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Top Highlights
Global Payments, a worldwide provider of payment technology and software solutions, completed the acquisition of Worldpay, a payment processing company, from GTCR, a private equity company, and FIS, a financial services company, for $24.25bn, according to press releases.
Wordplay was advised by BMO Capital Markets, Citigroup, Evercore and FGS Global (led by Peter Siwinski). Global Payments was advised by Barclays, JP Morgan (led by Jay Hofmann), Slaughter & May (led by Anna Lyle-Smythe) and Wachtell Lipton Rosen & Katz (led by Jacob A. Kling). Financial advisors were advised by Cravath Swaine & Moore ( led by Edward Minturn and Minh Van Ngo). GTCR was advised by Goldman Sachs ( Kelly Galanis), Morgan Stanley (led by Lily Mahdavi), PJT Partners (led by Avinash Patel), UBS, Kirkland & Ellis (led by Ted M Frankel), Latham & Watkins and Paul Hastings (led by Chris Daniel). FIS was advised by Citigroup, Goldman Sachs, Morgan Stanley, PJT Partners, UBS, Kirkland & Ellis, Skadden Arps Slate Meagher & Flom and Latham & Watkins (led by Gary Boss). Financial advisors were advised by Sullivan & Cromwell (led by Stephen M. Kotran), according to press releases and MergerLinks data.
FIS, a financial technology company, completed the acquisition of the Issuer Solutions business from Global Payments, a financial services company, for $13.5bn, in exchange for divesting a stake in Wordpay, according to press releases.
Allegiant, an American airline holding and hospitality company, agreed to acquire Sun Country Airlines, a hybrid low-cost air carrier, for $1.5bn, according to press releases.
Sun Country Airlines is advised by Goldman Sachs, Milbank and Collected Strategies (led by Jim Golden). Allegiant is advised by Barclays, Skadden Arps Slate Meagher & Flom (led by Richard Oliver) and FGS Global, according to press releases and MergerLinks data.
Deal Round up
AMERICAS
The Trump Administration takes a stake in critical mineral firm ATALCO. (Press Release)
Crypto firm BitGo eyes up to $1.96bn valuation in US IPO. ( Reuters)
EMEA
Mammut owner weighs sale of Swiss outdoor gear maker. ( Bloomberg)
Patrick Drahi revives sale of stake in German broadband network. ( FT)
Apheon hits €1.25bn hard cap for latest flagship fund. ( Press Release)
APAC
Prudential Financial is reportedly considering the sale of its India asset management business. ( Bloomberg)
Deutsche Bank’s $2.5bn India retail assets draw final bids. ( Bloomberg)
China’s Startorus Fusion raises over $143m in Series A funding. ( Deal Street Asia)
ByteDance, HSG back China’s X Square Robot in a $143m funding round. ( Deal Street Asia)
HD Hyundai Robotics hires banks for South Korea IPO. ( Bloomberg)
Chinese startup making tech to rival Neuralink reported to file for Hong Kong IPO. ( Bloomberg)
Xpeng hires banks for flying car unit IPO in Hong Kong. ( Bloomberg)
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COMPANIES
FINANCIAL ADVISORS
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AMERICAS
PX3-backed Cleanova, a provider of filtering technology, completed the acquisition of Airflotek, a designer and manufacturer of custom air filtration and controlled-environment systems, and TES Clean Air Systems, an exclusive distributor of Airflotek products, according to press releases. Financial terms were not disclosed.
Cleanova was advised by Aon Securities, Alvarez & Marsal, Debevoise & Plimpton, Perkins Coie, Phoenix Advantage and Publitek, according to press releases.
B-FLEXION Life Sciences, an investment manager, agreed to acquire the remaining 57% stake in Radius Health, a specialty biopharmaceutical company dedicated to bone health and related therapeutic area, from private equity firms Patient Square Capital and Webster Equity Partners, according to press releases. Financial terms were not disclosed.
Radius Health is advised by Centerview Partners. Patient Square Capital is advised by Prosek Partners, according to press releases.
Bakkt, a software as a service and API platform provider, agreed to acquire Distributed Technologies Research, a global stablecoin payment infrastructure provider, for $145m, according to press releases.
Bakkt is advised by Sullivan & Cromwell (led by Jared M. Fishman), according to MergerLinks data.
UTAC, a holding formed by a group of its current and former managers of USA Truck, an Arkansas-based truckload carrier, completed the acquisition of the company from DSV, a Danish freight forwarder, according to press releases. Financial terms were not disclosed.
DSV was advised by JP Morgan, according to MergerLinks data.
Merlin Ventures, a cybersecurity fund, led a $140m Series D round in Torq, the established Agentic AI security operations pioneer, with participation from Evolution Equity Partners, Notable Capital, Bessemer Venture Partners, Insight Ventures Partners, and Greenfield Partners, according to press releases.
Torq was advised by Highwire PR, according to press releases.
Investment companies Skylake Equity Partners and Crescendo Equity Partners led a $140m funding round in MEDIPOST, a biotechnology company developing allogeneic, umbilical cord blood-derived stem cell therapies, according to press releases.
MEDIPOST was advised by Longview Strategies (led by Sam Choinski), according to press releases.
B.Grimm Power, one of Thailand's largest industrial energy producers, completed the acquisition of a 25% stake in New England Reliable Hydropower Holdings, which holds a 406MW portfolio of hydropower assets and 8MW of co-located battery storage, for $230m, according to press releases.
Exponent-backed H&MV Engineering, a global provider of specialist high voltage design, engineering and construction services, completed the acquisition of Cooke Power Services, a provider of high-voltage electrical services, according to press releases. Financial terms were not disclosed.
Lightspeed Venture Partners, an investment firm, led a $250m Series F round in Orca Bio, a late-stage biotechnology company committed to transforming the lives of patients through high-precision cell therapy, according to press releases.
The Trump Administration takes a stake in critical mineral firm ATALCO. ( Press Release)
The US government is taking a $150m equity stake to support the development of the country’s only large-scale producer of gallium, a critical mineral used in satellite systems and military radar.
The Defense Department and an affiliate of Pinnacle Asset Management announced a strategic partnership involving Atlantic Alumina, which operates an alumina facility near New Orleans.
Crypto firm BitGo eyes up to $1.96bn valuation in US IPO. ( Reuters)
BitGo is targeting a valuation of up to $1.96bn in its US initial public offering as it looks to capitalize on renewed investor interest in crypto firms.
The Palo Alto-based company and some existing shareholders are seeking to raise as much as $201m by offering 11.8m shares priced between $15 and $17 each.
EMEA
Verdane, the specialist growth buyout investment firm, agreed to invest in Smartbox Assistive Technology Group, a provider of augmentative and alternative communication technology, according to press releases. Financial terms were not disclosed.
Smartbox is advised by William Blair & Co. Three Hills is advised by SEC Newgate, according to press releases.
Windrose Consulting Group, a privately-held global strategy consulting firm, completed the acquisition of Zenith Access Network, a market access consultancy, according to press releases. Financial terms were not disclosed.
Attindas Hygiene Partners, a global company that designs, manufactures, and sells absorbent hygiene products, completed the acquisition of SILC, a designer, manufacturer, and seller of products for adult incontinence, according to press releases. Financial terms were not disclosed.
Mammut owner weighs sale of Swiss outdoor gear maker. ( Bloomberg)
The owner of Mammut Sports Group is exploring a sale of the Swiss outdoor gear maker.
Jacobs Capital is seeking more than €500m ($582m) from a potential transaction and is working with Houlihan Lokey on the process.
Patrick Drahi revives sale of stake in German broadband network. ( FT)
Telecoms tycoon Patrick Drahi has relaunched the sale of his 50% stake in German broadband network OXG Glasfaser as he continues to explore options to reduce his debt burden.
Drahi, whose Altice Group partnered with Vodafone’s German business to launch the network in 2023, has sent teaser documents to potential buyers in recent weeks.
Apheon hits €1.25bn hard cap for latest flagship fund. ( Press Release)
Apheon Management has reached a €1.25bn ($1.45bn) hard cap for its sixth flagship fund. The firm’s team and related families will invest an additional €50m ($58m), bringing the total size of Apheon MidCap Buyout VI to €1.3bn ($1.5bn).
APAC
Pfizer Ventures, the venture capital arm of Pfizer, and Apricot Capital, a venture capital firm, led a $61m funding round in Vibrant Therapeutics, a clinical-stage biotechnology company, with participation from Bayland Capital, HSG, Northern Light Venture Capital, and First Principles Capital, according to press releases.
Vibrant Therapeutics was advised by Greig Communications, according to press releases.
Prudential Financial is reportedly considering the sale of its India asset management business. ( Bloomberg)
Prudential Financial’s investment management arm is considering the sale of its loss-making asset management unit in India, more than a decade after acquiring the business from Deutsche Bank.
The potential divestment comes as the group evaluates options to streamline its operations. Discussions are ongoing and may not result in a finalized transaction.
Deutsche Bank’s $2.5bn India retail assets draw final bids. ( Bloomberg)
Deutsche Bank’s India retail banking and wealth management assets have attracted binding bids from Kotak Mahindra Bank and Federal Bank, as local lenders look to capitalize on exits by foreign players from the crowded market.
Discussions are ongoing, and the outcome of the process has yet to be finalized.
China’s Startorus Fusion raises over $143m in Series A funding. ( Deal Street Asia)
Startorus Fusion, a Chinese startup focused on commercial nuclear fusion power, has raised CNY1bn ($143.3m) in a Series A funding round as it aims for commercial fusion output in the early 2030s.
The round was jointly led by CICC Capital and government-owned investment firms Shanghai STVC Group, Shanghai Future-Oriented Industries Fund, and Shanghai Jiading Technology Investment Group.
ByteDance, HSG back China’s X Square Robot in a $143m funding round. ( Deal Street Asia)
China’s X Square Robot, a developer of general-purpose embodied intelligence robots, has raised CNY1bn ($143.3m) in a Series A++ funding round.
Investors include ByteDance, HSG (formerly Sequoia Capital China), and government-backed firms such as Beijing Information Industry Development Investment Fund, Shenzhen Capital Group, Nanshan SEI Investment and Wuxi Capital Group.
HD Hyundai Robotics hires banks for South Korea IPO. ( Bloomberg)
HD Hyundai Robotics has hired banks to work on a South Korean initial public offering as companies accelerate efforts to develop human-like robots.
The firm, which is majority-owned by HD Hyundai, is working with UBS, Korea Investment & Securities and KB Securities on the planned listing.
Chinese startup making tech to rival Neuralink reported to file for Hong Kong IPO. ( Bloomberg)
BrainCo has confidentially filed for a Hong Kong initial public offering, positioning it to become the first of China’s so-called Hangzhou Six to list publicly.
The company is working with China International Capital Corp. and UBS on the offering, which could raise several hundred million dollars.
Xpeng hires banks for flying car unit IPO in Hong Kong. ( Bloomberg)
Xpeng has hired banks to work on an initial public offering of its flying car unit in Hong Kong.
The Chinese electric vehicle maker is working with JP Morgan, and Morgan Stanley on a potential listing of Xpeng Aeroht, which has confidentially filed for a share sale that could take place as soon as this year.
Bengaluru-based venture capital firm Dharana Capital has raised $250m for its second growth fund. The investor base includes US university endowments, health systems, and other non-profit institutions.
The fund will focus on backing next-generation, category-defining technology and consumer businesses in India.
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