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AMERICAS
Kwanza Jones and José E. Feliciano agreed to acquire San Diego Padres, an American professional baseball team, according to press releases. Financial terms were not disclosed.
San Diego Padres is advised by BDT & MSD Partners and Davis Polk & Wardwell (led by Jon Oram). Kwanza Jones and José E. Feliciano are advised by ImpactX Sports Group, Bank of America, Inner Circle Sports and Wachtell Lipton Rosen & Katz (led by Eric Feinstein and Edward D. Herlihy), according to MergerLinks data and press releases.
Cerberus Capital, an alternative investment firm, agreed to invest in S+S Industries, a provider of critical solutions and value‑added services for data center infrastructure, according to press releases. Financial terms were not disclosed.
S+S Industries is advised by Portage Point Partners and Gibson Dunn & Crutcher. Cerberus Capital is advised by Houlihan Lokey, JP Morgan, Lazard and Davis Polk & Wardwell, according to MergerLinks data and press releases.
UCB, a global biopharmaceutical company, agreed to acquire Candid Therapeutics, a clinical-stage biotechnology company, from Two River, a life science company, and Vida Ventures, a next-generation life sciences investment firm, for up to $2.2bn, according to press releases.
UCB is advised by Lazard and Covington & Burling. Candid Therapeutics is advised by Bank of America, Goldman Sachs, Jefferies & Company and Cooley, according to press releases.
Stanley Martin Homes, a homebuilder across the Mid-Atlantic and Southeast regions of the United States, completed the acquisition of United Homes Group, a publicly traded homebuilder headquartered in Columbia, SC, for $221m, according to press releases.
United Homes Group was advised by Vestra Advisors, Bradley Arant Boult Cummings (led by Erin Reeves McGinnis) and Paul Weiss Rifkind Wharton & Garrison (led by Jeffrey D. Marell and Lara Solomons). Vestra Advisors was advised by Fried Frank Harris Shriver & Jacobson (led by Philip Richter). Stanley Martin Homes was advised by Maynard Nexsen (led by Leighton Lord), according to press releases and MergerLinks data.
Barclays, a global financial services company, completed the acquisition of Best Egg, a leading US direct-to-consumer personal loan origination platform, for $800m, according to press releases.
Barclays was advised by Barclays, Cleary Gottlieb Steen & Hamilton and Brunswick Group. Best Egg was advised by Goldman Sachs and Simpson Thacher & Bartlett (led by Ravi Purushotham, Larry Moss and Andrew Purcell), according to press releases and MergerLinks data.
CAPREIT, a publicly listed residential real‑estate company, completed the acquisition of the remaining stake in ERES, an open‑ended real estate investment trust, in a CAD441m ($324m) deal, according to press releases.
ERES was advised by BMO Capital Markets, Haywood Securities, Miller Thomson and Stikeman Elliott. CAPREIT was advised by Torys, according to MergerLinks data and press releases.
Burke & Herbert Financial Services, a US bank holding company, completed the merger with LinkBancorp, a US bank holding company, in a $354m deal, according to press releases.
Burke & Herbert Financial Services was advised by Keefe Bruyette & Woods (led by Adam Ray Tarvin) and Troutman Pepper Locke (led by Gregory Parisi). LinkBancorp was advised by Stephens (led by Frank Sorrentino) and Luse Gorman (led by Benjamin Azoff), according to press releases and MergerLinks data.
Hubbell, a manufacturer of utility and electrical solutions, agreed to acquire NSI Industries, a manufacturer and supplier of branded electrical products, from Sentinel Capital Partners, a private equity firm, for $3bn, according to press releases.
NSI Industries is advised by Lincoln International and Kirkland & Ellis. Hubbell is advised by Harris Williams & Co and Wachtell Lipton Rosen & Katz (led by Joshua Cammaker), according to MergerLinks data and press releases.
Gyre Therapeutics, a biotechnology company focused on organ fibrosis and inflammatory diseases, completed the acquisition of Cullgen, a company focused on developing targeted protein degraders, for $300m, according to press releases.
Cullgen was advised by Mintz Levin and LifeSci Partners (led by Chuck Padala). Gyre was advised by Moelis & Co and Gibson Dunn & Crutcher (led by Branden C. Berns), according to MergerLinks data and press releases.
Spring Health, a mental health provider, completed the acquisition of Alma, a company specializing in mental health insurance programs, according to press releases. Financial terms are not disclosed.
Spring Health was advised by JP Morgan and Cooley (led by Bill Roegge). Alma was advised by MTS Health Partners and Gunderson Dettmer Stough Villeneuve Franklin & Hachigian, according to press releases and MergerLinks data.
Stock Yards Bancorp, a bank holding company, completed the merger with Field & Main Bancorp, a privately held bank holding company, in a $106m deal, according to press releases.
Stock Yards was advised by Stephens and Gibbons PC. Field & Main was advised by Raymond James (led by Dan Weber) and Stoll Keenon Ogden, according to press releases and MergerLinks data.
White Mountains Partners-backed Enterprise Solutions, an electrical design and construction services provider, completed the acquisition of Hawkeye Electric, an electrical contracting company, according to press releases. Financial terms were not disclosed.
Enterprise Solutions was advised by FMI Capital Advisors and Morgan Lewis & Bockius. Hawkeye Electric was advised by RBG Capital and Lynch Cox Gilman & Goodman, according to press releases.
PlayMetrics, a provider of operations management software for youth sports organizations, completed the acquisition of SportsEngine, a sports management software, from Versant Media Group, a media and entertainment business, according to press releases. Financial terms were not disclosed.
PlayMetrics was advised by LionTree Advisors and Ropes & Gray (led by Minh-Chau Le). Versant Media was advised by Lazard and Gibson Dunn & Crutcher, according to MergerLinks data and press releases.
Flex, a manufacturing company, completed the acquisition of Electrical Power Products, a provider of engineered-to-order electrical power control and protection systems, for $1.1bn, according to press releases.
Flex was advised by Citigroup (led by Mark Keene) and Collected Strategies (led by Tali Epstein). Electrical Power Products was advised by RA Capital Associates (led by Jeff Dittmer), according to press releases and MergerLinks data.
Ecovyst, a company specializing in specialty chemicals, agreed to acquire the Calabrian sulfur dioxide and related sulfur derivatives business from INEOS, a chemical producer that manufactures petrochemicals, specialty chemicals, and oil products, for $190m, according to press releases.
Ecovyst is advised by Lazard, Babst Calland and Ropes & Gray, according to press releases.
Mesirow, an independent financial services firm, agreed to acquire the financial advisory division of LeafHouse, a financial technology company, according to press releases. Financial terms were not disclosed.
Mesirow is advised by DLA Piper. LeafHouse is advised by Founders Advisors and Dwyer Murphy Calvert, according to press releases.
Riata Capital Group-backed COEO Solutions, a technology company specializing in cloud phone systems, completed the acquisition of S-NET Communications, a fully managed network infrastructure provider, according to press releases. Financial terms were not disclosed.
Riata Capital Group was advised by Gregory FCA (led by Camaryn Sapienza). S-NET Communications was advised by Q Advisors, according to press releases.
GameStop, a specialty retailer focused on video game hardware, software, accessories, and digital entertainment products, offered to acquire eBay, a global commerce company, for $55.5bn, according to press releases.
Carlyle, a US-based global private equity and alternative asset manager, completed the acquisition of a majority stake in Knack RCM, a technology-driven service provider specializing in revenue cycle management and practice support, and EqualizeRCM, a healthcare revenue cycle management company, according to press releases. Financial terms were not disclosed.
Applied Materials, a global provider of semiconductor manufacturing equipment and materials engineering solutions, agreed to acquire the NEXX business of ASMPT, a supplier of hardware and software solutions for the manufacture of semiconductors and electronics, for $120m, according to press releases.
Gates, a global manufacturer of power transmission and fluid power products, agreed to acquire the belts business from The Timken Company, a global manufacturer of engineered bearings and industrial motion products, according to press releases. Financial terms were not disclosed.
Marsh-backed Oliver Wyman, an international management consulting firm, agreed to acquire CR3 Partners, a management consulting firm, according to press releases. Financial terms were not disclosed.
SAP, a Germany‑based multinational software company, agreed to acquire Dremio, a fully managed lakehouse platform for AI and analytics, according to press releases. Financial terms were not disclosed.
Volaris Group, a buy-and-hold acquirer of software businesses, completed the acquisition of Interplayers, a technology company serving the health and wellness ecosystem, according to press releases. Financial terms were not disclosed.
Francisco Partners in talks to buy payments company Moneris. ( FT)
Francisco Partners is in talks to acquire Moneris, the Canadian payments processor jointly owned by Royal Bank of Canada and Bank of Montreal. A deal could value Moneris at up to $2bn, though discussions are ongoing and a transaction may still fall apart or attract rival bidders.
Moneris is one of Canada’s largest merchant payment processors, handling more than 5bn transactions annually, and would complement Francisco Partners’ existing payments investments, including Verifone and a stake in Paysafe. The potential sale reflects a broader pullback by North American banks from merchant‑payments businesses amid rising competition from fintechs such as Stripe and Adyen.
Anthropic nears $1.5bn joint venture with Wall Street firms. ( WSJ)
Anthropic is close to finalising a $1.5bn joint venture with Blackstone, Goldman Sachs and other Wall Street firms to provide AI tools to private‑equity‑backed companies.
Anthropic, Blackstone and Hellman & Friedman are expected to anchor the venture with investments of around $300m each, while Goldman Sachs is set to invest about $150m. The initiative would deepen Anthropic’s ties with financial sponsors as PE firms increasingly adopt AI to improve portfolio operations.
Fervo Energy eyes $6.5bn valuation in US IPO. ( Reuters)
Fervo Energy is targeting a valuation of up to $6.5bn in a planned US IPO. The Houston‑based geothermal developer aims to raise as much as $1.3bn by selling 55.6m shares priced between $21 and $24 each.
Fervo develops advanced geothermal systems that provide round‑the‑clock, carbon‑free power. The company plans to list on Nasdaq under the ticker FRVO, with JP Morgan, Bank of America Securities, RBC Capital Markets, and Barclays acting as joint lead bookrunners.
Nvidia rival Cerebras seeks to raise $3.5bn in US IPO. ( Bloomberg)
Cerebras Systems, an AI chipmaker and data‑center operator positioned as a rival to Nvidia, is seeking to raise up to $3.5bn in a US IPO. The Sunnyvale‑based company plans to offer 28m shares priced between $115 and $125 each.
Including the overallotment option, the deal could raise as much as $4.03bn. Cerebras filed confidentially earlier in 2026, months after withdrawing a prior registration, as it looks to capitalise on strong investor demand for infrastructure supporting large‑scale AI computing.
Blackstone data center REIT seeks to raise $1.75bn in IPO. ( Bloomberg)
Blackstone Digital Infrastructure Trust, a data‑centre‑focused REIT managed by Blackstone, is seeking to raise up to $1.75bn in a US IPO. The vehicle is designed to give public‑market investors exposure to assets benefiting from rising demand for AI‑driven computing infrastructure.
The REIT plans to acquire already‑built and leased data centres, targeting stable cash‑flow assets tied to the AI boom. Shares are expected to be offered at $20 each, with proceeds used to scale the portfolio as investment in data‑centre capacity accelerates globally.
KKR-backed air ambulance firm GMR seeks $798m in US IPO. ( Bloomberg)
GMR Solutions, the air and ground emergency medical services provider backed by KKR, is seeking to raise up to $798m in a US IPO. The Denver‑based company operates under the Global Medical Response brand.
The offering includes nearly 32m shares priced between $22 and $25 each. GMR’s IPO adds to a growing pipeline of healthcare listings as private‑equity‑owned operators look to tap public markets for capital amid rising demand for emergency and critical‑care services.
Permian landowner EagleRock seeks to raise $346m in IPO. ( Bloomberg)
EagleRock Land, a Permian Basin landowner and management company, is seeking to raise up to $346m in a US IPO. The Houston‑based firm plans to sell 17.3m shares priced between $17 and $20 each.
At the top of the range, EagleRock would have a market value of about $2.6bn. The company owns mineral and surface interests in the Permian Basin and manages land assets for energy development.
Immune system biotech Odyssey seeks $238m in US IPO. ( Bloomberg)
Odyssey Therapeutics, a clinical‑stage biotech focused on autoimmune and inflammatory diseases, is seeking to raise up to $238m in a US IPO. The Boston‑based company plans to offer 13.2m shares priced between $16 and $18 each.
At the top of the range, Odyssey would have a market capitalisation of about $809.9m. The listing would add to a growing pipeline of early‑stage biotech IPOs tapping public markets to fund drug development.
Medical device maker Mobia seeks to raise $160m in US IPO. ( Bloomberg)
Mobia Medical is seeking to raise up to $160m in a US IPO. The Austin‑based medical‑device maker plans to offer 10m shares at a price range of $14–$16 each.
At the top of the range, Mobia would have a market value of about $529m, based on the outstanding shares listed in the filing. The company develops medical devices aimed at improving outcomes for stroke survivors, as it looks to tap public markets for growth capital.
Lazard hires Michael Ure to power, energy and infrastructure group as senior advisor. ( Press Release)
Lazard has hired Michael Ure as a senior advisor in its power, energy, and infrastructure group, strengthening its senior advisory bench in the sector. Ure will be based in Houston and brings more than 20 years of executive and investment experience across energy and midstream businesses.
Ure most recently served as CEO and interim CFO of Western Midstream Partners, where he led the company’s transition into a standalone business. He previously held senior roles at Occidental Petroleum and Shell Upstream Americas, and currently sits on the board of Phoenix Service Partners. Lazard said the hire supports its long‑term strategy to deepen sector expertise amid structural change in global energy markets.
EMEA
Linamar, a Guelph-based global diversified manufacturing company, completed the acquisition of the Remscheid and Penzberg facilities of Winning BLW, a German manufacturer specializing in precision forged components for the automotive and industrial sectors, according to press releases. Financial terms were not disclosed.
Copenhagen Infrastructure Partners, a dedicated fund manager for greenfield renewable energy investments, completed the acquisition of the European onshore business of Ørsted, a multinational renewable energy company, for €1.44bn ($1.69bn), according to press releases.
Bakkt, a software as a service and API platform provider, completed the acquisition of Distributed Technologies Research, a global stablecoin payment infrastructure provider, for $145m, according to press releases.
Bakkt was advised by Freshfields (led by Boris Feldman), Sullivan & Cromwell (led by Jared M. Fishman), Luna PR and OG Advisory Group (led by Yujia Zhai), according to MergerLinks data and press releases.
IFM Investors-backed Mobius Renewables, a vertically integrated renewable natural gas platform, completed the acquisition of the biogas production activities of Air Liquide, a global industrial gases company, according to press releases. Financial terms were not disclosed.
IFM Investors was advised by FTI Consulting, according to press releases.
Henko weighs stake sale in Portuguese engineering firm Quadrante. ( Bloomberg)
Henko Partners is exploring the sale of its minority stake in Portuguese engineering and environmental consultancy Quadrante. A transaction could value the Lisbon‑based firm at more than €300m ($351m).
Several private‑equity firms have expressed interest, though discussions remain at a non‑binding, early stage and there is no certainty a deal will proceed. Houlihan Lokey is advising Henko on the process.
MBK is said to mull sale of luxury chocolatier Pierre Marcolini. ( Bloomberg)
MBK Partners is exploring a potential sale of its stake in Belgian luxury chocolatier Pierre Marcolini. The private‑equity firm is working with an adviser and has begun sounding out interest from potential buyers.
A transaction could value the business at up to $100m, though the size of MBK’s stake was not disclosed. Discussions remain preliminary and there is no certainty that a sale will proceed or that terms will be finalised.
APAC
Rongcheng, a provider of integrated waste sorting services, agreed to go public via SPAC merger with GalaxyEdge Acquisition Corporation, a special purpose acquisition company, in a $350m deal, according to press releases.
Rongcheng is advised by Harneys, Torres & Zheng at Law and Yick & Chan Solicitors. GalaxyEdge Acquisition Corporation is advised by Celine & Partners, David Fong & Co and Ogier, according to press releases.
Citi hires Raj Rathi from Dream Sports as head of M&A in India. ( Bloomberg)
Citigroup has appointed Raj Rathi as head of mergers and acquisitions in India, strengthening its senior advisory bench in the country. Rathi joins from Dream Sports, where he previously led corporate development and strategic investments.
In addition to overseeing M&A, Rathi will also cover digital infrastructure, electronic manufacturing services, and selected B2B commerce sectors.
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