Mars completes the acquisition of Kellanova for $35.9bn.

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

Aaron’s and CCF Holdings to merge with Katapult.

Aaron’s, a technology-enabled, omni-channel provider of lease-to-own and retail purchase solutions, and CCF Holdings, a provider of alternative financial services, agreed to merge with Katapult, a technology driven lease-to-own platform, according to press releases. Financial terms were not disclosed.

Katapult is advised by Guggenheim Partners and Davis Polk & Wardwell. CCF is advised by Morrison Foerster. Aaron’s is advised by JP Morgan and King & Spalding, according to MergerLinks data and press releases.

Destination XL Group to merge with FullBeauty.

Destination XL Group, an integrated commerce retailer of plus size men’s clothing and footwear, agreed to merge with FullBeauty, a fashion brand specializing in inclusive sizing for both women and men, according to press releases. Financial terms are not disclosed.

FullBeauty is advised by Rothschild & Co and Cleary Gottlieb Steen & Hamilton. DXL is advised by Guggenheim Securities, Greenberg Traurig and Joele Frank (led by Aaron Palash), according to press releases and MergerLinks data.

Enova to acquire Grasshopper for $369m.

Enova, a financial technology company that provides online financial services through its machine-learning-powered platform, agreed to acquire Grasshopper, a full-service digital bank, for $369m, according to press releases.

Grasshopper is advised by Squire Patton Boggs, Hogan Lovells and Piper Sandler. Enova is advised by Covington & Burling and Keefe, Bruyette & Woods, according to press releases.

ASUR completes the acquisition of URW Airports from Unibail-Rodamco-Westfield for $295m.

Grupo Aeroportuario del Sureste, a Mexican airport operator, completed the acquisition of URW Airports, an airport retail concessions platform, from Unibail-Rodamco-Westfield, an operator of shopping centers and retail concessions, for $295m, according to press releases.

URW Airports was advised by RBC Capital Markets and Debevoise & Plimpton. ASUR was advised by JP Morgan and Cleary Gottlieb Steen & Hamilton, according to press releases.

Cycle Pharmaceuticals to acquire Applied Therapeutics.

Cycle Pharmaceuticals, a UK-based company focused on empowering rare disease patients, agreed to acquire Applied Therapeutics, a clinical-stage biopharmaceutical company dedicated to creating treatments for rare diseases, according to press releases. Financial terms were not disclosed.

Applied is advised by Aquilo Partners and Ropes & Gray (led by Sara Young). Cycle is advised by Goodwin Procter, according to press releases and MergerLinks data.

Arthur Ventures completes an investment in PKI Solutions.

Arthur Ventures, a growth equity firm specializing in B2B software companies, completed an investment in PKI Solutions, a provider of public key infrastructure and digital certificate management solutions, according to press releases. Financial terms were not disclosed.

PKI Solutions was advised by Needham & Company and Stoel Rives. Arthur Ventures was advised by Gunderson Dettmer, according to press releases.

Tata Consultancy Services to acquire Coastal Cloud from Sverica for $700m.

Tata Consultancy Services, an IT services, consulting, and business solutions company, agreed to acquire Coastal Cloud, a multi-cloud Salesforce consulting firm, from Sverica, a private equity firm, for $700m, according to press releases.

Coastal Cloud is advised by Guggenheim Partners and Choate Hall & Stewart, according to MergerLinks data and press releases.

StoneTree Investment Partners completes the acquisition of Reel Power International.

StoneTree Investment Partners, an industrials-focused private investment firm, completed the acquisition of Reel Power International, a family of brands that offers solutions to help control and improve drilling, reeling and winding operations, according to press releases. Financial terms were not disclosed.

Reel Power was advised by Mesirow Financial. StoneTree Investment Partners was advised by McGuireWoods, according to press releases.

Tailwater Capital completes the acquisition of a majority stake in Central Midstream.

Tailwater Capital, an energy and infrastructure private equity firm, completed the acquisition of a majority stake in Central Midstream, a Houston-based midstream company with operations across the Gulf Coast and Ohio, according to press releases. Financial terms were not disclosed.

Central Midstream was advised by Gibson Dunn & Crutcher. Tailwater Capital was advised by Troutman Pepper Locke, according to press releases.

Goldman Sachs Alternatives led a $240m Series E round in Harness.

Goldman Sachs Alternatives, an alternatives investor, led a $240m Series E round in Harness, an AI Software Delivery Platform company, according to press releases.

Goldman Sachs was advised by Latham & Watkins (led by Stelios Saffos), according to MergerLinks data.

Weir to acquire the remaining 50% stake in ESCO Elecmetal Fundición from Elecmetal for £56m.

Weir, a UK-based engineering company, agreed to acquire the remaining 50% stake in ESCO Elecmetal Fundición, a manufacturer of ground-engaging tools, from Elecmetal, a global metallurgical company, for £56m ($75m), according to press releases.

Weir is advised by CDR Communication (led by Claire de Groot), according to press releases.

Spectrotel completes the acquisition of Mosaic NetworX.

Spectrotel, a provider of managed network services and connectivity solutions, completed the acquisition of Mosaic NetworX, a global managed services provider, according to press releases. Financial terms were not disclosed.

Mosaic NetworX was advised by The Bank Street Group, according to press releases.

Qualcomm completes the acquisition of Ventana Micro Systems.

Qualcomm, a semiconductor manufacturer, completed the acquisition of Ventana Micro Systems, a startup that focused on developing server CPU technology, according to press releases. Financial terms were not disclosed.

Qualcomm was advised by Paul Weiss Rifkind Wharton & Garrison, according to MergerLinks data.

Tivic Health Systems completes the acquisition of Scorpius Holdings.

Tivic Health Systems, a diversified therapeutics company, completed the acquisition of Scorpius Holdings, an integrated contract development and manufacturing organization focused on biologic programs to the clinic and beyond, according to press releases. Financial terms were not disclosed.

Radiant Vision Systems to merge with Konica Minolta Sensing Americas.

Radiant Vision Systems, a provider of imaging systems for scientific evaluation of light sources and displays, agreed to merge with Konica Minolta Sensing Americas, a provider of optical technology that precisely measures the elements of color and light, according to press releases. Financial terms are not disclosed.

UKG to acquire Inova Payroll.

UKG, an HR, payroll, and workforce management solutions provider, agreed to acquire Inova Payroll, a US-based human capital management and payroll services provider for small and mid-sized businesses, according to press releases. Financial terms are not disclosed.

Buyout firm Carnelian draws attention with unusual plan to sell multiple energy assets. (Reuters)

Carnelian Energy Capital is preparing to sell six of its North American oil and gas production assets, amid growing pressure on private equity firms to boost exits and return capital to investors.

The sales, covering most of Carnelian-backed oil and gas companies and around 40% of its total portfolio, have surprised industry observers, as buyout firms typically stagger sales to maintain buyer demand.

Coca-Cola holds final talks to rescue Costa Coffee sale. (Reuters)

Coca-Cola’s proposed sale of Costa Coffee may be at risk. The soft drinks giant is holding last-ditch talks with private equity firm TDR Capital to salvage the deal, after TDR was named the preferred bidder earlier this week.

Discussions have reportedly stalled over price, with Coca-Cola set to retain a minority stake in the British coffee chain.

Thoma looks to create $12bn shipping tech firm with merger. (Bloomberg)

Thoma Bravo is reportedly in talks to merge its shipping software company Auctane, formerly Stamps.com, with logistics provider WWEX Group, creating a business potentially valued at up to $12bn.

The private equity firm plans to contribute around $500m in new equity to the combined company, aiming to reduce costs and leverage for both units.

UK’s Aberdeen to buy $2bn in US closed-end assets. (Reuters)

British asset manager Aberdeen announced plans to acquire nine US-based closed-end funds totaling £1.5bn ($2bn) as part of its ongoing US expansion.

The funds, purchased from Boston-based MFS, will be merged into two larger Aberdeen funds alongside an existing fund, investing in bonds and the growing private credit market.

Big 12 in advanced talks for deal with RedBird-backed fund. (Bloomberg)

The Big 12 Conference is in advanced talks with an investment firm backed by RedBird Capital and Weatherford Capital for a $500m cash injection.

The deal, through Collegiate Athletic Solutions, comes after earlier talks for a direct Big 12 investment fell through and would represent the first major conference-wide capital deal in US college sports.

Intel nears $1.6bn deal for AI chip startup SambaNova. (Bloomberg)

Intel is in advanced talks to acquire AI chip startup SambaNova Systems for roughly $1.6bn, including debt.

The deal for the Palo Alto-based company could be completed as soon as next month.

Azul gets court approval for debt restructuring, with American and United set to invest. (Reuters)

A US bankruptcy judge approved Azul’s debt restructuring, enabling the Brazilian airline to reduce over $2bn in debt and raise funds through a new equity rights offering, with investments from American Airlines and United Airlines.

Azul filed for Chapter 11 bankruptcy in New York in May to cut debt and strengthen its business against market challenges such as fuel price and currency fluctuations.

Argentina’s YPF is said to be ready to sell fertilizer venture. (Bloomberg)

Argentina’s state-run oil company YPF is set to accept Adecoagro’s offer to buy its 50% stake in the country’s nitrogen fertilizer producer.

Adecoagro, now owned by crypto firm Tether Holdings, offered about $600m for YPF’s share in Profertil, having recently acquired the remaining 50% alongside an Argentine farming cooperative.

Fintech firm Wealthfront prices US IPO at $14 per share, raising $486m. (Reuters)

Automated digital wealth manager Wealthfront raised $486m in its IPO, marking a strong year for fintech listings in New York.

The Palo Alto-based company sold 34.6m shares at $14 each, at the top of its $12–$14 range, giving it a $2bn valuation.

Warburg’s Truhome hires Kotak, three others for $300m IPO. (Bloomberg)

Warburg Pincus-backed Truhome Finance has appointed four banks for a planned IPO that could raise up to $300m.

The shadow lender, formerly Shriram Housing Finance, has mandated Kotak Mahindra Capital, JM Financial, IIFL Capital, and Jefferies India to manage the share sale. Truhome is targeting a valuation of up to $1.5bn, with the listing expected next year.

ALM Ventures launches a fund for humanoid robots and AI. (Press Release)

ALM Ventures has launched ALM Ventures Fund I, a $100m early-stage fund focused on humanoid robots, embodied AI, and spatial intelligence.

Targeting seed and pre-seed investments, the fund aims to secure concentrated early ownership in this emerging technology sector, seen as one of the most transformative of the coming decade. It also employs a disciplined portfolio strategy with reserves for follow-on funding.

EMEA

cyber_Folks to acquire PrestaShop from Fortidia.

cyber_Folks, a hosting and digital services provider, agreed to acquire PrestaShop, a commerce platform, from Fortidia, a global commerce enablement platform, according to press releases. Financial terms were not disclosed.

Fortidia is advised by Jefferies & Company, Gide Warsaw and PedersoliGattai, according to MergerLinks data and press releases.

Tertianum completes the acquisition of Senevita.

Tertianum, an operated service provider specialising in senior living, housing, and care, completed the acquisition of Senevita, an integrated inpatient and outpatient care provider, according to press releases. Financial terms were not disclosed.

Tertianum was advised by UBS and Bar & Karrer (led by Christoph Neeracher and Philippe Seiler), according to MergerLinks data.

ZCG-backed Unimed completes the acquisition of Elssi Maritime Services.

ZCG-backed Unimed, a provider of medical and compliance solutions to the maritime industry, completed the acquisition of Elssi Maritime Services, a provider of drug and alcohol testing to the maritime industry, according to press releases. Financial terms were not disclosed.

ZCG was advised by Joele Frank (led by Jonathan Keehner), according to MergerLinks data.

EssilorLuxottica to acquire Signifeye.

EssilorLuxottica, a global eyewear manufacturer and distributor, agreed to acquire Signifeye, a Belgian ophthalmology platform delivering patient care across 15 eye centers and clinics in the Flanders region, according to press releases. Financial terms are not disclosed.

Natixis and Generali halt discussions on asset management partnership. (FT)

France’s Natixis Investment Managers and Italian insurer Generali have ended talks to create a European asset management powerhouse.

The companies said that they had “jointly decided to terminate negotiations".

Berlin eyes majority stake in TenneT Germany. (Reuters)

The German government is reportedly in early talks to acquire a majority stake in TenneT’s German power grid, following a preliminary agreement to take a 25.1% share.

Berlin is exploring forming a consortium with financial investors like Apollo, Blackstone, or Brookfield.

Agnellis reject Tether's bid, insist Juventus is "not for sale". (Reuters)

Italy’s Agnelli family has no plans to sell Juventus, including to crypto firm Tether, Exor CEO John Elkann, dismissing the surprise offer.

“Juventus, our history and our values are not for sale,” Elkann stated in a rare video message on the club’s website.

BNP Paribas in talks to sell its stake in Moroccan bank BMCI. (WSJ)

BNP Paribas said it has started exclusive talks with Holmarcom Group to potentially sell its 67% stake in Moroccan subsidiary BMCI.

The French bank confirmed Friday that the discussions involve selling its majority stake to Holmarcom, which is already a shareholder in BMCI.

APAC

Australian lithium miner Ioneer eyes bid for Rio’s US boron unit. (Bloomberg)

Australian mining company Ioneer is considering a bid for a group of Rio Tinto’s US boron assets, a key mineral for fertilizer, CEO Bernard Rowe said.

He highlighted the potential to combine Ioneer’s boron-and-lithium project in Nevada with Rio’s California boron operations, which are up for sale.

Daily Review

Connect the World of Dealmakers