Kimberly-Clark to acquire Kenvue for $48.7bn.

Read on...

Scroll down to read deal descriptions. Your suggestions and comments support the democratisation of M&A data. If you'd like to contribute to the future editions, drop us a line.

AMERICAS

One Equity Partners-backed Brown & Root to acquire Specialty Welding and Turnarounds.

One Equity Partners-backed Brown & Root, a middle market private equity firm, agreed to acquire Specialty Welding and Turnarounds, a provider of a full range of industrial services in industrial engineering, construction, maintenance, turnarounds, soft crafts, and specialty services, according to press releases. Financial terms were not disclosed.

Specialty Welding is advised by Lazard and Kirkland & Ellis (led by Kevin Crews). Brown & Root is advised by Baker McKenzie. One Equity Partners is advised by Arnovia, KPMG, Sidley Austin and Stanton PRM (led by Thomas Zadvydas), according to press releases.

Eaton to acquire Thermal business from Goldman Sachs-backed Boyd for $9.5bn.

Eaton, an intelligent power management company, agreed to acquire Thermal business from Goldman Sachs-backed Boyd, a global innovator in engineered materials and thermal solutions, for $9.5bn, according to press releases.

Eaton is advised by Paul Weiss Rifkind Wharton & Garrison (led by Dotun Obadina). Boyd is advised by Goldman Sachs, JP Morgan, Davis Polk & Wardwell (led by John D. Amorosi) and ICR Inc (led by Devin Broda), according to press releases and MergerLinks data.

CompoSecure to merge with Husky Technologies in a $7.4bn deal.

CompoSecure, a leader in metal payment cards, security, and authentication solutions, agreed to merge with Husky Technologies, a market leading manufacturer of engineered equipment and aftermarket services, in a $7.4bn deal, according to press releases.

Husky Technologies is advised by Goldman Sachs and Latham & Watkins. CompoSecure is advised by Morgan Stanley, Paul Weiss Rifkind Wharton & Garrison (led by Laura Turano) and Elevate Communications (led by Sean Mansouri), according to press releases and MergerLinks data.

SM Energy to merge with Civitas Resources in a $12.8bn deal.

SM Energy, an independent oil and gas company engaged in exploration and production, agreed to merge with Civitas Resources, an exploration and production company focused on crude oil and natural gas assets in the Permian and DJ Basins, in a $12.8bn deal, according to press releases.

Civitas Resources is advised by JP Morgan, and Kirkland & Ellis (led by Doug Bacon). SM Energy is advised by Evercore, and Gibson Dunn & Crutcher, according to press releases.

UPS completes the acquisition of Andlauer Healthcare Group for CAD2.2bn.

UPS, a global logistics company, completed the acquisition of Andlauer Healthcare Group, a specialized provider of healthcare logistics and cold chain solutions, for CAD2.2bn ($1.57bn), according to press releases.

Andlauer Healthcare Group was advised by CIBC World Markets, and Goodmans. UPS was advised by Bank of America, King & Spalding, and Stikeman Elliott, according to press releases and MergerLinks data.

Sixth Street to acquire US onshore midstream assets from BP for $1.5bn.

Sixth Street, a global investment firm, agreed to acquire Permian and Eagle Ford midstream assets from BP, a multinational oil and gas company, for $1.5bn, according to press releases.

BP is advised by Morgan Stanley and Hunton Andrews Kurth, according to press releases.

Unitil completes the acquisition of Maine Natural Gas from Iberdrola for $93.1m.

Unitil, an interstate electricity and natural gas utility company, completed the acquisition of Maine Natural Gas, a utilities company, from Iberdrola, a multinational electricity utility company that generates, distributes, and sells electricity, for $93.1m, according to press releases.

Unitil was advised by Scotiabank and Dentons. Debt financing was provided by Scotiabank. Iberdrola was advised by Baker McKenzie (led by Jose Moran and Maher Haddad), according to press releases and MergerLinks data.

Simon completes the acquisition of the remaining 12% interest in Taubman Realty Group.

Simon, a real estate investment trust engaged in the ownership of premier shopping, completed the acquisition of the remaining 12% interest in Taubman Realty Group, an American real estate investment trust, according to press releases. Financial terms were not disclosed.

Taubman was advised by Wachtell Lipton Rosen & Katz (led by Adam Emmerich), according to press releases.

Geely completes the acquisition of a 26.4% stake in Renault do Brasil from Renault Group.

Geely, an investment holding company principally engaged in the production and sales of automobiles, completed the acquisition of a 26.4% stake in Renault do Brasil from Renault Group, a French multinational corporation and automobile manufacturer, according to press releases. Financial terms were not disclosed.

Tegna gets US Justice Department request for more information on Nexstar deal. (Reuters)

The US Department of Justice has requested additional information and documents as it reviews Nexstar Media’s proposed $3.54bn acquisition of smaller rival Tegna.

The move extends the waiting period for closing the transaction to 30 days after both companies have substantially complied with the request.

Millennium sells $2bn minority stake in hedge fund firm. (Bloomberg)

Millennium Management has sold a roughly 15% stake in its management company to a group of institutional investors in a deal valuing the firm at about $14bn.

The $2bn transaction represents a minority, passive equity interest and marks a step toward succession planning for founder Izzy Englander. The investors were not disclosed, according to a note sent to employees.

EMEA

SK Capital Partners completes the acquisition of the medical division from LISI Group.

SK Capital Partners, an investment firm, completed the acquisition of the medical division from LISI Group, a global industrial group specializing in high value-added assembly solutions and components, according to press releases. Financial terms were not disclosed.

SK Capital Partners was advised by Jefferies & Company, Piper Sandler, Sycomore Corporate Finance, Kirkland & Ellis (led by Laurent Victor-Michel), Milbank (led by Marcus Dougherty), and Gregory FCA (led by Jeremy Milner). Debt financing was provided by Partners Group. LISI Group was advised by Rothschild & Co (led by Romain Nourtier and Robert Rozemulder) and Dentons, according to press releases and MergerLinks data.

Sportsradar completes the acquisition of IMG Arena.

Sportsradar, a sports technology company that provides sports data services for betting and media industries, completed the acquisition of IMG Arena, a sports and federations company, from Endeavor Group, a sports and entertainment company, according to press releases. Financial terms were not disclosed.

Sportsradar was advised by UBS, Brandl & Talos and Sullivan & Cromwell. Endeavor was advised by Latham & Watkins (led by Sean Denvir), according to press releases.

Xpansiv to acquire Evident.

Xpansiv, a global market infrastructure provider for environmental commodities, agreed to acquire Evident, a global registry provider in renewable energy markets, according to press releases. Financial terms are not disclosed.

Xpansiv is advised by Deloitte, Marlborough Partners, Ashurst, and Clifford Chance, according to press releases.

Matmut SAM completes the acquisition of HSBC Assurances Vie (France).

Matmut SAM, an insurance company, completed the acquisition of HSBC Assurances Vie (France), a life and pension insurance company, according to press releases. Financial terms were not disclosed.

Matmut SAM was advised by White & Case (led by Marc Petitier), according to press releases and MergerLinks data.

Buyout firm Epiris plots £230m swoop on Next 15 divisions. (Sky News)

Epiris, the private equity firm that owns restaurant chains Las Iguanas and Cafe Rouge, is in talks to acquire a significant portion of Next 15 Group, the London-listed marketing services company.

The proposed deal is understood to include subsidiaries such as MHP Communications, M Booth, Outcast and Activate. Epiris has approached Ares Management to help finance the potential transaction. Discussions are ongoing and may not result in a finalized agreement.

Ad group M&C Saatchi rejects $67m offer for media unit. (Reuters)

M&C Saatchi has rejected an unsolicited £50m ($67.1m) bid for its media division from rival Brave Bison, saying the offer “fundamentally undervalues” the business.

Shares of M&C Saatchi rose 4.4% to 142 pence in early trading, while Brave Bison slipped nearly 2%.

Amundi to see a substantial hit if Unicredit deal ends. (Bloomberg)

Amundi may face a significant hit to earnings if it fails to renew its distribution agreement with UniCredit, according to Fitch Ratings.

The ratings agency said the loss of the Italian bank’s retail network could result in a contraction of up to 23% in Amundi’s gross operating income.

City tycoons plot cash shell float to fund $5bn takeover deal. (Sky News)

JRJ Group, co-founded by former Lehman Brothers executives Jeremy Isaacs and Roger Nagioff, is in talks with investors to raise several hundred million pounds for a London-listed acquisition vehicle.

The new company would be used to pursue a major corporate takeover, marking one of the most high-profile efforts in recent years to establish a listed investment vehicle in the UK market. Discussions are ongoing and may not result in a finalized structure.

Montagu taps TPG for €2bn Wireless Logic continuation fund. (Bloomberg)

Private equity firm Montagu has raised a €2bn ($2.3bn) continuation fund for Wireless Logic, a provider of smart connectivity services, allowing it to retain ownership of the asset for longer.

The new vehicle, led by TPG GP Solutions, will hold the business, with CVC Secondary Partners and Partners Group participating as co-lead investors.

APAC

Capgemini completes the acquisition of Cloud4C.

Capgemini, an information technology services and consulting company, completed the acquisition of Cloud4C, a provider of automation-driven managed services for hybrid and sovereign cloud environments, according to press releases. Financial terms were not disclosed.

Capgemini was advised by Barclays and Linklaters (led by Hubert Segain), according to press releases.

Sinopec said in talks to merge with China’s aviation fuel giant. (Bloomberg)

Sinopec Group, China’s largest oil refiner, is in talks to acquire China National Aviation Fuel Group, the country’s dominant jet fuel distributor.

The discussions, initiated by Beijing, are part of efforts to streamline and consolidate the nation’s energy and fuel sectors. A potential tie-up would combine Sinopec’s refining and supply network with CNAF’s aviation fuel operations, strengthening China’s control over critical energy infrastructure. Negotiations are ongoing, and there is no timetable or assurance that an agreement will be reached.

Singapore’s CapitaLand and Mapletree mull merger. (Bloomberg)

CapitaLand Investment and Mapletree Investments are exploring a potential merger that could create one of Asia’s largest real estate firms, with more than $150bn in assets under management, according to Dow Jones.

Both companies are backed by Singapore state investor Temasek, which has been reviewing options to consolidate and strengthen its portfolio businesses. Discussions are at an early stage and may not result in a transaction.

CVC’s AHAM Capital share sale said to attract Malaysia’s Amundi. (DealStreetAsia)

Amundi has expressed preliminary interest in acquiring CVC Capital Partners’ controlling stake in Malaysian asset manager AHAM Asset Management.

Discussions are at an early stage, with no sell-side advisers appointed for the potential sale, which values AHAM at about $757m.

Norway’s NBIM, ADIA, and Singapore’s GIC to invest in India’s Groww IPO. (DealStreetAsia)

Norway’s Norges Bank Investment Management, Abu Dhabi Investment Authority, and Singapore’s GIC are among the investors participating in the IPO of Billionbrains Garage Ventures, the parent company of Indian stockbroker Groww, according to two people familiar with the matter.

The INR66.3bn ($754m) offering, valued at about $7bn at the top of its price range, opened for anchor investors on Monday ahead of a full subscription period running through November 7. The anchor tranche totals INR29.5bn ($336m), with shares priced at the upper end of the band.

Animoca Brands plans Nasdaq listing through reverse merger. (Bloomberg)

Animoca Brands, a Hong Kong-based crypto investor and blockchain developer, plans to list on the Nasdaq through a reverse merger with Currenc Group.

Following the transaction, expected to close in 2026, Animoca shareholders will hold about 95% of the combined company. Key investors include Kingsway Capital, 50T Funds and SoftBank.

Pony AI is said to be poised to raise $863m in HK listing. (DealStreetAsia)

Pony AI is set to raise HKD6.7bn ($863m) in its Hong Kong listing after pricing shares at HKD139 ($17.89) each. The Chinese autonomous driving company is offering 42m shares and plans to fully exercise an additional 6.3m share option.

The offer price represents a discount of just over 4% to its Nasdaq close of $18.68 on Friday. Pony AI had earlier set a maximum price of HKD180 ($23.16) per share for the offering.

PayPal-backed Pine Labs seeks up to $439m in Mumbai IPO. (Bloomberg)

Pine Labs plans to raise up to INR39bn ($439m) through an initial public offering in Mumbai. The digital payments provider, backed by Mastercard and PayPal, will offer shares at INR210 ($2.36) to INR221 ($2.48) each, seeking a valuation of about INR253.8bn ($2.8bn) at the top of the range.

The offering includes a fresh issue worth INR20.8bn ($233m) and the sale of roughly 82.35m shares by founder and existing investors, including Peak XV Partners, PayPal, and Mastercard Asia. Anchor investors can place bids on November 6, with subscriptions for other investors open from November 7 to 11.

Keppel’s private funds raise $5bn in first nine months of 2025. (DealStreetAsia)

Keppel has raised SGD6.7bn ($5.1bn) across its infrastructure, urban renewal, education, data centre, and private credit funds in the first nine months of 2025. The group earned SGD299m ($230m) in asset management fees.

Its REITs and infrastructure trust will add about SGD1.4bn ($1.08bn) to assets under management, while its European unit Aermont has begun marketing a new flagship fund for 2026.

Blackstone, Partners alumni raise $750m in secondary fund. (Bloomberg)

Aquilius Investment Partners, a Singapore-based real estate investment firm co-founded by former Blackstone and Partners Group executives, has raised $750m for a secondary fund.

The latest raise builds on Aquilius’s inaugural fund of over $400m completed in 2023. Founded in 2021 by Christian Keiber and Bastian Wolff, Aquilius focuses on real estate and private equity secondaries across global markets.

General Atlantic leads funding in Indian BNPL player Snapmint. (DealStreetAsia)

Buy now, pay later startup Snapmint has raised new funding led by global investment firm General Atlantic, with participation from Prudent Investment Managers, Kae Capital, Elev8 Venture Partners and existing angel investors.

While financial terms were not disclosed, a report by The Economic Times valued the round at about $125m. The company plans to use the proceeds to expand its EMI-on-UPI offering and merchant network.

Daily Review

Connect the World of Dealmakers