Liberty Media completes the acquisition of an 86% stake in MotoGP from Bridgepoint and Canada Pension Plan Investment Board for €3.7bn.

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

Equity Bancshares completes the merger with NBC.

Equity Bancshares, a bank holding company, completed the merger with NBC, an American bank, according to press releases. Financial terms were not disclosed.

NBC was advised by D.A. Davidson & Co and McAfee & Taft. Equity Bancshares was advised by Keefe Bruyette & Woods and Norton Rose Fulbright, according to press releases and MergerLinks data.

Truelink Capital completes the acquisition of Zep from New Mountain Capital.

Truelink Capital, a private equity firm, completed the acquisition of Zep, a manufacturer of specialty chemicals, from New Mountain Capital, a private equity firm, according to press releases. Financial terms were not disclosed.

Zep was advised by JMF Communications. New Mountain Capital was advised by Fried Frank Harris Shriver & Jacobson and H/Advisors Abernathy, according to press releases and MergerLinks data.

Abry Partners completes the investment in Oracle Insurance Risk Management Services.

Abry Partners, a private equity firm, completed the investment in Oracle Insurance Risk Management Services, a commercial and personal lines insurance brokerage, according to press releases. Financial terms were not disclosed.

Oracle RMS was advised by KPMG. Abry Partners was advised by FGS Global, according to press releases.

Sterling Investment-backed Verdantas completes the acquisition of Independent Solutions.

Sterling Investment-backed Verdantas, a technical consultant for the environment, water, and energy transition markets, completed the acquisition of Independent Solutions, an inspection and soil and materials laboratory testing company, according to press releases. Financial terms were not disclosed.

Treetop Companies completes the acquisition of Inducon Business Park from Time Equities.

Treetop Companies, a real estate investment firm, completed the acquisition of Inducon Business Park, a 12-building, 293,962-sq. foot light industrial campus, from Time Equities, a real estate investment company, according to press releases. Financial terms were not disclosed.

Linden Capital and GIC complete the investment in Klick Group.

Linden Capital, a private equity firm, and GIC, a Singaporean sovereign wealth fund, completed the investment in Klick Group, a commercialization partner for life sciences, according to press releases. Financial terms were not disclosed.

Starboard Value discloses 9% stake in Tripadvisor, eyes strategic changes. (WSJ)

Starboard Value has taken a 9.3% stake in Tripadvisor, positioning itself to influence strategic direction at the travel review platform. The activist investor said the company is undervalued and intends to engage with management on options to enhance shareholder returns.

Tripadvisor recently initiated a strategic review, which may include a sale or spin-off of its Viator tours and activities business. Starboard’s involvement adds pressure to accelerate that process, especially as the travel rebound has lifted sector valuations.

Tripadvisor’s parent, Liberty TripAdvisor Holdings, owns a controlling stake and will likely play a key role in any potential deal outcomes. Shares of Tripadvisor rose following the disclosure.

Canada’s H&R REIT explores potential sale after receiving multiple bids. (Bloomberg)

H&R Real Estate Investment Trust, one of Canada’s largest listed property firms, is in talks with multiple parties regarding a potential sale or asset-level transaction. The company formed a special committee in February after receiving an unsolicited approach and has since received other non-binding proposals.

The discussions come amid H&R’s ongoing strategy to shift its focus away from underperforming retail and office assets toward apartments and industrial real estate. It has already spun off its mall holdings and sold Calgary’s Bow Tower, redirecting efforts toward high-demand development projects.

General Atlantic explores $2.4bn US IPO of Joe & the Juice. (Bloomberg)

General Atlantic is considering a US IPO of Joe & the Juice as soon as 2026, with the offering potentially valuing the Danish juice and coffee chain at around €2bn ($2.4bn). The firm has begun discussions with advisers and is expected to appoint banks later this year.

Founded in Copenhagen in 2002, Joe & the Juice operates 363 stores globally, including 314 company-run locations across Europe, the US, and Asia. General Atlantic first invested in the company in 2016 and acquired a majority stake from Valedo Partners in 2023.

The listing would come as investors show renewed interest in consumer-facing brands with international expansion potential. Deal terms and timing remain under consideration.

EMEA

CTI to acquire Safety SA from Carlyle.

Centre Testing International Group, a third-party testing, inspection, and certification provider, agreed to acquire Safety SA, a South African testing, inspection, certification, and training provider, from Carlyle, a private equity firm, according to press releases. Financial terms were not disclosed.

Carlyle is advised by DC Advisory, according to press releases and MergerLinks data.

Schwarz Group and DFL to invest in Dyn Media.

Schwarz Group, a German multinational retailer, and Deutsche Fußball Liga, the body for Bundesliga and 2. Bundesliga, agreed to invest in Dyn Media, a sports streaming platform, according to press releases. Financial terms were not disclosed.

Dyn Media is advised by UniCredit, according to press releases and MergerLinks data.

NovaAlgoma Cement Carriers and DP World to form a joint venture.

NovaAlgoma Cement Carriers, a transportation joint venture of dry-bulk commodities between Algoma Central Corporation and Nova Marine, and DP World, a multinational logistics company, agreed to form a joint venture, according to press releases. Financial terms were not disclosed.

Sia completes the acquisition of Precedence.

Sia, a global consulting group, completed the acquisition of Precedence, a provider of digital transformation and business processes consultancy services, according to press releases. Financial terms were not disclosed.

Lumine Group completes the acquisition of Datafusion Systems.

Lumine Group, a global buy-and-hold forever acquirer of communications and media software businesses, completed the acquisition of Datafusion Systems, a provider of critical secure communication and intelligence solutions for telecom operators, law enforcement, and government agencies, according to press releases. Financial terms were not disclosed.

Octopus Energy plans $13.7bn demerger of tech arm Kraken. (Reuters)

Octopus Energy is preparing a £10bn ($13.7bn) demerger and stake sale of its technology platform KrakenTechnologies. The UK energy group is close to appointing investment banks to oversee the separation, which could occur within the next year.

As part of the plan, a minority stake of up to 20% in Kraken may be sold to external investors to help validate its valuation. Existing shareholders in Octopus are expected to receive shares in the newly independent tech entity once the demerger is completed.

A £10bn ($13.6bn) valuation for Kraken would imply a total group valuation of £15bn ($20.5bn), including Octopus Energy’s retail supply business. Final structure and timeline remain subject to change.

UniCredit begins reducing stake in Generali as part of gradual exit. (Bloomberg)

UniCredit has begun cutting its stake in Assicurazioni Generali, selling shares equal to less than 1.5% of the insurer’s capital in recent days. The bank held 6.49% of Generali as of April and plans a full exit over time.

CEO Andrea Orcel confirmed last month that the investment in Generali was non-strategic and would be gradually unwound. The move is part of UniCredit’s broader portfolio shift as it pursues growth opportunities elsewhere.

UniCredit is also exploring other transactions, including potential deals with Commerzbank and Banco BPM, as part of its push to scale operations across Europe.

Brookfield explores acquisition of Sofitel hotel on Dubai’s Palm Jumeirah. (Bloomberg)

Brookfield Asset Management is in talks to acquire the Sofitel hotel on Dubai’s Palm Jumeirah, in a deal that could mark its latest foray into the region’s luxury hospitality sector. The beachfront property is being marketed by Investment Corporation of Dubai, the emirate’s sovereign wealth fund.

The Sofitel Dubai The Palm is a 5-star resort with more than 500 rooms and suites, positioned as a key beachfront destination in one of the city’s premier real estate zones. The potential sale comes amid growing global investor interest in Middle East hospitality assets.

Air France-KLM to raise SAS stake to 60.5% amid European airline consolidation. (Reuters)

Air France-KLM plans to increase its stake in Scandinavian airline SAS from 19.9% to 60.5%, marking a significant step in its push for European airline consolidation. The Franco-Dutch group will acquire the holdings of Castlelake and Lind Invest, with the transaction expected to close in H2 2026, subject to regulatory clearances.

The final valuation will be determined at closing based on SAS’s EBITDA and net debt, though Air France-KLM previously invested $145m for its initial stake in 2023. The group expects to generate “three-digit million” euros in synergies through integration, with funding to come from cash or standard bonds without affecting debt reduction efforts.

JP Morgan reshuffles EMEA equity capital markets leadership. (Bloomberg )

JP Morgan Chase has named new leaders across its equity capital markets team in Europe, the Middle East and Africa. Virginie de Grivel Nigam has been appointed head of execution and will also lead equity-linked for the region, succeeding Ismail Iraqi, who is departing for a role in the Moroccan government.

Will Holyoak will become head of ECM for the UK and Ireland, while Jack Atherton is relocating from New York to London to serve as head of EMEA ECM market intelligence. Additionally, Gautier Desruelle joins from Bank of America as executive director in the equity-linked team.

APAC

AGL completes the acquisition of SAVPP from Tesla.

AGL Energy, an electricity generator and retailer, completed the acquisition of South Australia’s Virtual Power Plant, a residential virtual power plants, comprising solar panels and Tesla Powerwall home batteries installed in social and community housing, from Tesla, a electric vehicle and renewable energy company, according to press releases. Financial terms were not disclosed.

Kuwait wealth fund sells $3.4bn stake in AIA Group. (Bloomberg)

The Kuwait Investment Authority has sold a HKD26.8bn ($3.4bn) stake in AIA Group, representing 3.7% of the Hong Kong-based insurer. The stake, amounting to 394m shares.

KIA has been an investor in AIA since its 2010 IPO and is trimming exposure amid portfolio rebalancing efforts. Despite the sale, AIA shares remained resilient, reflecting strong investor confidence in the insurer’s performance and exposure to Asia’s growing middle class. Morgan Stanley acted as the sole bookrunner on the block trade.

Renault in talks with JSW for India partnership after Nissan split. (Bloomberg)

Renault is seeking a new partner in India and has held preliminary discussions with JSW Group for a potential joint venture, as it prepares to take full control of its Chennai plant following the restructuring of its alliance with Nissan. The talks reflect Renault’s long-standing strategy of shared ownership in India, where it previously partnered with Mahindra & Mahindra and Nissan.

The move comes as Renault finalizes its acquisition of Nissan’s stake in their jointly operated Chennai facility, and as it looks to scale operations in one of the world’s most competitive automotive markets. Renault sold just 38k units in India last year but aims to boost that figure to 500k units annually by 2030.

For JSW, which already owns a 35% stake in MG Motor India via a JV with SAIC Motor, a tie-up with Renault could advance its ambition to build an independent EV business. No final decision has been made, and a partnership is not guaranteed.

CVC-backed FineToday may revive Tokyo IPO targeting $612m. (Bloomberg)

FineToday Holdings, the Japanese personal-care company backed by CVC Capital Partners, is considering reviving its Tokyo IPO plans that were shelved in December 2023 due to market conditions and valuation concerns. The company is working with investment banks and may file a new application as soon as this year.

FineToday had previously aimed to raise up to ¥88.3bn ($612m), implying a valuation of approximately ¥219.4bn($1.37bn), before calling off the deal amid investor pushback. The company, spun off from Shiseido in 2021, owns brands such as Tsubaki and Senka, and is now majority-owned by CVC after acquiring Shiseido’s remaining 20% stake last year.

Daily Review

Connect the World of Dealmakers