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AMERICAS
Diversified Energy Company completes the acquisition of Birch Permian Holdings from Elliott Investment Management for $1.8bn.
Diversified Energy Company, a provider of diversified energy solutions, completed the acquisition of Birch Permian Holdings, a privately held exploration and production company with a focus on energy resources in the Permian Basin, from Elliott Investment Management, a private equity firm, for $1.8bn, according to press releases.
Birch Permian Holdings was advised by Huron Consulting Group, Moelis & Co, Akin Gump Strauss Hauer & Feld and Hogan Lovells. Diversified Energy Company was advised by Citigroup, KeyBanc Capital Markets, Truist Securities, Gibson Dunn & Crutcher and FTI Consulting. The Carlyle Group was advised by Paul Hastings, according to press releases and MergerLinks data.
Blackstone and Centerbridge-backed MacLean Power Systems, a company providing electrical infrastructure solutions, agreed to acquire Delta Star, a provider of power transformers and mobile substation solutions, according to press releases. Financial terms were not disclosed.
Delta Star is advised by Wells Fargo Securities, Hunton Andrews Kurth, Johnson Legal Group and Woods Rogers. MacLean Power Systems is advised by Barclays, JP Morgan, Jefferies & Company, UBS, Blake Cassels & Graydon (Blakes) and Vinson & Elkins (led by Zachary Horne, Robert Hughes and Jordan Fossee), according to press releases.
Americold Realty Trust, a global temperature‑controlled logistics REIT, and EQT, an investment firm, completed the formation of a $1.3bn joint venture, according to press releases.
EQT was advised by JP Morgan, Morgan Stanley, Simpson Thacher & Bartlett (led by Robert Langdon, Javad Asghari and Mark Myott). Financial advisors are advised by Dechert (led by Stephen Leitzell). Debt financing was provided by JP Morgan and Morgan Stanley. Americold Realty Trust was advised by Eastdil Secured, Kirkland & Ellis and Joele Frank (led by Andrew B. Siegel), according to press releases and MergerLinks data.
LongRange Capital, a private equity firm, completed the acquisition of Pizza Hut, an American multinational pizza restaurant chain and international franchise, from Yum! Brands, an American multinational fast food corporation, for $1.5bn, according to press releases. The transaction excludes Pizza Hut's Mainland China operations.
Ferguson Enterprises, a distributor of HVAC, plumbing, and industrial supplies, offering products for heating, ventilation, fabrication, facilities maintenance, and residential construction, completed the acquisition of FloWorks, a distributor of pipe, valves, fittings, and flanges, from Wynnchurch Capital, a private equity firm, for $1.6bn, according to press releases.
Floworks International was advised by Jefferies & Co and Cassels Brock & Blackwell (led by Chris Hersh, Hashim Ghazi and Luke Woolford). Ferguson Enterprises was advised by JP Morgan, Kirkland & Ellis, Orrick Herrington & Sutcliffe and Brunswick Group. Debt financing was provided by JP Morgan. Wynnchurch Capital was advised by Foley & Lardner (led by Gjina Lucaj and Omar Lucia), according to press releases and MergerLinks data.
NewSpring-backed Xpect Solutions, a provider of enterprise IT, cybersecurity, digital modernization, and data and AI solutions, completed the acquisition of Amivero, a technology solutions provider, according to press releases. Financial terms were not disclosed.
Amivero was advised by Piper Sandler. Xpect Solutions was advised by Aprio, RSM International, Alera Group, Baker Tilly, Blank Rome and Morrison Foerster, according to press releases.
Enbridge, an energy delivery company, and KKR, a global investment firm, agreed to form a joint venture to fund the Aspen Point and Sunrise Expansion Programs of the Westcoast natural gas pipeline system, according to press releases. Financial terms were not disclosed.
Enbridge is advised by Morgan Stanley, TD Securities, McCarthy Tetrault and Sullivan & Cromwell (led by Inosi M. Nyatta). KKR is advised by CIBC Capital Markets, Bennett Jones and Kirkland & Ellis, according to MergerLinks data and press releases.
Yellow Wood Partners, a private equity firm, agreed to acquire the Holistic Health platform of Nestle, a Switzerland-based multinational food and drink processing conglomerate corporation, for $1bn, according to press releases.
Yellow Wood Partners is advised by Canaccord Genuity, Perella Weinberg Partners, Goodwin and ASC Advisors (led by Steve Bruce). Nestle is advised by Morgan Stanley and Latham & Watkins, according to press releases and MergerLinks data.
Spencer Spirit Holdings, a parent company of lifestyle and specialty retail brands, completed the acquisition of Hot Topic, an omni-channel merchandise destination, from Sycamore Partners, a private equity firm, according to press releases. Financial terms were not disclosed.
Hot Topic was advised by Jefferies & Company and Kirkland & Ellis. Spencer Spirit Holdings was advised by Solomon Partners, Wells Fargo Securities and Fried Frank Harris Shriver & Jacobson. Sycamore Partners was advised by Joele Frank (led by Michael Freitag), according to press releases and MergerLinks data.
Westbridge Capital-backed Reside Worldwide, a provider of short and extended stay accommodations, completed the acquisition of Graebel, a provider of global talent mobility solutions, according to press releases. Financial terms were not disclosed.
Graebel was advised by Robert W Baird, Faegre Drinker Biddle & Reath and Linhart Public Relations (led by Shannon Mueller). Westbridge Capital and Reside Worldwide were advised by Oppenheimer & Co and K&L Gates, according to press releases.
FTV Capital, a private equity firm, completed a $155m investment in TabaPay, a money movement platform, according to press releases.
FTV Capital was advised by Gibson Dunn & Crutcher and Prosek Partners. TabaPay was advise by Financial Technology Partners, Reed Smith and Hey Command, according to press releases.
Blue Sea Capital, completed the acquisition of a majority stake in CompletePet, a US-based developer and contract manufacturer of pet wellness products, from Align Capital Partners, a growth-oriented private equity firm. CompletePet management reinvested alongside Blue Sea, according to press releases. Financial terms were not disclosed.
CompletePet and Align Capital Partners were advised by BellMark Partners, Houlihan Lokey and McGuireWoods. Blue Sea Capital was advised by Lincoln International and McDermott Will & Schulte, according to press releases.
PlusAI, a provider of AI-based virtual driver software for autonomous trucks, agreed to go public via SPAC merger with Texas Ventures Acquisition III Corp, a special purpose acquisition company backed by Yorkville Advisors Global, a global asset manager, in a $800m deal, according to press releases.
Texas Ventures Acquisition III Corp is advised by DLA Piper. PlusAI is advised by Cohen & Company Capital Markets and Wilson Sonsini Goodrich & Rosati. Cohen & Company Capital Markets is advised by Lowenstein Sandler, according to press releases.
Figure, a provider of a range of financial products and services, and Sixth Street, a private equity company, completed the acquisition of Kiavi, a provider of digital financing for real estate investors, for $717m.
KIAVI was advised by Jefferies & Co and Wilson Sonsini Goodrich & Rosati. Sixth Street was advised by Barclays and Wachtell Lipton Rosen & Katz (led by Mark F. Veblen and George Tepe), according to press releases and MergerLinks data.
Weatherford, an American multinational oilfield service company, completed the acquisition of NCS Multistage, a company that provides engineered solutions for oil and natural gas well completions, from Advent International, a private equity firm, for $126m, according to press releases.
HIG Capital, an alternative asset investment firm, completed the acquisition of Outcomes, a provider of clinical network services and pharmacy technology, according to press releases. Financial terms were not disclosed.
HIG Capital was advised by William Blair & Co and Kirkland & Ellis. Outcomes was advised by TripleTree and Simpson Thacher & Bartlett, according to press releases.
Apollo to acquire a minority stake in Atlantic Aviation from KKR.
Apollo, an alternative investment manager, agreed to acquire a minority stake in Atlantic Aviation, an aviation services company, from KKR, an investment firm, according to press releases. Financial terms were not disclosed.
Apollo is advised by Paul Weiss Rifkind Wharton & Garrison (led by Brian Finnegan and Michael Spirtos). KKR is advised by Evercore, Morgan Stanley and Kirkland & Ellis, according to MergerLinks data and press releases.
Audax-backed Justrite Safety Group, a global manufacturer and supplier of a deep portfolio of complementary mission-critical safety products, completed the acquisition of ServerLIFT, a designer and manufacturer of purpose-built, safety-certified lifting equipment and accessories, from American Pacific Group, a private equity firm, according to press releases. Financial terms were not disclosed.
ServerLIFT was advised by William Blair & Co and Jones Day (led by Joseph Hatina). American Pacific Group was advised by brands2life, according to press releases and MergerLinks data.
Align Capital Partners, a private equity firm, completed the acquisition of Trident Solutions, a provider of industrial and commercial safety identification and marking products, according to press releases. Financial terms were not disclosed.
Trident Solutions was advised by Robert W Baird and Holland & Knight. Align Capital Partners was advised by Calfee Halter & Griswold, according to press releases.
Frazier Healthcare Partners, a private equity investment firm, completed the acquisition of MatrixCare, a healthcare software provider, from ResMed, a global medical technology company, according to press releases. Financial terms were not disclosed.
ResMed was advised by Houlihan Lokey, Jones Day (led by Cameron Reese) and Brunswick Group, according to press releases and MergerLinks data.
Mill Point Capital-backed Voltaris Power, a manufacturer of custom low- and medium-voltage switchgear, transformers and integrated power solutions, completed the acquisition of Electronic Power Design, a manufacturer of low-voltage electrical distribution equipment, according to press releases. Financial terms were not disclosed.
Electronic Power Design was advised by Evercore and Haynes and Boone, according to press releases.
CVC DIF, the infrastructure strategy of CVC, agreed to acquire digital communications infrastructure company American Tower’s Canadian wireless tower portfolio, according to MergerLinks data. Financial terms were not disclosed.
LBA Realty, a full service real estate investment and management company, agreed to acquire a 10.5m sq. foot Southeast logistics portfolio from EQT Real Estate, a real estate investor and manager, according to press releases. Financial terms were not disclosed.
EQT Real Estate is advised by JLL Corporate Finance (led by John E. Huguenard), according to press releases.
Mare Liberum, an investment firm, and AE Ventures, a venture capital platform, led a $240m Series B round in REGENT, an all-electric, passenger-carrying, wing-in-ground-effect vehicles developer, with participation from DCVC, Founders Fund, Caffeinated Capital, Lockheed Martin Ventures, Japan Airlines, and Giant Step Capital, according to press releases.
Goldman Sachs Alternatives, the alternative investments division of Goldman Sachs, led a $240m financing round in Owner, a restaurant technology company, with participation from Meritech, Redpoint, Headline and Jack Altman, according to press releases.
RA Capital Management, a multi-stage investment manager, led a $120m Series C round in AusperBio, a clinical‐stage biopharma company, with participation from HanKang Capital, Sherpa Capital, InnoPinnacle Fund, Qiming Venture Partners, YuanBio Venture Capital and CDH Investments, according to press releases.
RA Capital Management, a multi-stage investment manager, led a $120m Series C round in AusperBio, a clinical‐stage biopharma company, with participation from HanKang Capital, Sherpa Capital, InnoPinnacle Fund, Qiming Venture Partners, YuanBio Venture Capital and CDH Investments, according to press releases.
Bain Capital Tech Opportunities, a private equity growth and expansion fund, led a $74m investment in RQD* Clearing, a technology driven clearing and custody firm, with participation from ABN AMRO Clearing Bank and Nyca Partners, according to press releases.
KKR to acquire A1 Garage Door Service for around $2bn. ( Reuters)
KKR has agreed to acquire A1 Garage Door Service for around $2bn. The residential garage door repair and replacement company is currently backed by Cortec Group, which invested growth capital in the business in 2022.
Founded in 2007, A1 operates across roughly 20 US states and has grown into one of the country’s largest residential garage door service providers. The acquisition expands KKR’s exposure to home services, where it also owns stakes in businesses including Neighborly and Groundworks.
Thoma Bravo’s Proofpoint in talks to acquire Varonis. ( Bloomberg)
Thoma Bravo-backed Proofpoint is in talks to acquire cybersecurity company Varonis Systems, in a potential take-private transaction that would rank among the largest technology deals since the software-sector selloff earlier in 2026.
Varonis has been working with advisers to assess takeover interest, while Proofpoint is negotiating potential terms. A deal could be announced in the coming weeks if discussions progress.
HIG is said to consider sale of $1bn drugmaker Rising Pharma. ( Bloomberg)
HIG Capital is exploring options for its controlling stake in US-based Rising Pharmaceuticals, including a potential sale of the business.
The alternative investment firm is working with an adviser on a possible divestment and could seek a valuation of around $1bn for the pharmaceutical company.
Advisory firm Interpath looking for its own US deal. ( FT)
Bridgepoint-backed Interpath is seeking to acquire a midsized US professional services firm with around 50 employees, focused on restructuring, deals advisory, forensic investigations and value creation.
Advent and Stripe abandon PayPal takeover bid. ( WSJ)
Advent International and Stripe have abandoned plans to acquire PayPal after previously pursuing a potential takeover of the payments company.
The consortium is no longer pursuing a transaction, sending PayPal shares down 12% as investors refocus on the company’s turnaround under new CEO Enrique Lores.
Salesforce backs software firm HiBob at $3.2bn value. ( Bloomberg)
Salesforce is investing in human resources software company HiBob as part of a $166m funding round that values the business at more than $3.2bn.
Salesforce is leading the financing and providing the majority of the capital, with Farallon Capital Management also participating in the round.
AIP said to consider seeking $8bn for next buyout fund. (Bloomberg)
American Industrial Partners is considering raising around $8bn for its next buyout fund and has held preliminary discussions with potential investors in 2026.
The fundraising remains at an early stage, and the private equity firm could still change its target or decide not to proceed.
GenNx360 Capital Partners has closed its fourth flagship private equity fund with $865m in commitments, exceeding its original fundraising target.
The fund, the largest in the firm’s history, will invest in US lower middle-market industrial services and business services companies.
Permanent Capital Ventures unveils $200m Fund II for AI. ( Press Release)
Chicago-based Permanent Capital Ventures has publicly launched and is investing from PCV Fund II, a $200m vehicle, bringing total capital raised since its 2024 founding to more than $350m.
Co-founded by former LinkedIn sales executive Mike Gamson and former project44 Chief Growth Officer Jason Duboe, the firm focuses on Series A investments in applied AI companies with product-market fit, particularly those targeting legacy industries and looking to scale enterprise sales.
EMEA
Epiris to acquire Gamma Communications for £1.02bn.
Epiris, a private equity firm, agreed to acquire Gamma Communications, a provider of business-critical communications technology, for £1.02bn, according to press releases. HarbourVest Funds, Limewood Capital Funds and Ares Funds are expected to hold a minority stake in Gamma.
Neuberger, Ares, and Onex-backed Ryan, a technology-driven tax services firm that offers advisory and consulting services on a multi-jurisdictional basis, completed the acquisition of Svalner Atlas Advisors, an independent tax and transaction advisory firm operating across the Nordics and Benelux regions, from Consolid, a private equity firm, for $400m, according to press releases and MergerLinks data.
Svalner Atlas Advisors and Consolid were advised by Nordea Bank. Svalner Atlas Advisors was also advised by Ernst & Young. Ryan was advised by Alantra, Baker McKenzie (led by Carl M. Svernlov), Kirkland & Ellis and Cognito (led by Simon Evans), according to press releases and MergerLinks data.
Great Hill Partners, a private equity firm, agreed to invest in Aurenity, a US-based technology-enabled excess and surplus insurance managing general agent. Founding investor Agman and Aurenity’s management team will retain significant equity stakes following the transaction, according to press releases. Financial terms were not disclosed.
Great Hill Partners is advised by Oliver Wyman, Ardea Partners, Goodwin and FGS Global. Aurenity is advised by Evercore and Fried Frank Harris Shriver & Jacobson, according to press releases.
GI Partners, a private investment firm, completed the acquisition of a majority stake in Otodata, a Canadian provider of remote tank monitoring and vehicle tracking solutions. Renovo Capital and management retained minority interests in the company, according to press releases. Financial terms were not disclosed.
GI Partners was advised by Robert W Baird, Ropes & Gray and Chris Tofalli Public Relations (led by Chris Tofalli). Otodata was advised by Evercore and DLA Piper, according to press releases.
SLB to acquire Kelvion from Apollo and Triton for $4.1bn.
SLB, an oil services company, agreed to acquire Kelvion, a global manufacturer of industrial heat exchangers, from Apollo, an alternative investment manager, and Triton, a European private equity firm, for $4.1bn, according to press releases.
Kelvion and Apollo are advised by Guggenheim Partners and UBS. Apollo is advised by Paul Weiss Rifkind Wharton & Garrison and Sidley Austin, according to press releases.
Point72 Private Investments, a private equity firm, agreed to invest $75m in HubX, a Türkiye-based consumer technology company, according to MergerLinks data.
Aquiline, a private investment firm, agreed to acquire majority stake in Flourish, an innovative wealthtech platform, from MassMutual, a provider of insurance services, according to press releases. Financial terms were not disclosed.
MassMutual is advised by Wells Fargo Securities, according to press releases.
Searchlight Capital Partners, a private investment firm, completed the investment in Aderian Group, a managed IT services provider that digitizes small and medium-sized enterprises across Sweden and Norway, according to press releases. Financial terms were not disclosed.
Searchlight Capital Partners was advised by Prosek Partners, according to press releases.
Noteus Partners, a growth equity investment firm, led a $90m funding round in Scan.com, a digital medical imaging platform that connects patients, healthcare providers, and diagnostic centres to streamline the scheduling of medical scans, with participation from Aviva, Concord Health Partners, YZR Capital, and Oxford Capital, according to press releases.
Allianz weighs £5bn takeover of AA. ( Sky News)
Allianz is considering a takeover of UK roadside assistance group AA in a potential transaction valued at approximately £5bn ($6.77bn).
The German insurer is among several parties holding talks with AA’s advisers about a potential deal, with private equity firm EQT also reportedly interested.
Elliott is said to build Air Liquide stake, seek margin gain. ( Bloomberg)
Elliott Investment Management has built a stake in French industrial gas supplier Air Liquide and is pushing the company to improve its profit margins.
Air Liquide has begun working with activist defence advisers in response to the investment.
Astorg and Montagu explore €3bn sale of Nemera. ( Bloomberg)
Astorg and Montagu are exploring a sale of their majority stake in Nemera in a potential transaction that could value the drug delivery device maker at about €3bn ($3.5bn).
The private equity firms are in talks with advisers, with a formal sale process for the GLP-1 pen manufacturer expected to begin in the coming months.
Apax lines up about €1bn debt to buy Gerresheimer units. ( Bloomberg)
The financing is expected to consist of leveraged loans, including term debt and a revolving credit facility, with the debt likely to be syndicated to institutional investors later in 2026.
Private equity firms Carlyle, Bain, Oaktree readying bids for Serie A international media unit. ( Reuters)
Carlyle, Bain, Oaktree and Nextalia are preparing bids for a 10% to 20% stake in a new Serie A vehicle that would hold the league’s international media rights, as well as overseas betting and sponsorship activities.
The business generates about €200m ($232m) in core earnings and could be valued at €3bn ($3.47bn) to €4bn ($4.63bn). Binding bids are due by 4 September, and any transaction would require approval from at least 14 of Serie A’s 20 clubs.
Elliott builds Deutsche Telekom stake, opposes T-Mobile deal. ( Bloomberg)
Elliott Investment Management has built a sizeable stake in Deutsche Telekom and is pushing the company to abandon a potential merger with its US subsidiary T-Mobile US.
The activist investor is instead urging Deutsche Telekom to pursue other ways to increase shareholder value, including larger share buybacks, as it challenges the strategic rationale for a combination with T-Mobile.
LIV Golf prepares for imminent bankruptcy filing. ( FT)
LIV Golf may file for bankruptcy protection as soon as next week as it seeks fresh funding to continue operations in a scaled-down form in 2027. The league has been negotiating with private capital firm BC Partners after Saudi Arabia’s Public Investment Fund withdrew financial support earlier in 2026.
BC Partners is awaiting clarity on player payments and the potential bankruptcy structure before committing capital. LIV Golf has also reduced operations, cut employees and canceled two events during the 2026 season.
Netley Capital closes flagship tertiaries fund, bringing strategy commitments to $1.2bn. ( Press Release)
Netley Capital has reached approximately $1.2bn in total committed deployable capital for its tertiaries strategy following the final close of Netley Capital Tertiaries Fund 1 at an extended hard cap. The debut fund was significantly oversubscribed.
The firm focuses on acquiring investor interests in secondary private equity funds, with exposure to mid- and large-cap global buyout strategies. Netley launched in September 2025 with $315m in commitments and has since attracted institutional investors and family offices.
APAC
KKR and Singtel completes the acquisition of the remaining 82% stake in ST Telemedia Global Data Centres from ST Telemedia for SGD6.6bn.
KKR, an investment firm, and Singtel, a Singaporean multinational telecommunications conglomerate, completed the acquisition of the remaining 82% stake in ST Telemedia Global Data Centres, a data centre provider, from ST Telemedia, an active investor in the communications, media and technology areas, for SGD6.6bn ($5.18bn), according to press releases.
ST Telemedia Global Data Centres was advised by Trilegal (led by Upasana Rao). KKR was advised by Bank of America, Citigroup, Allen & Gledhill, Cyril Amarchand Mangaldas, Dentons (led by Stephen Levy and Joseph Collingwood), Gibson Dunn & Crutcher (led by Till Lefranc and Tyler Cohen), Simpson Thacher & Bartlett (led by Erik Wang and Ian Ho), A&O Shearman and WongPartnership (led by Soong Wen E, Dorothy Marie and Kah Keong Low). Debt financing was provided by Credit Agricole, DBS Bank, OCBC Bank and United Overseas Bank. Singtel Interactive was advised by Morgan Stanley, JSA Advocates & Solicitors (led by Vikram Raghani) and Simpson Thacher & Bartlett. ST Telemedia was advised by Ernst & Young, JP Morgan, AZB & Partners and Latham & Watkins (led by Sharon Lau and Michael Rackham), according to press releases and MergerLinks data.
Private equity firms KKR, IMM and Stonebridge to invest $2.23bn in SK Horizon, a planned South Korean AI data center infrastructure company to be created through the spin-off of SK Broadband’s data center and submarine cable businesses, according to MergerLinks data.
IMM is advised by Edelman. KKR is advised by Simpson Thacher & Bartlett (led by Ian Ho), according to MergerLinks data and press releases.
Blackstone to sell $1.25bn stake in Knowledge Realty Trust. (Bloomberg)
Blackstone is offering to sell a 25.03% stake in India’s Knowledge Realty Trust through an offer for sale worth up to $1.25bn.
The sale is scheduled for August 31 and September 1, with a floor price of INR108 per unit, representing a discount to the REIT’s latest closing price.
TPG files confidential IPO application for Malaysia hospital assets valued at around $8bn. ( WSJ)
TPG has confidentially filed to list hospital assets in Malaysia in an initial public offering that could value the business at close to $8bn.
The offering could raise up to $2.5bn, potentially making it the third-largest IPO in Malaysia’s history.
Indian billionaire taps $700m private credit for Megha buyout by Saikat Das and Baiiu Kalesh. ( Bloomberg)
A key shareholder of India’s Megha Engineering & Infrastructures is seeking to raise about $700m from global private credit investors to finance the purchase of his uncle’s stake in the company, in what could be one of India’s largest deals in 2026.
A consortium of lenders including Davidson Kempner Capital Management, Elham Credit Partners and Varde Partners has begun preliminary work on the financing structure. Terms have yet to be finalized, and discussions could still change.
Ares raises $4bn for Japan logistics fund in unit's largest fundraise. ( Reuters)
Ares Management’s real estate arm has raised JPY612bn ($4bn) for its fifth Japan logistics development fund, marking the unit’s largest closed-end institutional fundraise to date.
Japan Logistics Development Partners V reached its maximum fundraising target and is nearly 50% larger than its predecessor, which closed in 2021.
HIG Capital expands its capital formation team with Younghee Choi as head of Asia. ( Press Release)
HIG Capital has appointed Younghee Choi as Head of Asia for its Capital Formation Group, strengthening its fundraising capabilities across the region. Based in Hong Kong, she will lead capital formation across the firm’s private equity, credit and real assets strategies.
Choi joins from Blackstone, where she served as Senior Managing Director and Head of Korea Institutional Client Solutions. HIG manages $75bn in capital globally.
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