Infineon Technologies completes the acquisition of the sensor portfolio from ams OSRAM for €570m.

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AMERICAS

Blackstone Energy Transition Partners to acquire Dresser Utility Solutions from First Reserve.

Blackstone Energy Transition Partners, an energy-focused private equity fund, agreed to acquire Dresser Utility Solutions, a provider of infrastructure technologies for the measurement and control of utilities, from First Reserve, a private equity firm specialising in the energy sector, according to press releases. Financial terms were not disclosed.

Blackstone is advised by Kirkland & Ellis and D.A. Davidson & Co. Dresser Utility Solutions is advised by Simpson Thacher & Bartlett and Harris Williams. First Reserve is advised by Joele Frank (led by Erik Carlson), according to press releases.

Plenary Americas completes the acquisition of Information Services Corporation at a CAD1.2bn valuation.

Plenary Americas, a North America-focused infrastructure investor, developer and operator, agreed to acquire Information Services Corporation, a Canada-based provider of registry and information management services for public records, at a CAD1.2bn ($844m) valuation. As part of the transaction, Plenary Americas will partner with La Caisse as an equity co-investor, according to press releases.

ISC was advised by National Bank Capital Markets, RBC Capital Markets and Stikeman Elliott (led by Keith Chatwin). Plenary was advised by Barclays and Davies Ward Phillips & Vineberg, according to press releases and MergerLinks data.

EQT to acquire the biosurgery business of GTCR-backed Corza Medical.

EQT, an investment firm, agreed to acquire the biosurgery business of GTCR-backed Corza Medical, a global medical technology company that manufactures surgical tools, wound closure devices, ophthalmic instruments, and biomedical textiles, according to press releases. Financial terms were not disclosed.

EQT is advised by Piper Sandler and Latham & Watkins. Corza Medical is advised by Citigroup and Kirkland & Ellis. GTCR is advised by Prosek Partners (led by Joshua Clarkson), according to press releases.

Sentinel Capital Partners completes the acquisition of DecoPac from Kohlberg.

Sentinel Capital Partners, a private equity firm, completed the acquisition of DecoPac, a supplier of cake decorations to professional cake decorators and bakeries worldwide, from Kohlberg, a private equity firm, according to press releases. Financial terms were not disclosed.

Sentinel Capital Partners was advised by Kirkland & Ellis and Broadgate Consultants (led by Roland Tomforde). Kohlberg was advised by Harris Williams & Co, William Blair & Co and Paul Weiss Rifkind Wharton & Garrison, according to press releases.

Analog Devices completes the acquisition of Empower Semiconductor for $1.5bn.

Analog Devices, a designer and manufacturer of analog, mixed signal, and DSP integrated circuits, completed the acquisition of Empower Semiconductor, a semiconductor company focused on developing innovative on-chip power management architectures, for $1.5bn, according to press releases.

Empower Semiconductor was advised by Barclays (led by Kamal Ahmed and David King) and Goodwin (led by Robert H. Dzialo and Jonathan Herzog). Analog Devices was advised by PJT Partners (led by David Wah) and Wachtell Lipton Rosen & Katz (led by Jenna E. Levine and Mark Gordon), according to press releases and MergerLinks data.

Summit Partners to invest $1bn in Keyfactor.

Summit Partners, a private equity firm, agreed to invest $1bn in Keyfactor, a trust infrastructure and machine identity security software company, according to press releases.

Keyfactor is advised by Qatalyst Partners and Hi-Touch PR. Summit Partners is advised by Piper Sandler. Insight Partners is advised by Evercore, according to press releases.

Lumen Technologies completes the acquisition of Alkira for $475m.

Lumen Technologies, an American telecommunications company that offers communications and network services, completed the acquisition of Alkira, a cloud-native network infrastructure-as-a-service platform, for $475m, according to press releases.

Alkira was advised by Pillsbury Winthrop Shaw Pittman (led by Stanley F. Pierson). Lumen was advised by Morgan Stanley (led by Jonathan Greenberg), Latham & Watkins (led by Bradley Faris) and Alston & Bird (led by Stuart Rogers), according to press releases and MergerLinks data.

Hometown Financial Group to acquire Primary Bank for $160m.

Hometown Financial Group, a bank holding company, agreed to acquire Primary Bank, a publicly traded commercial banking institution in Bedford, New Hampshire, for $160m, according to press releases.

Primary Bank is advised by Gallagher Callahan & Gartrell and Brean Capital. Hometown Financial Group is advised by Luse Gorman and Keefe Bruyette & Woods, according to press releases.

Precinmac completes the acquisition of Advance Mfg from the Amanti Family.

Precinmac, a precision manufacturing platform, completed the acquisition of Advance Mfg, a US precision manufacturing company, from the Amanti Family, according to press releases. Financial terms were not disclosed.

Advance Mfg was advised by Bulkley Richardson. Precinmac was advised by Alantra, Vinson & Elkins and Kekst CNC (led by Anntal Silver), according to press releases.

Acorn Capital Management-backed Sentry Aerospares completes the acquisition of AirStart.

Acorn Capital Management-backed Sentry Aerospares, an aerospace and defense distributor that supplies rotable spare parts and ground support services, completed the acquisition of AirStart, an aviation aftermarket specialist focused on the exchange and leasing of rotable parts for commercial aircraft, according to press releases. Financial terms were not disclosed.

AirStart was advised by Deloitte and McMillan. Acorn Capital Management and Sentry Aerospares were advised by Proskauer Rose, according to press releases.

Envirotech Vehicles completes the merger with AZIO AI in a $750m deal.

Envirotech Vehicles, a provider of zero-emission electric vehicles in the United States, completed the merger with AZIO AI, a developer of next-generation artificial intelligence infrastructure and power-integrated data center solutions, in a $750m deal, according to press releases

AZIO AI was advised by Phoenix MGMT & Consulting, according to press releases.

Marubeni completes the acquisition of EagleRidge Energy.

Marubeni, a Japanese trading company, completed the acquisition of EagleRidge Energy, a natural gas exploration and production company, according to press releases. Financial terms were not disclosed.

Marubeni was advised by Clifford Chance (led by Jonathan D. Bobinger and David Sweeney), according to MergerLinks data.

Equifax to acquire Círculo de Crédito for $750m.

Equifax, a credit reporting agency specializing in credit monitoring, identity theft protection, and dispute resolution services, agreed to acquire Círculo de Crédito, a Mexico-based credit information services company and credit bureau, for $750m, according to press releases.

Tether’s former CIO plans sale of stake in stablecoin giant. (Bloomberg)

Richard Heathcote, former chief investment officer of Tether Holdings, is seeking to sell a portion of his stake in the stablecoin issuer.

Heathcote is working with PJT Partners on the sale of part of his 1.26% holding in Tether. The planned transaction follows his move earlier this year from chief investment officer to an advisory role.

Fiserv exploring sale of debit card network to big US banks. (Reuters)

Fiserv has held discussions with several US banks regarding a potential sale of its payments infrastructure business that processes debit card transactions.

The review is part of broader efforts to improve performance following a challenging period for the company. JP Morgan, Bank of America, Wells Fargo and PNC Financial Services have been among the institutions engaged in discussions, although no transaction has been agreed. Shares in Fiserv rose 4.4% in after‑hours trading following reports of the talks.

EasyJet shares reveal deal risk as $7.3 billion takeover advances. (Reuters)

Shares in easyJet rose to their highest level in four years after the airline agreed in principle to a £5.5bn ($7.34bn) takeover proposal from Castlelake.

The board indicated it was prepared to engage with Castlelake’s improved offer of £6.90 ($9.22) per share, up from an initial proposal of £5.60 ($7.48) per share. Market gains were moderated by concerns over potential regulatory hurdles as negotiations continue.

Blue Owl fund buys minority stake in NBA’s Cleveland Cavaliers. (Bloomberg)

Blue Owl Capital’s HomeCourt Partners Fund has acquired a minority stake in the Cleveland Cavaliers.

The investment follows discussions regarding the purchase of a 5% to 10% interest in the NBA franchise, providing Blue Owl with exposure to one of the league’s teams through a minority ownership position.

Microsoft’s Xbox to divest five studios in major overhaul. (Bloomberg)

Microsoft’s Xbox division plans to divest five video‑game studios as part of a broader restructuring of its gaming business.

The company intends to separate Compulsion Games and Double Fine Productions through management buyouts, while Ninja Theory and Undead Labs are expected to be sold to new owners. Xbox is also exploring strategic alternatives for a fifth studio as it reduces the size of its first‑party development portfolio.

Eni deepens lithium push with $225m EnergyX deal in Chile. (Bloomberg)

Eni has agreed to invest $225m in Energy Exploration Technologies’s Black Giant lithium project in Chile, expanding the Italian energy company’s exposure to critical minerals.

The investment provides Eni with a minority stake in the project and rights to up to 25% of future lithium production. The Black Giant project remains at an early stage of development and is still awaiting key permits.

Intel-backed AI chip and software maker Syntiant files for IPO. (Bloomberg)

Syntiant, a developer of semiconductors and software for artificial‑intelligence applications, has filed for an initial public offering in the US.

The California‑based company reported a net loss of $26.2m on revenue of $64.5m for the three months ended March 31, compared with a net loss of $16.8m on revenue of $66.6m in the corresponding period a year earlier.

Hellman & Friedman’s Hub International seeks $3bn in IPO. (Bloomberg)

Hub International is seeking to raise about $3bn through an initial public offering as the insurance broker prepares for a return to public markets.

The Hellman & Friedman‑backed company is targeting a listing as early as this year and recently submitted confidential IPO filings, advancing preparations for the transaction.

Sports-related deals on the rise. (Bloomberg)

Mergers and acquisitions activity in the sports sector is expected to increase as investors pursue a range of strategies to gain exposure to the industry.

Potential deal activity is being supported by factors including ownership changes among minority stakeholders in professional sports teams, the commercialization of collegiate athletics through name, image and likeness arrangements, and continued growth in youth sports spending.

B Capital closes oversubscribed Ascent Fund III at $500m hard cap. (B Capital)

B Capital has closed Ascent Fund III at its $500m hard cap, exceeding its initial fundraising target following strong investor demand. The oversubscribed fund will invest in early-stage technology companies, focusing on Series A and Series B opportunities across enterprise software, fintech, healthcare, climate technology and AI-driven businesses.

The fund attracted commitments from a broad group of institutional investors, including endowments, foundations, pension funds, sovereign wealth funds, family offices and strategic partners. Ascent Fund III builds on the firm's early-stage investment strategy, providing capital and operational support to founders while leveraging B Capital's global platform and corporate network to help portfolio companies scale.

EMEA

Thoma Bravo-backed Hypergene completes the merger with Stratsys.

Thoma Bravo-backed Hypergene, a SaaS company, completed the merger with Stratsys, a provider of software solutions for compliance, risk management, and strategy execution. Financial terms are not disclosed.

Stratsys was advised by Robert W Baird. Hypergene was advised by Snellman Advokatbyrå (led by Claes Kjellberg). Thoma Bravo was advised by Moelis & Co and FGS Global (led by Anna Sperber).

ADNOC to acquire Shell Downstream South Africa from Shell for $1bn.

ADNOC, a diversified energy group, agreed to acquire Shell's downstream business in South Africa for $1bn, according to press releases.

ADNOC is advised by Bank of America, A&O Shearman and ENS, according to press releases

Atlantic Park completes an investment in M2M.

General Atlantic, a private equity firm, completed an investment in M2M, a provider of alarm communications, secure connectivity and smart IoT solutions, according to press releases. Financial terms were not disclosed.

M2M was advised by Raymond James and Kennedy van der Laan. General Atlantic was advised by Paul Weiss Rifkind Wharton & Garrison, according to press releases.

EG On The Move completed the acquisition of 85 petrol stations from Prax Group.

EG On The Move, an operator of petrol stations, convenience stores and fast-food service providers across the United Kingdom, completed the acquisition of 85 petrol stations from Prax Group, an energy conglomerate, according to press releases. Financial terms were not disclosed.

EG On The Move was advised by PricewaterhouseCoopers and Cleary Gottlieb Steen & Hamilton. Prax Group was advised by Rothschild & Co, according to press releases.

Banijay to acquire JOA from Blackstone and Kings Park Capital.

Banijay, a sports betting and gaming platform, agreed to acquire JOA, a French casino and leisure operator, from private equity firms Blackstone and Kings Park Capital, according to press releases. Financial terms were not disclosed.

Banijay is advised by Brunswick Group (led by Hugues Boeton and Nicolas Grange). Blackstone is advised by Rothschild & Co, according to press releases and MergerLinks data.

HIG Capital to acquire a majority stake in TERRAS Group from AUCTUS Capital Partners.

HIG Capital, a private equity firm, agreed to acquire a majority stake in TERRAS Group, an infrastructure engineering and construction services provider, from AUCTUS Capital Partners, a private equity firm, according to press releases. Financial terms were not disclosed.

AUCTUS Capital Partners is advised by UBS. HIG Capital is advised by Evercore, according to MergerLinks data.

ANV completes the acquisition of Iris Insurance Brokers.

ANV, a global insurance intermediary platform, completed the acquisition of Iris Insurance Brokers, a diversified, specialty insurance distribution platform, according to press releases. Financial terms were not disclosed.

Iris Insurance Brokers was advised by Grant Thornton (led by Simon Blackburn). ANV was advised by Rein4ce (led by James Milne), according to press releases and MergerLinks data.

XTX Ventures and East X Ventures led a €411m funding round in Proxima Fusion at a valuation of €2.4bn.

XTX Ventures and East X Ventures, the corporate venture capital arms of quantitative traders XTX and East X, led a €411m ($469m) funding round in Proxima Fusion, a European fusion energy company, with participation from RWE, Google, KfW Capital, SPRIND, Burda Principal Investments, Plural, UVC Partners, Balderton, Cherry Ventures, DST Global Partners, Brevan Howard Macro Venture, Lightspeed, DTCF, redalpine, Leitmotif, Elaia, CDP Venture Capital, Bayern Kapital, and the EIC Fund, at a valuation of €2.4bn ($2.7bn), according to press releases.

Proxima Fusion is advised by Burlington PR (led by Antonella Scimemi), according to press releases.

OLA Energy Group to acquire the Ethiopia downstream operations of TotalEnergies.

OLA Energy Group, a downstream energy and petroleum distribution company, agreed to acquire the Ethiopia downstream operations of TotalEnergies, an integrated multi-energy company specialising in low-carbon electricity, renewable energy, and petrochemicals, according to press releases. Financial terms were not disclosed.

RGI-owned KAPIA-RGI completes the acquisition of the Cegid Assurex solutions business of Cegid.

RGI-backed KAPIA-RGI, a software provider for personal insurance across French-speaking markets in Europe, completed the acquisition of the Cegid Assurex solutions business of Cegid, a provider of cloud management solutions for finance, HR, accounting, retail and entrepreneurship sectors, according to press releases. Financial terms were not disclosed.

Eastnine to acquire The Bridge office property in Warsaw from Ghelamco for €300m.

Eastnine, a Swedish commercial property investor and operator, agreed to acquire The Bridge office property in Warsaw from Ghelamco, a European real estate investor and developer, for €300m ($342m), according to press releases.

Eurazeo closes €2.3bn fifth-generation secondaries programme. (Eurazeo)

Eurazeo has closed its fifth-generation private equity secondaries programme at €2.3bn ($2.6bn), surpassing its €2bn ($2.28m) fundraising target. The programme comprises Eurazeo Secondary Fund V (ESF V) and related investment vehicles, attracting commitments from a diversified global investor base that includes sovereign wealth funds, pension funds, financial institutions, family offices and private wealth clients.

ESF V is already approximately 50% deployed across 22 transactions, reflecting an active investment pace. The fund focuses on both GP-led and LP-led secondary transactions, with the firm aiming to provide liquidity solutions to private equity investors while continuing to build a diversified portfolio across sectors and geographies.

Blackstone meets investors on £6bn Indurent exit. (Bloomberg)

Indurent, a logistics real estate platform owned by Blackstone, has begun engaging with investors as it evaluates strategic options that could include a public listing in London or a sale.

The company has held preliminary discussions with real estate investors following its formation through the merger of Industrials REIT and St Modwen Logistics. Any potential exit is expected to remain at least 18 months away, with no formal timeline for a listing or sale.

Vista Equity, Quinti Capital offer to buy French adtech firm Criteo. (Reuters)

Vista Equity Partners and Quinti Capital have submitted an offer to acquire French advertising‑technology company Criteo.

The proposal values Criteo at a premium of more than 50% to its recent share price. The company is evaluating the approach and has not yet decided how to respond. Criteo’s US‑listed shares rose 21.4% following reports of the offer, giving the business a market value of about $1.16bn.

HSBC reviews Turkish banking business for possible sale. (Reuters)

HSBC is reviewing its retail and corporate banking operations in Turkey as part of a broader effort to simplify its international footprint and focus on markets where it holds greater scale.

The review excludes the bank’s wholesale banking activities, including investment banking, and may result in a range of strategic outcomes for the Turkish business.

TalkTalk wholesale arm is said to draw interest from Telecel. (Bloomberg)

Telecel Group is among the parties bidding for PlatformX Communications, the wholesale telecommunications business of TalkTalk Telecom Group.

The Africa‑focused telecom operator has submitted an offer for the unit as TalkTalk evaluates strategic options for the business. Discussions are ongoing and no transaction has been agreed.

London IPO candidate CFC hires ex-Direct Line chief Adam Winslow as new boss. (FT)

CFC has appointed Adam Winslow as chief executive officer as the insurance group evaluates strategic options for its future ownership and capital structure.

Winslow joins the private equity‑backed business as it explores alternatives that include a potential public listing, which could value the company at more than £5bn. The company is considering a London listing among other possible options.

APAC

Blackstone, CVC and MUFG among bidders for stake in MoMo. (Reuters)

Blackstone, CVC Capital Partners and Japan’s MUFG are among bidders for a stake in Vietnamese fintech firm MoMo as it presses ahead with a partial sale.

Binding bids are due in September. The stake size has not been finalised. The investor interest comes as Vietnam’s digital financial services market expands, helped by the growth of cashless payments and wider use of online financial products and services.

India property developer K Raheja said to delay $700m IPO. (Bloomberg)

K Raheja has postponed plans for an initial public offering following discussions with investment banks regarding the timing and valuation of a potential listing.

The Mumbai‑based real estate developer had been considering an IPO that could have raised up to $700m. The company has decided to delay the transaction by at least a year while reassessing market conditions and valuation expectations.

Seven & i’s former supermarket unit in talks to acquire more. (Bloomberg)

York Holdings, the retail business acquired by Bain Capital from Seven & i Holdings last year, may consider acquisitions as it evaluates opportunities to expand its operations.

The company is assessing potential transactions that could strengthen its position in Japan’s retail sector as supermarket operators seek greater scale and efficiency in a competitive market.

Temasek-backed Indian fitness firm Cult.fit files for IPO. (Bloomberg)

Cult.Fit, an Indian fitness and wellness platform, has filed draft papers for an initial public offering in India.

The proposed offering includes a fresh issue of shares and a secondary sale by existing shareholders, including Temasek’s MacRitchie Investments, Fitness First Luxembourg and Tata Digital. The company is seeking to raise about $100m through the listing as it looks to access public markets.

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