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Top Highlights
Sycamore Partners, a private equity firm specializing in retail and consumer investments, completed the acquisition of Walgreens Boots Alliance, an integrated healthcare, pharmacy and retail services provider, in a $23.7bn deal, according to press releases.
Walgreens Boots Alliance was advised by Centerview Partners (led by Alan Hartman), Morgan Stanley (led by Cheri Mowrey), Clifford Chance (led by Christian Vogel), Kirkland & Ellis (led by Edward J. Lee), Ropes & Gray (led by Adrianne Ortega), Skadden Arps Slate Meagher & Flom (led by Graham Robinson and Christopher Barlow), FGS Global (led by James Murgatroyd) and Joele Frank (led by Joele Frank). Debt provider was advised by Latham & Watkins (led by Stelios Saffos and Michael Benjamin). Sycamore Partners were advised by Citigroup (led by Anthony Diamandakis), Goldman Sachs, JP Morgan (led by Nick Richitt), UBS, Wells Fargo Securities, Bass Berry & Sims (led by Michael Hess), Davis Polk & Wardwell (led by Brian Wolfe), Hengeler Mueller (led by Annika Clauss) and Joele Frank (led by Michael Freitag and Arielle Rothstein), according to press releases and MergerLinks data.
Rosebank Industries, an investment company, completed the acquisition of Electrical Components International, a company specialised in critical electrical distribution systems, from Cerberus, an alternative investment firm, for $1.9bn, according to press releases.
GTCR, a private equity firm, completed the acquisition of Innovative Systems, a platform of mission-critical enterprise software serving regional broadband providers nationwide, from Alpine Investors, a private equity firm, according to press releases. Financial terms were not disclosed.
GTCR was advised by Shea & Co, Stifel, Kirkland & Ellis and Prosek Partners (led by Ryan Smith and Josh Clarkson). Alpine Investors was advised by Lincoln International, Goodwin Procter and Edelman Smithfield (led by Jordan Niezelski). Innovative Systems was advised by Lincoln International, Goodwin Procter and Prosek Partners, according to press releases.
Deal Round up
AMERICAS
Blue Owl set to raise $1.5bn through portfolio sale. (Bloomberg)
Canada Goose draws take-private bids valuing it at $1.35bn.
Ventas to acquire $600m senior housing portfolio on Long Island.
Panama Canal plans sale of new ports to bring in competition ahead of BlackRock deal. (WSJ)
Buffett shoots down talk of Berkshire railroad merger. ( Reuters)
EMEA
GTCR in talks for private debt to fund bid for drugmaker Zentiva.
New Look owners pick bankers to fashion sale process. (Sky News)
Wagamama-owner Apollo among suitors for coffee chain Costa.
Lakestar raises continuation fund to extend venture bets. ( Bloomberg)
APAC
TPG is said to weigh sale of Asian school operator XCL Education.
China tech giant JD.Com unit and two other firms plan $1bn Singapore REIT. (Reuters)
Macquarie Asset Management raised $405m for Vertelo.
Africa's Madhvani in talks with Cerberus for Indian M&A loan.
Mitsubishi is said to near investment in Fullerton Health. (Bloomberg)
Starbucks invites bids for stake in China business. (Reuters)
Buffett lifts stakes in Japan trading houses buoys shares.
Edge Medical files confidentially for Hong Kong IPO. (Bloomberg)
HarbourVest eyes CVC's $600m continuation fund for Korean unicorn. (DealStreetAsia)
TPG joins Asia's rush for mid-sized buyouts with latest fund. (Bloomberg)
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AMERICAS
Gold Reserve, a Canada-based gold mining firm, asked a Delaware court to reject a $5.9bn bid from Elliott Investment’s Amber Energy for Citgo Petroleum's parent.
The company claims it violates bidding rules and undervalues creditors by $1.5bn compared to its own $7.4bn offer.
Citgo is advised by Jones Day (led by Edward Winslow). Elliott is advised by Citigroup, Perella Weinberg Partners and Tudor Pickering Holt. Amber Energy is advised by Barclays, Akin Gump Strauss Hauer & Feld (led by Ira Dizengoff), Latham & Watkins (led by James Garrett and Patrick Nevins) and Prosek Partners (led by Brian Schaffer and Aiden Woglom), according to press releases and MergerLinks data.
Thoma Bravo, a software investment firm, agreed to acquire Verint, a company specializing in customer experience automation, for $2bn, according to press releases.
Verint is advised by Jefferies & Company, Evercore, and Jones Day (led by Randi Lesnick). Thoma Bravo is advised by Perella Weinberg Partners, Santander, Kirkland & Ellis, and FGS Global (led by Liz Micci), according to press releases and MergerLinks data.
TPG Growth, the middle market and growth equity platform of TPG, agreed to acquire Irth Solutions, a provider of enterprise software for critical energy and infrastructure companies, from Blackstone Energy Transition Partners, Blackstone's energy-focused private equity business, according to press releases. Financial terms were not disclosed.
TPG is advised by Cantor Fitzgerald, Lincoln International, Paul Weiss Rifkind Wharton & Garrison (led by Annie Herdman) and Weil Gotshal and Manges (led by Chris Machera and Nicholas Doloresco). Blackstone is advised by Evercore, Lazard and Kirkland & Ellis, according to MergerLinks data and press releases.
Advent International, a private equity investor, agreed to acquire PatientPoint, a digital point-of-care network, strategically delivering behavior-changing content and measurable outcomes for patients, providers, and health brands, from L Catterton and Littlejohn & Co, two private equity firms, according to press releases. Financial terms were not disclosed.
PatientPoint is advised by Citigroup, Jefferies & Company and Gibson Dunn & Crutcher. Advent International is advised by Solomon Partners and Ropes & Gray (led by Christian Westra and Matthew Richards). Littlejohn & Co is advised by Gasthalter & Co (led by Nathaniel Garnick), according to press releases.
Rowley Law has launched an investigation into potential securities law violations by Dayforce and its board of directors in connection with the company’s planned sale to Thoma Bravo. Under the deal terms, shareholders will receive $70 per share.
The all-cash transaction values Dayforce at about $12.3bn and is projected to close in early 2026. The investigation will review whether the board of Dayforce acted in the best interests of its shareholders in approving the deal.
Dayforce is advised by Evercore and Wachtell Lipton Rosen & Katz. Thoma Bravo is advised by Goldman Sachs, JP Morgan, and Kirkland & Ellis (led by Cole Parker), according to Mergerlinks data and press releases.
Blackstone, an alternative asset manager, agreed to acquire Shermco, a provider of full life-cycle electrical equipment services, from Gryphon Investors, a middle-market private investment firm, for $1.6bn, according to press releases.
Shermco is advised by Harris Williams & Co and Kirkland & Ellis. Blackstone is advised by JP Morgan, Stifel and Vinson & Elkins, according to MergerLinks data and press releases.
FalconPoint Partners, a a private equity firm focused on investing in North American middle market companies in the business services and industrials sectors, completed the acquisition of SMS, a high-growth industrial services business, according to press releases. Financial terms were not disclosed.
SMS was advised by Headwall Partners and Levenfeld Pearlstein. FalconPoint Partners was advised by Moelis & Co, Paul Weiss Rifkind Wharton & Garrison (led by Angelo Bonvino) and Joele Frank (led by Ed Trissel), according to press releases.
Trivest Partners, a private equity firm, completed the investment in Applied Value, a premier management consulting firm, according to press releases. Financial terms were not disclosed.
Applied Value was advised by Clearsight Advisors, Chamberlain Hrdlicka White Williams & Aughtry and ASC Advisors (led by Taylor Ingraham). Trivest Partners was advised by Jefferies & Company and Benesch Friedlander Coplan & Aronoff, according to MergerLinks data and press releases.
Balmoral, a private equity investment firm, completed the acquisition of the nutrition business of Wilbur-Ellis, an international marketer and distributor of agricultural products, animal feed, and specialty chemicals, according to press releases. Financial terms were not disclosed.
Balmoral was advised by Blank Rome. Wilbur-Ellis was advised by Lazard and Pillsbury Winthrop Shaw Pittman, according to press releases.
Pacific Avenue Capital, a middle-market private equity firm, agreed to acquire the self service segment from LKQ Corporation, a provider of alternative and specialty parts to repair and accessorize automobiles and other vehicles, for $410m, according to press releases.
LKQ Corporation is advised by Jefferies & Company and Wachtell Lipton Rosen & Katz (led by Mark Stagliano), according to press releases.
Partners Group, a private equity firm, completed the acquisition of a minority stake in restor3d, a technology-driven personalized orthopedic solutions company, for $65m, according to press releases.
PSG-backed mPulse, a provider of digital health solutions, completed the acquisition of Clarity Software Solutions, a provider of technology-driven healthcare engagement, from Morgan Stanley Capital Partners, a middle-market private equity platform, according to press releases. Financial terms were not disclosed.
Stonepeak, an alternative investment firm, completed the acquisition of two logistics assets in Fort Worth, Texas, according to press releases. Financial terms were not disclosed.
Stonepeak was advised by Simpson Thacher & Bartlett and Eastdil Secured, according to press releases.
Kaltroco, a private investment company, and Five V Capital, a private equity and venture capital firm, completed the investment in BlastOne, a solutions provider to the blasting and surface preparation industry, according to press releases. Financial terms were not disclosed.
Kaltroco and Five V Capital were advised by Robert W Baird and DLA Piper, according to press releases.
Nexus Capital Management, an investment manager, and Aranda Principal Strategies, a wholly-owned subsidiary of Temasek, agreed to acquire a minority stake in Post Advisory Group, a credit investment management firm, according to press releases. Financial terms were not disclosed.
Nexus is advised by Prosek Partners (led by Josh Clarkson), according to press releases.
General Atlantic, a global growth equity firm, agreed to invest BRL640m ($118m) in Starian, a multi-vertical software provider to the private sector in Brazil, according to press releases.
Blue Owl set to raise $1.5bn through portfolio sale. ( Bloomberg)
American alternative investment asset management company Blue Owl Capital is expected to raise around $1.5bn by selling a portfolio of minority stakes in private asset managers.
Goldman Sachs is advising on the transaction, which will move stakes from the Dyal Capital Partners IV fund — including holdings in HPS Investment Partners, Clearlake Capital Group, and Golub Capital — into a new structure backed by a fresh group of investors.
Canada Goose draws take-private bids valuing it at $1.35bn. ( CNBC)
Bain Capital, the majority owner of Canada Goose, has received takeover bids valuing the luxury goods maker at almost $1.4bn. Bain is working with Goldman Sachs on the potential sale.
Interested buyers include Advent International, Boyu Capital, Bosideng International, and a consortium of Anta Sports and FountainVest Capital.
Ventas to acquire $600m senior housing portfolio on Long Island. ( Blooomberg)
Ventas is set to acquire a senior housing portfolio on New York’s Long Island for more than $600m.
The Chicago-based company, already one of the largest owners of US senior housing, is buying six communities from Harrison Street Asset Management and B2K Development.
Panama Canal plans sale of new ports to bring in competition ahead of BlackRock deal. ( WSJ)
The Panama Canal Authority will auction rights to build and run two new ports to boost competition and reduce the influence of Geneva-headquartered Mediterranean Shipping and China’s Cosco.
Potential bidders include Maersk’s APM Terminals and CMA CGM, while Cosco is barred due to being state-owned. The move comes amid US–China tensions over control of existing ports, after Mediterranean Shipping and BlackRock agreed to buy stakes in Balboa and Cristóbal.
Buffett shoots down talk of Berkshire railroad merger. ( Reuters)
Billionaire investor Warren Buffett on August 25 confirmed that Berkshire Hathaway is not pursuing a merger with another railroad company, ending speculation of a potential acquisition.
The clarification followed a decline in CSX shares, which fell 5% as investors weighed the possibility of a deal involving Berkshire’s rail unit BNSF. A company spokesperson later reiterated that no acquisition plans are currently under consideration.
EMEA
Carlyle, an investment firm, agreed to acquire intelliflo, a provider of cloud-based practice management software, and RedBlack, a provider of SaaS-based portfolio rebalancing tools, from Invesco, a private equity firm, for $200m, according to press releases.
intelliflo is advised by Lansons (led by Rebecca Mayo). RedBlack is advised by William Mills (led by Amber Bush). Carlyle is advised by Gibson Dunn & Crutcher. Invesco is advised by Evercore, Herbert Smith Freehills Kramer, Altman Solon, Oliver Wyman, PricewaterhouseCoopers and Ringstone, according to press releases.
Vector Capital, a private equity firm, agreed to acquire Insight Partners-backed Showpad, an AI revenue enablement technology company, according to press releases. Financial terms were not disclosed.
Showpad is advised by TD Securities and Cleary Gottlieb Steen & Hamilton. Vector Capital is advised by Alvarez & Marsal, Sidley Austin, Gasthalter & Co (led by Nathaniel Garnick), Look Left Marketing (led by Bryan Scanlon) and Deloitte, according to MergerLinks data and press releases.
Tikehau Capital, a global alternative asset management group, completed the acquisition of EYSA Group, a provider of smart mobility solutions for urban and interurban areas, from HIG Capital, a global alternative investment firm, according to press releases. Financial terms were not disclosed.
CGI, an independent IT and business consulting services firms, completed the acquisition of Apside, a France-based digital and engineering services firm, from Siparex, a French private equity group, and Credit Agricole, a bank holding company, according to press releases. Financial terms were not disclosed.
CGI was advised by Bredin Prat (led by Kate Romain and Karine Angel). Siparex was advised by Amala Partners and Credit Agricole, according to press releases and MergerLinks data.
Brightstar Capital, a private equity firm, agreed to acquire a 50% stake in Arden University, a private university, from Global University Systems, an education group, according to press releases. Financial terms were not disclosed.
Brightstar Capital is advised by Barclays, Jefferies & Company and Prosek Partners, according to press releases and MergerLinks data.
Regent, an industrial holding company, agreed to acquire the ContiTech original equipment solutions from Continental, an automotive supplier, according to press releases. Financial terms were not disclosed.
Continental is advised by JP Morgan, according to MergerLinks data.
AIS, a leader in engineering, manufacturing and application of insulation, passive fire protection, buoyancy, battery protection, completed the acquisition of Ovun, a provider of integrated, high-tech polymer-based products and solutions designed for exceptional durability and reliability, from Investinor, Salvesen & Thams Invest, Norsk Mineral and Oskar Sylte, according to MergerLinks data. Financial terms were not disclosed.
Investinor, Salvesen & Thams Invest, Norsk Mineral and Oskar Sylte were advised by SEB Corporate Finance, according to MergerLinks data.
Meritech and Atomico, two venture capital firms, led a $100m Series D round in Framer, a professional website design platform, according to press releases.
Lunate, an alternative investment manager, completed the acquisition of a minority stake in Brevan Howard, a hedge fund manager, according to press releases. Financial terms were not disclosed.
GTCR in talks for private debt to fund bid for drugmaker Zentiva. ( Bloomberg)
Private equity firm GTCR is in talks with direct lenders, including KKR, to secure financing for a potential bid to acquire generic drugmaker Zentiva.
The deal could set up business valuation at about €5bn ($5.8bn). The discussions are ongoing, and there is no guarantee a deal will happen.
Marc Murtra, Telefónica’s CEO, plans to finalize the company’s new strategic plan, which includes a potential takeover bid for Vodafone Spain.
The move has the backing of Telefónica’s core shareholders - SEPI, CriteriaCaixa, and Saudi group STC, which together hold nearly 30% of the company. Murtra aims to complete a full strategic review by year-end, with the plan also including sector consolidation and a capital increase.
Inflexion, a European mid-market private equity firm, has entered an agreement for the sale of its investment in European LifeCare Group, the largest provider of vaccinations in Europe, to a European private equity group.
European LifeCare Group operates 84 specialist vaccination clinics across Denmark, UK, Netherlands and Sweden providing a range of vaccination services including travel vaccinations, general health vaccinations as well as mass immunisation programmes.
New Look owners pick bankers to fashion sale process. ( Sky News)
New Look’s owners, Alcentra and Brait, have appointed Rothschild to lead a strategic review of the UK fashion retailer, which could result in a sale in 2026. The move comes after the company received multiple unsolicited acquisition approaches.
The review is expected to include an auction process, with potential bidders likely to be identified in the coming months. New Look operates nearly 340 stores and employs around 10k people.
Wagamama-owner Apollo among suitors for coffee chain Costa. ( Sky News)
Apollo Global Management, owner of The Restaurant Group and Wagamama, has held preliminary talks with advisers to The Coca-Cola Company about a possible purchase of Costa Coffee.
Another possible owner is KKR, the US-based private equity firm. However, the process is still at an early stage, with indicative bids expected in the coming weeks.
Lakestar raises continuation fund to extend venture bets. ( Bloomberg)
European venture capital firm Lakestar has raised a $265m continuation fund, enabling it to retain stakes in certain portfolio companies while attracting new investors.
The vehicle is led by Lexington Partners, with support from Industry Ventures, Performance Equity Management, and other secondary investors. Oversubscribed, the fund also provides liquidity to backers of four existing Lakestar funds.
APAC
ADIA, a sovereign wealth fund owned by the Abu Dhabi Emirate, agreed to invest $1.5bn in GLP, an investment management firm, according to press releases.
TPG is said to weigh sale of Asian school operator XCL Education. ( Bloomberg)
TPG is exploring a potential sale of Southeast Asian school operator XCL Education, drawing preliminary interest from industry peers and private equity firms.
The firm is working with financial advisers on the possible disposal. If completed, the transaction could value the Singapore-based company at up to $1.5bn. Discussions are ongoing and no final decision has been made.
China tech giant JD.Com unit and two other firms plan $1bn Singapore REIT. ( Reuters)
JD.com’s property arm, JD Property, along with Partners Group and EZA Hill Property, plans to launch a Singapore-listed REIT potentially valued at over $1bn.
The move follows the consortium’s recent $239m purchase of four logistics assets from CapitaLand Ascendas REIT.
Macquarie Asset Management raised $405m for Vertelo. ( Press Release)
Macquarie Asset Management, an infrastructure asset manager, has successfully raised $405m for Vertelo, a fleet electrification solutions platform in India.
This unique partnership model – combining commercial and developmental funding – demonstrates MAM’s ability to mobilize capital at scale to address critical climate challenges while delivering value to investors. It represents MAM’s first blended finance partnership with GCF.
Africa's Madhvani in talks with Cerberus for Indian M&A loan. ( Bloomberg)
Ugandan conglomerate Madhvani is in discussions with Cerberus Capital Management for a private credit loan of approximately $190m to support its planned acquisition of Indian glass bottle maker Hindustan National Glass & Industries.
The proposed loan would have a tenor of around three years. Talks are ongoing, and the terms and structure of the potential financing are still being finalized.
Mitsubishi is said to near investment in Fullerton Health. ( Bloomberg)
Mitsubishi is nearing an investment in Singapore-based hospital operator Fullerton Health as the Japanese company seeks to expand its presence in Southeast Asia.
Mitsubishi is working with an adviser to acquire about a 25% stake in Fullerton Health, which is backed by private equity firm RRJ Capital. Discussions are progressing rapidly, and a deal could be finalized in the near term.
Starbucks invites bids for stake in China business. ( Reuters)
Starbucks has asked a short list of potential bidders to submit non-binding offers for a stake in its China operations within the next two weeks.
The US coffee chain has invited firms including Carlyle, EQT, Hillhouse Investment, and Primavera Capital to management presentations, where it will share financial and operational details of the business.
Buffett lifts stakes in Japan trading houses buoys shares. ( Bloomberg)
Warren Buffett’s Berkshire Hathaway increased its stakes in Mitsubishi and Mitsui & Co, signaling confidence in the Japanese trading firms and boosting their share prices.
A Berkshire unit raised its holding in Mitsubishi to 10.23% on a voting rights basis, up from 9.74% in March. Mitsui also confirmed that Berkshire had increased its stake in the trading house.
Edge Medical files confidentially for Hong Kong IPO. ( Bloomberg)
Edge Medical, a Chinese surgical robot maker backed by Temasek, has confidentially filed for a Hong Kong initial public offering.
The Shenzhen-based company is aiming to raise between $150m and $200m, potentially as early as this year.
HarbourVest eyes CVC's $600m continuation fund for Korean unicorn. ( DealStreetAsia)
HarbourVest Partners has emerged as one of the investors interested in CVC Capital Partners’ plan to transfer its stakes in the South Korean hotel and travel booking company into a continuation fund.
The continuation vehicle is expected to raise between $500m and $600m and is likely to be structured as a syndicate deal, providing existing investors with an opportunity to maintain exposure while allowing CVC to recycle capital.
TPG joins Asia's rush for mid-sized buyouts with latest fund. ( Bloomberg)
TPG is joining other major alternative asset managers in raising capital for mid-sized investments in Asia, marking a shift from its traditional focus on larger deals.
The San Francisco-based firm held the first closing of its Asia Emerging Companies Fund in the first quarter. No further details on fundraising targets or investors were disclosed, and TPG has not commented publicly on the fund.
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