KKR completes the acquisition of OSTTRA from S&P Global and CME Group for $3.1bn.

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AMERICAS

Strathcona Resources announces the termination of its takeover bid for MEG Energy. (Press Release)

As a result of the revised arrangement agreement between the MEG and Cenovus Energy on October 8, which each MEG shareholder will have the option to elect to receive, for each MEG common share, (i) $29.50 in cash; or (ii) 1.240 Cenovus common shares, subject to rounding and pro-ration based on a maximum amount of $3.8bn in cash and a maximum of 157.7m Cenovus common shares.

Strathcona believed the conditions to its offer, or any reasonably improved offer, are no longer capable of being satisfied and terminated its takeover bid for MEG Energy.

MEG Energy is advised by BMO Capital Markets, Latham & Watkins (led by John Greer), and FGS Global (led by Anson Lee). Cenovus is advised by CIBC World Markets, Goldman Sachs, McCarthy Tetrault, and Paul Weiss Rifkind Wharton & Garrison (led by Adam M. Givertz), according to press releases and MergerLinks data.

Sandstorm Gold Royalties shareholders approve proposed plan of arrangement with Royal Gold. (Press Release)

Sandstorm Gold announced the voting results from its special meeting of shareholders held on October 9, 2025, its shareholders approved, by special resolution, the company’s plan of arrangement with Royal Gold, under which Royal Gold will indirectly acquire all issued and outstanding shares.

Sandstorm Gold is advised by BMO Capital Markets, CIBC World Markets, National Bank Financial (led by David Skurka), Cassels Brock & Blackwell (led by Jennifer Traub), Crowell & Moring, and Fasken (led by Bradley A. Freelan). Royal Gold is advised by Raymond James, Scotiabank, McCarthy Tetrault, Richards Layton and Finger, and Skadden Arps Slate Meagher & Flom (led by Blair Thetford). Financial advisors are advised by Alston & Bird (led by Aaron Dixon), according to press releases and MergerLinks data.

Runway Growth Finance to acquire SWK Holdings for $220m.

Runway Growth Finance, a provider of flexible capital solutions, agreed to acquire SWK Holdings, a life science focused specialty finance company, for $220m, according to press releases.

SWK Holdings is advised by Keefe Bruyette & Woods and Goodwin Procter. Runway is advised by Simpson Thacher & Bartlett and Prosek Partners (led by Taylor Donahue), according to MergerLinks data and press releases.

Creative Planning to acquire SageView Advisory Group from Aquiline.

Creative Planning, a registered investment advisor, agreed to acquire SageView Advisory Group, an independent RIA firm from Aquiline, a private investment firm, according to press releases. Financial terms were not disclosed.

SageView is advised by Moelis & Co and Willkie Farr & Gallagher. Creative Planning is advised by Paul Weiss Rifkind Wharton & Garrison (led by Matthew Abbott and Ellen Ching), according to MergerLinks data and press releases.

ARM Energy and PIMCO to form a joint venture in a $3.2bn deal.

ARM Energy, an infrastructure and energy marketing services firm, and PIMCO, an investment management firm, agreed to form a natural gas pipeline joint venture in a $3.2bn deal, according to press releases.

ARM Energy is advised by Vinson & Elkins (led by Benji Barron) and FGS Global, according to MergerLinks data and press releases.

Johnson & Johnson explores potential takeover of Protagonist Therapeutics. (WSJ)

Johnson & Johnson is reportedly considering expanding its partnership with immunology specialist Protagonist Therapeutics through a possible acquisition. The move would strengthen J&J’s position in the fast-growing immunology sector.

While details of the discussions remain undisclosed, a potential deal is expected to value Protagonist significantly above its current market capitalization of just over $4bn as of October 9’s close.

Securitize in talks to go public via Cantor-backed SPAC. (Bloomberg)

Blockchain firm Securitize, which specializes in tokenizing investments, is in advanced discussions to go public through a merger with a blank-check company launched by Cantor Fitzgerald.

A potential deal with Cantor Equity Partners II could value Securitize at more than $1bn.

Oaktree explores sale of minority stake in Hartree Partners. (Bloomberg)

Oaktree Capital Management is in discussions to sell a minority stake in Hartree Partners, the commodities trading firm it invested in a decade ago and helped expand into a global powerhouse.

The asset manager has begun talks with external investors. The potential sale is driven by the need for some of Oaktree’s legacy funds with holdings in Hartree to exit their positions.

Canada to review US investments in critical minerals on case-by-case basis. (Bloomberg)

Canada will evaluate US government investments in its critical minerals sector individually, Industry Minister Mélanie Joly said, as the Trump administration advances a more nationalist economic agenda.

Joly noted that the rise of US economic nationalism — including Washington taking stakes in private companies — requires other nations to adapt. “All governments in the world need to adapt to that, so we will do so as well,” she said.

Navan targets $6.45bn valuation in US IPO despite government shutdown. (Reuters)

Corporate travel and expense management firm Navan announced on October 10 that it is aiming for a valuation of up to $6.45bn in its US initial public offering, a figure below the level reached during its 2022 funding round. The move comes as the Palo Alto-based company proceeds with its listing plans despite the ongoing US government shutdown.

Navan intends to raise about $960m through the sale of 36.92m shares, priced between $24 and $26 each. The company’s shares are set to debut on the Nasdaq under the ticker symbol “NAVN.”

First Brands CEO considers stepping down after bankruptcy fallout. (Bloomberg)

Patrick James, the low-profile chief executive officer of bankrupt auto-parts supplier First Brands Group, is considering stepping down amid growing fallout from the company’s rapid collapse.

The spokesperson said James is “evaluating his best path forward” and may “relinquish his role as CEO.” The statement added that he has consistently prioritized the interests of First Brands Group’s customers, suppliers, employees, and lenders.

EMEA

FLEX Capital completes the acquisition of Evolit Consulting.

FLEX Capital, a private equity fund, completed the acquisition of Evolit Consulting, a customized software solutions provider for mobility and infrastructure, according to press releases. Financial terms were not disclosed.

VR Equitypartner was advised by Heuking Kuhn Luer Wojtek (led by Rainer Herschlein and Benedikt Raisch), according to MergerLinks data.

Carlyle and QIA to acquire a majority stake in BASF Coatings from BASF for €7.7bn.

Carlyle, a global investment firm, and Qatar Investment Authority, the sovereign wealth fund of the State of Qatar, agreed to acquire a majority stake in the automotive OEM coatings, automotive refinish coatings and surface treatment businesses from BASF, a chemical producer, for €7.7bn ($8.9bn), according to press releases.

BASF is advised by JP Morgan, according to MergerLinks data.

Montyon Capital completes the investment in Caillau.

Montyon Capital, an independent investment platform, completed the investment in Caillau, a manufacturer of high-performance stainless-steel clamps and seals for the automotive and aerospace industries, according to press releases. Financial terms were not disclosed.

Cathay Capital was advised by Societe Generale (led by Jean Letellier), according to MergerLinks data.

Mill Rock Capital-backed Asbury Carbons to acquire Graphit Kropfmühl from AMG Critical Materials for $65m.

Mill Rock Capital-backed Asbury Carbons, a manufacturer of graphite, cokes, coals, and related products, agreed to acquire Graphit Kropfmühl, a supplier of high-purity natural graphite, from AMG Critical Materials, a global critical materials company, for $65m, according to press releases.

Theon International to acquire a 9.8% stake in Exosens from Groupe HLD for €269m.

Theon International, a company specializing in defense and security electro-optical systems, agreed to acquire a 9.8% stake in Exosens, a French company focused on advanced light amplification and imaging technologies, from Groupe HLD, an investment company, for €269m ($312m), according to press releases.

DC Capital Partners completes the acquisition of Aeronautical & General Instruments from Trident Maritime Systems.

DC Capital Partners, a US-based private equity firm, completed the acquisition of Aeronautical & General Instruments Limited (AGI), a UK company providing integrated maritime technologies and systems, from Trident Maritime Systems, a construction and maintenance services company. Financial terms were not disclosed.

Porr to acquire the Austrian project development business from VAMED.

Porr, a construction and engineering company, agreed to acquire the Austrian project development business from VAMED, an international healthcare service provider, according to press releases. Financial terms were not disclosed.

Warburg Pincus nears deal for minority stake in French diagnostics firm Sebia. (FT)

Private equity firm Warburg Pincus is close to acquiring a significant minority stake in French diagnostics company Sebia, valuing the business at around €5.4bn ($6.2bn).

The agreement follows a competitive auction process involving several private equity bidders. Existing shareholders, including CVC Capital Partners, Téthys Invest, and Canada’s La Caisse (formerly Caisse de Dépôt et Placement du Québec), will retain minority stakes under the terms of the deal.

Bending Spoons eyes new acquisitions after recent tech bids. (Bloomberg)

Bending Spoons, the Milan-based serial acquirer of software firms, is reportedly pursuing the purchase of app developers Typeform and Elysium, following its recent bids for Vimeo and AOL, according to Il Messaggero.

The company has made a $255m offer for Typeform, a platform that helps businesses streamline customer data management. Bending Spoons is also in discussions to acquire Elysium in a deal valued at about $240m.

Exponent eyes bid for ADE’s UK security business. (Sky News)

Exponent, the buyout firm that owns The Racing Post, is among the potential bidders for the British division of burglar alarm installer ADT, which could be valued at around £150m ($200m). The UK arm of ADT is one of the country’s largest providers of home security systems.

Exponent — which has previously invested in companies such as Ambassador Theatre Group, Big Bus Tours, and The Racing Post publisher — is exploring a possible acquisition from the business’s current US owner, Johnson Controls International.

Princes Group prepares for London IPO to fund expansion. (WSJ)

Princes Group, the UK-based canned-tuna and food manufacturer owned by Italy’s NewPrinces, announced plans to list on the London Stock Exchange at the end of this month. The company, known for brands such as Flora and Napolina, is taking a major step toward expanding its presence in the food and beverage market.

The initial public offering will consist of new ordinary shares, with proceeds earmarked for growth through acquisitions. Princes has yet to disclose pricing details for the IPO, which remains subject to regulatory approval.

APAC

WNS acquisition by Capgemini sanctioned by the Royal Court of Jersey. (Press Release)

WNS, a digital-led business transformation and services company, announced that its application to be acquired by Capgemini through a scheme of arrangement under the Companies (Jersey) Law 1991 has been sanctioned by the Royal Court of Jersey. Following the court’s approval, the company expects the transaction to close on October 17, 2025, once the court order is delivered to the Jersey registrar.

WNS is advised by JP Morgan, William Blair & Co, Latham & Watkins (led by Sharon Lau and Ian A. Nussbaum). Financial advisors are advised by Cravath Swaine & Moore (led by Edward Minturn). Capgemini is advised by Barclays, Citigroup, Cleary Gottlieb Steen & Hamilton (led by Valerie Lemaitre), Skadden Arps Slate Meagher & Flom (led by Armand Grumberg), and Brunswick Group, according to press releases and MergerLinks data.

Prosus to acquire a 10.1% stake in Ixigo for $146m.

Prosus, a Dutch global technology group, agreed to acquire a 10.1% stake in Ixigo, an Indian online travel booking platform, for $146m.

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