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AMERICAS

Fivetran to merge with dbt Labs.

Fivetran, a leader in automated data movement, agreed to merge with dbt Labs, a pioneer of modern data transformation, according to press releases. Financial terms were not disclosed.

dbt Labs is advised by Morgan Stanley and Latham & Watkins (led by Benjamin Potter and Danny Nordstrom). Fivetran is advised by Deloitte, Qatalyst Partners, DLA Piper and Wilson Sonsini Goodrich & Rosati (lead by Rich Mullen, Ross Tanaka, Rezwan Pavri and Lester Ang), according to press releases and MergerLinks data.

CCMP Growth completes the acquisition of a majority stake in A1 Cash & Carry from National Foods.

CCMP Growth, a private equity investment firm, completed the acquisition of a majority stake in A1 Cash & Carry, a company specializing in restaurant supplies, from National Foods, a company specializing in the production and distribution of various products, according to press releases. Financial terms were not disclosed.

CCMP Growth was advised by McCarthy Tétrault, Ropes & Gray and BMO. National Foods was advised by Bennett Jones and Akbar, Sarki, Khan & Co. A1 was advised by TD Securities, according to press releases.

Sigma Defense completes the acquisition of Aries Defense.

Sigma Defense, a provider of CJADC2, C5ISR, and DevSecOps solutions, completed the acquisition of Aries Defense, a defense technology company, according to press releases. Financial terms were not disclosed.

Aries Defense was advised by DC Advisory and Pillsbury Winthrop Shaw Pittman. Sigma Defense was advised by Morrison Foerster and Paul Weiss Rifkind Wharton & Garrison (led by Edward Ackerman), according to press releases and MergerLinks data.

PotlatchDeltic to merge with Rayonier in a $8.2bn deal.

PotlatchDeltic, a leading Real Estate Investment Trust, agreed to merge with Rayonier, a timberland real estate investment trust with assets located in some of the most productive softwood timber growing regions, in a $8.2bn deal, according to press releases.

Rayonier is advised by Morgan Stanley and Wachtell Lipton Rosen & Katz (led by David Lam). PotlatchDeltic is advised by Bank of America and Latham & Watkins (led by Tad Freese, Tessa Bernhardt and Darren Guttenberg), according to press releases and MergerLinks data.

Astira completes the acquisition of CallRevu.

Astira, a financial services company, completed the acquisition of CallRevu, an AI-powered communication intelligence platform, according to press releases. Financial terms were not disclosed.

Astira is advised by Houlihan Lokey and Kirkland & Ellis. CallRevu is advised by William Blair & Company and Gibson Dunn & Crutcher, according to press releases.

BioCryst to acquire Astria Therapeutics for $700m.

BioCryst, a global biotechnology company, agreed to acquire Astria Therapeutics, a biopharmaceutical company focused on developing life-changing therapies for allergic and immunologic diseases, for $700m, according to press releases.

Astria is advised by Evercore and Sidley Austin. BioCryst is advised by Bank of America and Covington & Burling, according to press releases.

Orion Resource Partners to acquire a 25% stake in Santo Domingo and Sierra Norte from Capstone Copper for $360m.

Orion Resource Partners, an investment firm, agreed to acquire a 25% stake in Santo Domingo and Sierra Norte from Capstone Copper, a copper mining company, for $360m, according to press releases.

Capstone Copper is advised by RBC Capital Markets and Blake Cassels & Graydon. Orion is advised by Sidley Austin (led by Joshua DuClos, Eduardo Marquez Certucha and Chanse Barnes) and Mason Law, according to press releases and MergerLinks data.

Brookfield to acquire the remaining 26% stake in Oaktree for $3bn.

Brookfield, an alternative asset management company, agreed to acquire the remaining 26% stake in Oaktree, an investment firm, for $3bn, according to press releases.

Robinhood open to acquisitions to expand prediction markets business, executive says. (Reuters)

Robinhood Markets is exploring potential acquisitions in the expanding prediction markets space as global interest in the once-niche asset class continues to grow.

The company is assessing opportunities that align with its broader strategy in futures and international markets, signaling openness to deals that could strengthen its position in the emerging sector.

Johnson & Johnson announces plan to spin off its orthopedics division and raises full-year earnings forecast. (Press Release)

Johnson & Johnson announced plans to spin off its orthopedics unit into a standalone company, DePuy Synthes, within 18–24 months, marking its second major spinoff in two years.

The healthcare giant also raised its 2025 sales forecast after reporting quarterly earnings that exceeded Wall Street expectations.

Starboard Value acquires stake in Keurig Dr Pepper as JDE Peet’s buyout unfolds. (Reuters)

Activist investor Starboard Value has taken a stake in Keurig Dr Pepper following the beverage company’s announcement of an acquisition aimed at expanding its coffee business—a move that drew a negative reaction from investors.

The hedge fund began building its position after Keurig Dr Pepper unveiled plans to acquire European coffee maker JDE Peet’s in a deal valued at roughly $18bn.

Dating app Grindr reportedly considering go-private deal. (Semafor)

Insiders at dating app Grindr are exploring a potential go-private deal after a sharp decline in the company’s shares put its top owners under financial strain.

Majority owners Raymond Zage and James Lu are in talks to obtain debt financing from Fortress Investment Group to fund the transaction, the report said. Grindr shares rose more than 10% following the news but remain down about 26% so far in 2025.

Blackstone said to select banks for Copeland IPO as early as 2026. (Bloomberg)

Blackstone has selected banks to handle the initial public offering of Emerson Electric’s former Climate Technologies division, now called Copeland, more than two years after the $14bn deal that created the business.

Morgan Stanley and Barclays are advising on the IPO, which could happen as early as next year. Blackstone has also chosen Goldman Sachs Group and Jefferies Financial Group to support the potential listing.

JPMorgan traders and bankers exceeded estimates amid rising deal activity. (Bloomberg)

JPMorgan exceeded analysts’ expectations for third-quarter trading and investment banking revenues, fueled by a surge in dealmaking and underwriting amid ongoing market volatility linked to President Donald Trump’s tariffs.

A flurry of initial public offerings—the busiest quarter since 2021—helped drive a 16% rise in investment banking fees, while markets revenue jumped 25%, positioning trading revenue for a record year. Both segments outperformed forecasts, which had predicted increases of 11% and 17%, respectively.

GM posts $1.6bn loss amid EV trategy pullback. (WSJ)

General Motors said it is reducing its electric-vehicle production capacity and taking a $1.6bn charge on its EV business as demand slows.

In a regulatory filing, the company noted that EV sales are expected to decline with the end of government-funded subsidies and regulatory mandates that previously fueled growth.

David Rubenstein’s family office launches independent secondaries firm. (Bloomberg)

David Rubenstein’s family office has launched an independent firm, Hobe Mountain Capital, to focus on acquiring secondary stakes in private asset vehicles, tapping into the growing secondaries market.

Led by Rubenstein’s daughter, Alexa Rachlin, and other former executives from the billionaire’s private investment firm, Hobe Mountain recently began targeting stakes across private equity, venture capital, and real estate funds. The firm plans to concentrate on smaller deals that typically fall below the radar of larger institutional investors.

EMEA

Catapult to acquire IMPECT for $91m.

Catapult, a company in sports technology solutions, agreed to acquire IMPECT, a company specializing in data analysis and data management, for $91m, according to press releases.

Catapult is advised by Goldman Sachs and Arnold Bloch Leibler, according to press releases.

Citadel to acquire FlexPower.

Citadel, a hedge fund and financial services company, agreed to acquire FlexPower, a renewable energy and battery trader. Financial terms are not disclosed, according to press releases.

Pontegadea Inversiones completed the acquisition of Knowsley warehouse of PLP for £81m. (Place North West)

Pontegadea Inversiones, an investment vehicle of Amancio Ortega, completed the acquisition of Knowsley warehouse of PLP, a specialist UK logistics and industrial property development company, for £81m ($108m), according to Place North West.

EasyJet shares rise on report of potential bid interest. (Reuters)

Shares of budget airline easyJet surged as much as 11.5% on October 14, following an Italian media report suggesting potential bid interest from global container shipping company MSC.

A spokesperson for Mediterranean Shipping Company stated the firm had no involvement in the matter. EasyJet declined to comment on the report, which cited unnamed sources suggesting MSC could partner with an investment fund to explore acquiring a stake or full control of the airline, though discussions are still at an early stage.

Apollo Global Management sees greater opportunities for buyout deals in Europe compared with the US, executives said. (Bloomberg)

Apollo Global Management’s newly appointed European private equity head sees stronger buyout opportunities in Europe, potentially exceeding activity in the US.

Alex van Hoek, lead partner for European private equity at Apollo, stated the firm expects to be highly active in the region — potentially even more so than in the US — marking a notable shift from its usual business pattern.

Swiss court rules $20bn bond write-off in Credit Suisse bailout was unlawful. (Press Release)

A Swiss court ruled on October 14, that the 2023 decision to write off 16.5bn Swiss francs ($20.5bn) in Credit Suisse bonds was unlawful, reigniting questions over the handling of the bank’s rescue and its subsequent takeover by UBS.

The move, made by market regulator FINMA to cancel Credit Suisse’s Additional Tier 1 bonds during the state-facilitated UBS takeover, had sparked investor backlash and legal challenges.

ArcelorMittal M&A chief in talks in South Africa over unit sale. (Bloomberg)

ArcelorMittal SA’s M&A chief, Ondra Otradovec, is in South Africa engaging with the country’s leading development-finance institution and trade department over a potential sale of the steelmaker’s local unit.

The executive’s visit signals that discussions between the Luxembourg-based company and the Industrial Development Corp. have intensified. The Department of Trade, Industry and Competition is also involved in the discussions.

Sabadell says overwhelming majority of clients turned down BBVA bid. (Press Release)

The vast majority of Banco Sabadell customers who are also shareholders rejected BBVA SA’s $19bn takeover offer, complicating the larger bank’s efforts to surpass the 50% ownership threshold.

According to a regulatory filing published on October 14, only 2.8% of these investors tendered their shares to BBVA, representing 1.1% of Sabadell’s total share capital. These investors make up 30.8% of Sabadell’s total capital.

Standard Bank is in talks to acquire Kenya’s NCBA Group. (Bloomberg)

Standard Bank Group's Kenyan unit is reportedly in talks to acquire NCBA Group, a move that could create east africa’s third-largest lender by assets.

The continent’s biggest bank by assets holds a 75% stake in Nairobi-based Stanbic Holdings, which has received internal approvals for the discussions with NCBA.

UK’s Wayve in discussions with SoftBank and Microsoft to raise $2bn. (FT)

UK-based start-up Wayve is in talks with Microsoft and SoftBank to raise up to $2bn in new funding, reflecting ongoing global investor interest in fast-growing artificial intelligence companies. The potential deal could value Wayve at around $8bn, though discussions are at an early stage and no final valuation has been set.

Founded in 2017 and based in London, Wayve develops AI technology for autonomous vehicles. The company raised $1bn last year in a funding round led by SoftBank, with participation from Microsoft.

Citigroup expands London team to advise on asset sales with two new hires. (Bloomberg)

Edward Joudrey was appointed co-head of UK and Europe sellside M&A, joining Matias Brechner.

Joudrey previously held a similar role at Bank of America before moving to J. Safra Sarasin last year to help grow its advisory business. He will report to Citi’s European M&A leaders Barry Weir and Robin Rousseau.

Armani’s partner Dell’Orco to lead foundation central to planned sale, documents reveal. (Reuters)

Pantaleo Dell’Orco, partner and close confidante of the late Giorgio Armani, will chair the Giorgio Armani Foundation, a key entity in the fashion house’s future and its planned sale.

Dell’Orco inherited the largest share and main voting rights following Armani’s death last month. He will lead the board alongside one of Armani’s nephews and three independent members, the foundation filing showed.

APAC

Saudi PIF-Backed Salic moves to acquire full ownership of Olam unit. (Bloomberg)

Saudi Agricultural & Livestock Investment, backed by the Public Investment Fund, plans to seek full ownership of Singapore-based Olam Group’s agribusiness unit.

The state-owned company is expected to begin talks next year to acquire the remaining 20% stake in Olam Agri Holdings that it does not yet own, following the completion of its majority acquisition.

Huawei’s EV partner Seres reportedly considering $2bn IPO. (Bloomberg)

Chinese electric-vehicle maker Seres Group is reportedly exploring a Hong Kong IPO that could raise $1.5bn to $2bn.

The company, an EV partner of Huawei Technologies, is meeting with investors this week. The size of the potential offering is still under consideration, and a Seres spokesperson declined to comment.

LG India soars 48% on trading debut following $1.3 billion IPO. (Bloomberg)

LG Electronics India surged 48% in its Mumbai Stock Exchange debut after strong demand for its initial public offering, marking the best first-day performance for a deal of its size in India. The unit of South Korea’s LG Electronics rose to INR1,690 ($19m) from its IPO price of INR1,140 ($12.8m), lifting its market capitalization to around $13bn and surpassing its Korean parent.

The strong debut is a positive signal for other Indian IPOs, coming after Tata Capital rose just 1.4% on its first trading day. Over the past two years, India has become one of the world’s most active markets for public listings, drawing global investors seeking exposure to the country’s growing consumer economy.

WeRide is reportedly in talks with banks to pursue a Hong Kong IPO. (Reuters)

Chinese autonomous driving company WeRide has engaged Morgan Stanley and China International Capital to advise on a dual primary listing in Hong Kong.

The Guangzhou-based firm, which debuted on Nasdaq in October 2024, is seeking regulatory approvals in both Beijing and Hong Kong for the share offering following a confidential filing with the Hong Kong Stock Exchange.

Chinese autonomous driving firms Pony AI and WeRide receive regulatory approval for Hong Kong listings. (Bloomberg)

Chinese self-driving technology companies Pony AI and WeRide have secured regulatory approval to pursue listings on the Hong Kong Stock Exchange.

Both firms are preparing to expand their investor base after previously listing or filing in other markets, with WeRide having debuted on Nasdaq in October 2024.

ASX touts faster listings and index offerings after Cboe challenge. (Bloomberg)

ASX is pushing to boost listings by accelerating initial public offerings and expanding index eligibility, as Australia’s primary exchange faces competition from Cboe Global Markets.

ASX aims to become the preferred venue for Australia and New Zealand companies entering the market for the first time, while also seeking to attract foreign firms pursuing a listing.

Taiwan urges insurers to allocate billions in contracts to local firms. (Bloomberg)

Taiwan is urging its wealthy life insurers to award billions in investment mandates to domestic asset managers as part of a government plan to establish the chip-making nation as a regional financial hub.

The country’s top financial regulator expects insurers to allocate an initial TWD1tn ($32.6bn) to local money managers. The move supports the development of a new special wealth management zone in Kaohsiung, aimed at competing with financial centers like Singapore and Hong Kong.

Infosys secures $1.6bn contract with the UK’s National Health Service. (Press Release)

Indian IT giant Infosys said on October 14 it has secured a £1.2bn ($1.59bn) contract from the UK’s National Health Service Business Services Authority to overhaul its payroll platform.

The 15-year deal represents a significant win for India’s second-largest IT firm amid a $283bn-sector facing a weak global economy, trade tensions, and changing US immigration policies.

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