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AMERICAS

Cyclerion Therapeutics to merge with Korsana Biosciences.

Cyclerion Therapeutics, a clinical-stage biopharmaceutical company, agreed to merge with Korsana Biosciences, a biotechnology company discovering and developing novel therapies to reduce the burden of neurodegenerative diseases, according to press releases. Financial terms were not disclosed.

Korsana Biosciences is advised by Jefferies & Company, Stifel, TD Cowen, UBS, Wedbush Securities and Gibson Dunn & Crutcher. Financial advisors are advised by Cooley. Cyclerion Therapeutics is advised by Gemini Valuation Services and Ropes & Gray (led by Will Michener and Zachary Blume), according to press releases and MergerLinks data.

Goldman Sachs completes the acquisition of Innovator Capital Management for $2bn.

Goldman Sachs, a global investment banking, securities and investment management firm, completed the acquisition of Innovator Capital Management, an investment firm that specializes in creating exchange-traded funds that utilize options to provide built-in protection against market losses in exchange for capping potential gains, for $2bn, according to press releases.

Goldman Sachs was advised by Goldman Sachs, Wachtell Lipton Rosen & Katz (led by Gregory Pessin and Edward D. Herlihy), Willkie Farr & Gallagher, Community Group (led by Auro Palomba and Roberto Patriarca). Innovator Capital Management was advised by Oppenheimer & Co (led by Gilbert Dychiao and Stefan Kuhar), Dukas Linden Public Relations (led by Frank Taylor and Zach Leibowitz) and Vedder Price (led by Joseph Mannon), according to press releases and MergerLinks data.

FirstSun completes the merger with First Foundation in a $785m deal.

FirstSun, a bank holding company owning or controlling one or more banks, completed the merger with First Foundation, a relationship bank specializing in personalized banking solutions, in a $785m deal, according to press releases.

FirstSun was advised by Stephens (led by Frank Sorrentino) and Nelson Mullins Riley & Scarborough. First Foundation was advised by Jefferies & Company (led by Aaron Packles and Cavan Yang), Keefe Bruyette & Woods (led by James Harasimowicz), Alston & Bird, Cleary Gottlieb Steen & Hamilton and ThroughCo Communications (led by Elliot Sloane), according to press releases and MergerLinks data.

Extendicare completes the acquisition of CBI Home Health for CAD570m.

Extendicare, a provider of care and services for seniors, completed the acquisition of CBI Home Health, a national home health care company, for CAD570m ($406m), according to press releases.

Extendicare was advised by Blake Cassels & Graydon and Torys. Debt financing was provided by CIBC Capital Markets. CIBC Capital Markets was advised by McCarthy Tetrault (led by Robert Hansen). CBI Home Health was advised by Houlihan Lokey, TD Securities and Stikeman Elliott (led by Samantha Horn and Courtney Wilson), according to press releases and MergerLinks data.

EagleTree Capital completes the acquisition of The Opus Group from Growth Catalyst Partners.

EagleTree Capital, an independent private equity and investment firm, completed the acquisition of The Opus Group, a global network of event management agencies, from Growth Catalyst Partners, a middle market private equity firm, according to press releases. Financial terms were not disclosed.

EagleTree Capital was advised by Jones Day, Paul Weiss Rifkind Wharton & Garrison (led by Maury Slevin, Michael Vogel and Matthew Benedetto) and FGS Global (led by Shannon O'Connor). Debt financing was provided by Monroe Capital. The Opus Group was advised by BrightTower (led by Sam Barthelme), Dickinson Wright and Kirkland & Ellis, according to press releases and MergerLinks data.

Kodiak Gas Services completes the acquisition of Distributed Power Solutions for $687m.

Kodiak Gas Services, a contract compression services provider, completed the acquisition of Distributed Power Solutions, a provider of turnkey, scalable and highly-reliable distributed power solutions, for $687m, according to press releases.

Kodiak Gas Services was advised by Intrepid Financial Partners and Sidley Austin (led by David Buck and Atman Shukla). Distributed Power Solutions was advised by Morgan Stanley, Jones Walker and Winston & Strawn, according to press releases and MergerLinks data.

Court Square Capital Partners completes the acquisition of a majority stake in CallTower from BV Investment Partners.

Court Square Capital Partners, a middle-market private equity firm, completed the acquisition of a majority stake in CallTower, an American cloud-based communications and collaboration solutions provider, from BV Investment Partners, a middle-market private equity firm, according to press releasess. Financial terms were not disclosed.

CallTower was advised by Q Advisors and Ropes & Gray. Court Square Capital Partners was advised by Dechert, Guggenheim Partners and Edelman (led by Ryan Scanlon). BV Investment Partners was advised by Chris Tofalli Public Relations (led by Chris Tofalli), according to press releases.

Antin Infrastructure Partners completes the acquisition of Sapphire Gas Solutions from Apollo.

Antin Infrastructure Partners, a private equity firm, completed the acquisition of Sapphire Gas Solutions, a solutions-oriented company specializing in clean-burning natural gas solutions, from Apollo, an alternative investment manager, according to press releases. Financial terms were not disclosed.

Antin Infrastructure Partners was advised by TD Securities, Kirkland & Ellis and Brunswick Group (led by Tristan Roquet Montegon). Sapphire Gas Solutions and Apollo were advised by RBC Capital Markets and Vinson & Elkins, according to press releases.

Amazon, NVIDIA and SoftBank led a $122bn investment round in OpenAI.

Amazon, an American multinational technology company, NVIDIA, an American multinational technology company, and SoftBank, an investment holding company, led a $122bn investment round in OpenAI, an artificial intelligence research organization. SoftBank co-led the round alongside a16z, D. E. Shaw Ventures, MGX, TPG, and T. Rowe Price Associates, with participation from Microsoft, Altimeter, Appaloosa, ARK Invest, BlackRock, Blackstone, Coatue, D1 Capital Partners, Dragoneer, Fidelity Management & Research Company, Goanna Capital, Insight Partners, The Paragon Group, Sands Capital, Sequoia Capital, Sound Ventures, Temasek, Thrive Capital, UC Investments and Winslow Capital, according to press releases.

OpenAI was advised by Sullivan & Cromwell (led by Nader A. Mousavi and Mark Schenkel) and Wachtell Lipton Rosen & Katz (led by Andrew Nussbaum). SoftBank was advised by Morrison Foerster (led by Christopher Corey McKinnon and Kenneth A. Siegel). Amazon was advised by Clifford Chance (led by Nelson Jung and Stavroula Vryna), according to press releases and MergerLinks data.

The Clorox Company completes the acquisition of GOJO Industries for $2.25bn.

The Clorox Company, an American multinational manufacturer and marketer of consumer and professional products, completed the acquisition of GOJO Industries, a manufacturer of hand hygiene and skin care products, for $2.25bn, according to press releases.

The Clorox Company was advised by Centerview Partners (led by Robert Pruzan and Mark Doramus) and Cooley (led by Len Jacoby). GOJO Industries was advised by Harris Williams & Co (led by Graham Gillam and Tim Webb) and Jones Day (led by Jared Hasson and Benjamin Stulberg), according to press releases and MergerLinks data.

Associated Banc-Corp completes the merger with American National Bank in a $604m deal.

Associated Banc-Corp, a US regional bank holding company providing retail banking, commercial banking, commercial real estate lending, private banking and specialized financial services, completed the merger with American National Bank, a full-service retail and business customers bank, in a $604m deal, according to press releases.

Associated Banc-Corp was advised by Evercore and Wachtell Lipton Rosen & Katz (led by Edward D. Herlihy). American National Bank was advised by Piper Sandler and Alston & Bird, according to press releases and MergerLinks data.

Fulton Financial completes the merger with Blue Foundry in a $243m deal.

Fulton Financial, a community banking organization and a financial holding company, completed the merger with Blue Foundry, a chartered full‑service community bank, in a $243m deal, according to press releases.

Fulton Financial was advised by Stephens and Holland & Knight. Blue Foundry was advised by Piper Sandler and Luse Gorman, according to press releases.

Kleiner Perkins led a $1.75bn Series D round in Saronic.

Kleiner Perkins, an American venture capital firm, led a $1.75bn Series D round in Saronic, a US-based defense technology company, with participation from Advent International, Bessemer Venture Partners, DFJ Growth, BAM Elevate, 8VC, Caffeinated Capital, Andreessen Horowitz, Elad Gil, and Franklin Templeton, according to press releases.

Satellite operator Globalstar rallies on a report that Amazon is in buyout talks. (Bloomberg)

Globalstar shares rose in pre-market trading after reports that Amazon is in discussions to acquire the satellite provider.

The potential deal would support Amazon’s efforts to expand its satellite operations, with negotiations ongoing over the structure and complexity of the transaction. Terms have not been finalized and may not result in a completed deal.

Estée Lauder and Puig are in advanced talks to combine in a mostly stock deal. (Bloomberg)

Estée Lauder and Spain’s Puig are in advanced discussions to combine in a deal that could create one of the world’s largest luxury beauty companies.

The proposed transaction, which would primarily consist of stock, could be announced in the coming weeks. Talks are ongoing and may not result in a finalized agreement.

Giannis Antetokounmpo takes a stake in Beckham's health firm IM8. (Bloomberg)

Milwaukee Bucks star Giannis Antetokounmpo has taken an equity stake in IM8, a nutritional supplements company co-founded by Prenetics and David Beckham.

The business, which focuses on products aimed at improving daily health routines, launched in December 2024 and says it has reached $100m in annualized revenue within 11 months.

Blackstone's AGS Health files for a $500m India IPO. (Bloomberg)

AGS Health, owned by Blackstone, has confidentially filed draft papers for an initial public offering in Mumbai that could raise to $500m.

The private equity firm is working with JM Financial, Jefferies, ICICI Securities, JP Morgan, and Nomura on the proposed offering, which is expected to include a mix of primary shares and secondary stake sales by existing investors. Terms are still under discussion and may not result in a finalized transaction.

EMEA

Crane NXT completes the acquisition of Antares Vision from Regolo and Sargas at an enterprise value of €445m.

Crane NXT, an industrial technology company, completed the acquisition of Antares Vision, an Italian multinational company, from Regolo and Sargas, the founding holding companies, at an enterprise value of €445m ($520m), according to press releases.

Crane NXT was advised by Goldman Sachs, Davis Polk & Wardwell (led by Leonard Kreynin and Harold Birnbaum) and PedersoliGattai (led by Giovanni Pedersoli and Marta Sassella). Debt financing was provided by Goldman Sachs. Antares Vision and Regolo were advised by JP Morgan and BonelliErede (led by Vittoria Giustiniani), according to press releases and MergerLinks data.

Intel to repurchase a 49% stake in Fab 34 from Apollo.

Intel, an American multinational corporation and technology company, agreed to repurchase a 49% stake in Fab 34, a semiconductor manufacturing facility, from Apollo, an American asset management firm, for $14.2bn, according to press releases.

Intel is advised by PricewaterhouseCoopers, Goldman Sachs, Eversheds Sutherland and Skadden Arps Slate Meagher & Flom (led by Christopher Bors and Sonia Nijjar). Apollo is advised by Paul Weiss Rifkind Wharton & Garrison, Kirkland & Ellis and Morgan Stanley, according to press releases and MergerLinks data.

Keensight Capital-backed aconso to acquire Centric Germany from Centric.

Keensight Capital-backed aconso, a German-based software company specializing in cloud-based human resources document management, agreed to acquire Centric Germany, a specialized IT service provider, from Centric, a prominent Dutch IT services and software provider, according to press releases. Financial terms were not disclosed.

aconso is advised by Tech2Com (led by Philipp Haberland) and Drake Star Partners (led by Ralf Philipp Hofmann). Keensight Capital is advised by Drake Star Partners, Headland Consultancy (led by Ellen Johnson) and Steele and Holt (led by Servane Taslé), according to press releases and MergerLinks data.

Blackstone and Colony Investment Management to acquire a 30.56% stake in Essendi from Accor for up to €975m.

Blackstone, an American multinational private equity firm, and Colony Investment Management, a privately owned European investment manager, agreed to acquire a 30.56% stake in Essendi, a European hotel owner and operator, from Accor, a French hospitality group, for up to €975m ($1.14bn), according to press releases.

Accor is advised by Rothschild & Co and Morgan Stanley, according to MergerLinks data.

TotalEnergies and Masdar to form a $2.2bn joint venture.

TotalEnergies, an integrated multi-energy company specializing in low-carbon electricity, renewable energy, and petrochemicals, and Masdar, a United Arab Emirates state-owned renewable energy company, agreed to form a $2.2bn joint venture, according to press releases.

Masdar is advised by Rothschild & Co. TotalEnergies is advised by Nomura Greentech, according to MergerLinks data.

Air France-KLM submits a first bid for a stake in Portugal's TAP. (Bloomberg)

Air France-KLM has submitted a non-binding bid for a stake in TAP, becoming the first known airline group to enter the sale process for the Portuguese flag carrier.

The offer was lodged ahead of a government deadline as Portugal moves to sell up to 49.9% of the airline, including a 5% stake reserved for employees. Discussions are ongoing and may not result in a finalized transaction.

AA attracts interest from EQT as it prepares for a £5bn sale. (FT)

The AA, a major UK roadside recovery provider, has attracted early interest from potential buyers, including private equity firm EQT, as its owners explore a sale that could value the business at around £5bn ($6.6bn).

Shareholders, including TowerBrook, Warburg Pincus, and Stonepeak, have appointed Rothschild and JPMorgan to advise on the process. Discussions are at an early stage and may not result in a finalized transaction.

CEO of Finnish chocolate maker Fazer sees an IPO happening by 2029. (Bloomberg)

Finnish chocolate maker Fazer is considering a potential initial public offering within the next few years to support international expansion and pursue acquisitions.

Chief executive Christoph Vitzthum indicated the company could target a listing by 2029, although it continues to prepare the business and position it for investors.

APAC

TCL Electronics and Sony to form Bravia in a JPY102.8bn deal.

TCL Electronics, a Chinese multinational consumer electronics company, and Sony, a Japanese multinational conglomerate, agreed to form Bravia, a new joint venture company that will oversee Sony's home entertainment business, in a JPY102.8bn ($700m) deal. TCL will acquire a 51% controlling stake in the entity for approximately JPY75.4bn ($511m), while Sony will retain the remaining 49%, according to press releases.

Sony is advised by Jefferies & Company. TCL Electronics is advised by Nomura, according to MergerLinks data.

China's Innolight confidentially files for a $3bn Hong Kong listing. (Bloomberg)

Zhongji Innolight, a Chinese optics firm, has confidentially filed for a Hong Kong listing that could rank among the city’s largest share sales in 2026.

The company, which supplies components to Nvidia, is already listed in Shenzhen, where its shares have surged amid strong investor interest in artificial intelligence. Zhongji Innolight recently reported that its 2025 net income doubled to CNY10.8bn ($1.6bn). Terms of the potential offering have not yet been finalized.

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