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AMERICAS

Charlesbank Capital and Grain-backed Spectrotel to merge with AireSpring.

Charlesbank Capital and Grain-backed Spectrotel, a provider of managed network services and connectivity solutions, agreed to merge with AireSpring, a provider of global connectivity, managed services, and network infrastructure solutions, according to press releases. Financial terms were not disclosed.

AireSpring is advised by Bank Street Group and Alston & Bird. Spectrotel is advised by Moelis & Co, Gibson Dunn & Crutcher and Prosek Partners. Charlesbank Capital is advised by Latham & Watkins and Wilkinson Barker Knauer, according to MergerLinks data and press releases.

APi Group to acquire Onyx-Fire Protection Services from Blackstone.

APi Group, a business services provider of fire and life safety, security, elevator and escalator, and specialty services, agreed to acquire Onyx-Fire Protection Services, an inspection-first provider of fire and life safety services, from Blackstone Tactical Opportunities, a specialized investment platform, according to press releases. Financial terms were not disclosed.

APi Group is advised by Jefferies & Company, according to MergerLinks data.

The Sterling Group completes the acquisition of Scruggs from Rox Capital Partners.

The Sterling Group Foundation Fund, a private equity firm, completed the acquisition of The Scruggs Companies, a company focused on products and services for the municipal water and wastewater industry, from Rox Capital Partners, a private equity firm, according to press releases. Financial terms were not disclosed.

The Sterling Group was advised by BMO Capital Markets, according to press releases.

Pioneer completes the acquisition of Targeted Lending for $140m.

Pioneer, a financial institution specializing in consumer and commercial banking services, completed the acquisition of Targeted Lending Co, an equipment financing company, for $140m, according to press releases.

Cox Automotive to acquire Fullpath.

Cox Automotive, a company specializing in automotive technology and dealer software solutions, agreed to acquire Fullpath, an AI‑powered customer data and marketing automation platform, according to press releases. Financial terms were not disclosed.

Independent Emergency Physicians to invest in Consensiohealth.

Independent Emergency Physicians, a physician‑owned emergency medicine group, agreed to invest in Consensiohealth, a revenue cycle management company focused on emergency medicine, according to press releases. Financial terms were not disclosed.

Life-Science Innovations completes the acquisition of a whole-bird turkey business of Hormel Foods.

Life-Science Innovations, a diversified holding company, completed the acquisition of a whole-bird turkey business of Hormel Foods, an American multinational food processing company, according to press releases. Financial terms were not disclosed.

Provident Industrial completes the acquisition of a 13‑building industrial portfolio in the Memphis.

Provident Industrial, a division of Provident focused on industrial real estate investment, completed the acquisition of a 13‑building industrial portfolio in the Memphis, according to press releases. Financial terms were not disclosed.

iHeartMedia in early talks over potential sale to Sirius XM. (Bloomberg)

American mass media corporation iHeartMedia is in discussions with broadcasting corporation Sirius XM Holdings a possible sale.

The talks are at an early stage and may not lead to a transaction.

Google plans to invest as much as $40bn in Anthropic. (Bloomberg)

Google is committing $10bn to Anthropic PBC, with the possibility of investing an additional $30bn, deepening the partnership between the two companies as they compete in the AI race.

Anthropic said the initial investment values the startup at $350bn, matching its February funding round. The remaining $30bn would come if Anthropic meets certain performance milestones, and Google will also help expand the company’s computing capacity.

X‑Energy hit a $11.9bn valuation after its impressive Nasdaq launch. (Reuters)

X‑Energy jumped 30.9% in its Nasdaq debut, lifting the Amazon‑backed nuclear reactor maker to a $11.9bn valuation and highlighting strong investor demand for carbon‑free energy companies positioned to support the rapid growth of artificial intelligence.

The company raised $1.02bn in its expanded IPO, selling 44.3m shares at $23 each, with the stock opening at $30.11.

Mid‑market investment bank Lincoln International files for an IPO. (Bloomberg)

Lincoln International, a Chicago‑based investment bank focused on mid‑market clients, has filed for a US IPO, revealing rising profitability.

The firm reported net income of $214m on revenue of $784m in 2025, up from $164m in profit and $579m in revenue the previous year.

Lumina’s Toronto IPO raises $297m from its copper and silver mining business. (Bloomberg)

Lumina Metals and one of its shareholders raised CAD406m ($297m) in an enlarged Canadian IPO.

The copper‑and‑silver producer issued 25m shares, while a charitable foundation tied to Executive Chairman Ross Beaty sold 7.5m shares at CAD12.50 ($9.14) each. The offering was increased from an earlier plan to sell 22m company shares and 5m shareholder shares.

Data center firm Csquare files confidentially for a US IPO. (Bloomberg)

Csquare has confidentially submitted paperwork for a US IPO, signaling that more data‑center operators may be preparing to go public in the coming year.

The Dallas‑based colocation and data‑center services provider said Friday that it filed a draft Form S‑1 with the Securities and Exchange Commission. The company added that details such as the number of shares to be offered and the price range have yet to be determined.

EMEA

Adyen to acquire Talon.One for €750m.

Adyen, a financial technology platform, agreed to acquire Talon.One, a platform for loyalty and incentives, for €750m ($880m), according to press releases.

Adyen is advised by Goldman Sachs (led by Clif Marriott), KPMG, De Brauw Blackstone Westbroek and Hengeler Mueller, according to MergerLinks data and press releases.

KeyCorp to acquire the UK business from Clearwater.

KeyCorp, a regional bank, agreed to acquire the UK business from Clearwater, a corporate finance house, according to press releases. Financial terms were not disclosed.

KeyCorp is advised by KeyBanc Capital Markets and Davis Polk & Wardwell (led by Will Pearce). Clearwater is advised by Clearwater and Browne Jacobson, according to MergerLinks data and press releases.

Smith Financial completes the acquisition of a 26.9% stake in The Economist Group from Lady Lynn Forester de Rothschild.

Smith Financial Corp, the family holding company of Canadian investor Stephen Smith, completed the acquisition of a 26.9% stake in The Economist Group, a global media and publishing company, from Lady Lynn Forester de Rothschild, according to press releases. Financial terms were not disclosed.

Smith Financial Corp was advised by Barclays and Slaughter & May. Lady Lynn Forester de Rothschild was advised by Lazard and Freshfields (led by Oliver Lazenby and Alastair Mordaunt), according to press releases and MergerLinks data.

HOF Capital to acquire a minority stake in Bugatti Rimac and Rimac Group from Porsche.

A consortium led by HOF Capital, a New York-based investment firm, agreed to acquire a minority stake in Bugatti Rimac and Rimac Group, two car manufacturers, from Porsche, a German automobile manufacturer, according to press releases. Financial terms were not disclosed.

HOF Capital is advised by Morgan Stanley, according to press releases and MergerLinks data.

Allianz Global Investors completes the acquisition of a 51% stake in Green Energy Storage Initiative.

Allianz Global Investors, an asset manager, completed the acquisition of a 51% stake in Green Energy Storage Initiative, a developer, constructor and operator of battery energy storage systems, according to press releases. Financial terms were not disclosed.

GESI was advised by Case Cassiopea (led by Marc Philipp Becker), according to MergerLinks data.

Cohere to acquire Aleph Alpha.

Cohere, a security-first enterprise AI company, agreed to acquire Aleph Alpha, an artificial intelligence startup company, according to press releases. Financial terms were not disclosed.

Intertek rejects £7.9bn takeover approach from EQT. (WSJ)

British multinational assurance, inspection, product testing, and certification company Intertek Group has turned down an unsolicited takeover proposal from Swedish private equity firm EQT, arguing that the £7.93bn ($10.76bn) offer undervalued the company.

The testing, inspection and certification provider said EQT had submitted a preliminary acquisition proposal, but its board decided to reject the approach.

UniCredit aims to boost its Generali holding to shape future transactions. (Bloomberg)

UniCredit’s decision to boost its holding in Assicurazioni Generali is aimed at reinforcing commercial ties and giving the bank more leverage in any future deals involving the insurer.

The move reflects ongoing talks between UniCredit CEO Andrea Orcel and Generali CEO Philippe Donnet about expanding their broader business cooperation.

Czech officials approved a CEZ spin‑off, marking the first move toward a full state takeover. (Reuters)

The Czech government is supporting a proposal from CEZ — which it already owns 70% of — to separate its distribution and other non‑generation businesses and sell a minority stake in the new entity, Industry Minister Karel Havlíček said.

The move aligns with the state’s goal of regaining direct control over electricity production while keeping part of CEZ publicly traded to draw private investment and reduce the financial burden on taxpayers.

Swiss National Bank defends its strategy amid pressure to drop its Palantir stake. (Reuters)

Swiss National Bank Chair Martin Schlegel defended the institution’s investment strategy on Friday after activists in Minneapolis urged the bank to sell its $1.1bn stake in Palantir.

He declined to discuss specific holdings but said the SNB’s large foreign‑currency portfolio exists to support its monetary policy.

MPS signals it will part with its Generali stake solely if the government signs off. (Reuters)

Monte dei Paschi di Siena could consider selling its stake in Generali as part of future strategic plans, but would only proceed if the Italian government approves the prospective buyer.

Rome closely monitors shifts in Generali’s shareholder base due to the insurer’s importance to the country’s financial system and its role as a major holder of Italian sovereign debt.

APAC

Toyota supplier Denso plans to withdraw its bid to acquire Rohm. (Press Release)

Denso plans to scrap its bid to acquire semiconductor maker Rohm after the two companies failed to agree on terms.

Rohm did not back the takeover, possibly due to concerns about becoming too dependent on automotive chips or disrupting its relationships with other auto‑parts clients.

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