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Top Highlights
Magnolia Oil & Gas, an independent oil and natural gas exploration and production company, completed the acquisition of WildFire Energy, an independent oil and natural gas company, from Kayne Anderson, an alternative investment firm, and Warburg Pincus, a private equity firm, for $4.06bn, according to press releases.
WildFire Energy was advised by Bank of America, Jefferies & Company (led by Conrad Gibbins), and Troutman Pepper Locke (led by Bradley C. Weber). Magnolia Oil & Gas was advised by Citigroup, JP Morgan, Moelis & Co, and Kirkland & Ellis (led by David Castro). Debt providers were advised by Latham & Watkins (led by Samuel D. Rettew, Trevor Wommack, and David J. Miller). Debt financing was provided by Citigroup, JP Morgan, and Wells Fargo Securities, according to press releases and MergerLinks data.
L Catterton and Altas Partners, two private equity firms, agreed to acquire a majority stake in Fullscript, a platform for practitioners delivering whole person care, from HGGC, a private equity firm, and Snapdragon Capital, an equity and buyout investment firm, according to press releases. Financial terms were not disclosed.
Fullscript is advised by Centerview Partners. L Catterton and Altas are advised by Evercore, Morgan Stanley, RBC Capital Markets, Kirkland & Ellis and McDermott Will & Schulte. Altas is advised by FGS Global (led by Julie Rudnick). HGGC and Snapdragon are advised by Jefferies & Company and William Blair & Co. HGGC is advised by Joele Frank (led by Carly King), according to MergerLinks data and press releases.
Patient Square Capital-backed Hanger, a provider of orthotic and prosthetic patient care services and products, agreed to acquire Numotion, a provider of mobility products and services, from AEA Investors, a private equity firm, according to press releases. Financial terms were not disclosed.
Numotion is advised by Jefferies & Company and Fried Frank Harris Shriver & Jacobson. Hanger is advised by Barclays, Citigroup, Santander, Wells Fargo Securities and Kirkland & Ellis. Patient Square is advised by Prosek Partners, according to MergerLinks data and press releases.
AMERICAS
Apollo Global is said to be exploring a deal for J&J’s orthopedics unit. ( Bloomberg)
Colgate‑Palmolive plans to sell a selection of its personal care brands. ( Reuters)
Walter and Boehly move closer to selling Chelsea FC stakes to Clearlake. ( Bloomberg)
Barington takes new stake in Bath & Body Works. ( Bloomberg)
Altera plans a 2026 IPO expected to raise more than $2bn. ( Reuters)
Nvidia enters talks to back Anthropic’s planned mega‑IPO. ( Reuters)
Firehawk seeks funding at $1.25bn valuation. ( Bloomberg)
Apollo Sports Capital shows interest in NFL stake, CEO Tylis says. ( Bloomberg)
EMEA
PE firm Waterland ends alliance with Giacom in its pursuit of Gamma. ( Reuters)
Stellantis signs MOU with Roshel for the potential sale of its Canadian factory. ( Reuters)
Francisco Partners and KKR to buy minority stakes in TeamSystem. ( Reuters)
JD.com’s concessions to Ceconomy draw pushback from competing retailers. ( Reuters)
Ponar weighs Warsaw IPO as Poland’s defense boom attracts investors. ( Bloomberg)
APAC
CVC enters advanced talks to acquire EQT’s Ginko China unit. ( Reuters)
Hitachi and Platinum among bidders for Swarco unit. ( Bloomberg)
NSE downsizes India IPO amid mounting valuation concerns. ( Bloomberg)
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AMERICAS
Eli Lilly, a pharmaceutical company, completed the acquisition of AtaiBeckley, a clinical-stage biopharmaceutical company, for $2.8bn, according to press releases.
Blackstone, an alternative asset manager, agreed to acquire a majority stake in Flow Control, a provider of highly engineered flow control solutions and components, from Audax, a private equity platform, according to press releases. Financial terms were not disclosed.
Flow Control is advised by Houlihan Lokey, Jefferies & Company and Ropes & Gray. Blackstone is advised by Goldman Sachs, UBS, William Blair & Co and Kirkland & Ellis. Audax is advised by Gasthalter & Co, according to MergerLinks data and press releases.
Bending Spoons, an Italian technology conglomerate, agreed to acquire Miro, an AI innovation workspace, for $1.355bn, according to press releases.
Miro is advised by Morgan Stanley and Goodwin. Bending Spoons is advised by BNP Paribas, Ernst & Young, JP Morgan, Latham & Watkins and McDermott Will & Schulte, according to MergerLinks data and press releases.
Copart, an online vehicle auction company, agreed to acquire ACV, a digital automotive marketplace and data services partner for dealers and commercial clients, for $1.9bn, according to press releases.
ACV is advised by JP Morgan, Davis Polk & Wardwell (led by Paul S. Scrivano) and Joele Frank (led by Adam Pollack). Copart is advised by Evercore, Wilson Sonsini Goodrich & Rosati and FGS Global (led by John Christiansen), according to MergerLinks data and press releases.
Apollo, an alternative investment manager, completed a $9bn investment in ONEOK, an American diversified corporation focused primarily on the natural gas industry, according to press releases.
ONEOK was advised by Barclays, Lazard, and Latham & Watkins. Apollo was advised by RBC Capital Markets and Milbank, according to press releases and MergerLinks data.
Enel, an Italian multinational manufacturer and distributor of electricity and gas, agreed to acquire a 830 MW portfolio of wind and solar plants in the US from Excelsior Energy Capital, a Minneapolis-based independent investment firm specializing in renewable energy infrastructure, for $1bn, according to press releases.
Enel is advised by Jefferies & Company. Excelsior Energy Capital is advised by KeyBanc Capital Markets, Morgan Stanley, Akin Gump Strauss Hauer & Feld, and Gregory FCA (led by Philip Nunes), according to press releases and MergerLinks data.
Watkins, a flavor company specializing in spices, seasonings, extracts and baking decorations, agreed to acquire the spice and seasonings business from Sauer Brands, a food manufacturing company, according to press releases. Financial terms were not disclosed.
Watkins is advised by Intrepid Investment Bankers and Faegre Drinker Biddle & Reath. Sauer Brands is advised by Centerview Partners and Foley & Lardner, according to MergerLinks data and press releases.
CBTS, a company specializing in AI‑ready infrastructure, cloud, and security services, completed the acquisition of Recovery Point Systems, a company focused on fully managed disaster recovery and cyber resiliency solutions for enterprise IT environments, according to press releases. Financial terms were not disclosed.
Recovery Point Systems was advised by Bank Street Group, according to press releases.
Blue Delta Capital Partners-backed ITC Federal, a company specializing in mission-focused IT solutions, agreed to acquire Capgemini Government Solutions, a company focused on digital transformation, platform implementations, and data modernization for US federal government customers, from Capgemini, a global technology and consulting firm, according to press releases. Financial terms were not disclosed.
Macquarie Asset Management, an asset manager focused on infrastructure and real assets, agreed to acquire a majority stake in SI Solutions, a company specializing in structural integrity engineering, testing and software solutions for critical infrastructure operators, from MidOcean Partners, a private equity fund, according to press releases. Financial terms were not disclosed.
Constellation Energy Generation, a company specializing in power generation and wholesale electricity markets, agreed to acquire RISEC Holdings, a company focused on combined-cycle gas turbine generation, from Shell Energy North America, an energy trading and optimization business, for $715m, according to press releases.
Sverica, a private equity investment firm, completed the investment in Atrium, an AI-native consulting and data transformation company, according to press releases. Financial terms were not disclosed.
Apollo Global is said to be exploring a deal for J&J’s orthopedics unit. ( Bloomberg)
Apollo Global Management is in talks to buy Johnson & Johnson’s orthopedics business, which J&J has been preparing to separate.
The discussions center on a valuation near $20bn. The unit — DePuy Synthes — has drawn interest from multiple private equity firms.
Colgate‑Palmolive plans to sell a selection of its personal care brands. ( Reuters)
Colgate‑Palmolive is exploring a sale of several mass‑market personal care brands — including Softsoap, Irish Spring and Speed Stick.
The company is working with Goldman Sachs on the process.
Walter and Boehly move closer to selling Chelsea FC stakes to Clearlake. ( Bloomberg)
Billionaire investors Mark Walter and Todd Boehly are close to selling their stakes in Chelsea FC to majority owner Clearlake Capital.
Barington takes new stake in Bath & Body Works. ( Bloomberg)
Barington Capital Group has built a new stake in Bath & Body Works and is urging the retailer to consider a sale, arguing the company remains undervalued and has struggled with inconsistent leadership.
CEO James Mitarotonda — who previously led an activist campaign against the business in 2019, when it operated as L Brands — said the chain should hire advisers to evaluate strategic alternatives.
Altera plans a 2026 IPO expected to raise more than $2bn. ( Reuters)
Silver Lake‑ and Intel‑backed Altera is preparing a confidential IPO filing that could come as early as 2026, in a deal expected to raise more than $2bn.
The chipmaker has lined up Barclays, Citi, JPMorgan and Morgan Stanley for the offering, though the final bank order is still being determined.
Nvidia enters talks to back Anthropic’s planned mega‑IPO. ( Reuters)
Anthropic is in discussions to bring Nvidia in as an anchor investor for what could become the largest IPO on record.
The AI startup is targeting up to $100bn in proceeds, a level that would value it at roughly $2tn. Nvidia is weighing an investment of as much as $10bn, though the plans are still evolving and could change.
Firehawk seeks funding at $1.25bn valuation. ( Bloomberg)
Firehawk Aerospace is pursuing a new private funding round that would value the defense‑tech firm at about $1.25bn.
The company, backed by 1789 Capital, is looking to raise $100m to $200m.
Apollo Sports Capital shows interest in NFL stake, CEO Tylis says. ( Bloomberg)
Apollo Sports Capital is looking to join the group of private equity firms eligible to invest in an NFL franchise. CEO Al Tylis said the firm is open to opportunities across major global sports properties — including the NFL.
EMEA
PE firm Waterland ends alliance with Giacom in its pursuit of Gamma. ( Reuters)
Dutch private equity firm Waterland said that it is no longer working in concert with UK‑based Giacom on a potential offer for British telecom operator Gamma Communications.
Stellantis signs MOU with Roshel for the potential sale of its Canadian factory. ( Reuters)
Stellantis said it has signed a memorandum of understanding with Canadian armored‑vehicle manufacturer Roshel for a potential sale of its idled Brampton factory near Toronto.
After reviewing multiple options for the site, the company said it believes Roshel offers a strong path toward restoring sustainable operations at the Brampton Assembly facility.
SThree said it unanimously turned down an unsolicited all‑cash takeover proposal from US recruiter Circle8 Group, arguing the offer materially undervalues the company and its long‑term outlook.
Francisco Partners and KKR to buy minority stakes in TeamSystem. ( Reuters)
Private equity firms Francisco Partners and KKR have reached terms to acquire minority stakes in Italian software provider TeamSystem from majority investor Hellman & Friedman.
H&F is selling roughly 10% of the company to Francisco Partners, while an additional about 5% stake is being taken up by other investors including KKR.
JD.com’s concessions to Ceconomy draw pushback from competing retailers. ( Reuters)
The European Commission informed JD.com earlier this week of the feedback it received on the remedies the company proposed last month.
Ponar weighs Warsaw IPO as Poland’s defense boom attracts investors. ( Bloomberg)
Ponar Wadowice, a major supplier to Poland’s state‑owned arms sector, is weighing a Warsaw IPO as part of a broader strategic review, potentially offering investors fresh exposure to the country’s expanding defense budget.
The hydraulic‑systems producer is also considering bringing in a strategic or industry investor, CEO Marek Warzecha said at the Kielce defense fair, adding that a decision should come in the next few months.
APAC
CVC enters advanced talks to acquire EQT’s Ginko China unit. ( Reuters)
CVC Capital Partners has moved into advanced negotiations to acquire Ginko International’s mainland China unit from EQT.
Hitachi and Platinum among bidders for Swarco unit. ( Bloomberg)
Hitachi is among the bidders for a stake in Swarco, the Austrian traffic‑solutions group owned by members of the Swarovski family.
The Japanese company is competing with buyout firms including Platinum Equity for Swarco’s intelligent transport systems division, which could fetch around €1bn ($1.162bn).
NSE downsizes India IPO amid mounting valuation concerns. ( Bloomberg)
National Stock Exchange of India, the world’s busiest derivatives venue, has trimmed the size of its planned IPO to $2.4bn, reflecting concerns about investor appetite at its earlier valuation target. The exchange cut its offer to 126.44m existing shares, down from 148.9m.
The revised sale represents about 5.1% of NSE’s equity, compared with roughly 6% previously. The offering is scheduled to take investor orders from Sept. 17 to Sept. 21, with a potential listing on Sept. 24.
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