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AMERICAS
Bayview Asset Management, a global alternative investment firm, completed the acquisition of Guild Holdings Company, a growth-oriented mortgage company, from McCarthy Capital, a private equity firm, for $1.3bn, according to press releases.
Guild was advised by Morgan Stanley, Ballard Spahr, Sullivan & Cromwell (led by Andrew Gerlach) and ICR (led by Devin Broda). Morgan Stanley was advised by Ropes & Gray. Bayview Asset Management was advised by Goldman Sachs, Wells Fargo Securities, Schulte Roth & Zabel, Simpson Thacher & Bartlett (led by Lee Meyerson and Ravi Purushotham) and FGS Global, according to press releases and MergerLinks data.
Thoma Bravo, a software-focused investment firm, completed a majority investment in Azul, a provider of the Java platform for the modern cloud enterprise, according to press releases. Financial terms were not disclosed.
Azul was advised by Guggenheim Partners, Kirkland & Ellis, and Treble Public Relations. Thoma Bravo was advised by William Blair & Co, Goodwin Procter, and FGS Global. Debt financing was provided by Ares Management, according to press releases.
26North Partners, an integrated, multi-asset-class investment platform, to acquire a 51% stake in residential kitchen business of Middleby for $451m, a commercial and residential cooking and industrial process equipment company, according to press releases.
Middleby is advised by Goldman Sachs and Skadden Arps Slate Meagher & Flom (led by Shilpi Gupta). 26North is advised by Ernst & Young, Kirkland & Ellis, and ICR. Debt financing was provided by Silver Point Capital, according to press releases.
OceanSound Partners, a private equity firm, completed the investment in Burns Engineering, an engineering solutions provider for transportation, critical infrastructure and the built environment, according to press releases. Financial terms were not disclosed.
Burns was advised by Chesapeake Corporate Advisors, Venable and Stanton PRM (led by Alex Goss). OceanSound was advised by Skadden Arps Slate Meagher & Flom (led by Kenneth Wolff) and Stanton PRM (led by Alex Goss) , according to press releases.
Vista-backed Cloud Software Group, a software provider, completed the acquisition of Arctera, a global data management company, from Carlyle, an investment firm, according to press releases. Financial terms were not disclosed.
Revelstoke Capital-backed The Care Team, a hospice provider of end-of-life care for older adults, completed the acquisition of hospice and palliative care operations of Traditions Health, a hospice, palliative, and home health provider, according to press releases. Financial terms were not disclosed.
Revelstoke Capital and The Care team were advised by Lincoln International, McGuireWoods, and Lambert & Co. Traditions Health was advised by Houlihan Lokey, according to press releases.
EAM, a growth-focused private equity firm, completed the investment in Connectbase, a technology company, according to press releases. Financial terms were not disclosed.
EAM was advised by Goodwin Procter. Connectbase was advised by Moelis & Co and Foley Hoag, according to press releases.
Stonepeak, a private equity firm, completed the acquisition of student housing portfolio of Cardinal Group, a property management firm, according to press releases. Financial terms were not disclosed.
Stonepeak was advised by JLL Corporate Finance and Simpson Thacher & Bartlett. Cardinal Group was advised by JLL Corporate Finance and Simpson Thacher & Bartlett, according to press releases.
Graham Partners, a private investment firm, agreed to invest in Target Flavors, a developer and producer of custom flavor solutions, according to press releases. Financial terms were not disclosed.
Graham Partners is advised by Dechert (led by Jeffrey Legath) , according to press releases.
Index Ventures, a venture capital firm, led a $130m Series A round in 7AI, an agentic security platform, with participation from Blackstone Innovations Investments, Greylock, CRV and Spark Capital, according to press releases.
7AI was advised by Marketbridge, according to press releases.
A consortium of investors including AIP, MGX, BlackRock, and GIP, agreed to acquire Aligned Data Centers, a technology infrastructure company, from GEM Realty Capital, a strategically integrated real estate investment company, in a $40bn deal, according to press releases.
Warburg Pincus, a private equity firm, agreed to acquire Raptor Technologies, a company that provides integrated safety software and services for schools, from Thoma Bravo, a private equity firm that invests in application and infrastructure software and technology-enabled services sectors, according to press releases.
Brookfield, an investment management company, agreed to acquire Fosber, a leader in the design and production of advanced machinery, parts, and services for the corrugated packaging industry, for $900m, according to press releases.
CapitalG, a growth capital fund financed by Alphabet, completed the investment in Verkada, a cloud-based physical security and building management technology company, according to press releases. Financial terms were not disclosed.
OpenAI, an American artificial intelligence research laboratory, completed the acquisition of a majority stake in Thrive Holdings, a company that owns and operates businesses in essential real-economy sectors, according to press releases. Financial terms were not disclosed.
Paradigm, a research-driven technology investment firm, led a $1bn Series E round in Kalshi, a developer of an online financial trading platform, with participation from Sequoia, Andreessen Horowitz, Meritech Capital, IVP, ARK Invest, Anthos Capital, CapitalG and Y Combinator, according to press releases.
NTT, a provider of telecommunications services, led a $233m Series D round in Mujin, a company specializing in intelligent automation, with participation from Qatar Investment Authority, Mitsubishi HC Capital and Salesforce Ventures, according to press releases.
UnitedHealth agrees to sell South American business to private equity firm Patria for $1bn. ( Reuters)
UnitedHealth Group has agreed to sell its remaining South American business, Banmedica, to Brazilian private equity group Patria Investments for $1 bn.
The final deal was signed on November 29, with an announcement expected on December 1.
EMEA
Metric Capital Partners, a private capital fund manager, and UI Investissement, an investment firm, agreed to invest in Excellence Imagerie, an operator of radiology and imaging examination center, according to press releases. Financial terms were not disclosed.
Excellence Imagerie is advised by PricewaterhouseCoopers (led by Philippe Serzec), Rothschild & Co, De Pardieu Brocas Maffei (led by Cedric Chanas), Hoche Avocats (led by Marie Peyrega), Julien Sichel Avocats (led by Julien Sichel) and Veil Jourde (led by Laurent Jobert and Vincent Ramel). Metric Capital is advised by Degroof Petercam, KPMG (led by Etienne Mouchet, Albane Eglinger and Florence Olivier) and McDermott Will & Schulte (led by Gregoire Andrieux). UI Investissement is advised by Banque Populaire Val de France (led by Eric Beasse), LCL (Le Crédit Lyonnais) (led by Emilie Bosselut) and Societe Generale (led by Erkan Suer). Debt financing is provided by BNP Paribas (led by Bertrand de Mellon), La Banque Postale (led by Yoann Vitiello), Muzinich & Co (led by Alexandre Millarini) and Societe Generale (led by Laurent Petit). Debt providers are advised by Hogan Lovells (led by Sabine Bironneau-Loy) , according to press releases and MergerLinks data.
Investment firms Stonepeak and Energy Equation Partners completed the acquisition of a 65% stake in JET Tankstellen Deutschland, a fuel retailer in Germany and Austria, from Phillips 66, an American multinational energy company, for $1.6bn, according to press releases.
Stonepeak was advised by Akin Gump Strauss Hauer & Feld, Hengeler Mueller (led by Hendrik Bockenheimer, Georg A. Frowein, and Jan D. Bonhage), Paul Weiss Rifkind Wharton & Garrison (led by Neel V. Sachdev and Matthew Merkle), Simpson Thacher & Bartlett (led by Paul Foote) and FGS Global (led by Kevin Siegel). Energy Equation Partners was advised by JP Morgan, UBS, Akin Gump Strauss Hauer & Feld (led by Simon N. Rootsey), Hengeler Mueller, Paul Weiss Rifkind Wharton & Garrison and Wolf Theiss (led by Daniel Lungenschmid). Phillips 66 was advised by CMS Legal (led by Ted Rhodes), according to press releases.
Realty Income, a real estate investment trust, agreed to invest $800m in Blackstone-backed CityCenter, according to press releases.
Realty Income is advised by Latham & Watkins. Blackstone Real Estate is advised by Citigroup, Deutsche Bank, Evercore, Goldman Sachs, JP Morgan and Simpson Thacher & Bartlett, according to press releases.
GI Partners, a private equity firm, agreed to acquire Digita, a telecommunications provider, from DigitalBridge, a global digital infrastructure investment firm, according to press releases. Financial terms were not disclosed.
GI Partners is advised by Rothschild & Co, Kirkland & Ellis and Chris Tofalli Public Relations (led by Chris Tofalli). DigitalBridge is advised by Ernst & Young, Houlihan Lokey and Linklaters, according to press releases.
Centrica, a British multinational energy and services company, and Energy Capital Partners, a private equity firm, completed the acquisition of Grain LNG, a specialized liquefied natural gas import terminal, from National Grid, an electricity, natural gas, and clean energy delivery company, for £1.5bn ($1.98bn), according to press releases.
Centrica was advised by Santander and Slaughter & May. Energy Capital Partners was advised by Latham & Watkins (led by Beatrice Lo and David Walker) and FGS Global. National Grid was advised by Morgan Stanley, according to press releases and MergerLinks data.
Asurion, a provider of phone insurance, agreed to acquire Domestic & General, a provider of appliance repair and maintenance services, from CVC and ADIA, private equity and investment advisory firms, according to press releases. Financial terms are not disclosed.
Asurion is advised by Goldman Sachs, Morgan Stanley and Hogan Lovells. CVC is advised by Rothschild & Co and Latham & Watkins, according to press releases.
Mississippi Ventures, the investment vehicle of the Dutch entrepreneurial Van Eerd family, agreed to acquire the remaining 50% stake in HEMA, a Dutch variety chain store, from Parcom, a private equity firm, according to press releases. Financial terms were not disclosed.
Mississippi Ventures is advised by AXECO Corporate Finance and Stibbe (led by Egbert Vroom), according to MergerLinks data.
Lightview Capital-backed MarketFully, a provider of multilingual content marketing solutions, completed the acquisition of Social Element, a social media agency, according to press releases. Financial terms were not disclosed.
Saba Capital blocks merger of Baillie Gifford investment trusts. (Reuters)
Saba Capital has blocked a planned merger between Baillie Gifford US Growth Trust and Edinburgh Worldwide Investment Trust. The activist investor, which is the trusts’ top shareholder, declined to back the proposal.
Its opposition derailed a deal that would have provided a cash exit of up to 40% for investors and created a larger vehicle focused on US equities under Baillie Gifford’s management.
Saudi Fund to own almost all of Electronic Arts after buyout. (WSJ)
Saudi Arabia’s government investment fund is set to take nearly full ownership of Electronic Arts, marking another major financial bet at a time when the kingdom’s coffers are already under pressure.
The Public Investment Fund is partnering with technology-focused buyout firm Silver Lake and Jared Kushner’s investment firm Affinity Partners to acquire the videogame maker for $55bn including debt. The transaction, first announced in September 2025, would become the largest-ever leveraged buyout.
Delivery Hero investors said to push for sale, divestments. ( Bloomberg)
Delivery Hero is facing pressure from several large shareholders to conduct a strategic review as consolidation accelerates in the food-delivery industry.
Investors including Hong Kong hedge fund Aspex Management, the company’s second-largest shareholder with a stake of more than 5%, are urging management to consider selling the company or parts of its business. The pressure follows a period of weak stock performance, with Delivery Hero shares down about 50% over the past year and nearly 90% from their 2021 peak.
Expedition Growth Capital has closed its third fund at $375m, completing the raise in four months. The software-focused growth equity firm targets fast-growing European companies that have scaled without venture capital.
The fund was oversubscribed, with more than half of commitments coming from US investors, including major endowments and foundations.
Abu Dhabi giants set to tap external capital for $1bn fund. ( Bloomberg)
Mubadala Capital is set to raise third-party capital in Abu Dhabi for the first time, teaming up with Aldar Properties to launch a $1bn real-assets investment platform targeting opportunities across the UAE and the Gulf.
APAC
Advent, a global private equity investor, completed the acquisition of Automic Group, a technology company from Five V, a private equity firm, according to press releases. Financial terms were not disclosed.
Advent was advised by Roland Berger (led by Ronan Gilhawey), Morgan Stanley, Allens (led by Felicity McMahon) and Teneo (led by Katherine Kim). Automic Group was advised by Gilbert+Tobin, according to press releases and MergerLinks data.
General Atlantic, a global investor, completed the investment in El Jannah, a charcoal chicken brand, according to press releases. Financial terms were not disclosed.
El Jannah was advised by Morgan Stanley and Apollo Strategic Communications (led by Adam Connolly). General Atlantic was advised by Cognito (led by Scott Schuberg) , according to press releases and MergerLinks data.
Carlyle in talks to buy majority stake in Nido Home Finance. (Bloomberg)
Carlyle is in discussions to acquire a majority stake in Mumbai-based Nido Home Finance, targeting an initial investment of about $300m as it increases exposure to India’s financial services sector. The firm is negotiating with parent Edelweiss Financial Services, though no agreement has been reached.
A deal would add Carlyle to a growing list of global investors backing India’s expanding housing-finance market, following its exits from PNB Housing Finance and Yes Bank earlier this year.
EQT and CVC Asia scrap $3.4bn bid for AUB. ( Bloomberg)
The consortium informed AUB that it does not plan to move forward with a binding proposal at A$45 ($29.5) per share on December 1. The AUB board said that price fairly reflects AUB’s value in the current market environment.
CIC close to selling $1bn in US private equity stakes. ( Bloomberg)
China Investment, the nation’s $1.3tn sovereign wealth fund, is nearing the completion of a $1bn sale of US private equity stakes after a brief pause in the deal.
Paris-based Ardian is among the final bidders for the portfolio. The stakes being sold include those managed by Carlyle Group, Hellman & Friedman, and Welsh Carson Anderson & Stowe.
Temasek eyes stake in Quest Global at $4.6bn pre-IPO price. ( Bloomberg)
Singapore state investor Temasek Holdings is in advanced talks to acquire a stake in Quest Global Services, in a deal that would value the engineering services firm at $4.6bn.
Temasek is looking to purchase roughly a 5% stake in Quest Global in a pre-IPO round. Other investors may join as discussions continue and remain subject to change.
Temasek-backed Atomberg is said to plan $200m India IPO. ( Bloomberg)
Temasek Holdings-backed Atomberg Technologies is weighing an initial public offering in Mumbai that could raise around $200m.
The Indian consumer electronics firm, which also counts Steadview Capital Management and Jungle Ventures among its backers, has held talks with investment banks recently about a potential listing and is expected to appoint advisers in the coming weeks.
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