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Top Highlights
Hewlett Packard Enterprise, a US technology company, completed the acquisition of Juniper Networks, a designer of IT networking products, for $14bn, according to press releases.
Hewlett Packard Enterprise was advised by Consello Group, JP Morgan (led by Drago Rajkovic), Qatalyst Partners (led by George Boutros), Covington & Burling (led by J. D. Weinberg), Freshfields Bruckhaus Deringer (led by Christine Laciak), Wachtell Lipton Rosen & Katz (led by Raaj Narayan, Benjamin M. Roth, Steven Green and Andrew Brownstein) and FGS Global (led by John Christiansen). Debt financing was provided by Citigroup, JP Morgan and Mizuho Securities. Debt providers were advised by Sullivan & Cromwell (led by Melissa Sawyer). Juniper Networks was advised by Goldman Sachs (led by Ryan Limaye), Skadden Arps Slate Meagher & Flom (led by Amr Razzak) and Joele Frank (led by Jed Repko and Adam Pollack). Goldman Sachs was advised by Paul Hastings (led by Steve Camahort), according to press releases and MergerLinks data.
Blackrock, a private equity firm, completed the acquisition of HPS Investment Partners, an investment firm that offers portfolio management and advisory services, for $12bn, according to press releases.
BlackRock was advised by Perella Weinberg Partners, Morgan Stanley, Clifford Chance and Skadden Arps Slate Meagher & Flom. HPS Investment Partners was advised by BNP Paribas, Bank of America, Deutsche Bank, Goldman Sachs, JP Morgan, RBC Capital Markets, Fried Frank Harris Shriver & Jacobson and Prosek Partners (led by Mike Geller), according to press releases and MergerLinks data.
Intralot, a Greek company that supplies integrated gambling, transaction processing systems, game content, sports betting management and interactive gambling services, agreed to acquire international interactive business from Bally’s Corporation, an American gambling, betting, and interactive entertainment company, for €2.7bn ($3.2bn), according to press releases.
Intralot is advised by Deutsche Bank, Milbank and Papapolitis & Papapolitis. Bally’s Corporation is advised by Citizens Bank, Goldman Sachs, Jefferies & Company, Fried Frank Harris Shriver & Jacobson, Kyriakides Georgopoulos, Nixon Peabody and Sodali & Co (led by Justin Griffiths). Financial advisors were advised by Karatzas & Partners and Latham & Watkins, according to press releases.
Deal Round up
AMERICAS
SoftBank's Ampere acquisition faces deeper FTC review. ( Bloomberg)
Thoma Bravo is in talks to acquire Verint Systems. ( Bloomberg)
Figma files for US IPO amid rising revenue and profitability. ( Bloomberg)
EMEA
EQT begins sale process for stake in Radius' €1bn Italian unit. ( Bloomberg)
Boeing to acquire Spirit AeroSystems' Belfast facility. ( Reuters)
Euronext in talks to acquire Athens Stock Exchange. ( Bloomberg)
Sabadell's TSB sale complicates BBVA takeover bid. ( Bloomberg)
AstraZeneca is weighing a potential move of listing to the US. ( The Times)
Brainlab delays IPO plans amid market volatility. ( Reuters)
APAC
HDB Financial to debut after $1.5bn IPO, India’s largest in 2025. ( Bloomberg)
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INVESTORS
FINANCIAL ADVISORS
LEGAL ADVISORS
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AMERICAS
Aebi Schmidt, a Swiss company manufacturing agricultural machinery, heavy and municipal equipment, completed the merger with Shyft, an American automobile design company, according to press releases. Financial terms were not disclosed.
Xerox, an American corporation that sells print and digital document products and services, completed the acquisition of Lexmark, an American company that manufactures laser printers and imaging products, from Ninestar, a company that manufactures and sells printer consumables and chip design, PAG Asia Capital, an Asia-focused alternative investment firm, and Shanghai Shouda Investment Centre, a Chinese investment entity, for $1.5bn, according to press releases.
ERGO Group, a major German insurance group, completed the acquisition of NEXT Insurance, a US-based digital insurer specializing in small business coverage, for $2.6bn, according to press releases.
NEXT Insurance was advised by Ardea Partners, Goldman Sachs, JP Morgan and Latham & Watkins (led by Tad Freese and Mark M. Bekheit). ERGO Group was advised by Bain Capital, Morgan Stanley, Barnea Jaffa Lande & Co and Kirkland & Ellis (led by Sandra Lewitz), according to press releases.
TPG, a global alternative asset management firm, completed the acquisition of Peppertree Capital Management, a specialized digital infrastructure investment firm, for $960m, according to press releases.
Peppertree Capital Management was advised by Evercore and Kirkland & Ellis (led by Emma E. Lange-Novak). TPG was advised by Bank of America, Campbell Lutyens, Goldman Sachs, Houlihan Lokey and Weil Gotshal and Manges (led by Brian Parness). AMG was advised by Paul Weiss Rifkind Wharton & Garrison (led by David Hepp and Matthew Collin), according to press releases.
DigitalBridge, a global digital infrastructure investment firm, and La Caisse, an institutional investor, completed the acquisition of Yondr Group, a global developer and operator of hyperscale data centers, from Cathexis, a private investment holding company, according to press releases. Financial terms were not disclosed.
Yondr Group was advised by Citigroup, White & Case (led by James Dodsworth) and FTI Consulting. DigitalBridge was advised by Deloitte, Nomura, Linklaters (led by David Martin and Alex Lehtinen), Joele Frank (led by Sarah Salky) and Ramboll. La Caisse was advised by Morgan Stanley, according to press releases and MergerLinks data.
Rocket Companies, the Detroit-based fintech platform consisting of mortgage, real estate and personal finance businesses, completed the acquisition of Redfin, a provider of residential real estate brokerage and mortgage origination services, for $1.75bn.
Rocket Companies was advised by Morgan Stanley, Paul Weiss Rifkind Wharton & Garrison (led by Laura Turano), Ropes & Gray and Joele Frank (led by Leigh Parrish and Adam Pollack). Redfin was advised by Goldman Sachs (led by Cosmo Roe) and Fenwick & West (led by Alan C. Smith). Goldman Sachs was advised by Paul Hastings (led by Steve Camahort), according to press releases and MergerLinks data.
General Atlantic, a global investor, completed the acquisition of a minority stake in Liftoff, a global leader in performance marketing and monetization solutions for the app economy, from Blackstone, a private equity firm, at a $4.3bn valuation, according to press releases.
Nationwide, a diversified insurance and financial services company, completed the acquisition of the Group Health business, which provides stop-loss insurance to small businesses of Allstate, an insurance firm, for $1.25bn, according to press releases.
Nationwide was advised by Citigroup and Squire Patton Boggs (led by Michele L. Connell). Allstate was advised by Ardea Partners, JP Morgan and Willkie Farr & Gallagher, according to press releases and MergerLinks data.
Harvest Partners, a private equity firm that makes investments in middle-market companies, completed the majority acquisition of The Learning Experience, a company that provides child care and early education services for infants through preschool-aged children, from Golden Gate Capital, an American private equity firm, according to press releases. Financial terms were not disclosed.
Harvest Partners was advised by Kirkland & Ellis, Ropes & Gray and Lambert & Co (led by Caroline Luz). Golden Gate Capital was advised by Harris Williams & Co and Paul Weiss Rifkind Wharton & Garrison (led by Jeremy M. Veit and Austin Pollet), according to press releases.
Triton International, a lessor of intermodal freight containers, completed the acquisition Global Container International, a marine container leasing company, from Wafra, an investment management firm, in a $1bn deal, according to press releases.
Triton International was advised by Skadden Arps Slate Meagher & Flom (led by Ralph Perez and Eric Otness). Global Container International was advised by Goldman Sachs and Sidley Austin (led by Brien M. Wassner). Wafra was advised by Prosek Partners, according to press releases.
Bernhard Capital Partners-backed Delta Utilities, a natural gas utility, completed the acquisition of the gas distribution business of Entergy, a Fortune 500 integrated energy company, for $484m, according to press releases.
SGS, a testing, inspection and certification company, agreed to acquire Applied Technical Services, a provider of specialized testing services, from Odyssey Investment Partners, a private equity firm, for $1.3bn, according to press releases.
Odyssey Investment Partners is advised by Houlihan Lokey, Rothschild & Co, Latham & Watkins and Gasthalter & Co (led by Mark Semer), according to press releases.
Clearlake Capital-backed PrimeSource Brands, a North American provider of specialty branded building products, completed the acquisition of Fortress Railing Products, an American designer and distributor of railing systems, according to press releases. Financial terms were not disclosed.
Clearlake Capital and PrimeSource Brands were advised by Massumi + Consoli and Lambert & Co (led by Jennifer Hurson). Fortress Railing Products was advised by Stifel, according to press releases.
Extendicare, a Canadian for-profit long-term care provider, completed the acquisition of Closing the Gap, a Canadian healthcare organization that provides a range of home and community-based services, for $81m according to press releases.
Extendicare was advised by Torys. Closing the Gap was advised by Origin Merchant Partners and Aird & Berlis, according to press releases.
Teledyne, an American industrial conglomerate, completed the acquisition of Maretron, a company that specializes in vessel monitoring and control systems, from Littelfuse, a company that is manufacturing and selling circuit protection products, according to press releases. Financial terms were not disclosed.
Teledyne was advised by Rushton Gregory Communications (led by Andrew Golden), according to press releases.
ReSource Pro, a private, insurance-focused business solutions company, completed the acquisition of Propellint, a technology services firm specializing in implementation and support for insurance platforms, according to press releases. Financial terms were not disclosed.
ReSource Pro was advised Morgan Partners, according to press releases.
Grammarly, an AI assistant for communication and productivity, agreed to acquire Superhuman, an AI-powered email client designed to enhance productivity for professionals and teams, according to press releases. Financial terms were not disclosed.
SoftBank's Ampere acquisition faces deeper FTC review. ( Bloomberg)
SoftBank’s planned acquisition of semiconductor firm Ampere Computing is now subject to a more detailed investigation by the US Federal Trade Commission. The agency has issued a second request for information, indicating a longer review process that could delay or complicate deal completion. The probe comes amid growing regulatory scrutiny of tech-related transactions.
Thoma Bravo is in talks to acquire Verint Systems. ( Bloomberg)
Thoma Bravo is in discussions to acquire Verint Systems, a US-based provider of call center and customer engagement software. The private equity firm is currently negotiating deal terms, while Verint is working with a financial adviser on the potential transaction.
The talks reflect ongoing interest from private equity in enterprise software firms, particularly those offering cloud-based customer service solutions. A final agreement has not yet been reached, and details could still change.
Figma files for US IPO amid rising revenue and profitability. ( Bloomberg)
Figma has filed confidentially for an initial public offering in the US, potentially making it one of the largest tech listings of the year. The San Francisco-based design software firm is aiming to go public as early as this month. The company’s financials reportedly show strong growth in both revenue and profit.
The IPO would mark a significant milestone following Adobe’s failed $20bn acquisition attempt, which was blocked by regulators. A public listing would offer Figma broader market access and valuation transparency.
EMEA
KKR and Advent, a private equity companies, are bidding to acquire Spectris, a supplier of precision instrumentation and controls, for up to £4.7bn ($6.4bn).
SoftwareOne, a global provider of end-to-end software and cloud technology solutions, completed the acquisition of Crayon, a software asset management solutions provider, for €1.4bn ($1.65bn), according to press releases.
UNITED GRINDING Group, a provider of grinding, eroding, laser, and measuring machines, completed the acquisition of GF Machining Solutions, one of the world's leading providers of complete solutions for manufacturers of precision parts and tools as well as mold and die makers, from Georg Fischer, a manufacturing company, for CHF650m ($813m), according to press releases.
Rothesay, a pensions insurance specialist, completed the acquisition of Scottish Widows bulk annuity portfolio from Lloyds Banking Group, a British financial institution, according to press releases. Financial terms were not disclosed.
Rothesay was advised by JP Morgan. Lloyds Banking Group was advised by Morgan Stanley and Herbert Smith Freehills (led by Barnaby Hinnigan and Geoffrey Maddock), according to press releases and MergerLinks data.
Hartree Partners, a global energy and commodities trading company, completed the acquisition of four business units from ED&F Man, a provider of soft commodities and logistics, according to press releases. Financial terms were not disclosed.
Hartree Partners was advised by White & Case (led by Sean Goldstein) and FGS Global (led by John Christiansen). ED&F Man was advised by SEC Newgate (led by Emma Kane), according to press releases and MergerLinks data.
Santander, a Spanish multinational commercial bank and financial services company, agreed to acquire TSB Banking Group, a provider of financial products and services, from Banco de Sabadell, a commercial banking services provider, for £2.65bn ($3.64bn), according to press releases.
EQT begins sale process for stake in Radius' €1bn Italian unit. ( Bloomberg)
EQT has initiated the sale of a significant minority stake in the Italian division of Radius Global Infrastructure, which could be valued at over €1bn ($1.2bn). The unit leases real estate assets to wireless carriers and tower operators, forming a key part of Radius' European digital infrastructure portfolio. EQT is working with UBS to approach potential investors.
The move is part of EQT's strategy to crystallize value from its infrastructure holdings while maintaining a role in the asset’s future growth.
Boeing to acquire Spirit AeroSystems' Belfast facility. ( Reuters)
Boeing is preparing to acquire Spirit AeroSystems’ operations in Belfast, Northern Ireland, specifically the portions not tied to Airbus contracts. This follows unsuccessful efforts by Spirit to secure a separate buyer for the site. The move aligns with Boeing's broader plan to reintegrate certain Spirit facilities into its supply chain.
The Belfast plant is a key aerospace manufacturing site, producing components such as fuselage sections and wings. Boeing’s acquisition will streamline control over production linked to its programs.
Euronext in talks to acquire Athens Stock Exchange. ( Bloomberg)
Euronext has entered discussions to acquire up to 100% of Hellenic Exchanges-Athens Stock Exchange (ATHEX), the operator of Greece's main stock markets. The potential deal is aimed at deepening the integration of Greek capital markets within the Eurozone and enhancing their global profile.
A full acquisition would mark a strategic expansion for Euronext, which has steadily grown its network of European exchanges. Talks are ongoing with ATHEX’s board, and no final agreement has been reached.
Sabadell's TSB sale complicates BBVA takeover bid. ( Bloomberg)
Banco Sabadell’s agreement to sell its UK unit TSB for £2.65bn ($3.64bn) is expected to make BBVA’s unsolicited takeover bid for Sabadell more complex. The deal strengthens Sabadell’s balance sheet and includes plans for a €2.6bn ($3.1bn) extraordinary dividend, potentially making it more attractive for shareholders to remain independent.
The sale may prompt BBVA to revise its offer terms to gain shareholder support, as Sabadell’s strategic positioning improves with the disposal of TSB.
AstraZeneca is weighing a potential move of listing to the US. ( The Times)
AstraZeneca is considering shifting its primary stock market listing from London to the United States. The pharmaceutical giant is currently the most valuable company on the London Stock Exchange, and a move would represent a significant loss for the UK equity market.
The potential relocation reflects broader concerns over liquidity, valuations, and listing dynamics in the UK, which has recently faced several high-profile delistings and missed out on key IPOs.
Brainlab delays IPO plans amid market volatility. ( Reuters)
German medtech firm Brainlab has postponed its planned initial public offering, citing persistent stock market volatility. The Munich-based company develops imaging and surgical guidance software and was preparing for a listing, but has now decided with its shareholders to defer the offering while leaving the door open for a future attempt.
The move reflects a broader slowdown in European IPO activity, as firms remain cautious about entering uncertain equity markets. Brainlab joins a growing list of companies reassessing listing plans in light of unfavourable market conditions.
APAC
KKR, a global investment firm, agreed to acquire ProTen, an agricultural infrastructure business and corporate meat chicken grower, from Aware Super, an Australian super fund, according to press releases. Financial terms were not disclosed.
KKR is advised by UBS and Sodali & Co (led by James Strong). Aware Super is advised by GRACosway (led by Brendan Altadonna), according to press releases.
HDB Financial to debut after $1.5bn IPO, India’s largest in 2025. ( Bloomberg)
HDB Financial Services, a subsidiary of HDFC Bank, will begin trading in Mumbai on July 7 following its INR125bn ($1.5bn) IPO—India’s largest public offering so far this year. Shares were priced at INR740 ($8.65) each, the top end of the marketed range, reflecting strong investor demand.
The shadow lender’s IPO drew participation from major global investors such as Morgan Stanley and Allianz, along with domestic buyers including Life Insurance Corporation of India. The proceeds are expected to support HDB’s growth in the consumer and SME lending segments.
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