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AMERICAS

Littlejohn completes the acquisition of RailPros from Court Square Capital Partners.

Littlejohn, a private investment firm, completed the acquisition of RailPros, a provider of outsourced services to rail, utilities, and transportation clients, from Court Square Capital Partners, a private equity firm that invests in and partners with middle-market companies, according to press releases. Financial terms were not disclosed.

Littlejohn was advised by Houlihan Lokey, Jefferies & Company, Wells Fargo, Ropes & Gray and Gasthalter & Co (led by Nathaniel Garnick). RailPros was advised by Lincoln International and Piper Sandler, according to press releases.

Lilly to acquire SiteOne Therapeutics for $1bn.

Lilly, a pharmaceutical company, agreed to acquire SiteOne Therapeutics, a private biotechnology company developing small molecule inhibitors of sodium channels to treat pain and other neuronal hyperexcitability disorders, for $1bn, according to press releases.

SiteOne Therapeutics is advised by Centerview Partners, Cooley and Skadden Arps Slate Meagher & Flom. Lilly is advised by JP Morgan and Jones Day, according to press releases.

Coalesce Capital completes the acquisition of DAS Health from Sheridan Capital Partners.

Coalesce Capital, a private equity firm, completed the acquisition of DAS Health, a provider of healthcare IT and business solutions, from Sheridan Capital Partners, a Chicago-based private equity firm, according to press releases. Financial terms were not disclosed.

Coalesce Capital was advised by Lazard, Latham & Watkins and Joele Frank (led by Ed Trissel). DAS Health was advised by Houlihan Lokey and McDermott Will & Emery, according to press releases.

Mayville Engineering Company to acquire Accu-Fab from Tide Rock for $140m.

Mayville Engineering Company, a provider of manufacturing services, including fabrication, machining, assembly, and finishing, agreed to acquire Accu-Fab, a company that specializes in precision metal fabrication and contract manufacturing, from Tide Rock, a private equity firm, for $140m, according to press releases.

Mayville Engineering Company is advised by JP Morgan, The Keystone Group, Foley & Lardner and Vallum Advisors (led by Stefan Neely and Noel Ryan), according to press releases.

IgniteTech completes the acquisition of Khoros.

IgniteTech, a provider of software solutions, completed the acquisition of Khoros, a customer engagement platform, according to press releases. Financial terms were not disclosed.

IgniteTech was advised by JonesSpross and Willkie Farr & Gallagher. Khoros was advised by Moelis & Co and Kirkland & Ellis, according to press releases.

Serco completes the acquisition of US defence business from Northrop Grumman for $327m.

Serco, a multinational defence, health, space, justice, migration, customer services, and transport company, completed the acquisition of US defence business from Northrop Grumman, an aerospace and defense company, for $327m, according to press releases.

Northrop was advised by Robert W Baird (led by John Song) and Gibson Dunn & Crutcher (led by Evan D'Amico), according to MergerLinks data.

Champion Homes to acquire Iseman Homes.

Champion Homes, a provider of modular and manufactured homes, agreed to acquire Iseman Homes, a specialist in the sale of manufactured homes, according to press releases. Financial terms were not disclosed.

Samsung in talks to invest in California-based Exo. (Bloomberg)

Samsung Electronics' investment division is reportedly one of several firms looking to invest in US-based healthcare software and device maker Exo Imaging.

Samsung Ventures Investment is considering joining a private funding round led by Sands Capital, Bold Capital, and Qubit Health Capital. Exo, headquartered in Santa Clara, California, could raise around $100m through this round.

Nippon Steel could offer Washington golden share to seal US Steel deal. (Reuters)

Nippon Steel is considering offering a golden share in US Steel to the US government to help secure approval for its $14.9bn acquisition.

This golden share would allow Washington to veto key management decisions, addressing national security concerns under review by the Committee on Foreign Investment in the US.

Fintech company Circle launches a $624m IPO. (Press Release)

Circle Internet Group, a global fintech and stablecoin issuer, has launched its initial public offering of 24m Class A common shares, seeking to raise as much as $624m.

The company will offer 9.6m shares while selling stockholders will offer the remaining 14.4m. The expected IPO price range is $24 to $26 per share, subject to market conditions.

EMEA

UniCredit can let BPM bid lapse, but will hold onto Commerzbank. (Reuters)

UniCredit is prepared to let its offer for Banco BPM lapse, CEO Andrea Orcel said on May 27, while signaling a different approach for Commerzbank, where UniCredit holds a 28% stake. The bank acquired the Commerzbank stake in late 2024 as part of a plan to merge it with its HVB business in Germany—a move that has faced strong political resistance in Berlin. UniCredit remains willing to wait on that front.

Banco BPM is advised by Legance (led by Alberto Maggi and Filippo Troisi) and Studio Zoppini e Associati (led by Andrea Zoppini). Unicredit is advised by Deloitte, Cappelli Riolo Calderaro Crisostomo Del Din & Partners (led by Roberto Cappelli), Chiomenti (led by Gianrico Giannesi), Clifford Chance (led by Riccardo Coassin), Freshfields Bruckhaus Deringer (led by Gian Luca Zampa), Gatti Pavesi Bianchi Ludovici (led by Carlo Pavesi), Sullivan & Cromwell (led by Mitchell S. Eitel), Maisto e Associati and Brunswick Group. Financial advisors are advised by Legance (led by Marco Iannò), according to press releases and MergerLinks data.

HGGC to acquire Inspired for $175m.

HGGC, a private equity firm, agreed to acquire Inspired, an energy and sustainability advisor, for $175m, according to press releases.

Inspired is advised by Evercore (led by Edward Banks), Panmure Liberum (led by Edward Mansfield), Shore Capital & Corporate (led by Patrick Castle) and Alma PR (led by Justine James), according to press releases.

IMI Fabi completes the acquisition of talc business from Elementis for $121m.

IMI Fabi, a talc manufacturer, completed the acquisition of talc business from Elementis, a global specialty chemicals company, for $121m, according to press releases.

Elementis was advised by Rothschild & Co (led by Ravi Gupta), Allen & Overy and Teneo (led by Martin Robinson). IMI Fabi was advised by Mediobanca, according to press releases and MergerLinks data.

Terlos to acquire Casa Optima from Charterhouse Capital Partners.

Terlos, a private equity firm, agreed to acquire Casa Optima, a company that offers a wide range of products and services, including artisan gelato, high pastry, professional decorations, and beverage options, from Charterhouse Capital Partners, a private equity firms operating in Europe, according to press releases. Financial terms were not disclosed.

Charterhouse Capital Partners is advised by Prosek Partners, according to press releases.

SOCAR, Gunvor, Bin Butti to bid for refiner Italiana Petroli. (Reuters)

Azerbaijan's SOCAR, commodity trader Gunvor, and Abu Dhabi’s Bin Butti are expected to submit binding bids next week for Italian oil refiner Italiana Petroli.

Italiana Petroli, owned by the Brachetti Peretti family and advised by UniCredit, operates a refinery with a 200k barrels per day capacity and manages 4.6k fuel stations.

Saudi Arabia-based REDA Hazard Control is said to explore sale. (Bloomberg)

Saudi Arabia’s REDA Hazard Control is evaluating strategic alternatives, including the possibility of a complete sale, presenting a unique chance for investors to acquire a stake in a privately-owned Saudi firm.

The fire safety and equipment provider has enlisted Moelis & Co to advise on the deal and has reached out to potential buyers, including regional and global private equity firms.

ThyssenKrupp pushing ahead with the strategic realignment. (Press Release)

ThyssenKrupp is advancing a strategic overhaul aimed at transforming itself into a streamlined industrial holding company with independent, investment-ready business units. Central to the strategy is the gradual separation of all business segments to attract third-party investment while maintaining controlling stakes, except in the planned 50/50 steel joint venture with EPG.

Key steps already in motion include the minority spin-off of thyssenkrupp Marine Systems and the steel JV. Future plans involve preparing the Materials Services, Automotive Technology, and Decarbon Technologies units for independence, aligning with growing market interest in green technologies. The restructuring aims to create a more focused, agile corporate structure centered around ThyssenKrupp as a strategic holding entity.

German consortium plans to build AI Gigafactory. (Handelsblatt)

Several major German tech companies, including SAP, Deutsche Telekom, Ionos, Schwarz Group and Siemens, are in advanced talks to jointly apply for EU support to build an AI Gigafactory in Germany.

The project aims to strengthen Europe’s digital sovereignty and reduce reliance on the US and China. It aligns with the EU’s $20bn plan to develop five AI gigafactories.

Middle East’s first IPO since tariff turmoil sees choppy debut. (Bloomberg)

Shares of Saudi packaging company United Carton Industries saw modest gains during a volatile market debut in Riyadh, reflecting the broader uncertainty affecting IPOs in the Middle East.

The stock rose 2% to SAR51 ($13.60) by mid-morning Tuesday, after initially jumping as much as 9%. However, it also dipped to SAR49 ($13) at one point, falling 2% below its offer price.

APAC

Nestlé completes the acquisition of a minority stake in Drools Pet Food Private.

Nestlé, a multinational food and drink processing conglomerate corporation, completed the acquisition of a minority stake in Drools Pet Food Private, a pet food brand, according to press releases. Financial terms were not disclosed.

Drools Pet Food was advised by Cyril Amarchand Mangaldas. L Catterton was advised by Talwar Thakore & Associates (led by Sachin Mehta), according to MergerLinks data.

Sanlam completes the investment in Shriram AMC.

Sanlam, a South African financial services group, completed the investment in Shriram AMC, a financial services company, according to press releases. Financial terms were not disclosed.

IndiGo co-founder sells $1.36bn of airline's shares. (Reuters)

Rakesh Gangwal, the co-founder of IndiGo, has offloaded a 5.7% stake in the airline via a block deal valued at approximately $1.36bn. The shares were priced at INR5.2k rupees ($61.35) each.

Initially, the sale was planned for up to 13.2m shares worth roughly $803m, but the volume was later increased to 22.1m shares. The sale was managed by Goldman Sachs, Morgan Stanley, and JP Morgan.

Tencent increases Korea music exposure ahead of China K-Pop move. (Bloomberg)

Tencent Music Entertainment, a music streaming services provider, plans to acquire a 10% stake in SM Entertainment for approximately $180m and become the firm's second-largest shareholder.

The stake will be purchased from Hybe, the agency behind BTS, which is offloading its remaining 2.2m shares in SM Entertainment at KRW110k ($80) per share.

Cerberus eyes Darwin Port amid Australia's local ownership push. (Reuters)

Cerberus Capital Management, the US private equity firm, has expressed preliminary interest in acquiring the lease of Darwin Port from its Chinese operator - Landbridge Group.

The interest aligns with the Australian government's broader goal of returning the strategically important port to domestic hands. However, Landbridge has maintained that the port is not for sale and has not engaged in discussions with the Australian government regarding a transfer.

Top Indian exchange’s valuation jumps 60% with IPO looming. (Bloomberg)

Rising expectations for an IPO of the world’s largest equity-derivatives exchange have driven the National Stock Exchange of India’s private market valuation to $58bn.

High-net-worth individuals and institutions, anticipating a possible listing as early as this year, have been actively purchasing its unlisted shares. The strong demand, far exceeding available supply, has pushed the share price up to INR2k ($23).

HDFC unit is said to near SEBI nod for $1.5bn India IPO. (Bloomberg)

HDB Financial Services is nearing regulatory approval from the Securities and Exchange Board of India for its initial public offering, which could become one of India’s largest listings this year.

The approval is expected to be announced in the coming weeks, and the company plans to begin investor outreach next month.

Coal India unit CMPDIL files for initial public offering. (Reuters)

Central Mine Planning and Design Institute, a subsidiary of state-owned Coal India providing services in mine planning and exploration, has submitted draft documents for an initial public offering.

CMPDIL’s offering will not include new shares. Instead, Coal India intends to offload up to 71.4m existing shares. The IPO’s total value remains undisclosed. SBI Capital Markets and IDBI Capital Markets & Securities are leading the IPO process.

Quadria Capital closes $1bn fund to advance healthcare transformation across Asia. (Press Release)

Quadria Capital, a private equity firm specializing in healthcare, has announced the successful final close of its third fund, securing $1bn in total commitments.

The amount notably surpasses the initial target of $800m, but the firm expects to raise another $300m in co-investment capital during the investment period, potentially increasing the total committed capital to around $1.3bn once fully deployed.

Multiples closes $430m continuation fund in partnership with global investors. (Press Release)

Multiples Alternate Asset Management, an India-focused private equity firm, has closed a $430m continuation fund led by global investors HarbourVest Partners, Hamilton Lane, LGT Capital Partners, and TPG NewQuest.

The fund was created to acquire stakes in three rapidly scaling businesses: Vastu Housing Finance, an affordable housing finance services provider, Quantiphi, an AI and digital engineering company and APAC Financial Services, a growing financial services network.

Multiples was advised by UBS, Kirkland & Ellis, Trilegal and PwC. Lead investors were advised by Debevoise & Plimpton.

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