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AMERICAS
Trade tensions between the US and China are stalling agricultural commodity trader Bunge Global’s $8.2bn takeover of Glencore-backed Viterra.
China has yet to approve the deal, with Bunge executives and advisers growing increasingly concerned the political rift will continue to hold up the process. Chief Executive Officer Greg Heckman has traveled to China a number of times for talks with authorities.
Madison Dearborn Partners, a private equity investment firm, agreed to acquire a stake in NextGen Healthcare, a provider of innovative healthcare technology and data solutions, from Thoma Bravo, a software investment firm, according to press releases. Financial terms were not disclosed.
NextGen Healthcare is advised by Goodwin Procter. Madison Dearborn is advised by Kirkland & Ellis and ICR (led by Chuck Dohrenwend). Thoma Bravo is advised by FGS Global (led by Liz Micci), according to press releases.
Astec Industries, a manufacturer of specialized equipment for road building and material processing, agreed to acquire TerraSource Holdings, a provider of material handling equipment and aftermarket services, from Right Lane Industries, a privately-held industrial holding company focused on corporate carveouts and complex transactions, for $245m, according to press releases.
TerraSource Holdings is advised by KeyBanc Capital Markets and Taft Stettinius & Hollister. Astec Industries is advised by Robert W Baird (led by Chris McMahon), according to press releases and MergerLinks data.
Mattress Warehouse, a mattress retailer, completed the acquisition of 176 store locations form Tempur Sealy, a manufacturer and distributor of mattresses and bedding products, according to press releases. Financial terms were not disclosed.
Mattress Warehouse is advised by Alvarez & Marsal, Lowenstein Sandler and Paul Weiss Rifkind Wharton & Garrison, according to press releases and MergerLinks data.
Tavros Capital and Charney Companies, two real estate firms, completed the acquisition of the Gowanus development site from RFR, a real estate investment firm, for $160m, according to press releases.
RFR was advised by Ackman-Ziff and Great Ink Communications (led by Roxanne Donovan), according to press releases.
Mercer, a business of Marsh McLennan, completed the acquisition of SECOR Asset Management, a global provider of bespoke strategic and portfolio solutions, according to press releases. Financial terms were not disclosed.
SECOR was advised by Mayer Brown. Mercer was advised by Norton Rose Fulbright (led by David E. Barrett), according to MergerLinks data and press releases.
Wynnchurch Capital-backed Astro Shapes, a manufacturer of custom aluminum extrusions, completed the acquisition of Star, a manufacturer of aluminum extrusions, according to press releases. Financial terms were not disclosed.
Astro Shapes was advised by KeyBanc Capital Markets and Paul Hastings, according to press releases.
NEA and Accel, two venture capital firms, led a $275m Series C round in CHAOS Industries, a technology company focused on creating next-generation solutions for defense and critical industries, with participation from StepStone Group, Overmatch Ventures, Tru Arrow Partners, and Valor Equity Partners, according to press releases.
CHAOS Industries was advised by Rubenstein Associates, according to press releases.
Bunzl, a British multinational distribution and outsourcing company, agreed to acquire Hospitalia, a medical equipment supplier, according to press releases. Financial terms were not disclosed.
Strategic Value Partners, completed the acquisition of Birdsboro Power, a natural gas-fired combined-cycle generation facility, according to press releases. Financial terms were not disclosed.
Strategic Value Partners was advised by Kekst CNC (led by Todd Fogarty), according to press releases and MergerLinks data.
Ryan Specialty, an insurance firm, completed the acquisition of USQRisk, a provider of alternative risk transfer solutions, according to press releases. Financial terms were not disclosed.
USQRisk was advised by TAG Financial Institutions Group, according to press releases.
1686 Partners, a global consumer platform, completed the investment in True Classic, an apparel brand, according to press releases. Financial terms were not disclosed.
True Classic was advised by Moelis & Co, according to press releases.
Roku, a TV streaming platform operator, agreed to acquire Frndly TV, a subscription streaming service that offers live TV, on-demand video, and cloud-based DVR, for $185m, according to press releases.
Dow, a chemical producer, completed the acquisition of the Telone soil fumigation product line from TriCal, a distributor and applicator of soil fumigation products, for $121m, according to press releases.
Instacart, a North American grocery technology company, agreed to acquire Wynshop, a provider of e-commerce solutions for grocers and retailers, from its shareholders, according to press releases. Financial terms were not disclosed.
Valnet, a digital publishing and media investment company, completed the acquisition of Polygon, an entertainment website, from Vox Media, a media company, according to press releases. Financial terms were not disclosed.
Chevron in talks to buy Phillips 66’s CPChem stake in potential $40bn deal. (Bloomberg )
Chevron has expressed interest in acquiring Phillips 66’s 50% stake in Chevron Phillips Chemical Company, potentially valuing the petrochemical joint venture at over $40bn. The move would give Chevron full ownership of CPChem, which it co-founded with Phillips 66 in 2000.
The transaction would significantly expand Chevron’s presence in the petrochemical sector, adding to its ethylene and polyethylene production capabilities. CPChem operates across North America, the Middle East, and Asia, supplying materials used in packaging, pipes, and household goods.
Goldman Sachs is advising Phillips 66 on the potential deal.
Johnson & Johnson-backed HistoSonics explores sale at potential $2.5bn valuation. ( Reuters )
HistoSonics, a US-based medical technology company backed by Johnson & Johnson, is exploring a potential sale that could value the business at up to $2.5bn. The company specializes in non-invasive histotripsy treatments for tumorsusing focused ultrasound.
The sale process is reportedly at an early stage, and the company is said to be working with advisers to assess strategic alternatives. Interest is expected from both strategic buyers and private equity firms active in medtech.
EQT explores tie-up with US-based sports investor Arctos. ( Bloomberg)
EQT is in early discussions to merge with Arctos Partners, a US investment firm specializing in minority stakes across major sports leagues. The potential tie-up would expand EQT’s footprint in the fast-growing sports investment market.
Arctos holds interests in teams across the NBA, MLB, NHL, and MLS, and a deal could create one of the largest global platforms for institutional capital in professional sports assets. No final agreement has been reached, and talks are ongoing.
Li-Cycle seeks new buyers after Glencore sale talks stall. (Bloomberg )
Li-Cycle is exploring alternative buyers after its potential sale to Glencore fell through. The Canada-based lithium-ion battery recycler had been in discussions with the commodities giant, but the deal did not advance to completion.
The company is now working with advisers to evaluate strategic options, including a full sale or capital injection. Li-Cycle has faced mounting financial pressure and is seeking partners to support the scale-up of its commercial operations.
eToro considers launching US IPO as soon as next week. ( Bloomberg)
Online trading platform eToro is weighing a US initial public offering that could launch as early as next week. The company had previously attempted to go public via a SPAC merger in 2021, which was later cancelled.
A US listing would mark a significant step for the Israel-based firm as it looks to expand its global investor base. The size and valuation of the offering have not yet been finalized, but the IPO would position eToro among the latest fintech players to tap public markets in 2025.
Diamond’s Atlas raises ~$150m to invest in US regional banks. (Bloomberg)
Atlas Merchant Capital, co-founded by former Barclays CEO Bob Diamond, has raised approximately $150m for a new investment vehicle focused on US regional banks. The firm aims to capitalize on valuation dislocations and consolidation trends within the sector.
The fund will target minority stakes in small- to mid-sized banks, positioning itself to benefit from potential M&A activity and restructuring in a volatile interest rate environment. Atlas is also exploring opportunities in financial services platforms adjacent to banking.
EMEA
Tristan Capital Partners, a private equity firm, agreed to acquire easyHotel, a budget hotel chain focused on affordable accommodations, from Citrus, a holding company, for €242m ($274m), according to press releases.
AlTi Global, a global wealth and alternatives manager, completed the acquisition of Kontora, a multi-family office and asset management company, according to press releases. Financial terms were not disclosed.
Kontora was advised by Herax and PXR Legal. AlTi Global was advised by Ernst & Young, Milbank and Prosek Partners, according to MergerLinks data and press releases.
CVC Capital Partners, a global private equity firm, agreed to acquire a minority stake in Dream Games, a mobile game developer known for titles like Royal Match and Royal Kingdom, from private equity firms Balderton Capital, Makers Fund, Index Ventures, and IVP, according to press releases. Financial terms were not disclosed.
Dream Games is advised by Goldman Sachs and White & Case. CVC is advised by PJT Partners and Latham & Watkins, according to press releases and MergerLinks data.
Carrier, a heating, ventilation, and air conditioning, refrigeration, and fire and security equipment corporation, completed the acquisition of Addvolt, a transport electrification technology company, according to press releases. Financial terms were not disclosed.
Addvolt was advised by White Peaks Capital and CVG Legal. Carrier was advised by Linklaters, according to press releases.
Macquarie, a financial services group, agreed to acquire the remaining 50% stake in Island Green Power, a UK-based renewable energy developer specializing in utility-scale solar and battery energy storage projects, for £400m ($530m), according to press releases.
Macquarie is advised by Jones Day (led by Vica Irani and Ben Larkin). Island Green Power is advised by Gowling WLG, according to press releases and MergerLinks data.
Private equity firms GRO and Kirk Kapital, agreed to acquire a majority stake in Omada, a company specializing in identity governance and administration software, from CVC, a private equity firm, according to press releases. Financial terms were not disclosed.
Omada is advised by Evercore and Bruun & Hjejle, according to press releases and MergerLinks data.
Aedifica, a Belgian listed company that is specialised in offering innovative and sustainable real estate concepts, offered to merge with Cofinimmo, a Belgian real estate company specialising in rental property, in a €3.1bn ($3.5bn) deal, according to press releases.
Aedifica is advised by JP Morgan, according to press releases and MergerLinks data.
Stora Enso, a Finnish and Swedish forest industry company, completed the acquisition of Junnikkala, a Finnish sawmill company, for €137m ($156m), according to press releases.
Junnikkala was advised by Dittmar & Indrenius (led by Mikko Eerola), according to press releases.
Kingfisher, an international home improvement company, completed the acquisition of Brico Dépôt Romania, a home improvement store, from Altex Romania, a retail company, for €70m ($79m), according to press releases.
Kingfisher was advised by A&O Shearman (led by Matthew Appleton), according to press releases and MergerLinks data.
Valeo Foods Group, a producer of quality sweets, treats and snacks, completed the acquisition of Freddi Dolciaria, a sweet bakery company, according to press releases. Financial terms were not disclosed.
Valeo Foods was advised by ReputationInc (led by Robert Brown), according to press releases.
Apax emerges as frontrunner to acquire Finastra unit in ~$2bn deal. ( Reuters)
Buyout firm Apax Partners has emerged as the leading bidder to acquire Finastra’s banking unit for approximately $2bn. The deal would mark a significant divestment for Finastra, which is backed by Vista Equity Partners and has been restructuring its portfolio.
The unit up for sale provides software solutions for community and regional banks, and has attracted strong interest from private equity firms due to its recurring revenue model and client base across North America and Europe.
EnQuest drops Serica merger talks amid market volatility. ( Reuters)
UK-based oil and gas company EnQuest has pulled out of merger discussions with Serica Energy, citing unfavourable market conditions and challenges in reaching agreeable terms. Talks had been ongoing to create a larger North Sea-focused energy player.
Volatile commodity prices and shareholder concerns are understood to have played a role in halting the proposed combination, which would have consolidated upstream assets across the UK Continental Shelf.
Corpay in talks for possible takeover of UK’s Alpha Group. ( Reuters)
US-based payments firm Corpay is in early-stage discussions to acquire Alpha Group International, a UK-listed financial services provider focused on FX risk management and alternative banking. The talks are ongoing and no terms have been finalised.
Alpha Group confirmed the approach following press speculation, noting that there is no certainty an offer will be made. The potential deal aligns with Corpay’s strategy to expand its European presence and corporate payments capabilities.
Shein’s $90bn London IPO stalls amid US-China tariff tensions. ( Bloomberg)
Shein’s proposed London listing, which could have valued the fast-fashion retailer at around $90bn, is facing delays due to rising geopolitical tensions. Concerns around US-China tariffs and regulatory scrutiny have slowed the process, despite earlier momentum after shifting the IPO plan from New York to London.
The company has been under pressure from US lawmakers over its supply chain practices and trade relations. The fallout is now spilling into the UK IPO process, prompting caution from potential investors and regulators.
Vedanta considers Zambia copper IPO to fund $1bn investment. ( Bloomberg)
Vedanta is weighing a potential IPO of its Zambian copper assets to raise funds for a planned $1bn investment aimed at reviving Konkola Copper Mines. The company is considering listing the unit in Zambia, the UK, or both, as it seeks to enhance transparency and attract global investors.
Konkola Copper Mines has faced operational and financial challenges in recent years. The capital raised would go toward mine expansion and development, as Vedanta works to rebuild relations with Zambia’s government following a protracted legal dispute.
APAC
Novomatic, one of the largest gaming technology groups in the world, agreed to acquire the remaining shares in Ainsworth Game Technology, a premier manufacturer of global gaming products, for AUD159m ($102m), according to press releases.
Novomatic is advised by JP Morgan and King & Wood Mallesons, according to press releases and MergerLinks data.
Indian court blocks JSW Steel’s $2.4bn plan to acquire Bhushan Power. ( Bloomberg)
India’s Supreme Court has rejected JSW Steel’s long-pending plan to acquire Bhushan Power & Steel, halting a multi-year resolution process under the country’s insolvency framework. The ruling is a setback for JSW, which had secured creditor approval for the ₹197bn ($2.4bn) deal.
The decision underscores continued legal uncertainty surrounding large distressed asset acquisitions in India. Bhushan Power, once one of India’s largest bankrupt steelmakers, will now remain in limbo unless an alternative resolution path is found.
Australia launches informal review of Lactalis' undisclosed bid for Fonterra assets. ( Reuters)
Australia’s competition regulator has begun an informal review into an unannounced bid by French dairy group Lactalis for a set of Fonterra’s Australian assets. The review, which is preliminary and non-public, signals heightened scrutiny over consolidation in the country’s dairy sector.
The assets in question reportedly include processing facilities and distribution networks tied to Fonterra’s consumer dairy operations. Fonterra has been restructuring its global footprint and had earlier indicated plans to exit select international markets.
Pop Mart holder sells $97m stake following earlier divestment. ( Bloomberg)
An undisclosed shareholder has offloaded a $97m stake in Hong Kong-listed Pop Mart, marking the second major divestment in recent weeks. The latest sale involved 18.4m shares priced at $5.3 each, representing a modest discount to the market.
The transaction follows a separate $103m block trade by another investor, suggesting broader repositioning among Pop Mart’s backers. The company, known for its collectible toys and designer figurines, has seen increased market activity around its stock.
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