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Genstar Capital, a private equity firm, completed the acquisition of a majority stake in First Eagle, an investment management firm, according to press releases. Financial terms were not disclosed.
First Eagle was advised by Bank of America, Jefferies & Company, Morgan Stanley (led by John Esposito), UBS, Davis Polk & Wardwell (led by Evan Rosen), and Simpson Thacher & Bartlett (led by Elizabeth Cooper, William Allen and Anthony Vernace). Genstar Capital was advised by BMO Capital Markets, Barclays, Goldman Sachs, Moelis & Co, Willkie Farr & Gallagher (led by Manuel Miranda and Jeffrey Poss), and FGS Global (led by Liz Micci). Blackstone was advised by Citigate Dewe Rogerson (led by Stanley White). Corsair was advised by Prosek Partners (led by Trevor Gibbons), according to press releases and MergerLinks data.
Peabody Energy, a global pure-play coal company, completed the acquisition of the steelmaking coal business of Anglo American, a British multinational mining company, for $3.8bn.
Nexstar Media Group, a diversified media company that produces and distributes engaging local and national news, sports and entertainment content across its television and digital platforms, agreed to acquire TEGNA, a broadcast, digital media and marketing services company, for $6.2bn, according to press releases.
TEGNA is advised by Allen & Company, Covington & Burling and Wachtell Lipton Rosen & Katz (led by Igor Kirman). Nexstar Media Group is advised by Bank of America, Goldman Sachs, JP Morgan, Kirkland & Ellis, Morrison Foerster, Wiley Rein and JCIR (led by Joseph Jaffoni), according to press releases and MergerLinks data.
Deal Round up
AMERICAS
Private equity fuels surge in European soccer as US investors drive $23.7bn market. ( CNBC)
DOJ official alleges misconduct in HPE’s $13bn Juniper takeover review. ( Bloomberg)
Chamath Palihapitiya launches new $250m SPAC after 3-year pause. ( Bloomberg)
MSNBC to rebrand as MS NOW ahead of Comcast spinoff. ( Reuters)
US IPO study finds day-one surges fueled by ‘superfans’. ( Bloomberg)
Figure Technology files for IPO after revenue surge. ( Bloomberg)
BlackRock eyes growth in venture secondaries with new dedicated fund launch. (Bloomberg)
EMEA
Ukraine’s Kyivstar surges 17% in US debut amid peace talk optimism. ( Bloomberg)
Schroders sees private equity exit strategies reshaping industry. ( Bloomberg)
DoorDash’s planned takeover of Deliveroo to be reviewed under the EU simplified merger procedure. ( Reuters)
Anchorage Capital Advisors raises $1.5bn for credit opportunities. (Press Release)
APAC
Santos delays finalization of $18.7bn ADNOC-led takeover. ( Reuters)
Woodside cuts exploration, shifts focus to $39bn project pipeline after profit drop. ( Reuters)
Shein weighs relocating back to China for Hong Kong IPO plan. ( Bloomberg)
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AMERICAS
Diamondback Energy-backed Viper Energy, a company that owns and acquires mineral and royalty interests, completed the acquisition of Sitio Royalties, a pure-play mineral and royalty company, for $4.1bn, according to press releases.
TowneBank, a bank, agreed to acquire Dogwood State Bank, a state-chartered community bank headquartered in Raleigh, North Carolina, for $476m, according to press releases.
Dogwood State Bank is advised by Piper Sandler and Williams Mullen. TowneBank is advised by Raymond James and Wachtell Lipton Rosen & Katz (led by Matthew M. Guest), according to press releases and MergerLinks data.
Michael Walrath, Yext's Chief Executive Officer and Chairman of the Board of Directors, offered to acquire Yext, a brand visibility platform, for $1.1bn, according to press releases.
Yext is advised by Bank of America and Wilson Sonsini Goodrich & Rosati. Michael Walrath is advised by Wachtell Lipton Rosen & Katz (led by Edward D. Herlihy), according to press releases and MergerLinks data.
Digi International, a provider of business and mission-critical Internet of Things products, completed the acquisition of Jolt Software, a software company, for $145.5m, according to press releases.
Jolt Software is advised by Robert W Baird and Wilson Sonsini Goodrich & Rosati. Digi International is advised by Faegre Drinker Biddle & Reath, according to press releases.
CORE Industrial, a private equity firm, completed the investment in IMMEC, a full-service provider of facility maintenance, retrofit and renovation services, according to press releases. Financial terms were not disclosed.
CORE Industrial was advised by Winston & Strawn and Gregory FCA (led by Jeremy Milner), according to press releases.
A consortium of investors, including HSG, Valor Equity Partners, Atreides, Founders Fund and Y Combinator, led a $100m funding round in Eight Sleep, a sleep-fitness company, according to press releases.
Eight Sleep was advised by Jack Taylor PR (led by Taylor Georgeson), according to press releases.
SoftBank, a multinational conglomerate holding company, agreed to invest $2bn in Intel, a technology company, according to press releases.
Steel Dynamics, an American steel producer, agreed to acquire a 55% stake in New Process Steel, a manufacturer of carbon steel, according to press releases. Financial terms were not disclosed.
Private equity fuels surge in European soccer as US investors drive $23.7bn market. ( CNBC)
Revenues across Europe’s top five soccer leagues reached €20.4bn ($23.7bn) in 2023-24, marking a massive rise since the late 1990s. Private equity and US investors are central to this growth, reshaping club ownership and financing models.
US capital now dominates the Premier League, with major clubs such as Arsenal, Liverpool, Chelsea, and Manchester United under American backing. Manchester United’s value climbed to around £5bn ($6.4bn) in 2023 after a minority stake sale.
DOJ official alleges misconduct in HPE’s $13bn Juniper takeover review. ( Bloomberg)
Alford also criticized the role of lobbyists in influencing the outcome of the settlement, describing their involvement as inconsistent with the rule of law.
Chamath Palihapitiya launches new $250m SPAC after 3-year pause. ( Bloomberg)
Chamath Palihapitiya, once the leading figure of the SPAC boom, has filed for a $250m IPO of American Exceptionalism Acquisition Corp. A. The move marks his return to the blank-check market nearly three years after winding down two large SPACs in 2022 that failed to secure targets.
The new vehicle will look to merge with a company aligned with Palihapitiya’s historical business expertise, according to the filing.
MSNBC to rebrand as MS NOW ahead of Comcast spinoff. ( Reuters)
Comcast is preparing to spin off its cable channels, including MSNBC, CNBC, and USA Network, into a new entity called Versant. As part of the change, MSNBC will be rebranded as MS NOW and drop the peacock logo.
Comcast will retain the peacock branding for its core NBC broadcast network and its film and television studios, which are expected to support growth for its Peacock streaming platform.
US IPO study finds day-one surges fueled by ‘superfans’. ( Bloomberg)
A new study challenges the view that IPOs are routinely underpriced, arguing that sharp first-day gains are often driven by a small group of highly enthusiastic investors rather than broad market demand.
Researchers Joseph Henry and Terry O’Brien reviewed more than 30 years of data and concluded that US IPOs may be as much as 40% less underpriced than generally assumed.
Figure Technology files for IPO after revenue surge. ( Bloomberg)
Figure Technology Solutions, a blockchain-based lending company, has filed publicly for an IPO in the US. The New York-based firm is part of a growing wave of crypto-related companies entering public markets.
In the first half of the year, the company reported $29.1m in net income on $43.8m revenue, compared with a $15.6m net loss on $12.5m revenue in the same period a year earlier, according to its SEC filing.
BlackRock eyes growth in venture secondaries with new dedicated fund launch. ( Bloomberg)
BlackRock plans to launch a venture secondaries fund targeting discounted stakes in VC portfolios, broadening its role in the secondary market. The strategy focuses on assets trading at deeper discounts than buyout stakes.
The fund, outlined in regulatory filings, will be managed by Jarid Colucci, Derek Krouner, and Lisa Sun. It is BlackRock’s first vehicle dedicated solely to venture secondaries.
EMEA
Global Infrastructure Partners, an infrastructure investment fund, agreed to acquire a 49.99% stake in Eni CCUS, a business operating in the carbon capture, utilization and storage sector, from Eni, a multinational energy company, according to press releases. Financial terms were not disclosed.
Eni is advised by JP Morgan, according to MergerLinks data.
Clarios, an advanced energy storage solutions company, agreed to acquire battery recycling operations in Germany and Austria from Ecobat, a company specialising in collection, recycling, production and distribution of resources essential to modern life, according to press releases. Financial terms were not disclosed.
Ecobat is advised by Rothschild & Co, according to MergerLinks data.
Mobeus, an equity investor in UK-based SMEs, completed the investment in Big Potato Games, a board games company, according to press releases. Financial terms were not disclosed.
Mobeus was advised by DC Advisory (led by Andrew Strudwick), according to MergerLinks data.
IDG Capital, an investment and asset management firm, agreed to acquire a majority stake in LAKRIDS BY BÜLOW, a Danish licorice company, from Valedo Partners, a growth-oriented active owner investing in small and mid-size companies, according to press releases. Financial terms were not disclosed.
Valedo Partners is advised by Gorrissen Federspiel (led by Mikael Philip Schmidt), according to MergerLinks data.
Starling, a provider of current and business bank accounts, agreed to acquire Ember, a fintech company, according to press releases. Financial terms were not disclosed.
Ukraine’s Kyivstar surges 17% in US debut amid peace talk optimism. ( Bloomberg)
Kyivstar Group, Ukraine’s largest mobile operator and a subsidiary of Veon, saw its shares rise 17% on Nasdaq in its second day of trading after a SPAC merger. The company counts former US Secretary of State Mike Pompeo as a board member.
The jump followed renewed optimism from peace discussions in Washington on ending the Russia-Ukraine war, helping the stock recover losses from its first trading day.
Schroders sees private equity exit strategies reshaping industry. ( Bloomberg)
Schroders warns that rising use of continuation vehicles in a difficult exit market could reshape the buyout model, as firms hold assets longer and slow new deals.
Smaller funds, once sellers to mid and large buyout firms, are now also relying heavily on continuation vehicles. This disrupts the traditional deal chain and limits opportunities for bigger sponsors.
DoorDash’s planned takeover of Deliveroo to be reviewed under the EU simplified merger procedure. ( Reuters)
The review will be conducted under the EU’s simplified merger procedure, which is typically used when transactions are considered unlikely to create competition concerns. This suggests the process could move more quickly than a standard review.
Anchorage Capital Advisors raises $1.5bn for credit opportunities. ( Press Release)
Anchorage Capital Advisors has closed its Anchorage Credit Opportunities Fund IX with $1.5bn in commitments, surpassing its $1.25bn hard cap. The firm manages $26.1bn in assets and focuses on global credit markets.
The new fund will target stressed and distressed credit, special situations, structured credit, and other assets across US and European markets. More than 70% of the commitments came from Limited Partners in previous Anchorage funds.
APAC
EVT, a company which operates cinemas, hotels, restaurants and resorts in Australia, New Zealand and Germany, completed the acquisition of Pro-invest Hotels, a hotel management platform enabling investors to benefit from international brands through a franchise relationship, according to press releases. Financial terms were not disclosed.
EVT was advised by Rothschild & Co, according to MergerLinks data.
Partners Group, a private equity firm, and Hillhouse-backed EZA Hill, a real estate investment platform, agreed to acquire a logistics portfolio from CapitaLand Ascendas REIT, an industrial real estate investment trust, for $238m, according to press releases.
Credgenics, a provider of SaaS-based debt collections, agreed to acquire Arrise, a software company, according to press releases. Financial terms were not disclosed.
Lightspeed and Premji Invest, venture capital firms, led a $170m round in Weaver Services, a housing finance platform, with participation from Gaja Capital, according to DealStreetAsia.
China Structural Reform Fund, a private equity firm, led a $139m Series B round in SiEngine, a technology company, according to DealStreetAsia.
Santos delays finalization of $18.7bn ADNOC-led takeover. ( Reuters)
Santos announced that the consortium led by Abu Dhabi National Oil Company will not be able to finalize its $18.7bn acquisition of the Australian gas producer for at least another month, exceeding the agreed exclusive due diligence deadline.
The delay has raised concerns among investors about the viability of the deal, with Santos shares dropping as much as 3.5% to a five-week low of AUD$7.68 ($5).
Woodside cuts exploration, shifts focus to $39bn project pipeline after profit drop. ( Reuters)
Woodside Energy will reduce exploration spending and concentrate on its $39bn project pipeline to reinforce its balance sheet. The move comes after higher depreciation and decommissioning costs hurt earnings.
The company reported an underlying net profit of $1.25bn for the six months to June 30, a 24% drop from $1.63bn a year earlier.
Shein weighs relocating back to China for Hong Kong IPO plan. ( Bloomberg)
Shein is considering moving its headquarters from Singapore back to China to secure Beijing’s approval for a planned Hong Kong IPO. The company has consulted lawyers on establishing a parent entity in mainland China.
Talks remain at a preliminary stage, and no final decision has been made. Relocating could improve regulatory alignment with Chinese authorities, but it also carries structural and legal implications.
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