZEmobility was advised by Simpson Thacher & Bartlett (led by Gabriel Silva, Jiaying Zhang and Gabriela Astolphi). Vitol was advised by BTG Pactual, Cuatrecasas Goncalves Pereira and Latham & Watkins, according to MergerLinks data and press releases.

AIRE to go public via SPAC merger with OceanLight Acquisition at a valuation of $1bn.

AIRE, a home textile and green sleep technology company dedicated to the development and global commercialisation of environmentally friendly materials, agreed to go public via SPAC merger with OceanLight Acquisition, a special purpose acquisition company incorporated as a Cayman Islands exempted company, at a valuation of $1bn, according to press releases.

OceanLight Acquisition is advised by Celine & Partners. AIRE is advised by Chain Stone Capital Limited (CTM) and Torres & Zheng at Law, according to press releases.

Olympian Group to go public via SPAC merger with Futurewave Acquisition Corp at a valuation of $400m.

Olympian Group, an electronics solutions provider through its wholly owned Hong Kong subsidiary, specialising in integrated chip and electronic component solutions, agreed to go public via SPAC merger with Futurewave Acquisition Corp, a special purpose acquisition company, at a valuation of $400m, according to press releases.

FutureWave Acquisition Corp is advised by Celine & Partners. Olympian Group is advised by Chain Stone Capital Limited (CTM) and Loeb & Loeb, according to press releases.

AMD to acquire World Labs for $8.2bn.

AMD, a semiconductor and computing technology company, agreed to acquire World Labs, a frontier artificial intelligence company that builds large world models to give AI spatial intelligence, enabling it to perceive, generate, reason about, and interact with 3D physical and virtual environments, for $8.2bn, according to press releases.

AMD is advised by Latham & Watkins (led by Tad Freese and Mark M. Bekheit), according to MergerLinks data.

Gates completes the acquisition of the belts business of The Timken Company.

Gates, a global manufacturer of power transmission and fluid power products, completed the acquisition of the belts business of The Timken Company, a global manufacturer of engineered bearings and industrial motion products, according to press releases. Financial terms were not disclosed.

The Timken Company was advised by FGS Global, according to MergerLinks data.

AstraZeneca to invest $2bn in Summit Therapeutics.

AstraZeneca, a research-based biopharmaceutical company specializing in the research and development of innovative therapies, agreed to invest $2bn in Summit Therapeutics, a clinical-stage oncology biopharmaceutical company focused on developing advanced cancer therapies, according to press releases.

Samsung to invest $1bn in Helix Digital Infrastructure.

Samsung, a multinational conglomerate that operates in various sectors, best known for its electronics division, agreed to invest $1bn in Helix Digital Infrastructure, an investment platform focused on developing and financing next-generation artificial intelligence and cloud infrastructure assets, according to press releases.

Piper Sandler in talks to acquire Perella Weinberg. (WSJ)

Piper Sandler is in talks to acquire Perella Weinberg Partners in a potential combination of the two US investment banking and advisory firms. Piper Sandler currently has a market capitalization of around $5bn, while Perella Weinberg is valued at approximately $1.4bn. The discussions are ongoing, and financial terms and the proposed transaction structure have not been disclosed.

A transaction could be reached soon, although negotiations have not been finalized and could still end without an agreement. The potential acquisition would combine Piper Sandler’s investment banking platform with Perella Weinberg’s M&A and strategic advisory business; neither company has announced a definitive agreement or detailed the consideration that would be offered to PWP shareholders.

Bain Capital invests in construction tech firm Kahua at $1bn value. (Bloomberg)

Bain Capital’s Tech Opportunities fund is acquiring a minority stake in AI-powered construction software platform Kahua in a transaction valuing the Georgia-based company at more than $1bn.

Bain is investing around $250m in Kahua, becoming the company’s largest external investor. The investment will support the construction technology firm as it expands its AI-enabled enterprise platform.

Lilly CEO eyes bigger deals in pharma’s ‘white spaces'. (Bloomberg)

Eli Lilly expects to pursue larger acquisitions as the pharmaceutical group looks for assets in emerging areas of science and expands beyond its core weight-loss and diabetes businesses.

The company could target transactions similar to or larger than its $7.8bn acquisition of Centessa Pharmaceuticals as it deploys growing cash flows to broaden its drug portfolio and support future growth.

BP is said to weigh sale of its Brazilian biofuels business. (Bloomberg)

BP is considering a potential sale of its Brazilian biofuels business as the energy group accelerates efforts to streamline its portfolio, reduce debt and focus capital on its core oil and gas operations.

BP took full control of the sugar and ethanol business in 2024 after acquiring Bunge’s remaining 50% stake for $1.4bn including debt. The potential divestment remains at an early stage and forms part of BP’s broader plan to sell about $20bn of assets by 2027.

Activist Ancora said to raise bid for HB Fuller building unit. (Bloomberg)

Ancora Holdings Group has increased its offer for H.B. Fuller’s building adhesives business to as much as $1.4bn after the chemical company rejected an earlier proposal.

The investment firm and activist investor is now offering between $1.2bn and $1.4bn in cash for the unit, raising the upper end of its previous bid by $200m.

Smart ring maker Oura becomes latest company to delay US IPO. (Bloomberg)

Health and fitness ring maker Oura has postponed its planned US initial public offering, citing uncertainty in the market for new listings.

Oura and some of its existing shareholders had been seeking to raise up to $2.2bn through the offering. The IPO had attracted strong investor demand, with orders reaching about four times the number of shares available.

Blockchain.com is said to target $500m IPO this year. (Bloomberg)

Crypto services company Blockchain.com is planning to go public this year, targeting about $500m in proceeds from a US initial public offering.

The company is seeking a valuation of between $4bn and $6bn in the proposed listing and could consider a smaller fundraising if necessary.

Princeton Equity Group closes $1.3bn Fund III at hard cap. (Press Release)

Princeton Equity Group has closed Princeton Equity Partners III at its $1.3bn hard cap, more than doubling the $575m raised for its predecessor fund. The fund attracted commitments from existing and new investors, with North American investors providing the majority of the capital and increased participation from European investors.

Fund III will continue Princeton’s strategy of investing in US franchisors and multi-location businesses, typically deploying $50m-$200m per investment. The fund has not yet begun deploying capital, and its larger size is expected to allow Princeton to complete more investments while reducing its reliance on co-investors.

EMEA

UniCredit’s Andrea Orcel moves to seize control of Commerzbank within months. (FT)

UniCredit could overhaul Commerzbank’s supervisory board as early as January as the Italian lender moves closer to taking control of Germany’s second-largest bank.

UniCredit plans to call an extraordinary general meeting once it receives the remaining regulatory approvals required to secure control of Commerzbank. The potential board changes would give the Italian lender greater influence over the German bank’s strategy.

Germany intends to block sale of logistics firm to China's Cosco. (Reuters)

The German government intends to block Cosco’s proposed acquisition of an 80% stake in Hamburg-based logistics company Zippel over national security concerns.

Chinese state-owned shipping group Cosco is seeking control of Zippel, which specializes in transporting containers between seaports and inland destinations. The planned intervention could prevent the transaction from proceeding.

Credit Agricole awaits Paschi clarity before possible BPM bid. (Bloomberg)

Credit Agricole is exploring options to strengthen its presence in Italy, including a potential acquisition of Banco BPM, in which the French lender already holds a stake of nearly 30%.

A takeover is among the scenarios being evaluated in response to Banca Monte dei Paschi di Siena’s offer for Banco BPM. Any potential counterbid would face political and financial hurdles.

Israel cites Saudi, Qatari stakes in Hapag to halt $4bn ZIM takeover. (Bloomberg)

Israel’s finance ministry has opposed Hapag-Lloyd’s proposed $4.2bn acquisition of Israeli shipping company ZIM Integrated Shipping Services, raising concerns over the ownership structure of the German group.

The ministry cited holdings in Hapag-Lloyd by the governments of Qatar and Saudi Arabia among several factors behind its opposition to the transaction.

Bridgepoint, Astorg consider £2bn+ Fenergo sale. (Reuters)

Bridgepoint and Astorg are considering a potential sale of Irish financial technology company Fenergo in a transaction that could value the business at more than £2bn ($2.7bn).

The private equity firms have begun discussions with potential buyers and are expected to appoint an investment bank later this year to advise on the process. The sale could attract interest from strategic buyers.

UK's Vesuvius weighs Austria-based rival RHI Magnesita's £1.37bn bid, shares jump. (Reuters)

British engineering group Vesuvius is evaluating a £1.37bn ($1.81bn) cash-and-stock takeover proposal from Austria-based RHI Magnesita after rejecting a series of earlier approaches over the past year.

The latest proposal values Vesuvius at 551p ($7.28) per share, representing a 47% premium to its previous closing price. Vesuvius shares jumped 31% following the announcement.

Petrus publishes its view on the offer for Iveco. (Press Release)

Petrus Advisers has opposed Tata Motors’ proposed all-cash takeover offer for Iveco, arguing that the €14.10 ($16.45) per share bid undervalues the Italian commercial vehicle manufacturer.

Petrus, which holds around 3.8% of Iveco, said the offer fails to reflect the company’s valuation relative to peers or provide shareholders with an adequate share of potential transaction synergies. The investor also argued that shareholders should be compensated for the expected 15-month period between the deal’s announcement and completion.

Asterion, Teras said to weigh options for Spain’s Olin Telecom. (Bloomberg)

Spanish private equity firms Asterion Industrial Partners and Teras Capital are exploring strategic options for their joint venture Olin Telecom, including potential combinations with other telecommunications operators.

Other options include separating the Spanish phone and internet provider into two businesses by splitting its wholesale fiber-optic network operations from its retail activities.

TalkTalk gets engaged tone as buyers close in on £200m break-up. (Sky News)

TalkTalk Telecom Group is nearing a break-up deal worth around £200m ($269m), with Ares Management positioned to take control of the British broadband provider’s consumer business.

Private equity firm Epiris is progressing a roughly £200m ($269m) acquisition of PXC, TalkTalk’s wholesale network, while Ares has emerged as the leading bidder for the consumer division.

Angola raises $224m from Standard Bank unit stake sale. (Bloomberg)

Angola has raised AOA208.5bn ($224m) from the sale of a 34% stake in Standard Bank de Angola, with demand reaching nearly twice the number of shares offered.

Investors submitted orders worth AOA403.4bn ($433m), while South Africa-based Standard Bank increased its controlling stake in the Angolan lender to 75% from 51%.

APAC

Samsung’s insurance arms lead Korean drive for overseas M&A. (Bloomberg)

South Korean banks and insurers are accelerating overseas M&A efforts as they seek new sources of growth beyond a mature domestic financial market. Potential targets span US insurance and retirement businesses as well as banks and consumer finance companies across Asia.

Samsung Life Insurance is among the firms considering major transactions, including a potential mid-teens stake in US-based Principal Financial Group that could cost as much as KRW6tn ($4.4bn). Other Korean financial groups are also pursuing acquisitions and strategic investments abroad as demographic pressures constrain growth at home.

ADIA in talks to lead Primavera's new fund with ByteDance exposure. (Deal Street Asia)

Abu Dhabi Investment Authority and Primavera Capital are exploring a potential sale of their stakes in ByteDance, the Chinese owner of TikTok, as existing shareholders assess opportunities to monetize their holdings.

The potential divestments come as ByteDance’s valuation continues to rise in private markets, creating opportunities for large institutional investors to exit or reduce their positions in the technology group.

Dongshan Precision is said to target up to $3bn HK listing. (Bloomberg)

Printed circuit board maker Suzhou Dongshan Precision Manufacturing is seeking to raise between $2bn and $3bn through a planned Hong Kong listing as soon as next month.

The Shenzhen-listed company currently has a market capitalization of around CNY313bn ($47bn). The proposed offering would provide Dongshan Precision with an additional source of capital as it expands its presence in Hong Kong’s equity market.

Ace Designers said to weigh up to $400m India IPO. (Bloomberg)

Indian industrial machinery manufacturer Ace Designers is considering an initial public offering in Mumbai that could raise up to $400m.

The Bengaluru-based company has invited investment banks to pitch for roles on the potential listing and is expected to appoint advisers soon. The offering could comprise a combination of new shares and stock sold by existing shareholders.

Singapore's MAS to allocate $1.1b to asset managers to boost equities market. (Deal Street Asia)

Singapore’s Monetary Authority will allocate SGD1.45bn ($1.1bn) to five asset managers as part of efforts to increase investment and liquidity in the country’s equities market. The allocation represents the third batch of funding under Singapore’s SGD6.5bn ($5.1bn) Equity Market Development Programme.

Amundi, Franklin Templeton, HSBC Asset Management, M&G Investments and Natixis Investment Managers will receive the capital. Singapore will also provide a SGD20m ($15.6m) grant aimed at supporting small- and mid-cap companies and new listings.

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