KKR and CPP Investments to acquire a 45% stake in Sempra Infrastructure Partners from Sempra Energy for $10bn.

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AMERICAS

Strive to acquire Semler Scientific for $675m.

Strive, an asset management Bitcoin treasury company, agreed to acquire Semler Scientific, a company specialising in medical devices and software to combat chronic diseases, for $675m, according to press releases.

Semler Scientific is advised by LionTree Advisors and Goodwin Procter. LionTree Advisors is advised by Sullivan & Cromwell (led by Stephen M. Kotran). Strive is advised by Cantor Fitzgerald and Davis Polk & Wardwell (led by Brian Wolfe), according to press releases and MergerLinks data.

Allwyn to acquire a 62.3% stake in PrizePicks in a $2.6bn deal.

Allwyn, a lottery-led gaming entertainment company, agreed to acquire a 62.3% stake in PrizePicks, a daily fantasy sports platform, in a $2.6bn deal, according to press releases.

PrizePicks is advised by Moelis & Co, Cooley and Gladstone Place Partners. Allwyn is advised by Freshfields Bruckhaus Deringer (led by Steven Y. Li and Ethan A. Klingsberg) and Brunswick Group, according to press releases.

Hansa Investment to merge with Ocean Wilsons.

Hansa Investment, a Bermuda-domiciled, closed-ended investment company, offered to merge with Ocean Wilsons, a Bermuda-based investment holding company, according to press releases. Financial terms were not disclosed.

Hansa Investment is advised by Winterflood Securities (led by Neil Langford), Burson Buchanan (led by Charles Ryland and Henry Wilson), Dentons (led by Guy Norfolk and Claire Armstrong) and Conyers Dill & Pearman, according to press releases.

HEINEKEN to acquire beverage and retail businesses from FIFCO for $3.2bn.

HEINEKEN, a beer company, agreed to acquire beverage and retail businesses from FIFCO, a food and beverages company, for $3.2bn. The portfolio includes FIFCO’s 75% stake in Distribuidora la Florida, 75% stake in Nicaragua Brewing Holding (which owns a 49.85% indirect stake in Compañía Cervecera de Nicaragua), 25% interest in Brewery Panama (Baru) and 100% stake in FIFCO Mexico, according to press releases.

HEINEKEN is advised by UBS and Davis Polk & Wardwell (led by Daniel Brass). FIFCO is advised by Bank of America and CCK, according to press releases and MergerLinks data.

Scilex-backed Semnur Pharmaceuticals went public via a SPAC merger with Denali Capital Acquisition in a $2.5bn deal.

Scilex-backed Semnur Pharmaceuticals, an innovative revenue-generating company focused on acquiring, developing and commercializing non-opioid pain management products for the treatment of acute and chronic pain, went public via a SPAC merger with Denali Capital Acquisition, a special purpose acquisition company, in a $2.5bn deal, according to press releases.

Semnur Pharmaceuticals was advised by Paul Hastings (led by Jeff Hartlin and Elizabeth Razzano). Denali Capital Acquisition was advised by Winston & Strawn (led by Michael J. Blankenship), according to press releases.

DelCam Capital completes the acquisition of Gaston Electronics.

DelCam Capital, a Massachusetts-based private equity firm, completed the acquisition of Gaston Electronics, an integrated electronics manufacturer, according to press releases. Financial terms were not disclosed.

Minute Media completes the acquisition of VideoVerse from Moneta Ventures.

Minute Media, a global technology and sports content company, completed the acquisition of VideoVerse, an AI-powered video solutions provider, and its AI-driven SaaS platform, Magnify, from Moneta Ventures, an early-stage venture capital firm, according to press releases. Financial terms were not disclosed.

Glooko completes the acquisition of Monarch Medical Technologies.

Glooko, a provider of remote patient monitoring and digital health solutions for diabetes, completed the acquisition of Monarch Medical Technologies, a developer of EndoTool, a software platform for inpatient insulin dosing and glycemic management, according to press releases. Financial terms were not disclosed.

VIEW Analysts react to Nvidia's $100bn investment in OpenAI. (Reuters)

Nvidia is preparing to invest up to $100 bn in OpenAI, supplying the company with data center chips and taking a financial stake in the maker of ChatGPT. The agreement includes a strategic partnership to deploy at least 10 gigawatts of compute, reinforcing Nvidia’s central role in the AI ecosystem.

The deal comes as investments in AI infrastructure have surged since 2022, driven by expectations that businesses across sectors will integrate the technology into products and services. By securing OpenAI as a key customer, Nvidia aims to maintain its dominance amid the emergence of rival chip suppliers.

Trump says Uzbekistan Airways to buy up to 22 Boeing 787 Dreamliners for over $8bn. (Reuters)

Uzbekistan Airways has signed a deal with Boeing valued at over $8 bn to acquire up to 22 Boeing 787 Dreamliners. The deal represents one of the largest aircraft orders in the region and underscores growing ties between the two countries’ aviation sectors.

The agreement was finalized on the sidelines of the 80th United Nations General Assembly in New York City, with Boeing issuing a separate statement confirming the order.

Largest US rail union endorses Union Pacific and Norfolk Southern merger. (Reuters)

The largest US railroad union, SMART-TD, has shifted to support Union Pacific’s $85bn acquisition of Norfolk Southern, overcoming earlier concerns about job security, competition, and infrastructure access.

The endorsement removes a major obstacle for the deal, which has surprised competitors and is expected to reshape the US freight rail landscape, putting pressure on rivals like CSX.

Some PepsiCo investors cautious of Elliott's plan to spin out bottling. (Reuters)

Some investors in PepsiCo are backing activist shareholder Elliott Investment Management’s recommendations to cut costs and streamline underperforming brands like Quaker.

However, investors remain cautious about Elliott’s more ambitious proposal to spin off the company’s bottling network. The hedge fund argues that separating the bottling operations, similar to moves by Coca-Cola nearly a decade ago, would boost margins and allow PepsiCo, valued at around $200bn, to focus on higher-growth snacks and beverages.

Commercial Bancgroup seeks to raise up to $104m in rare US bank IPO. (Reuters)

Commercial Bank Group is planning to raise up to $104 m through an initial public offering, aiming to become one of the few US banks to go public in recent years. The move highlights a rare return to the public markets for a sector that has largely relied on private capital or consolidation for growth.

US bank IPOs have become rare since the 2008 financial crisis, with stricter regulations, higher compliance costs, and market volatility making public listings less appealing. Many lenders now favor private capital raises or mergers as more efficient growth strategies.

Klarna and Netskope IPOs spur best month for US volume since 2021. (Bloomberg)

A surge of new listings is propelling the U.S. IPO market toward what could be its busiest month since the frenzied highs of late 2021, reflecting renewed investor confidence and growing demand for fresh equity offerings after an extended lull.

Strong showings from Klarna Group and Netskope have led the charge, lifting September’s US IPO proceeds to $7.6 bn so far, excluding special-purpose acquisition companies. That marks the strongest month for new offerings since November 2021 and underscores growing momentum in the market.

US IPO rebound does little to dent private markets' rapid growth. (Bloomberg)

Investment bankers are welcoming a rebound in US initial public offerings, though the recovery comes too late to reverse a long-term decline in publicly listed companies.

The number of US public companies fell to roughly 4k in 2024, about half the total in 1996. Meanwhile, nearly 800 privately held U.S. firms are now valued at over $1bn each, including three mega-unicorns—SpaceX, Anthropic, and OpenAI—each exceeding $100bn in valuation.

JP Morgan adds more mid-cap bankers as group set for record haul. (Bloomberg)

JPMorgan Chase & Co. has strengthened its mid-cap investment banking team, reflecting the unit’s growing momentum and its prospects to achieve record revenue this year amid a busy dealmaking environment.

The bank recruited Rohan Juneja from Jefferies Financial Group, Ryan Lake from Arlington Capital Advisors, and Lauren Vitale from Lincoln International. Juneja will focus on media and communications, Lake on the beverage sector, and Vitale on education and broader business-services clients.

Bank of America names Iles and Poensgen to lead EMEA dealmaking. (Reuters)

Bank of America has named Geoff Iles and Lukas Poensgen as co-heads of its mergers and acquisitions business for Europe, the Middle East, and Africa, succeeding Eamon Brabazon, who moved to co-head global M&A.

Iles, with the bank since 2003 and leading UK M&A for seven years, will be based in London, while Poensgen’s posting was not specified. A bank spokesperson confirmed the appointments.

Irth Capital taps former US ambassador to Qatar as president and partner. (Reuters)

Irth Capital Management has appointed Timmy Davis, former US ambassador to Qatar, as president and partner. The alternative asset manager announced the move on September 22, marking a significant hire as it strengthens its leadership team.

Davis, a career diplomat with three decades of experience in foreign policy, served as US envoy to Qatar from 2022 until September. His appointment comes as Washington continues to emphasize ties with the Gulf state, which it regards as a key regional partner.

Oracle names insiders Clay Magouyrk and Mike Sicilia as Co-CEOs in surprise move. (Reuters)

Oracle has appointed Clay Magouyrk and Mike Sicilia as co-chief executives, replacing Safra Catz after 11 years at the helm. Catz is credited with transforming the company into a cloud leader, securing major contracts and driving its market value close to $1tn.

The promotion of Magouyrk and Sicilia, both from Oracle’s cloud division, highlights the firm’s focus on artificial intelligence and cloud services as central to its future growth.

Brewer Molson Coors promotes Goyal to CEO in push beyond beer. (Bloomberg)

Molson Coors Beverage has appointed Rahul Goyal as its next Chief Executive Officer, turning to a longtime company executive to guide the brewer’s expansion into nonalcoholic beverages and broader portfolio diversification amid softening beer demand and changing consumer preferences.

Goyal, 49, will take over on October 1, succeeding Gavin Hattersley, who will retire from the company and its board by December 31. Hattersley, CEO since 2019, will remain with the company as a special adviser through the end of the year to ensure a smooth transition.

EMEA

Sagard to merge with Unigestion.

Sagard, a global alternative asset manager, agreed to merge with Unigestion, a European middle-market private equity firm, according to press releases. Financial terms were not disclosed.

Unigestion is advised by UBS and Lenz & Staehelin. Sagard is advised by Deloitte, PricewaterhouseCoopers, Blake Cassels & Graydon and McDermott Will & Schulte, according to press releases.

CMA CGM completes the acquisition of Freightliner UK.

CMA CGM, a sea, land, air, and logistics solutions provider, completed the acquisition of Freightliner UK, a rail freight and logistics company, according to press releases. Financial terms were not disclosed.

CMA CGM was advised by Credit Agricole, according to MergerLinks data.

KBC says it is only exploring Ethias acquisition after report on potential ABN Amro deal. (Reuters)

KBC Group clarified on September 22 that it is currently focused on evaluating a potential acquisition of Belgian state-backed insurer Ethias, following reports suggesting the lender was considering a deal for Dutch rival ABN Amro Bank.

The company emphasized it regularly reviews opportunities aligned with its digital-first bank-insurance strategy but noted that only Ethias is under active consideration at this stage.

Botswana wants to buy De Beers controlling stake by next month. (Bloomberg)

Botswana's president is targeting completion of a deal to acquire a majority stake in De Beers by the end of next month, while negotiations continue with Anglo American Plc and other potential buyers.

Anglo American, which holds an 85% stake in De Beers—the country’s leading diamond producer—is seeking to divest as part of a restructuring process that began 16 months ago. The sale has been delayed amid a prolonged slump in the global diamond market, which continues to face intense price pressure and weak demand.

Smiths' profit beats as units earmarked for sale perform well. (Bloomberg)

Smiths Group reported that the units it is preparing to sell delivered particularly strong results in fiscal 2025, contributing to profit that exceeded analyst expectations and highlighting the value of the businesses being divested.

The engineering firm is restructuring to focus on its John Crane and Flex-Tek businesses, which supply industrial seals and pipes across sectors including oil and gas, pharmaceuticals, aerospace, and construction. It plans to separate or sell Smiths Detection, which produces airport security scanners, and Smiths Interconnect, a maker of cables and wiring.

Nigerian FinTech aims at US market with eye on African diaspora. (Bloomberg)

A Nigerian FinTech firm is collaborating with a US bank to allow customers to link their accounts in both countries through a single digital wallet, streamlining cross-border payments.

Paga Group, whose investors include former Goldman Sachs Asset Management Chairman Jim O'Neill, has partnered with Oklahoma-based Regent Bank to enable expatriate Nigerians to pay for goods and services in Nigeria directly through the wallet, without needing to transfer funds from the US.

Deutsche Bank heats up private markets race for Europe's rich. (Bloomberg)

Deutsche Bank is increasing efforts to give wealthy European clients access to private markets, as financial firms compete globally to tap the region’s affluent investor base.

Germany’s largest lender plans to launch a private markets fund in partnership with its asset-management unit, DWS Group, and Swiss buyout firm Partners Group, which will be available to high-net-worth clients starting in the third quarter.

Kingspan plans Amsterdam IPO for data center materials unit. (Bloomberg)

Building materials firm Kingspan Group is exploring an initial public offering for its advanced building systems unit, Advnsys, amid rising investment in data center infrastructure.

The unit could be listed in Amsterdam as early as the first quarter of 2026. Advnsys produces materials for data centers, including mesh walls, liquid cooling manifolds, and structural ceilings, while Kingspan would retain a majority stake.

APAC

Prolifics completes the acquisition of Castaliaz Technologies.

Prolifics, a global IT company specializing in digital engineering and consulting services, completed the acquisition of Castaliaz Technologies, an Indian IT consulting company specializing in SAP implementation, migration and support services, according to press releases. Financial terms were not disclosed.

How typhoons can delay big IPOs like Zijin Gold's $3.2bn deal in Hong Kong. (Bloomberg)

Zijin Gold is facing a potential delay to its $3.2bn initial public offering after Hong Kong raised the No. 8 typhoon signal, the third-highest storm warning, across the city, disrupting normal market operations.

The IPO, which would be the world’s largest since May, could see its highly anticipated listing pushed back as authorities monitor weather conditions and market participants adjust their schedules.

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