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AMERICAS
Constellation announced on June 16 that it has received regulatory approval from the New York State Public Service Commission for its planned acquisition of Calpine Corporation.
The approval marks a key step in Constellation’s strategy to merge the nation’s largest zero-emissions nuclear fleet with Calpine’s portfolio of low-emission natural gas and geothermal assets. The combined company will create a coast-to-coast platform designed to meet rising demand for reliable, around-the-clock sustainable energy.
Constellation is advised by JP Morgan, Lazard, Joele Frank (led by Kara Brickman and Carly King) and Kirkland & Ellis (led by David Feirstein and Douglas Bacon). Financial advisors are advised by Fried Frank Harris Shriver & Jacobson (led by Roy Tannenbaum) and Gibson Dunn & Crutcher (led by Hillary Holmes). Calpine is advised by Barclays, Evercore, Goldman Sachs, Morgan Stanley, Latham & Watkins (led by David Kurzweil and Edmond R. Parhami) and White & Case (led by Mingda Zhao, Michael Shenberg and Emilio Grandio). Energy Capital Partners is advised by FGS Global (led by Kerry Golds and Kelsey Markovich). Access Industries is advised by Debevoise & Plimpton (led by Eric T. Juergens, Matthew E. Kaplan, Christopher Anthony and Jonathan Levitsky), according to press releases and MergerLinks data.
Bayview Asset Management, a global alternative investment firm, agreed to acquire Guild Holdings, a growth-oriented mortgage company, for $1.3bn, according to press releases.
Guild Holdings Company is advised by Morgan Stanley, Sullivan & Cromwell (led by C. Andrew Gerlach) and ICR (led by Devin Broda). Morgan Stanley is advised by Ropes & Gray. Bayview Asset Management is advised by Goldman Sachs and Simpson Thacher & Bartlett (led by Lee Meyerson and Ravi Purushotham), according to press releases and MergerLinks data.
Summit Partners, a private equity firm, completed the investment in RIS Rx, a healthcare technology company, according to press releases. Financial terms were not disclosed.
Summit Partners is advised by Bank of America and Kirkland & Ellis. RIS Rx is advised by Jamieson, Morgan Stanley, DLA Piper and Latham & Watkins, according to press releases.
Partners Group, a private equity firm, completed the acquisition of a portfolio of energy transition-focused assets from Avenue Golden Continuation Fund, a fund managed by Avenue and operated by Middle River Power, for $2.2bn, according to press releases.
Partners Group was advised by Santander. Avenue Golden Continuation was advised by Guggenheim Partners, Morgan Stanley, Latham & Watkins (led by Paul Kukish) and Kekst CNC (led by Todd Fogarty), according to press releases and MergerLinks data.
Almaviva, an Italian provider of digital solutions and technological transformation, agreed to acquire TIVIT, an integrated IT and BPO services company that provides scalability, reliability and information security, from Apax Funds, a private equity firm, according to press releases. Financial terms were not disclosed.
TIVIT and Apax are advised by JP Morgan, Mattos Filho Veiga Filho Marrey Jr. e Quiroga Advogados and Skadden Arps Slate Meagher & Flom (led by A. Caroline M. Frizzo and Ann Beth Stebbins). Almaviva is advised by Benetti & Giammarino Advogados and L.O. Baptista Advogados, according to MergerLinks data and press releases.
Baker Hughes, an energy technology company, agreed to acquire Continental Disc Corporation, provider of safety-critical pressure management solutions, from Tinicum, a private equity firm, for $540m, according to press releases.
Baker Hughes is advised by Jefferies & Company and King & Spalding. Continental Disc Corporation is advised by Robert W Baird, William Blair & Co and Morrison & Foerster, according to press releases.
Lee Equity Partners, a private equity firm, agreed to acquire a majority stake in Shackleton, the UK independent financial advisory and wealth management business, from Sovereign Capital Partners, a private equity firm, according to press releases. Financial terms were not disclosed.
Shackleton and Sovereign are advised by Lazard and Pinsent Masons. Shackleton is advised by KPMG. Lee Equity Partners is advised by Evercore and Proskauer Rose, according to press releases and MergerLinks data.
Morgan Stanley Capital Partners, a middle-market private equity platform, completed the acquisition of Thermogenics, a provider of industrial and commercial boiler service and maintenance solutions, from Audax Private Equity, a middle market investment firm, according to press releases. Financial terms were not disclosed.
Morgan Stanley was advised by Debevoise & Plimpton. Audax was advised by KeyBanc Capital Markets, Solomon Partners, Kirkland & Ellis and FGS Global (led by Julie Rudnick), according to press releases.
Welsh, Carson, Anderson & Stowe, a private equity firm, completed the investment in Constitution Surgery Alliance, an ambulatory surgery centers developer and operator, according to press releases. Financial terms were not disclosed.
Constitution Surgery Alliance was advised by TripleTree and Nixon Peabody. WCAS was advised by Cain Brothers and Ropes & Gray (led by Scott Abramowitz), according to press releases.
Datavant, a health data platform company, agreed to acquire Ontellus, a provider of health records retrieval and claims intelligence, from Aquiline, a private investment firm, according to press releases. Financial terms were not disclosed.
Ontellus is advised by Harris Williams & Co. Datavant is advised by Houlihan Lokey. Aquiline is advised by Willkie Farr & Gallagher (led by Jeffrey Poss and Thomas Sharkey), according to MergerLinks data and press releases.
Beeline, a provider of workforce intelligence solutions, completed the acquisition of MBO Partners, a US-based company specializing in connecting independent professionals, from Emerald Lake Capital Management, a private equity firm, according to press releases. Financial terms were not disclosed.
MBO Partners was advised by Lazard and Kirkland & Ellis. Beeline was advised by Global Results Communications, according to MergerLinks data and press releases.
OMERS-backed Integris, a managed IT services provider, completed the acquisition of TechMD, a provider of cybersecurity and IT managed services, from ClearLight, a private equity firm, according to press releases. Financial terms were not disclosed.
TechMD and ClearLight Partners were advised by Guggenheim Partners, Kirkland & Ellis, and Hinman Howard & Kattell, according to press releases.
Vista Equity Partners, a global technology investor that specializes in enterprise software, completed an investment in Amtech Software, a provider of manufacturing ERP software and technology services for the packaging and other manufacturing industries, according to press releases. Financial terms were not disclosed.
Vista Equity Partners was advised by William Blair & Co and Kirkland & Ellis. Peak Rock was advised by Kekst CNC (led by Daniel Yunger), according to press releases.
NVentures, Bill Gates and HD Hyundai led a $650m funding round in TerraPower, a nuclear innovation company, according to press releases.
TerraPower was advised by UBS, according to press releases.
BlackRock, an investment management corporation, and Kleiner Perkins, a venture capital firm, led a $600m Series F round in Applied Intuition, a vehicle intelligence company, with participation from Franklin Templeton, Qatar Investment Authority, Abu Dhabi Investment Council, Premji Invest, Stripes, Greycroft, BAM Elevate, 137 Ventures, Fidelity, General Catalyst, Lux, BOND, Elad Gil, Addition, and Tribe Capital, according to press releases.
Duration Capital Partners, an infrastructure investment firm, completed a $600m investment in Watco Companies, a transportation service and logistics company, according to press releases.
Watco Companies was advised by Morgan Stanley, according to MergerLinks data.
Dragoneer Investment Group, a growth-oriented investment firm, led a $235m Series F round in Teamworks, a technology company offering operating system for high performance and sports, according to press releases.
Teamworks was advised by The Lemon House, according to press releases.
PSG, a growth equity firm, completed the investment in Button, a mobile commerce optimization and retail media company, according to press releases. Financial terms were not disclosed.
Button was advised by Canaccord Genuity, according to press releases.
General Catalyst, an investment and transformation company, led a $170m Series C round in Meter, a provider of internet infrastructure solutions for the enterprise, with participation from Baillie Gifford, Lachy Groom, JP Morgan, Microsoft, Sequoia Capital, Tishman Speyer, WndrCo, and 53 Stations, according to press releases.
Value Partners, a fund and asset management company, led a $123m Series E round in Insilico Medicine, a clinical-stage, AI-driven drug discovery company, with participation from Grand Leader and Prosperity7 Ventures, according to press releases.
Institutional Venture Partners, a venture capital firm, led a $101m Series C round in Tennr, an intelligent automation platform for healthcare operations, with participation from Andreessen Horowitz, Lightspeed, GV, ICONIQ, Foundation Capital, and Frank Slootman, according to press releases.
Nuveen, a global asset manager, agreed to acquire Brooklyn Investment Group, a multi-asset custom direct indexing provider, according to press releases. Financial terms were not disclosed.
Ares Management, an alternative investment manager, completed the acquisition of a minority stake in SailGP, an international sailing competition, according to press releases. Financial terms were not disclosed.
Brookfield Infrastructure, a private equity firm, completed the investment in Hotwire Communications, a provider of all-fiber broadband and telecommunication services, according to press releases. Financial terms were not disclosed.
Hedge fund Millennium valued at $14bn in minority stake sale talks. ( FT)
Millennium Management is in discussions to sell a minority interest in its management firm, in a transaction that would value the hedge fund titan at $14bn.
The firm has enlisted Goldman Sachs' Petershill Partners to help find investors for a 10% to 15% ownership stake. Millennium currently oversees more than $75bn in assets spanning equities, fixed income, and commodities.
US trucker Forward Air attracts takeover interest from buyout firms. ( Reuters)
Private equity firms such as Blackstone and Apollo Global Management have shown interest in acquiring the US trucking company Forward Air.
These firms have entered into confidentiality agreements with Forward Air, giving them access to company documents and information needed to formulate a potential acquisition bid. Platinum Equity and Clearlake Capital have also signed similar agreements, allowing them to review relevant materials.
Blackstone said to be in talks to buy embattled Allegiant Resort. ( Bloomberg)
Blackstone is reportedly in discussions to acquire Allegiant Travel’s resort project near Las Vegas, which has been facing significant financial difficulties. The resort, developed by the same company that operates Allegiant Air, has been under strain due to funding issues and delays in construction.
The potential deal is still in early stages and might not materialize. The transaction would mark a strategic move by Blackstone, which has shown continued interest in hospitality and leisure assets.
State Grid, GEB in talks to buy Brookfield’s Brazil power line. ( Bloomberg)
State Grid Corporation of China and Colombia's Grupo Energía Bogotá are reportedly in discussions to acquire a Brazilian power transmission line owned by Brookfield Asset Management. The asset in question is a significant part of Brazil's energy infrastructure, and the potential sale aligns with Brookfield's ongoing efforts to divest certain holdings.
The negotiations are still in preliminary stages, and there is no certainty that a deal will be finalized. If successful, this acquisition would enhance the presence of State Grid and Grupo Energía Bogotá in Brazil's electricity transmission sector.
Caris Life Sciences raises $494m in US IPO priced above range. ( Press Release)
Caris Life Sciences has raised $494m in a US initial public offering after pricing its shares above the top of its marketed range.
Backed by Sixth Street Partners, the cancer-focused medical technology firm sold 23.5m shares at $21 each. The offering exceeded the initial price range of $16 to $18, which had already been revised upward to $19 to $20.
Aurelius raises over €800m for new flagship fund. ( Press Release)
Private equity firm Aurelius has secured more than €800m ($922m) for its latest fund, which focuses on mid-market investments across Europe and North America.
Aurelius Opportunities Fund V was oversubscribed and completed its fundraising in five months, surpassing the €540m ($622m) raised by its predecessor in 2021. The successful raise comes despite a broader slowdown in dealmaking.
Post Oak Energy Capital announces final closing of Fund V. ( Press Release)
Post Oak Energy Capital announced that it completed the closing of its fifth fund, Post Oak Energy Partners V, in May 2025, securing $600m in capital commitments.
In line with its previous four flagship funds, Fund V will concentrate on the lower middle market within the North American upstream oil and gas sector.
EMEA
Bridgepoint, a British private investment company, agreed to acquire a controlling stake in Safe Life, a company that operates and develops a group of companies that provides life-saving equipment and related training, according to press releases. Financial terms were not disclosed.
Safe Life is advised by Baker McKenzie. Bridgepoint is advised by Ernst & Young, Jefferies & Company, Vinge, ERM Group, Marsh and strategy&, according to MergerLinks data and press releases.
Therme Group, a wellness infrastructure company, and CVC, a private equity and investment advisory firm, formed a joint venture in a €1bn ($1.2bn) deal, according to press releases.
Therme Group was advised by Alantra, PricewaterhouseCoopers, K&L Gates and Slaughter & May. CVC was advised by White & Case (led by Ben von Maur and Steven Worthington), according to press releases and MergerLinks data.
Hunter Point Capital, an independent investment firm providing capital solutions and strategic support to alternative asset managers, agreed to acquire 16.1% stake in Equitix, an international investor, developer and fund manager in infrastructure, from Tetragon Financial Group, an investment company, for £209m ($283.6m), according to press releases.
Equitix is advised by Ashurst. Hunter Point Capital is advised by Latham & Watkins. Tetragon Financial Group is advised by Bank of America, Dechert and Prosek Partners, according to press releases.
Tikehau Capital, a private equity and venture capital firm, agreed to acquire ScioTeq, a manufacturer of displays for the aviation and defense industries, from OpenGate, a global private equity firm, according to press releases. Financial terms were not disclosed.
OpenGate is advised by Lazard, McDermott Will & Emery and Profile Advisors, according to press releases.
DNO, a Norwegian oil and gas operator, completed the acquisition of Sval Energi, a Norwegian energy company, from HitecVision, a private equity group, for $450m, according to press releases.
DNO was advised by Pareto Securities and Thommessen. HitecVision was advised by Jefferies & Company, according to MergerLinks data and press releases.
MPE Partners, an investment firm, offered to acquire Renold, a manufacturer of industrial chains and related power transmission products, for £187m ($254m), according to press releases.
Renold is advised by Peel Hunt (led by Mike Bell) and Eversheds Sutherland. MPE Partners is advised by Moelis & Co (led by Chris Raff) and Jones Day , according to press releases.
Bure, a private equity firm, agreed to acquire 17% stake in Silex Microsystems, a pure-play MEMS foundry, from Sai Microelectronics, a company that developes and sells micro-electromechanical systems, for SEK917m ($96.7m), according to press releases.
Bure is advised by SEB Corporate Finance, Cederquist and EY Parthenon, according to press releases and MergerLinks data.
ParticipatieMaatschappij Vlaanderen, an independent organization owned by the Flemish government, agreed to acquire 39% stake in Brussels Airport Company from Ontario Teachers’ Pension Plan, an independent organization responsible for administering defined-benefit pensions for school teachers, for €2.77bn ($3.2bn), according to press releases.
Brussels Airport Company is advised by Jones Day (led by Pierre-Olivier Mahieu). Ontario Teachers’ Pension Plan is advised by Teneo, according to press releases and MergerLinks data.
Bullhound Capital, an investment firm, led a $215m Series B round in Multiverse Computing, a quantum software company, with participation from HP Tech Ventures, SETT, Forgepoint Capital International, CDP Venture Capital, Santander Climate VC, Quantonation, Toshiba and Capital Riesgo de Euskadi - Grupo SPRI, according to press releases.
Multiverse Computing was advised by LaunchSquad, according to MergerLinks data and press releases.
Goldman Sachs Alternatives, a private equity firm, completed the acquisition of a majority stake in Synthon, a platform specialized in developing, manufacturing, and out-licensing complex generic medicines, from BC Partners, an investment firm, according to press releases. Financial terms were not disclosed.
Goldman Sachs Alternatives was advised by Jefferies & Company, according to press releases and MergerLinks data.
Synova Capital, an innovative growth and private equity investor, agreed to invest in Bishop Fleming, an award-winning tax practice, according to press releases. Financial terms were not disclosed.
Bishop Fleming is advised by Alantra (led by Richard Holden), according to press releases.
Groupe BPCE, a French banking group, agreed to acquire a 75% stake in Novo Banco, a Portuguese financial bank, from Lone Star Funds, a private equity firm, for €4.8bn ($5.5bn), according to press releases.
Allegion, a provider of security products, agreed to acquire ELATEC, a manufacturer of security and access technology, from Summit Partners, an investment firm, for €330m ($378m), according to press releases.
Access Biotechnology, the corporate venture arm of Access Industries, led a $140m funding round in Draig Therapeutics, a clinical-stage company aiming to transform the treatment of neuropsychiatric diseases, with participation from Canaan Partners, SR One, Sanofi Ventures, Schroders Capital, ICG and SV Health Investors, according to press releases.
Wedbush, a diversified financial services holding compan completed the investment in Trigon, a Central and Eastern European investment banking firm, according to press releases. Financial terms were not disclosed.
Spectris rejects second KKR proposal in favour of Advent's $5bn bid. ( Press Release)
Britain's Spectris rejected a second takeover proposal from private equity firm KKR, days after the scientific instruments maker backed a possible competing $5bn bid from Advent International.
No further proposal from KKR has been received. KKR has requested access to equivalent due diligence information as provided by Spectris to Advent International.
Triton and Carlyle consider bids for Germany’s REMA Tip Top. ( Reuters)
Private equity firms including Carlyle and Triton are evaluating potential bids for REMA Tip Top, a German industrial equipment manufacturer exploring a possible sale.
The family-owned company, known for its conveyor belt systems, is working with an adviser to assess strategic options. The exact size of the stake available for sale has not yet been determined.
KKR, GIC among final bidders for MasOrange–Zegona broadband venture stake. ( Bloomberg)
KKR and GIC are among the final contenders to acquire a 40% stake in the fiber-optic broadband joint venture between MasOrange and Zegona Communications.
Both firms have advanced to the second round of bidding, though no final decision has been made, and the sellers may still opt not to proceed with a transaction.
Metro Bank shares surge on report of Pollen Street takeover approach. ( Bloomberg)
Shares of Metro Bank rose sharply after reports that Pollen Street Capital recently approached the lender with a potential takeover offer.
The private equity firm, a key shareholder in Shawbrook—a mid-sized bank that had previously explored a merger with Metro Bank—has reportedly reengaged with the UK lender in recent weeks.
KPS ends talks with Warburg on Gerresheimer bid. ( Bloomberg)
KPS Capital Partners has withdrawn from discussions with Warburg Pincus over a potential joint bid for Gerresheimer, adding uncertainty to the future of a deal for the German pharmaceutical and cosmetics packaging manufacturer.
KPS opted not to move forward with the transaction following talks with Warburg Pincus and the completion of due diligence. Warburg Pincus may face challenges in proceeding with a bid independently.
Campari family’s Lagfin to acquire 20% stake in PE firm Bluegem. ( Bloomberg)
Lagfin, the investment vehicle of the Garavoglia family that controls Davide-Campari Milano, is close to acquiring a 20% minority stake in Bluegem Capital Partners, a private equity firm focused on consumer brands. The transaction reflects the family’s strategic push into asset management and private equity participation.
In addition to the equity stake, Lagfin is also in discussions to become an anchor investor in Bluegem’s next fund. The investment aligns with both groups’ focus on consumer-driven sectors and could deepen collaboration on deal origination and portfolio development.
Autodoc's IPO is set to value car parts retailer at $2.8bn. ( Press Release)
Autodoc aims to raise up to €403m ($466m) in what could be one of Germany’s biggest IPOs this year.
The online auto parts retailer’s founders and private equity firm Apollo Global Management are offering around 6.6m shares, priced between €58 ($67) and €61 ($70) each. If priced at the top of that range, Autodoc’s market value would reach €2.44bn ($2.8bn).
Blackstone-backed gambling company Cirsa plans IPO in Spain. ( Reuters)
Cirsa Enterprises, owned by Blackstone, has announced plans for an initial public offering in Spain.
The IPO will include a primary share sale aimed at raising €400m ($461m) and a secondary sale of approximately €60m ($69m). Acquired by Blackstone in 2018, Cirsa operates over 400 casinos and gaming halls globally. The company reported €699m ($806m) in EBITDA last year, an 11% increase from 2023.
APAC
KKR, a global investment firm, agreed to acquire Zenith Energy, an Australian off-grid renewable power specialist, from Pacific Equity Partners, OPTrust and Foresight Group, a consortium of investors, according to press releases. Financial terms were not disclosed.
Zenith Energy is advised by GRACosway (led by Caroline Stanley). KKR is advised by Sodali & Co (led by James Strong), according to press releases.
Homeplus put up for sale as MBK Partners aims to avert liquidation.( Bloomberg)
Homeplus, a struggling South Korean retail chain, is now open to acquisition as its private equity owner, MBK Partners, seeks to avoid liquidating the business.
The decision follows a recent evaluation indicating that Homeplus's liquidation value is higher than its value as a continuing business, prompting the firm to explore a potential sale.
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