LongRange Capital to acquire Pizza Hut from Yum! Brands for $1.5bn.

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AMERICAS

Olin Corporation to merge with Huntsman Corporation.

Olin Corporation, a manufacturer of chlor-alkali products, chemical distribution and Winchester rifles, agreed to merge with Huntsman Corporation, a multinational manufacturer and marketer of chemical products. The combined company will operate as OlinHuntsman, with Olin shareholders owning approximately 54.5% and Huntsman shareholders owning approximately 45.5% of the merged entity, according to press releases.

Olin Corporation is advised by Lazard, Sidley Austin and Cravath Swaine & Moore. Huntsman Corporation is advised by Citigroup, Morgan Stanley, Kirkland & Ellis and David Fox & Co, according to press releases.

Sixth Street completes the acquisition of a 27% stake in Pinnacle Gas Services from Comstock Resources for $600m.

Sixth Street, a global investment firm, completed the acquisition of a 27% stake in Pinnacle Gas Services, a midstream natural gas infrastructure company, from Comstock Resources, an independent energy company, for $600m, according to press releases.

Sixth Street was advised by Wells Fargo Securities, RBC Capital Markets and Latham & Watkins. Comstock Resources was advised by Jefferies & Company and O'Melveny & Myers, according to press releases.

Bull Moose Tube Company to acquire Hanna Steel Corporation.

Bull Moose Tube Company, a manufacturer of steel pipe and tubing products, agreed to acquire Hanna Steel Corporation, a producer of structural and mechanical steel tubing with operations in Alabama and Illinois, according to press releases. Financial terms were not disclosed.

Bull Moose Tube Company is advised by Brown Gibbons Lang & Company (led by Vincent J. Pappalardo and Hubert de la Vauvre) and Spencer Fane. Hanna Steel Corporation is advised by Jefferies & Co and Bradley Arant Boult Cummings, according to press releases.

Washington Harbour Partners completes the investment in Computomic.

Washington Harbour Partners, a private equity and investment firm, completed the investment in Computomic, a private data and AI consulting company, according to press releases. Financial terms were not disclosed.

Washington Harbour Partners was advised by Morrison Foerster (led by Tyler Sewell and Damien Specht) and Invariant. Computomic was advised by Clearsight Advisors (led by Philo Tran, Rishabh Mishra and Claire Duchene), according to press releases and MergerLinks data.

SpaceX to acquire Cursor for $60bn.

SpaceX, a US aerospace manufacturer and space launch services company, agreed to acquire Cursor, an AI-powered code editor that integrates advanced generative models into a development environment to accelerate software creation, for $60bn, according to press releases.

SpaceX is advised by Gibson Dunn & Crutcher (led by Robert Little and George J. Sampas). Cursor is advised by Kirkland & Ellis (led by Steven Choi, Julian J. Seiguer, Sarkis Jebejian and Keri Schick Norton), according to press releases.

Eli Lilly and Company completes the acquisition of 4E Therapeutics.

Eli Lilly and Company, a pharmaceutical company that discovers, develops, manufactures, and sells human and animal medicines, completed the acquisition of 4E Therapeutics, a neuroscience company focused on developing innovative, non-addictive therapies for chronic pain, according to press releases. Financial terms were not disclosed.

4E Therapeutics was advised by Aquilo Partners and Wilson Sonsini Goodrich & Rosati, according to press releases.

Lead Edge Capital completes the investment in Elektrik.

Lead Edge Capital, a growth equity firm investing in software, internet and tech-enabled businesses, completed the investment in Elektrik, a technology-enabled distributor of electrical transmission and distribution components, according to press releases. Financial terms were not disclosed.

Elektrik was advised by D.A. Davidson & Co. Lead Edge Capital was advised by Goodwin Procter, according to press releases.

Truelink Capital to acquire a majority stake in Horwitz from Svoboda Capital.

Truelink Capital, a Los Angeles-based private equity firm, agreed to acquire a majority stake in Horwitz, a provider of mechanical, electrical and plumbing services, from Svoboda Capital, a Chicago-based private equity firm, according to press releases. Financial terms were not disclosed.

Horwitz and Svoboda Capital are advised by William Blair & Co and Fredrikson & Byron, according to press releases.

Renovus Capital Partners-backed xFact completes the acquisition of Stonewall Solutions.

Renovus Capital Partners-backed xFact, an IT and consulting firm serving public sector clients with digital transformation, completed the acquisition of Stonewall Solutions, a provider of innovative technology solutions tailored to meet the needs of government, law enforcement, education, and commercial organizations, according to press releases. Financial terms were not disclosed.

Renovus Capital Partners is advised by Gasthalter & Co (led by Mark Semer and Alex Jeffrey), according to press releases.

Ripple Labs participated in a Series E funding round in Flutterwave at a valuation of $3.3bn

Ripple Labs, a US-based blockchain infrastructure company, participated in a Series E funding round in Flutterwave, a fintech company that enables businesses to accept and process payments across Africa through a unified payments platform, at a valuation of $3.3bn, according to press releases

Qualcomm explores acquisition of Tenstorrent at up to $10bn valuation. (Reuters)

Qualcomm is in talks to acquire AI chip startup Tenstorrent in a deal that could value the company at $8bn-$10bn.

Discussions are ongoing and the terms could change, with no certainty that the negotiations will result in a transaction.

Ananym urges Bio-Techne to consider sale. (Bloomberg)

Activist investor Ananym Capital Management has built a stake in Bio-Techne and is urging the company to conduct a strategic review that could include a potential sale.

Ananym said Bio-Techne has underperformed its peers and argued that a sale to a larger industry player could create more value than remaining independent.

Ravelin Defense completes ArmorWorks and FVMT integration. (Press Release)

ArmorWorks Enterprises and Fox Valley Metal Tech have completed their integration under the unified Ravelin Defense brand following the 2024 acquisition of FVMT.

The combined business brings together more than six decades of defense manufacturing experience and will operate under a single brand and go-to-market platform. Ravelin Defense is backed by Littlejohn Capital.

Altimetrik completes rebrand following SLK Software acquisition. (Press Release)

Altimetrik has unveiled a new brand identity following its acquisition of SLK Software, which created an engineering and AI services organization with more than 10k employees worldwide.

The company said the rebrand reflects its focus on enterprise AI, supported by partnerships with OpenAI, Google Cloud and Anthropic, as well as the launch of its ALTi AIOS platform.

SpaceX IPO proceeds increase to $85.7bn after greenshoe exercise. (Reuters)

SpaceX said its underwriters exercised the greenshoe option to purchase additional shares, increasing total proceeds from the company’s IPO to $85.7bn from the initial $75bn raised.

The Elon Musk-controlled company completed the largest IPO in history last week after selling 555.6m shares at $135 each.

Blackstone launches SablePointe Credit Strategies platform. (Press Release)

Blackstone Credit & Insurance has launched SablePointe Credit Strategies, a new platform focused on asset-based lending and specialty credit markets.

The platform will support the origination, underwriting and management of senior secured asset-based and first-out credit facilities. James Garlick, co-founder of Wingspire, has joined as president to lead the business.

EMEA

Norwegian to acquire Nordic Leisure Travel Group for SEK7.94bn.

Norwegian, a low-cost European airline, agreed to acquire Nordic Leisure Travel Group, a tour operator in the Nordics, with a portfolio of concept hotels in key sun destinations including Spain and Greece, for SEK7.94bn. Upon completion, Strawberry, Altor and TDR Capital will become significant shareholders in Norwegian, holding approximately 8.9%, 8.9% and 4.4%, respectively, according to press releases.

Nordic Leisure Travel Group, Altor, Strawberry and TDR Capital are advised by White & Case (led by Johan Steen), Thommessen, Ro Sommernes, DNB Carnegie and Arctic Securities. Norwegian is advised by Pareto Securities and Wikborg Rein, according to press releases and MergerLinks data.

Francisco Partners completes the acquisition of EfficientIP for €200m.

Francisco Partners, a private equity firm, completed the acquisition of EfficientIP, a network security and automation company specializing in DNS, DHCP and IP address management technology, for c. €200m, according to press releases and MergerLinks data.

Francisco Partners was advised by GP Bullhound, Paul Hastings, Prosek Partners and Vaultinum (led by Josh Nunn). EfficientIP, Jolt Capital and TempoCap were advised by Arma Partners, IA Global Capital and Jones Day (led by Jean-Gabriel Griboul), according to press releases and MergerLinks data.

ANV to acquire Open Lending for c. $383.4m.

ANV, a private global insurance intermediary platform, agreed to acquire Open Lending, a US-based automotive lending technology and risk analytics company, for c. $383.4m, according to press releases.

ANV is advised by Evercore and Paul Weiss Rifkind Wharton & Garrison (led by Adam M. Givertz). Open Lending is advised by Financial Technology Partners and Jones Day (led by Randi C. Lesnick and Braden McCurrach). Financial Technology Partners is advised by Sullivan & Cromwell (led by Stephen M. Kotran), according to press releases and MergerLinks data.

Edenred to acquire The Mobility House Solutions from The Mobility House.

Edenred, a global digital platform for corporate services and payments, agreed to acquire The Mobility House Solutions, a technology and service division, from The Mobility House, a smart charging and energy technology company, according to press releases. Financial terms were not disclosed.

Edenred is advised by Credit Agricole, according to MergerLinks data.

Germany rejects UniCredit’s Commerzbank bid. (Bloomberg)

Germany has renewed its opposition to UniCredit’s proposed €39bn ($45bn) takeover of Commerzbank on the final day of the formal acceptance period.

The government said the offer does not provide an appropriate premium and reiterated its support for Commerzbank’s independence, opposing UniCredit’s approach.

EQT lines up £5bn debt package for potential Intertek buyout. (Bloomberg)

Banks are competing to provide around £5bn ($6.7bn) of financing to support a potential acquisition of Intertek by private equity firm EQT.

The debt package is expected to include leveraged loans and high-yield bonds denominated in euros and dollars, allowing EQT to access a broader pool of investors.

Rai Way and EI Towers extend merger talks. (Reuters)

Shareholders of Rai Way and EI Towers have agreed to extend discussions on a potential merger after failing to reach an agreement by the original deadline.

A combination of the two Italian broadcasting tower operators would create a national infrastructure champion valued at about €4bn ($4.6bn). EI Towers is owned by infrastructure fund F2i and MFE-MediaForEurope.

Dolce & Gabbana explores Milan property sale to raise cash. (Bloomberg)

Dolce & Gabbana is considering the sale of real estate assets in Milan as part of efforts to improve liquidity and refinance debt.

The fashion group is discussing potential sale-and-leaseback transactions with lenders, including properties in central Milan, though no final decisions have been made on which assets could be sold.

UK's competition watchdog clears ABF's Hovis takeover. (Reuters)

Britain’s Competition and Markets Authority has cleared Associated British Foods’ acquisition of rival bread maker Hovis after concluding that ABF’s bakery division would likely exit the market if the deal did not proceed.

ABF announced the acquisition of the 135-year-old bakery company in August last year, with the regulator opening an investigation into the transaction in December.

Lumina Metals’ Warsaw debut fuels Poland copper ambitions. (Bloomberg)

Poland is positioning itself as a major global copper producer as planned mines by Canada’s Lumina Metals could more than double the country’s output from current levels.

Lumina shares rose as much as 46% in their Warsaw debut following an IPO in Canada earlier this year to help fund development of a new copper mine in southwestern Poland.

Schroders Capital appoints Bob Paterson to lead European ABF and SRT. (Press Release)

Schroders Capital has appointed Bob Paterson as Head of European Asset-based Finance and Significant Risk Transfer Investments within its Private Debt & Credit Alternatives business.

Paterson will lead ABF and SRT transactions across Europe, the UK and Australia, and oversee European and UK asset-backed securities activities.

APAC

Yum China to acquire the Mainland China operations of Pizza Hut from Yum! Brands for $1.2bn.

Yum China, an American-Chinese fast-food restaurant company, agreed to acquire the Mainland China operations of Pizza Hut, an American multinational pizza restaurant chain and international franchise, from Yum! Brands, an American multinational fast food corporation, for $1.2bn, according to press releases.

Yum China is advised by Lazard, Sidley Austin and Fangda Partners. Yum! Brands is advised by Barclays, Goldman Sachs, Mayer Brown and Weil Gotshal and Manges, according to press releases

HCLTech led a $234m Series B round in Sarvam.

HCLTech, a global technology company, led a $234m Series B round in Sarvam, with participation from Bessemer Venture Partners, Khosla Ventures and Peak XV Partners. HCLTech contributed $150m to the round as its largest investor, according to press releases.

Go completes Japan’s largest IPO of 2026. (Bloomberg)

Shares of taxi-hailing company Go are set to begin trading on the Tokyo Stock Exchange following the largest initial public offering in Japan this year.

The Goldman Sachs-backed company raised JPY88.6bn ($553m) in the offering, implying a market value of JPY186bn($1.16bn), with investor demand exceeding 25 times the shares available.

Sify Infinit puts $391m India IPO on hold. (Bloomberg)

Sify Infinit Spaces has paused its planned INR37bn ($391m) initial public offering.

The data center operator's decision adds to a growing number of companies delaying share sales amid weaker conditions in India’s equity market

Merdeka Gold Resources attracts cornerstone investors for Hong Kong IPO. (Bloomberg)

Glencore, Mercuria and Trafigura are among investors planning to participate as cornerstone investors in the Hong Kong listing of Indonesian miner Merdeka Gold Resources.

The commodity trading firms are expected to receive guaranteed allocations in the offering in exchange for agreeing to hold their shares for a specified period after the IPO.

HomeLane targets India IPO within two years. (Reuters)

HomeLane plans to pursue an initial public offering within the next 12 to 24 months as the company seeks to expand into new cities and broaden its home furnishing offerings.

The home interiors platform counts Peak XV Partners, Accel and Pidilite Industries among its investors and competes with players including Godrej Interio and Livspace.

Blume Ventures plans $40m continuation fund. (DealStreetAsia)

Blume Ventures is planning to launch a continuation fund targeting INR3.75bn ($40m) with support from a Japanese limited partner and several Indian investors.

The early-stage venture capital firm is also raising its fifth flagship fund, having previously launched four core investment vehicles since its founding in 2010.

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