Ki and Public Storage to acquire the remaining shares in Abacus Storage King at an AUD1.9bn valuation.

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AMERICAS

Epsilogen completes the acquisition of TigaTx.

Epsilogen completed the acquisition of TigaTx, a global biotechnology company and developer of immunoglobulin E, according to press releases. Financial terms were not disclosed.

Epsilogen was advised by FTI Consulting (led by Simon Conway), according to press releases.

CDPQ-backed Verene Energia to acquire power transmission business unit of Equatorial Energia for BRL5.2bn.

CDPQ-backed Verene Energia, a power transmission platform, agreed to acquire power transmission business unit of Equatorial Energia, a Brazilian energy company, for BRL5.2bn ($906m), according to press releases.

A group of investors led a $450m Series E round in SandboxAQ.

A group of investors, including Ray Dalio, Horizon Kinetics, BNP Paribas, Google, and NVIDIA, led a $450m Series E round in SandboxAQ, an enterprise quantitative AI company, according to press releases.

New Mountain set to acquire a stake in Office Ally at a $1.8bn valuation. (FT)

New Mountain is close to acquiring a significant stake in Office Ally, a healthcare software firm, in a deal that values the business at approximately $1.8bn. The stake is being purchased from Francisco Partners. The transaction follows a competitive auction process where New Mountain outbid several other interested parties.

The investment reflects continued private equity interest in health tech platforms with stable revenue and strong customer bases.

Woodside sells 40% stake in Louisiana LNG project to Stonepeak for $5.7bn. (Press Release)

Woodside Energy agreed to sell a 40% stake in its proposed Louisiana LNG plant to US infrastructure investor Stonepeak for $5.7bn. The sale aims to ease Woodside's capital expenditure burden while advancing the project toward a final investment decision.

The transaction represents a key milestone in the development of the LNG plant, with Woodside also engaging with other potential partners to further reduce its stake. The deal gives Stonepeak significant exposure to the US LNG market amid rising global demand for gas exports.

Ancora pitches a $75 per share turnaround plan for US Steel if the Nippon deal fails. (Bloomberg)

Ancora has proposed a $75 per-share value creation plan for United States Steel as an alternative to its pending takeover by Japan's Nippon Steel. The activist investor is pushing to replace the company’s board and CEO, arguing that its internal strategy would generate more shareholder value than the current acquisition route.

The plan calls for a $3bn reinvestment using existing cash and liquidity to modernize US Steel’s operations across Pennsylvania, Ohio, and Illinois. Ancora’s proposal is positioned as a domestic growth strategy centred on plant revitalization and long-term competitiveness.

OpenAI in talks to acquire AI hardware startup io Products for over $500m. (News Center)

OpenAI is in discussions to acquire io Products, a hardware startup co-founded by its CEO Sam Altman and former Apple design lead Jony Ive, in a potential deal valued at more than $500m. The venture is focused on developing AI-powered personal devices designed to enable natural voice interaction, a concept central to Altman’s vision for future consumer tech.

The proposed acquisition reflects OpenAI’s ambition to extend its AI capabilities into hardware amid broader industry challenges. The talks come at a time when recent high-profile AI gadgets have underperformed, raising the stakes for new entrants like io Products.

Jefferies appoints Barclays' Gabriel Gruber as global co-head of chemicals banking. (Bloomberg)

Jefferies Financial Group has hired Gabriel Gruber as global co-head of chemicals investment banking, strengthening its sector coverage and expanding its European footprint. Gruber was previously global co-head of chemicals at Barclays, where he advised on major transactions including the planned merger of OMV’s chemical arm with Adnoc’s Borouge.

Gruber will be based in Milan and will work alongside Adam Abramson, who continues to serve as US-based co-head of the chemicals group. The hire underscores Jefferies’ strategic push to grow its advisory capabilities across key industrial sectors in Europe.

EMEA

P10 completes the acquisition of Qualitas Funds for $63m.

P10, a private markets solutions provider, completed the acquisition of Qualitas Funds, a Madrid-based private equity investing platform that provides fund-of-funds, direct co-investing and NAV financing opportunities in the European lower-middle market, for $63m, according to press releases.

Qualitas Funds was advised by Cuatrecasas Goncalves Pereira (led by Francisco Jose Martinez Maroto). P10 was advised by Kirkland & Ellis, Perez Llorca (led by Francisco Iso) and Prosek Partners, according to press releases and MergerLinks data.

Comply365 to acquire SMS business of Rolls-Royce.

Comply365, a global provider of operational content, safety and training management solutions, agreed to acquire SMS business of Rolls-Royce, a British multinational aerospace and defence company, according to press releases. Financial terms were not disclosed.

Comply365 is advised by Willkie Farr & Gallagher. Rolls-Royce is advised by DLA Piper, according to press releases.

Herspiegel completes the acquisition of FIECON.

Herspiegel, a provider of pharmaceutical and biotech commercialization services, completed the acquisition of FIECON, a health economics and market access consultancy firm, according to press releases. Financial terms were not disclosed.

FIECON was advised by Piper Sandler and Bird & Bird (led by James Baillieu), according to press releases.

ZCG-backed Unimed to acquire Lagaay Medical from B&S.

ZCG-backed Unimed, a provider of health and compliance solutions to the maritime industry, agreed to acquire Lagaay Medical, a distributor of pharmaceutical products and medical devices, from B&S, a global distribution company, according to press releases. Financial terms were not disclosed.

ZCG is advised by Joele Frank (led by Tim Ragones and Kate Thompson), according to press releases.

Ecotricity seeks buyer for large-scale UK solar and battery project. (Sky News)

Ecotricity, the green energy company founded by Dale Vince, has hired KPMG to find a buyer for its major solar and battery storage project at Heckington Fen in Lincolnshire. The company is marketing the site - expected to generate 600MW of solar power and 400MW of battery storage - as one of the UK’s largest renewable energy developments.

Designated a Nationally Significant Infrastructure Project, the development received approval earlier this year and is being positioned for a full sale, though Ecotricity is open to retaining a minority stake. The company aims to close a transaction by Q3 2025.

Ardian delays flagship buyout fundraise amid internal restructuring. (Bloomberg)

Ardian has postponed the fundraising process for its next major buyout vehicle, Ardian Buyout Fund VIII, as it restructures its buyout team in response to a tougher fundraising climate. The Paris-based investment firm had originally planned to launch the fundraise in early 2025 but is now expected to begin seeking commitments later in the year.

The delay coincides with the creation of a new buyout management committee aimed at strengthening investor confidence and positioning the firm for long-term capital raising. The decision reflects broader pressures facing private equity firms, including reduced liquidity and cautious LP sentiment.

Novo Banco continues IPO preparations, timing dependent on market conditions. (Bloomberg)

Novo Banco, the Lisbon-based lender majority-owned by Lone Star, has reiterated that it is actively preparing for a potential initial public offering. While the bank confirmed that preparatory work is ongoing, it emphasized that no definitive timeline has been set and that market conditions will guide the final decision.

The update follows earlier statements from the bank about considering strategic options, including a public listing. Novo Banco is monitoring financial markets closely to determine the optimal timing for any transaction, though no formal filing or roadshow has yet been announced.

APAC

CATL in talks to acquire a controlling stake in Nio’s battery-swapping unit. (Reuters)

CATL is negotiating to acquire a controlling stake in Nio Power, the energy subsidiary of electric vehicle maker Nio, which operates over 3,000 battery swapping stations across China. The talks follow CATL’s announcement in March of a planned investment of up to $340m in the unit.

The move would deepen CATL’s involvement in EV infrastructure and further integrate its battery supply business with downstream energy services. Nio Power represents a strategic asset as China pushes forward with alternative EV charging models and energy distribution technologies.

Duality Biotherapeutics targets $200m in Hong Kong IPO. (China Daily)

Chinese biotech company Duality Biotherapeutics has launched a Hong Kong IPO aiming to raise up to HKD1.56bn ($200m). The offering involves 15.07m shares priced between HKD94.60 ($12.10) and HKD103.20 ($13.20) each, according to the company’s prospectus.

The IPO comes amid turbulent global markets, testing investor confidence in high-growth biotech firms. Proceeds from the listing are expected to support R&D efforts and clinical development, although specific allocations have not been disclosed.

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