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AMERICAS

Bending Spoons to acquire Eventbrite for $500m.

Bending Spoons, a technology company, agreed to acquire Eventbrite, an event ticketing and marketing platform, for $500m, according to press releases.

Bending Spoons is advised by JP Morgan and Simpson Thacher & Bartlett. Eventbrite is advised by Allen & Company, Skadden Arps Slate Meagher & Flom (led by Kenton J. King) and Sullivan & Cromwell (led by Peter Jones), according to press releases and MergerLinks data.

Mirion completes the acquisition of Paragon Energy Solutions from Windjammer Capital for $585m.

Mirion Technologies, a global provider of mission-critical radiation detection and measurement solutions, completed the acquisition of Paragon Energy Solutions, a nuclear energy facilities provider from Windjammer Capital, a national private equity investment firm, for $585m, according to press releases.

Paragon Energy was advised by Moelis & Co, Robert W Baird (led by Les Cheek) and Kirkland & Ellis (led by Amanda Border). Mirion was advised by Goldman Sachs and Davis Polk & Wardwell (led by Michael Diz). Goldman Sachs was advised by Milbank (led by Marcus Dougherty), according to press releases.

Nomura completes the acquisition of US and European public asset management business of Macquarie for $1.8bn.

Nomura, a financial services company, completed the acquisition of US and European public asset management business of Macquarie, an Australian multinational investment banking and financial services firm, for $1.8bn, according to press releases.

Nomura was advised by Nomura and White & Case (led by Michael Deyong). Macquarie was advised by Mitsubishi UFJ Morgan Stanley Securities, Morgan Stanley (led by David Heaton) and A&O Shearman (led by Stephen Besen), according to press releases and MergerLinks data.

Valvoline completes the acquisition of Breeze Autocare from Greenbriar Equity Group for $625m.

Valvoline, an American retail automotive services company, completed the acquisition of Breeze Autocare, an American independent provider of automotive quick lube and other preventive maintenance services, from Greenbriar Equity Group, a private equity firm investing in transport, automotive, distribution, industrial equipment, and components, logistics, surface transport sectors, for $625m, according to press releases.

Breeze Autocare was advised by Jefferies & Company, Piper Sandler and Kirkland & Ellis (led by Philippe Simard). Valvoline was advised by Morgan Stanley and Squire Patton Boggs (led by Jonathon Whittlesey), according to press releases and MergerLinks data.

Commercial Metals Company completes the acquisition of Concrete Pipe & Precast from Eagle Corporation and ECPP for $675m.

Commercial Metals Company, a steel and metal manufacturer, completed the acquisition of Concrete Pipe & Precast, a supplier of precast concrete solutions to the US Mid-Atlantic and South Atlantic regions, from Eagle Corporation, and ECPP, two holding companies, for $675m, according to press releases.

Concrete Pipe was advised by Evercore. CMC was advised by Moelis & Co, Dechert (led by Mike Cowie) and Willkie Farr & Gallagher (led by Chase Proctor), according to press releases.

PROG to acquire Purchasing Power.

PROG, a fintech holding company, agreed to acquire Purchasing Power, a voluntary employee benefit program provider allowing employees to purchase brand-name products and services through either automatic payroll deductions or allotments, according to press releases. Financial terms were not disclosed.

Purchasing Power is advised by Barclays and Kirkland & Ellis. PROG is advised by Stephens and King & Spalding, according to press releases.

CI Global Asset Management completes the acquisition of Forge First.

CI Global Asset Management, an investment management company, completed the acquisition of Forge First, an alternative asset manager with approximately $1bn in assets under management, according to press releases. Financial terms were not disclosed.

CI Global Asset Management was advised by Stikeman Elliott (led by Shawn Smith). Forge First was advised by Borden Ladner Gervais (led by Kathryn M. Fuller) and Morrison Park Advisors, according to press releases and MergerLinks data.

Lennar completes the spin-off of a 20% stake in Millrose Properties.

Lennar, a company that constructs and sells single-family attached and detached homes, completed the spin-off of a 20% stake in Millrose Properties, a homesite option purchase platform helping residential homebuilders acquire and develop homesites, according to press releases. Financial terms were not disclosed.

Lennar was advised by Goldman Sachs and JP Morgan. Millrose Properties was advised by Vestra Advisors, according to press releases.

Cellebrite completes the acquisition of Corellium.

Cellebrite, a provider of digital investigative solutions for the public and private sectors, completed the acquisition of Corellium, a provider of Arm-based virtualization software, according to MergerLinks data. Financial terms were not disclosed.

Corellium was advised by JP Morgan. Cellebrite was advised by Paul Hastings (led by Ian Engstrand), according to press releases and MergerLinks data.

Horizon Family Brands completes the acquisition of Maple Hill Creamery.

Horizon Family Brands, a provider of better-for-you food and beverage products, completed the acquisition of Maple Hill Creamery, a grass-fed organic dairy company, according to press releases. Financial terms were not disclosed.

Horizon Family Brands was advised by Morgan Lewis & Bockius (led by Randall J. Wood) and SchroderHaus Marketing, according to press releases.

Adecoagro completes the acquisition of the remaining 50% stake in Profertil from Nutrien for $600m.

Adecoagro, a company specializing in the production and sale of high-quality agricultural products, and Asociacion de Cooperativas Argentinas Coop, an Argentine association of agricultural cooperatives, completed the acquisition of the remaining 50% stake, an Argentina-based nitrogen producer, from Nutrien, a global provider of crop inputs and services, for $600m, according to press releases.

Nutrien was advised by Bank of America and Jones Day (led by Robert Profusek), according to press releases.

Franchise Equity Partners to acquire international car wash business of Driven Brands for $470.7m.

Franchise Equity Partners, a provider of capital solutions for the franchise sector, agreed to acquire international car wash business of Driven Brands, an automotive services company, for $470.7m, according to press releases.

Driven Brands is advised by Rothschild & Co, according to press releases.

US Department of Commerce to invest $150m in xLight.

US Department of Commerce, a federal agency responsible for promoting economic growth, agreed to invest $150m in xLight, a developer of particle accelerator-driven free electron lasers for semiconductor manufacturing, according to press releases.

OpenAI completes the acquisition of a majority stake in Thrive Holdings.

OpenAI, an American artificial intelligence research laboratory, completed the acquisition of a majority stake in Thrive Holdings, a company that owns and operates businesses in essential real-economy sectors, according to press releases. Financial terms were not disclosed.

Marvell in advanced talks to buy Celestial AI in $5bn-plus deal. (Reuters)

Marvell Technology is in advanced negotiations to acquire chip startup Celestial AI in a cash-and-stock transaction valued at more than $5bn, including potential earnouts tied to product milestones.

The acquisition would expand Marvell’s position in AI-focused semiconductor technology as demand for advanced optical and compute architectures accelerates.

Netflix makes mostly cash offer for Warner Bros. in latest bid round. (Bloomberg)

Warner Bros. Discovery received a new round of bids, including a mostly cash offer from Netflix, as the auction process moves into its final stages, according to the report. Paramount Skydance, Comcast and Netflix submitted improved proposals after working through the Thanksgiving weekend.

Paramount’s bid is largely supported by Larry Ellison’s family and includes debt financing from Apollo Global Management, while additional backing from Middle Eastern investors is also involved.

Venezuela appeals order approving sale of Citgo parent. (Reuters)

Venezuela, along with Citgo Petroleum and its parent firms, has filed appeals with the US Court of Appeals for the Third Circuit challenging a Delaware judge’s decision authorizing the sale of PDV Holding’s shares.

The judge had approved the sale of Citgo parent PDV Holding to an affiliate of Elliott Investment Management after confirming its $5.9bn winning bid in a court-supervised auction.

Nestlé explores potential sale of Blue Bottle Coffee. (Reuters)

Nestlé is working with Morgan Stanley to assess strategic options for Blue Bottle Coffee, including a possible sale. The review comes as the company evaluates its broader portfolio under new CEO Philipp Navratil.

The process reflects Nestlé’s shift away from operating physical retail locations, aligning with an industry trend toward focusing on core brands and higher-margin categories.

Laurentian Bank to exit retail and SME banking under new strategy. (Press Release)

Laurentian Bank will accelerate its shift to a specialty commercial bank and leave retail and SME banking. National Bank will acquire its retail, SME and syndicated loan portfolios.

Fairstone Bank will buy all outstanding Laurentian shares and combine commercial lending operations. The bank will focus on commercial real estate, equipment and inventory finance, intermediary services and capital markets.

Wealthfront targets up to $485m in US IPO. (Reuters)

Wealthfront plans to raise as much as $485m in its US initial public offering. The company, founded in 2008, offers cash accounts, ETF and bond investing, trading tools and low-cost loans through its digital platform.

The IPO would provide new capital for the robo-advisor as it expands its product suite and aims to compete more broadly in the US retail investing market.

Lumexa Imaging targets $1.89bn valuation in US IPO. (Reuters)

Lumexa Imaging plans to seek a valuation above $1.89bn in its upcoming US IPO, the Welsh Carson–backed diagnostic imaging company said. The offering comes as more sponsor-owned firms prepare to enter improving equity markets.

A rebound in market conditions and lower interest rates have helped revive IPO activity after earlier tariff-related volatility and a recent period of political gridlock.

Klook delays US listing to early 2026. (Bloomberg)

Klook plans to pursue a US IPO early next year as it waits for a more supportive market. The travel-booking platform had previously explored a New York listing by late 2025 but now expects investor appetite to improve after the holidays.

Weaker market debuts from sector peers, including Navan, have also contributed to the decision to delay. The timing is still under discussion and could shift.

Evercore hires JPMorgan health-care banking co-head Ben Carpenter. (Bloomberg)

Ben Carpenter, JPMorgan’s global co-head of health-care investment banking, has resigned and will join Evercore as a senior managing director next year. Carpenter left JPMorgan last week after a long tenure at the bank.

The move strengthens Evercore’s health-care advisory bench as competition intensifies among Wall Street firms for senior dealmakers.

EMEA

GI Partners to acquire Digita from DigitalBridge.

GI Partners, a private equity firm, agreed to acquire Digita, a telecommunications provider, from DigitalBridge, a global digital infrastructure investment firm, according to press releases. Financial terms were not disclosed.

GI Partners is advised by Rothschild & Co, Kirkland & Ellis and Chris Tofalli Public Relations (led by Chris Tofalli). DigitalBridge is advised by Ernst & Young, Houlihan Lokey and Linklaters, according to press releases.

Mississippi Ventures to acquire the remaining 50% stake in HEMA from Parcom.

Mississippi Ventures, the investment vehicle of the Dutch entrepreneurial Van Eerd family, agreed to acquire the remaining 50% stake in HEMA, a Dutch variety chain store, from Parcom, a private equity firm, according to press releases. Financial terms were not disclosed.

Mississippi Ventures is advised by AXECO Corporate Finance and Stibbe (led by Egbert Vroom), according to MergerLinks data.

Kraken to acquire Backed Finance.

Kraken, a fintech company, agreed to acquire Backed Finance, a platform that provides on-chain finance solutions, according to press releases. Financial terms were not disclosed.

Carne Group completes the acquisition of Japan Fund Management from Mizuho Trust & Banking.

Carne Group, an independent third-party management company, completed the acquisition of Japan Fund Management, an alternative investment fund manager, from Mizuho Trust & Banking, a full-line trust banking company, according to press releases. Financial terms were not disclosed.

Lightview Capital-backed MarketFully completes the acquisition of Social Element.

Lightview Capital-backed MarketFully, a provider of multilingual content marketing solutions, completed the acquisition of Social Element, a social media agency, according to press releases. Financial terms were not disclosed.

Holcim completes the acquisition of Thames Materials.

Holcim, an international provider of sustainable construction materials and solutions, completed the acquisition of Thames Materials, a company specializing in the recycling of construction waste materials, according to press releases. Financial terms were not disclosed.

Exxon in talks to buy Lukoil’s stake in Iraq’s West Qurna 2 field. (Reuters)

Exxon Mobil has approached Iraq’s oil ministry to signal interest in acquiring Lukoil’s majority stake in the West Qurna 2 oilfield. Lukoil is seeking to sell international assets after coming under US sanctions.

A potential deal would mark a major expansion of Exxon’s presence in Iraq as Moscow looks to offload key energy holdings amid growing restrictions.

TotalEnergies leads bidding for Galp’s Namibia oil stake. (Bloomberg)

TotalEnergies has emerged as the frontrunner to buy the 40% stake Galp is selling in its Mopane oil discovery offshore Namibia. The French major is currently ahead of other bidders competing for the asset.

Talks remain ongoing and terms are not yet final, with Galp continuing to assess interest from multiple potential buyers.

Blackstone considers withdrawing bid for Big Yellow Group. (Sky News)

Blackstone is weighing whether to abandon its interest in a multibillion-pound takeover of Big Yellow Group before the December 8 deadline set by the Takeover Panel. The firm, working with Canada Pension Plan Investment Board, has not made a final decision.

Big Yellow executives are seeking an offer of at least £14 ($18.52) a share. The stock traded around £11.54 ($15.26), valuing the self-storage operator at about £2.3bn ($3bn).

Santander sells additional stake in Santander Bank Polska for $473m. (Reuters)

Santander has sold a 3.5% stake in Santander Bank Polska for $473m, completing a placement of 3.58m shares at $132 each. The move follows its earlier decision to divest about half of the Polish subsidiary to Erste Group.

After this sale and the previously agreed 49% transfer to Erste, Santander will retain around 9.7% of the unit. Erste had agreed in March to acquire the Poland-based business for about $7.91bn.

Wacker Neuson draws takeover interest from Doosan. (Bloomberg)

Wacker Neuson has attracted interest from South Korea’s Doosan, which has held talks with the German construction equipment maker about a potential deal.

Shares jumped as much as 17% on the news and were still up about 13% later in the day, valuing the company at roughly €1.5bn ($1.7bn).

L’Oreal set to begin work on potential Armani investment. (Reuters)

L’Oreal plans to start work “very soon” on a possible investment in Italian fashion house Armani, CFO Christophe Babule said during a discussion with analysts. The French cosmetics group confirmed it will “definitely” evaluate the opportunity.

Armani’s will instructs heirs to gradually sell the company or pursue a market listing, beginning with a 15% stake within 18 months, giving priority to L’Oreal, LVMH, EssilorLuxottica or another group of similar scale.

Saba Capital blocks merger of Baillie Gifford investment trusts. (Reuters)

Saba Capital has blocked a planned merger between Baillie Gifford US Growth Trust and Edinburgh Worldwide Investment Trust. The activist investor, which is the trusts’ top shareholder, declined to back the proposal.

Its opposition derailed a deal that would have provided a cash exit of up to 40% for investors and created a larger vehicle focused on US equities under Baillie Gifford’s management.

VTB says Russian firms looking to expand in Global South. (Reuters)

Russian companies are seeking growth opportunities in the Global South and continue to pursue international ambitions despite Western sanctions, VTB CEO Andrei Kostin said. The comments highlight how Russian corporates are redirecting their focus toward markets still open to engagement.

Recent US sanctions on Rosneft and Lukoil have pressured the firms, with Lukoil forced to sell overseas assets that account for around 0.5% of global oil output at a discount.

UK share-tax holiday expected to boost London IPOs, says Goldman banker. (Bloomberg)

London IPOs are expected to pick up next year, supported by the new three-year stamp duty holiday for newly listed companies. The measure removes the 0.5% tax on share purchases and has been well received by issuers and investors.

Goldman Sachs International co-CEO Anthony Gutman said the change improves London’s competitiveness versus other European hubs but stressed that further policy work is needed to keep the City attractive.

Expedition Growth Capital raises $375m Fund III. (Business Wire)

Expedition Growth Capital has closed its third fund at $375m, completing the raise in four months. The software-focused growth equity firm targets fast-growing European companies that have scaled without venture capital.

The fund was oversubscribed, with more than half of commitments coming from US investors, including major endowments and foundations.

Just Eat founder steps down as CEO after Prosus takeover. (Bloomberg)

Just Eat Takeaway founder Jitse Groen will step down as CEO following Prosus’ acquisition of the company. He will be replaced on January 1 by Roberto Gandolfo, who currently chairs Just Eat’s supervisory board and serves as Prosus’ European head.

Gandolfo joined Prosus earlier this year after holding senior roles at its Latin American food-delivery unit iFood, where he led the marketplace business.

Puma shares slump despite takeover speculation. (Bloomberg)

Puma’s stock is down 54% this year, leaving the company on track for its worst annual performance, with takeover talk offering only limited relief amid tariffs and a slowing sneaker market.

The brand is also facing heavy discounting and tougher competition from faster-growing rivals like On, New Balance and Hoka, which are gaining shelf space at retailers.

EU nears deal to phase out Russian fossil fuel imports. (Bloomberg)

The EU is close to agreeing on a plan to end imports of Russian fossil fuels, setting a date to ban Russian gas as part of a long-term shift away from its former main energy supplier. The move is meant to strengthen the bloc’s energy security after the upheaval caused by Russia’s invasion of Ukraine.

Negotiators from EU governments, the Parliament and the Commission are meeting in Brussels to finalize the regulation, first proposed in June.

APAC

Advent completes the acquisition of Automic from Five V.

Advent, a global private equity investor, completed the acquisition of Automic Group, a technology company from Five V, a private equity firm, according to press releases. Financial terms were not disclosed.

Advent was advised by Roland Berger (led by Ronan Gilhawey), Morgan Stanley, Allens (led by Felicity McMahon) and Teneo (led by Katherine Kim). Automic Group was advised by Gilbert+Tobin, according to press releases and MergerLinks data.

Carlyle in talks to buy majority stake in Nido Home Finance. (Bloomberg)

Carlyle is in discussions to acquire a majority stake in Mumbai-based Nido Home Finance, targeting an initial investment of about $300m as it increases exposure to India’s financial services sector. The firm is negotiating with parent Edelweiss Financial Services, though no agreement has been reached.

A deal would add Carlyle to a growing list of global investors backing India’s expanding housing-finance market, following its exits from PNB Housing Finance and Yes Bank earlier this year.

Warburg-backed ESR weighs sale of China assets. (Bloomberg)

ESR Group is considering selling part of its China asset portfolio, either individually or in a bundle, as it shifts focus to other markets. The Asia-Pacific logistics and industrial real estate firm plans to hire advisers to review strategic options.

A potential sale could reach several billion dollars, though discussions remain preliminary and there is no certainty the process will lead to a transaction.

Samsung forms new M&A unit to strengthen AI competitiveness. (FT)

Samsung has created its first dedicated M&A team as it seeks acquisitions to bolster its position in advanced memory and AI technologies. The move marks a renewed push under leader Lee Jae-yong, who last oversaw a major deal in 2016 with the $8bn purchase of Harman International.

The new unit, led by president and veteran dealmaker Ahn Joong-hyun, reflects Samsung’s effort to stay competitive in the accelerating global AI race and secure technologies critical to future growth.

Musinsa hires banks for potential 2025 IPO. (Bloomberg)

Musinsa has appointed Citigroup as lead underwriter and JPMorgan as co-underwriter for a planned IPO that could take place next year. Local firms KB Securities and Korea Investment & Securities are also expected to participate, with final roles still under discussion.

The KKR-backed fashion retailer is considering a listing in either Seoul or New York and may target a valuation of about KRW10tn ($6.8bn), depending on market conditions and where it can secure stronger pricing.

Torrent Gas hires banks for planned $450m India IPO. (Bloomberg)

Torrent Gas has appointed Axis Bank, Kotak Mahindra Capital and Citigroup’s India unit to manage an IPO that could raise up to $450m. The offering would support the company’s expansion as it grows its city-gas distribution network.

The company is preparing the transaction as part of Torrent Group’s broader push in the energy and infrastructure sector, though final timing and size may still change.

Upstage hires banks for planned Korea IPO. (Bloomberg)

South Korean AI startup Upstage has appointed KB Securities and Mirae Asset Securities to support an IPO that could take place as early as the second half of 2026. The company aims to list domestically no later than the first half of 2027.

A listing would make Upstage the first generative-AI startup in Korea to go public in the post-ChatGPT era, as it prepares for its next phase of expansion.

Zhipu grows revenue and users ahead of planned AI IPO. (Bloomberg)

Zhipu has surpassed CNY100m ($14m) in annual recurring revenue from its AI developer tools business as it prepares for an upcoming IPO. The company provides software tools and large language models for building AI services.

Co-founder Zhang Peng said usage of its subscription platform rose tenfold within two months of launching its GLM-4.5 model, highlighting growing demand among Chinese clients for paid AI products.

Swiggy plans $1.1bn share sale next week. (Bloomberg)

Swiggy is preparing to raise up to INR100bn ($1.1bn) from institutional investors as early as next week. The food-delivery company received board approval on November 7 to proceed with the fundraising through a qualified institutional placement, pending shareholder and regulatory clearance.

The company has shortlisted the Indian units of Citigroup, JPMorgan and Kotak Mahindra Capital to manage the transaction.

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