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AMERICAS
Flex, an electronics manufacturer, completed the acquisition of EPC Power, a provider of intelligent power conversion solutions for data center and grid applications, from Goldman Sachs Alternatives and Cleanhill Partners, alternative investment firms, for $4.4bn, according to press releases.
Private equity firms Atlantic Ridge Capital and Grafine Partners agreed to acquire Paragon Films, a US manufacturer of specialty packaging films, from Rhône, a private equity investment firm, for $900m, according to press releases.
Atlantic Ridge Capital is advised by BMO Capital Markets, Santander and Dukas Linden Public Relations. Debt financing is provided by BMO Capital Markets, Santander and UBS. Rhône is advised by UBS, William Blair & Co and Brunswick Group, according to press releases and MergerLinks data.
Ithaca Holdings, a private equity firm, agreed to acquire Bumble, an online dating and social networking business, for $1.3bn, according to press releases.
Bumble is advised by Goldman Sachs, Morgan Stanley and Davis Polk & Wardwell. Ithaca Holdings is advised by KKR Capital Markets, Kirkland & Ellis and Rostra (led by Lulu Meservey). Blackstone is advised by Simpson Thacher & Bartlett. Whitney Wolfe Herd is advised by Wachtell Lipton Rosen & Katz (led by Andrew Nussbaum and Victor Goldfeld), according to press releases and MergerLinks data.
AEA Investors, a global alternative investment firm, and BCI, an institutional investor, completed the acquisition of a majority stake in Rensa Filtration, a vertically integrated provider of highly engineered air filtration solutions, from Audax Private Equity, a middle-market private equity firm, according to press releases. Financial terms were not disclosed.
AEA Investors was advised by Barclays, Evercore and Joele Frank (led by Kate Thompson). Audax was advised by Lincoln International, Robert W Baird, Ropes & Gray and Gasthalter & Co, according to MergerLinks data and press releases.
Galderma, a Swiss pharmaceutical company, agreed to acquire ZO Skin Health, a physician-dispensed skincare brand, from Blackstone Tactical Opportunities, an opportunistic investment strategy platform, and the Obagi family for $1.5bn, according to press releases.
Galderma is advised by JP Morgan, Lazard and Ropes & Gray. ZO Skin Health and Blackstone Tactical Opportunities are advised by Citigroup, Raymond James, Paul Weiss Rifkind Wharton & Garrison and Weil Gotshal and Manges, according to press releases.
One Equity Partners, a middle-market private equity firm, agreed to acquire Nexora, DCC Energy's technology division, for $725m, according to press releases.
DCC is advised by Davy Corporate Finance, JP Morgan, Jefferies & Company, UBS, Cleary Gottlieb Steen & Hamilton, Hogan Lovells, William Fry and Sodali & Co (led by Eavan Gannon), according to MergerLinks data and press releases.
GHK Capital Partners, a private equity firm, completed the acquisition of USA Hometown Experts, a multi-trade residential and commercial services platform, according to press releases. Financial terms were not disclosed.
GHK Capital Partners was advised by Angle Advisors, Piper Sandler, Paul Weiss Rifkind Wharton & Garrison and Weil Gotshal and Manges. USA Hometown Experts was advised by Citizens M&A, Stephens and DLA Piper, according to press releases.
Bain Capital-backed Eaton Fiber, a wholesale fiber infrastructure platform established by Tillman Global, completed the acquisition of Ripple Fiber, an American fiber-optic internet provider and network operator, according to press releases. Financial terms were not disclosed.
Ripple Fiber was advised by Lazard and Ropes & Gray (led by Brandon Howald). Tillman Global was advised by BDO (led by Mark Malooly and Patrick Tiberi). Debt financing was provided by Future Standard (ex-FS Investments), Societe Generale and Sumitomo Mitsui Banking, according to press releases and MergerLinks data.
ATL Partners-backed Precise Aerospace & Defense, a scaled, vertically integrated provider of complex components and sub-systems for the aerospace, defense, and space markets, completed the acquisition of Precise Metal Products, a provider of critical airflow management solutions for engine system, APU, and ECS applications, from Staple Street Capital, a private equity firm, according to press releases. Financial terms were not disclosed.
ATL Partners were advised by Lincoln International, Gibson Dunn & Crutcher and Gasthalter & Co. Precise Metal Products and Staple Street Capital Group were advised by Houlihan Lokey and McDermott Will & Schulte, according to press releases.
Humana, a managed health care company, and HPS Investment Partners, a global alternative investment firm and part of BlackRock, agreed to form a joint venture focused on managing and operating an existing network of nearly 150 CenterWell Senior Primary Care clinics that currently sit within joint ventures owned by funds affiliated with WCAS and CenterWell, in a $2.8bn deal, according to press releases.
Humana is advised by Goldman Sachs, Guggenheim Partners and Fried Frank Harris Shriver & Jacobson. HPS Investment Partners and BlackRock are advised by Latham & Watkins (led by Stelios Saffos, Peter J. Sluka and John Miller), according to press releases and MergerLinks data.
PACT Capital Partners, an investment management firm, completed the acquisition of a minority stake in Sterling Investment Partners, a private equity firm, according to press releases. Financial terms were not disclosed.
PACT Capital Partners was advised by Fried Frank Harris Shriver & Jacobson and Gasthalter & Co (led by Nathaniel Garnick and Amanda Shpiner). Sterling Investment Partners was advised by Houlihan Lokey and Kirkland & Ellis, according to press releases.
Tucker’s Farm Corporation-backed Badlands Security Company, a holding company that acquires and grows established, best-in-class security and locksmith operators in the Northeast, completed the acquisition of Cosmic Fischer, a commercial security integrator that has served New York City since 1968, according to press releases. Financial terms were not disclosed.
Cosmic Fischer was advised by Vaupen Financial Advisors and Strauss Troy. Badlands Security Company was advised by Taft Stettinius & Hollister. Debt financing was provided by Quilvest Capital Partners, according to press releases.
Terminus Capital Partners, a growth-oriented private equity firm focused on majority investments in B2B technology companies, completed the acquisition of a majority stake in PickTrace, a provider of workforce management, labor compliance and operations technology purpose-built for agriculture, according to press releases. Financial terms were not disclosed.
Terminus Capital Partners was advised by Moelis & Co and JonesSpross. PickTrace was advised by Software Equity Group and Holland & Knight, according to press releases.
Norwest Equity Partners, a private equity firm, completed the acquisition of E-Z UP, an American manufacturing company that invented and produces portable pop-up canopy tents and instant shelters, from Beach Point Capital, a credit-focused alternative asset manager and hedge fund, according to press releases. Financial terms were not disclosed.
E-Z UP was advised by Kroll. Norwest Equity was advised by Winston Taylor. Beach Point Capital was advised by Prosek Partners, according to press releases and MergerLinks data.
Hexagon, a multinational industrial technology company, agreed to acquire Rocscience, a provider of geotechnical and engineering analysis software, from TA Associates, a private equity firm, for $535m, according to press releases.
TA Associates is advised by Lazard and Kirkland & Ellis, according to press releases.
L Catterton, a private equity firm, led a $180m Series F round in Scanntech, a retail intelligence and analytics platform, with participation from Partners Group, Bradesco and SPX, according to press releases.
Scanntech was advised by JP Morgan and Loures Consultoria (led by Naiara Teles), according to press releases.
CORE Industrial Partners-owned Fathom Digital Manufacturing, a company that provides on-demand digital manufacturing services, completed the acquisition of TCS Industries and TCS Electronics, providers of manufacturing and electronics assembly services primarily to aerospace and defence customers, and Precision Grinding & Manufacturing, a precision manufacturer specialising in CNC machining and assembly, according to press releases. Financial terms were not disclosed.
CORE Industrial Partners and Fathom Digital Manufacturing were advised by Winston Taylor. CORE Industrial Partners was also advised by Gregory FCA, according to press releases.
Gryphon Investors-backed Vivify Specialty Ingredients, a high-performance natural and synthetic colour and ingredient solutions company, completed the acquisition of AuNutra Industries, a supplier of botanical extracts and specialty nutritional ingredients, according to press releases. Financial terms were not disclosed.
Gryphon Investors was advised by Profile Advisors. AuNutra was advised by Genoa Partners, according to press releases.
Keensight Capital-backed Bedfont Scientific, a UK-based medical technology company, completed the acquisition of coVita, a US medical device distributor, according to press releases. Financial terms were not disclosed.
Bedfont was advised by Steele and Holt. Keensight Capital was advised by Headland Consultancy, according to press releases and MergerLinks data.
Kinderhook Industries-owned Eagle Leasing, a provider of portable storage containers, ground-level offices, semi-trailers, and mobile office solutions, completed the acquisition of Mobile Storage, a Providence-based provider of storage container and trailer rentals, according to press releases. Financial terms were not disclosed.
Eagle Leasing was advised by Alvarez & Marsal and Bernicker Law, according to press releases.
Brynwood Partners-backed West Madison Foods, a US food manufacturer and marketer specializing in refrigerated salad dressings, completed the acquisition of The Flavor of California, a food products company and licensee of the Bob’s Big Boy brand, from Julie Pantiskas and Salt Creek Capital, a private equity firm, according to press release. Financial terms were not disclosed.
West Madison Foods was advised by Winston Taylor. The Flavor of California was advised by UB Greensfelder, according to press release.
CVC Capital Partners, a private equity firm, agreed to invest in Fibrotex, a provider of multispectral camouflage and signature‑management systems for defense customers, according to press releases. Financial terms were not disclosed.
Fibrotex is advised by Jefferies & Company and CVC Capital Partners is advised by Rothschild & Co, according to press releases.
Bain Capital, a private investment firm, and Tillman Global, an essential digital and energy infrastructure company, completed a $1.5bn investment in Eaton Fiber, a provider of wholesale network infrastructure, according to press releases.
Godspeed Capital, a lower middle-market Defense & Government services, solutions, and technology-focused private equity firm, completed the acquisition of GreenVest, a provider of ecological restoration, compensatory mitigation, stormwater management, nature-based resilience, and environmental consulting services, according to press release. Financial terms were not disclosed.
Godspeed Capital was advised by Gasthalter & Co (led by Alex Jeffrey), according to press releases.
Lumos Capital-backed Activate Learning, an education company, completed the acquisition of Open Up Resources, a PreK-12 curriculum and professional learning provider, according to press releases. Financial terms were not disclosed.
Open Up Resources was advised by East Wind Advisors, according to press releases.
HealthpointCapital, a private equity firm, completed the investment in Ospitek, a provider of AI- and IoT-enabled workflow management solutions, according to press releases. Financial terms were not disclosed.
HealthpointCapital was advised by McDermott Will & Schulte, according to press releases.
Andreessen Horowitz, a venture capital firm, led an $870m Series A round in TypeSafe AI, an artificial intelligence research and development company, with participation from Sequoia Capital and DCVC, according to press releases.
EQT, an investment firm, agreed to acquire Stockbridge, an independent real estate investment management firm, for up to $550m, according to press releases.
J&J is leaning toward spinning out its hips-and-knees business. ( WSJ)
Johnson & Johnson is leaning toward spinning off its hips-and-knees business, with CFO Joseph Wolk indicating that a separation could create greater value for shareholders.
The company previously held discussions with Apollo Global Management over a potential sale valued at around $20bn but now appears to favor a spin-off.
Amazon is in talks to buy AI startup Decart for around $7bn. ( WSJ)
Amazon is in talks to acquire AI startup Decart in a deal valued at around $7bn, with an agreement potentially coming soon if negotiations hold and no rival bidder emerges.
LSEG in talks to buy Octus for about $3.5bn. ( Reuters)
London Stock Exchange Group is in discussions with private equity firm Permira to acquire New York-based financial data provider Octus in a deal valued at around $3.5bn.
The potential acquisition remains under negotiation, with no final agreement announced.
General Atlantic plans early 2027 IPO at up to $10bn valuation. ( FT)
General Atlantic is planning an initial public offering in early 2027, targeting a valuation of up to $10bn as the global private equity firm prepares for a potential public listing.
The firm specializes in growth equity investments across technology, consumer and financial services sectors worldwide.
Adams Street launches AVNGR, a Venture and Growth Evergreen Fund. ( Press Release)
Adams Street Partners has launched its Venture & Growth Fund (AVNGR), an evergreen investment vehicle with $363.5m in initial net assets, providing qualified investors access to global venture capital opportunities.
The fund will focus on secondaries and venture growth co-investments, offering monthly subscriptions and planned quarterly repurchase opportunities. It will become broadly available on December 1, 2026.
Pear VC raises $333m Fund V to double down on finding founders before the market does. ( Press Release)
Pear VC has closed its fifth fund at $333m, bringing total assets under management to more than $1.1bn. The fund will primarily target pre-seed and seed-stage startups, with capital reserved for follow-on investments.
The venture capital firm also promoted Arash Afrakhteh, Ajay Kamat and Shravan Reddy to General Partner, strengthening its investment team across AI, enterprise technology, fintech, healthcare and robotics.
EMEA
LDC, a private equity firm, completed an investment in Reliance Precision, a UK-based engineering and manufacturing company, according to press releases. Financial terms were not disclosed.
LDC was advised by Collinson Grant, Fairgrove, BDO, Squire Patton Boggs and Grant Thornton. Reliance Precision was advised by Grant Thornton (led by Bob McDermott), PMSI Strategy, Arrowpoint Advisory, Rothschild & Co and Brabners, according to press releases and MergerLinks data.
Madison Dearborn Partners-backed Asurion, a provider of phone insurance, completed the acquisition of Domestic & General, a provider of appliance repair and maintenance services, from CVC and ADIA, private equity and investment advisory firms, according to press releases. Financial terms were not disclosed.
bd-capital, a UK-headquartered pan-European private equity firm, completed an investment in Electude, a Netherlands-based provider of digital learning and technical education software, according to press releases. Financial terms were not disclosed.
Electude was advised by AGC Partners, Alvarez & Marsal and Houthoff (led by Michiel Pannekoek). bd-capital was advised by Aon Securities, Ernst & Young, Jones Day and Loyens & Loeff, according to press releases and MergerLinks data.
Ares, a global alternative asset manager, completed the acquisition of a minority stake in the operational portfolio of Statera Energy, a UK-based energy company, according to press releases. Financial terms were not disclosed.
Ares was advised by Baringa Partners, KPMG and DLA Piper. Statera Energy was advised by Macquarie Group, Herbert Smith Freehills Kramer and Paul Weiss Rifkind Wharton & Garrison, according to press releases.
Ambienta, a private equity firm, completed the acquisition of Energreen, a manufacturer of machinery and robotic solutions for professional green maintenance and vegetation management, from 21 Invest, a European private equity investor, for €300m ($346m), according to press releases.
Ambienta was advised by Mediobanca. 21 Invest was advised by Houlihan Lokey, according to press releases and MergerLinks data.
The Riverside Company-backed Dastex Group, a pan-European expert in cleanroom contamination control, completed the investment in Abovo, a Switzerland-based distributor of primarily cleanroom consumables, according to press releases. Financial terms were not disclosed.
The Riverside Company was advised by Holly M Communications (led by Holly Mulroy). Dastex Group was advised by Advestra (led by Daniel Raun), according to press releases.
CDP Venture Capital, a private equity firm, completed an investment in Jolt Capital V, a venture capital firm, according to press releases. Financial terms were not disclosed.
Jolt Capital was advised by Goodwin and Steele and Holt, according to press releases and MergerLinks data.
Crédit Agricole, a French bank holding company that, through its subsidiaries, offers financial and insurance services, agreed to acquire IKB Deutsche Industriebank, a Germany-based commercial bank, from Lone Star Funds, a private equity firm that invests globally in real estate, equity, credit, and other financial assets, according to press releases. Financial terms were not disclosed.
Atrato, an alternatives investment group, and GIC, a global investor, completed the acquisition of a real estate portfolio of 35 stores in France and Spain from Carrefour, a retail and wholesale corporation, for €290m ($325m), according to press releases.
Carrefour was advised by Rothschild & Co, according to MergerLinks data.
Private equity puts string of UK high street names up for sale. ( FT)
Private equity owners of several major UK retail and hospitality businesses, including Morrisons, PizzaExpress, Itsu, Waterstones, Poundland and Third Space, are exploring potential sales or exits as pressure mounts to return capital to investors.
The renewed activity follows the £6.7bn sale of Boots and a recovery in UK retail dealmaking. Morrisons owner Clayton, Dubilier & Rice previously held unsuccessful sale talks with Sainsbury’s, while Waterstones is considering an IPO.
Siemens Energy's steam turbine business could fetch over €10bn in stake sale. ( Bloomberg)
Siemens Energy is exploring the sale of a majority stake in its steam turbines and compressors business, which could be valued at more than €10bn ($11.3bn).
CVC Capital Partners, EQT and Bain Capital are among potential bidders, while banks are preparing debt financing packages of up to €7bn ($7.9bn) to support a transaction.
INWIT investors line up financing for possible take-private. ( Reuters)
Ardian and Oak Holdings 1 are arranging financing for a potential take-private of INWIT, Italy’s largest mobile tower operator, as they explore buying out minority shareholders. Ardian owns 32% of INWIT and Oak Holdings, backed by GIP, Vodafone and KKR, controls 39%.
Mubadala is expected to take a stake as part of the transaction, though discussions remain ongoing. The potential deal comes as INWIT is in contractual disputes with key customers TIM and Fastweb, both of which are seeking to renegotiate or terminate existing tower agreements.
EDF agrees to sell clean hydrogen unit to Ardian-backed Hy24. ( Bloomberg)
Electricité de France has agreed to sell its clean hydrogen development subsidiary Hynamics to infrastructure fund Hy24, backed by Ardian and FiveT Hydrogen, as the state-owned utility refocuses investment on nuclear reactors and other power sectors.
The transaction, covering hydrogen projects in France and the UK, is expected to close in the first quarter of 2027, subject to regulatory approvals.
Irish property group in talks about rescue deal for Poundland. ( Sky News)
Martin Property Group is in talks to acquire Poundland through a solvent transaction and has emerged as the preferred bidder of the retailer’s management team. The proposal would keep Poundland’s existing store estate and workforce in place while providing fresh capital to support a turnaround.
A deal could involve paying a nominal amount for the equity, repaying existing loans and injecting millions of pounds into the business. Other interested parties include Modella Capital, Fortress Investment Group and Hilco Capital, while a break-up or pre-pack administration remains possible if a solvent sale cannot be agreed.
APAC
Jardine Matheson, an Asia-Pacific-focused diversified investment group, completed the acquisition of the remaining 50% stake in Gammon Construction, a construction and engineering company, from Balfour Beatty, an international infrastructure group, for £250m ($330m), according to press releases.
Jardine Matheson was advised by UBS and Clifford Chance (led by Bryan Koo). Balfour Beatty was advised by Bank of America and Hogan Lovells Cadwalader, according to press releases and MergerLinks data.
ITOCHU, a Japanese general trading and investment company, completed the acquisition of a 20% stake in Aspirant Group, an investment company, according to press releases. Financial terms were not disclosed.
Oasis urges competition in bids for scandal-tainted Kobayashi. ( Bloomberg)
Oasis Management, the largest shareholder in Kobayashi Pharmaceutical, is urging the Japanese health products maker to ensure a competitive privatization process as it considers a buyout offer reportedly exceeding JPY500bn ($3.2bn).
Oasis founder Seth Fischer stated that the company should not favor a particular bidder based on the preferences of its chief executive or founding family, calling for an open process.
Firmus Grid scraps planned $5bn Australian IPO. ( WSJ)
Nvidia-backed Firmus Grid has withdrawn its planned Australian IPO, which was expected to raise nearly $5bn at a valuation exceeding $30bn, citing market volatility and prevailing conditions.
The cloud-computing company, backed by Blackstone and Coatue Management, will instead pursue private-market funding while considering alternative public and private market options.
Data center operator AirTrunk is said to delay $1.5bn IPO. ( Bloomberg)
Blackstone-backed AirTrunk is delaying its planned $1.5bn real estate investment trust IPO in Singapore until 2027, as higher interest rates and market volatility weigh on investor demand.
The data center operator had initially planned to begin formally gauging investor interest in early October 2026, but has now postponed the listing process.
Trifecta Capital sees five portfolio firms listing in a year. ( Bloomberg)
Trifecta Capital Partners expects five companies from its growth equity portfolio, including some unicorns, to go public in 2027 as strong investor demand supports India’s IPO market.
The Mumbai-based investment firm sees sufficient liquidity and appetite for new listings.
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