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Top Highlights
Goldman Sachs Alternatives, an alternative investor, agreed to acquire a majority stake in Numantec, a developer, manufacturer, and distributor of infusion medical devices, according to press releases. Financial terms were not disclosed.
Numantec is advised by Willis Towers Watson, Boston Consulting Group, Deloitte, Intexo, ERM Group, Houlihan Lokey, JP Morgan, Gatti Pavesi Bianchi Ludovici, Giovannelli e Associati, White & Case and Plante Moran. Goldman Sachs Alternatives is advised by Aon Securities, Bain & Co, Deloitte, Qserve Group, Ramboll, Goldman Sachs, A&O Shearman, LMS, Latham & Watkins and Linklaters, according to MergerLinks data and press releases.
Energy Capital Partners and KKR, two American investment firms, offered to acquire DCC Energy, a multi-energy sales and distribution company, for £5.75bn ($7.7bn), according to press releases.
DCC Energy is advised by Davy Corporate Finance, UBS, JP Morgan, Cleary Gottlieb Steen & Hamilton, William Fry and Sodali & Co (led by Eavan Gannon). ECP and KKR are advised by BNP Paribas, Barclays, Goldman Sachs, Morgan Stanley, Kirkland & Ellis and FGS Global (led by James Murgatroyd). ECP is advised by Latham & Watkins and Matheson. KKR is advised by Arthur Cox and Gibson Dunn & Crutcher, according to MergerLinks data and press releases.
One Rock Capital Partners-backed Eat Happy, a Cologne-based specialist in ultra-fresh Asian and healthy convenience foods, completed the merger with Hana Group, a provider of freshly prepared sushi and pan-Asian cuisine to go, according to press releases. Financial terms were not disclosed.
One Rock Capital Partners was advised by Deutsche Bank, RBC Capital Markets, Willkie Farr & Gallagher (led by Nils Rover, Jacob Ahme and Hugo Nocerino), A&O Shearman (led by Neil Sinha) and Profile Advisors. Eat Happy was advised by Houlihan Lokey and A&O Shearman. Permira was advised by UBS, Weil Gotshal and Manges (led by Guillaume de Danne) and Headland Consultancy, according to press releases and MergerLinks data.
AMERICAS
Brown-Forman rejects unsolicited takeover proposal from Sazerac. ( Press Release)
Shionogi-backed Apnimed seeks to raise $160m in US IPO. ( SEC Announcement)
EMEA
Objectway to expand into capital markets with project to acquire French specialist SLIB. ( Press Release)
Kenneth Dart’s Candle Lake crosses mandatory bid threshold for Sweden’s Evolution. ( WSJ)
Railpen walks away from UK's IP Group. ( Reuters)
CVC to consider buying stake in jeweller APM Monaco from TPG. ( Bloomberg)
Facebook co-founder Saverin invited to join bid for Liverpool FC stake. ( Sky News)
Frasers pushing to install Michael Murray as chief of Hugo Boss. ( The Times)
APAC
NAVER, NVIDIA and Brookfield to expand Korea’s national AI factory infrastructure buildout. ( Press Release)
Perpetual receives further revised non-binding indicative proposal from EQT. ( ASX Announcement)
SoftBank nears deal for Blackstone’s Japan payments firm. ( Bloomberg)
Innolight to price $6.8bn HK listing below top. ( Bloomberg)
Hillhouse-backed Tablespace to file $350m India IPO. ( Bloomberg)
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COMPANIES
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AMERICAS
American Industrial Partners, an operationally-oriented middle-market private equity firm, completed the acquisition of Avanos Medical, a medical technology company making clinical medical devices, for $1.27bn, according to press releases.
Novanta, a company which designs, develops, manufactures, and sells precision photonic and motion control components, completed the acquisition of Riverpoint Medical, a designer and developer of medical devices, from Arlington Capital, a private equity firm, for $1.45bn, according to press releases.
SkyKnight Capital, a private equity firm, agreed to invest in Apex Infusion, an omnichannel infusion services provider, according to press releases. Financial terms were not disclosed.
Apex Infusion is advised by Raymond James, Polsinelli and Willkie Farr & Gallagher. SkyKnight Capital is advised by Guggenheim Partners, Bass Berry & Sims (led by Michael Hess), Holland & Knight and Morrison Foerster (led by Dario Avram), according to MergerLinks data and press releases.
InterVest Capital Partners, an alternative investor, completed the acquisition of Kapitus, a provider of financing for small and medium sized businesses, according to press releases. Financial terms were not disclosed.
Kapitus was advised by Guggenheim Partners, Morgan Lewis & Bockius, Simpson Thacher & Bartlett (led by Sven Mickisch) and Pitch Public Relations. InterVest was advised by Stephens, Truist Securities and O'Melveny & Myers, according to MergerLinks data and press releases.
Expand Energy, an independent natural gas producer, agreed to acquire Twin Eagle, an energy marketing and services company, from Five Point Infrastructure, an energy investment firm, for $1.25bn, according to press releases.
Expand Energy is advised by PJT Partners, White & Case and DrivePath. Twin Eagle is advised by Lazard and Latham & Watkins. Five Point Infrastructure is advised by Kekst CNC, according to press releases.
VYNE Therapeutics, a biotechnology company that focuses on developing novel therapeutics, completed the merger with Yarrow Bioscience, a clinical-stage biotechnology company focused on developing transformative therapies for autoimmune thyroid diseases, according to press releases. Financial terms were not disclosed.
TruArc Partners-backed Matrix Adhesives Group, a manufacturer of adhesives and sealants supplying high‑performance solutions, completed the acquisition of IPS Adhesives, a manufacturer of specialty adhesive solutions, according to press releases. Financial terms were not disclosed.
Matrix Adhesives Group was advised by Chemlink Partners, Davis Polk & Wardwell and ASC Advisors (led by Mary Beth Grover, Taylor Ingraham and Max Rayden). IPS Adhesives was advised by BMO Capital Markets and Latham & Watkins, according to press releases.
argenx, a global biopharmaceutical company, agreed to acquire Forte Biosciences, a clinical-stage biopharmaceutical company, for $2.2bn, according to press releases.
argenx is advised by Goldman Sachs and Freshfields. Forte Biosciences is advised by Guggenheim Partners and Wilson Sonsini Goodrich & Rosati, according to press releases.
Mill Point Capital-backed GlacierPoint Enterprises, a direct store delivery distribution company, completed the acquisition of Arctica Frozen Solutions, a direct store delivery distributor of frozen and refrigerated products, according to press releases. Financial terms were not disclosed.
Mill Point Capital and GlacierPoint Enterprises were advised by Bank of America and McDermott Will & Schulte, according to press releases.
TransDigm, a designer, producer and supplier of highly engineered aircraft components, agreed to acquire Prince & Izant, a designer and manufacturer of highly engineered brazing alloys and specialty metal components, from Industrial Growth Partners, a specialist private investment partnership, for $1.066bn, according to press releases.
Brown-Forman rejects unsolicited takeover proposal from Sazerac. ( Press Release)
Brown-Forman’s board has rejected an unsolicited acquisition proposal from Sazerac, concluding that the approach was not actionable. The offer was reportedly worth about $15bn, based on an all-cash bid of $32 per share.
Wolf Pen Branch, a group of fourth-, fifth- and sixth-generation Brown family shareholders representing the majority of Brown-Forman’s Class A shares, said the proposal did not align with its vision for the company’s future. Its opposition effectively removes the shareholder support needed for Sazerac to pursue a transaction of the alcoholic drinks company.
Apnimed is seeking to raise up to $160m in a US initial public offering. The sleep-apnea drug developer, backed by Japan’s Shionogi, plans to sell 10m shares at between $14 and $16 each.
At the top of the proposed range, the Cambridge, Massachusetts-based biotech company would be valued at approximately $608m.
EMEA
Bridgepoint, a mid-market investor, agreed to acquire a majority stake in Lansweeper, a technology asset intelligence platform, according to press releases. Financial terms were not disclosed.
Lansweeper is advised by EY Parthenon, Ernst & Young, William Blair & Co and A&O Shearman. Bridgepoint is advised by Ernst & Young, ING Bank, JP Morgan, Rothschild & Co and Clifford Chance, according to MergerLinks data and press releases.
Serica Energy, an independent upstream oil and gas company, offered to acquire Pharos Energy, an independent energy company, for £146m ($194m), according to press releases.
Pharos Energy is advised by Rothschild & Co (led by James McEwen), Ashurst Perkins Coie and Camarco (led by Billy Clegg). Serica Energy is advised by Jefferies & Company (led by Sam Barnett), Peel Hunt (led by Richard Crichton), Slaughter & May and Vigo Consulting (led by Patrick d'Ancona), according to MergerLinks data and press releases.
Vusion, a retail technology company, agreed to acquire In-Store Media, an omnichannel retail media company, according to press releases. Financial terms were not disclosed.
Vusion is advised by JP Morgan and White & Case. In-Store Media is advised by GBS Finance, Mizuho Securities and Baker McKenzie, according to press releases.
Wynnchurch Capital, a private equity firm, agreed to acquire Luxfer Holdings, a producer of advanced materials, including magnesium alloys, flameless heating technology, and specialty powders, for $463m, according to press releases.
Wynnchurch Capital is advised by Lazard and Kirkland & Ellis. Luxfer Holdings is advised by Deutsche Bank and Fried Frank Harris Shriver & Jacobson, according to press releases.
Central Garden & Pet, a consumer goods company in the pet and garden industries, agreed to acquire a majority stake in TRIXIE Heimtierbedarf, a pet supplies and pet snacks company, according to press releases. Financial terms were not disclosed.
TRIXIE is advised by Deutsche Bank and Gibson Dunn & Crutcher. Central is advised by Rothschild & Co and Freshfields, according to press releases.
InoBat, a battery energy storage systems and battery technology company, agreed to go public via a SPAC merger with Cartesian Growth Corporation II, a special purpose acquisition company, in a $1.265bn deal, according to press releases.
InoBat is advised by Dentons. Cartesian II is advised by Greenberg Traurig and Hillbridges, according to press releases.
Toyota Motor, a global automotive manufacturer, agreed to acquire a 33.33% stake in cellcentric, a fuel cell technology company, from Volvo Group, a Sweden-based manufacturer of trucks, buses, construction equipment, and Daimler Truck, a global commercial vehicle manufacturer, according to press releases. Financial terms were not disclosed.
Objectway to expand into capital markets with project to acquire French specialist SLIB. ( Press Release)
Objectway has entered into exclusive negotiations to acquire SLIB from BNP Paribas and Natixis, which would transfer their entire stakes in the French capital-markets software provider.
The proposed acquisition would expand Objectway’s presence in France and add securities processing, brokerage, clearing, settlement and risk-management capabilities to its existing wealth and asset-management technology offering. Completion remains subject to regulatory approvals and employee consultation processes and is expected by 31 December 2026.
Kenneth Dart’s Candle Lake crosses mandatory bid threshold for Sweden’s Evolution. ( WSJ)
Kenneth Dart’s investment vehicle Candle Lake has increased its stake in Swedish gaming technology provider Evolution to approximately 30.02%, crossing the ownership threshold that triggers a mandatory takeover offer under Swedish rules.
Candle Lake acquired 2.05m shares, taking its total holding to 59.8m shares. The investor now has four weeks to either bid for the remaining shares or reduce its stake below 30%.
Railpen walks away from UK's IP Group. ( Reuters)
Railpen has ended its pursuit of IP Group after failing to agree acceptable terms with the British early-stage science investor. The pension fund manager submitted two proposals during the past two months, both of which IP Group rejected on valuation grounds.
Railpen’s latest approach valued IP Group at up to £730m ($974m). The investor, which manages more than £34bn ($45bn) for railway pension schemes, owns an 18.4% stake in the company and said it does not intend to make another offer.
CVC to consider buying stake in jeweller APM Monaco from TPG. ( Bloomberg)
CVC Capital Partners is considering acquiring a stake in jewellery brand APM Monaco from private equity firm TPG. CVC has emerged as the leading bidder for the holding.
Other private equity firms have also expressed interest in the stake, and discussions remain ongoing.
Facebook co-founder Saverin invited to join bid for Liverpool FC stake. ( Sky News)
Facebook co-founder Eduardo Saverin has been approached about joining an investor consortium seeking to acquire a significant minority stake in Liverpool FC. The group is led by Amit Bhatia and could also include Amazon founder Jeff Bezos, although Saverin’s participation has not been confirmed.
Fenway Sports Group could sell around 30% of the club in a transaction valuing Liverpool at more than $6bn. The investment would make the consortium the club’s second-largest shareholder, but it remains unclear whether the deal could eventually lead to a change of control.
Frasers pushing to install Michael Murray as chief of Hugo Boss. ( The Times)
Frasers Group is considering installing its chief executive Michael Murray as CEO of Hugo Boss as part of its takeover push for the German fashion company. Murray already sits on Hugo Boss’s supervisory board and is the son-in-law of Frasers owner Mike Ashley.
Frasers raised its stake to 30.28%, triggering a mandatory offer under German rules. Its €38 ($43.35) per-share cash bid values Hugo Boss at about €2bn ($2.28bn), but the company has recommended that shareholders reject the offer as too low. The initial acceptance period was due to end on 27 July.
APAC
NAVER, NVIDIA and Brookfield to expand Korea’s national AI factory infrastructure buildout. ( Press Release)
NAVER, NVIDIA and Brookfield plan to expand the NVIDIA DSX AI factory at NAVER’s GAK Sejong data centre in South Korea from 55MW to 200MW by 2028. NAVER also intends to increase its deployment of NVIDIA AI infrastructure to 1GW over the longer term.
NVIDIA plans to invest $1bn in NAVER, while Brookfield has signed a nonbinding term sheet to provide up to $9bn of financing. NAVER will fund the remaining project costs. NVIDIA’s investment remains subject to customary closing conditions and NAVER securing at least $9bn of committed financing, excluding NVIDIA’s contribution.
Perpetual receives further revised non-binding indicative proposal from EQT. ( ASX Announcement)
Perpetual has received a revised takeover proposal from EQT valuing the Australian asset manager at approximately AUD2.55bn ($1.78bn). The offer of AUD22.50 ($15.73) per share is 2% above EQT’s previous AUD22.07 ($15.43) proposal and 4% above its initial AUD21.64 ($15.13) approach.
SoftBank nears deal for Blackstone’s Japan payments firm. ( Bloomberg)
SoftBank is close to acquiring Japanese payments services provider SP.LINKS after being selected as the preferred bidder for the business.
Blackstone plans to sell its 80% stake in SP.LINKS, while Sony Financial Group’s banking unit would sell the remaining 20%, giving SoftBank full ownership.
Innolight to price $6.8bn HK listing below top. ( Bloomberg)
Zhongji Innolight has raised HKD53.4bn ($6.8bn) through its Hong Kong listing, which is set to become the city’s largest initial share sale in seven years.
The Chinese manufacturer of data-center essential optical transceivers priced 54.5m shares at HKD980 ($125) each, below the top of the marketed range.
Hillhouse-backed Tablespace to file $350m India IPO. ( Bloomberg)
Tablespace Technologies is preparing to file for an Indian IPO that could raise up to $350m. The managed workspace provider, backed by Hillhouse Investment Management, is expected to submit its draft prospectus by early August 2026.
The offering is expected to include a fresh issue of shares worth up to $103m, alongside a sale of shares by existing investors.
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