Top Highlights
Marvell Technology, a semiconductor company, agreed to acquire Lumentum, a photonics technology company, for $115bn, according to press releases.
Marvell Technology is advised by Goldman Sachs, JP Morgan, Qatalyst Partners, Wilson Sonsini Goodrich & Rosati and FGS Global. Lumentum is advised by Citigroup, Evercore, Davis Polk & Wardwell and Joele Frank (led by Eric Brielmann and Barrett Golden), according to press releases.
Stonepeak, an alternative investment firm specializing in infrastructure and real assets, completed the acquisition of a 65% stake in Castrol, an oil company that markets industrial and automotive lubricants, from BP, an oil and petrochemicals company, at a $10.1bn enterprise value, according to press releases.
Brookfield, a global alternative asset manager, and CPP Investments, a professional investment management organization, completed the acquisition of LXP Industrial Trust, a US real estate investment trust that owns and leases large warehouses and distribution centers, for $5.2bn, according to press releases.
LXP was advised by Bank of America, JP Morgan, Hogan Lovells Cadwalader, Georgeson and Joele Frank (led by Andrew B. Siegel). Financial advisors were advised by Cleary Gottlieb Steen & Hamilton (led by Charles Allen). Brookfield and CPP Investments were advised by Citigroup, Morgan Stanley, DLA Piper, Gibson Dunn & Crutcher (led by Brian Scrivani), Thompson Hine and Weil Gotshal and Manges (led by Jeff White). Financial advisors were advised by Dechert (led by Stephen Leitzell), according to press releases and MergerLinks data.
AMERICAS
OpenAI slashes funding target by $10bn as tech anxieties mount. ( FT)
EMEA
Portugal weighing bigger Galp stake after Moeve merger collapse. ( Reuters)
APAC
Anthropic seeks up to $3.5bn in Japan for its mega US IPO. ( Bloomberg)
German firms MAHLE, Schott seek banks for India IPOs. ( Bloomberg)
Coal India unit South Eastern Coalfields files for IPO. ( Bloomberg)
Bain Capital raises over $1.8bn for third Asia special situations fund. ( SEC Announcement)
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AMERICAS
Nuclea Energy, a company developing advanced nuclear technologies, agreed to go public via merger with NorthStrive Acquisition Corp I in a $350m deal, according to press releases.
Nuclea Energy is advised by Panthers Capital Management and Mintz Levin. NorthStrive is advised by D. Boral Capital, GB Capital, Houlihan Lokey, NorthStrive, Carey Olsen, Cozen O'Connor and Sichenzia Ross Ference Carmel, according to press releases.
Investment firms Blackstone Credit & Insurance, CPP Investments, Ontario Municipal Employees Retirement System, Investment Management Corporation of Ontario and Public Sector Pension Investment Board agreed to acquire a 49.9% stake in the LNG Canada liquefaction business of Mitsubishi, a Japan-based multinational conglomerate engaged in energy, infrastructure, and industrial projects, for $3.1bn, according to press releases.
Blackstone is advised by Goldman Sachs, Scotiabank, Kirkland & Ellis and Stikeman Elliott. Mitsubishi is advised by RBC Capital Markets, according to press releases.
Public Policy Holding Company, a global strategic communications provider, completed the acquisition of Reevemark, a New York-based strategic communications firm, for up to $80m, according to press releases.
Reevemark was advised by GP Bullhound. PPHC was advised by Canaccord Genuity (led by Simon Bridges) and Stifel (led by Fred Welsh), according to press releases.
Gencom, a US-based real estate investment and hospitality firm, and White Bridge Capital, a private real estate investment and lending advisory firm, completed the acquisition of InterContinental Miami for $300m, according to press releases.
Gencom was advised by Schwartz Media Strategies (led by Yudi Fernández Kim), according to press releases.
Wellington, a global investment management firm, and Sequoia, a US-based venture capital firm, led a $1bn Series G round in Kalshi, a developer of an online financial trading platform, with participation from Baillie Gifford, Stripes, Andreessen Horowitz, Coatue, Layer Global, Morgan Stanley Investment Management, CapitalG, Hudson River Trading, and Balyasny Asset Management, according to press releases.
SpaceX is in talks with EchoStar about either acquiring Boost Mobile or gaining access to its network, as Elon Musk’s company looks to accelerate plans for a hybrid satellite-terrestrial wireless service through Starlink Mobile.
A deal could give SpaceX an existing subscriber base and distribution platform, with EchoStar reporting 7.38m wireless customers at the end of the second quarter. Any transaction may require consent from AT&T and T-Mobile because Boost relies on network-leasing agreements with both carriers.
OpenAI slashes funding target by $10bn as tech anxieties mount. ( FT)
OpenAI has cut the target for its latest funding round to about $20bn from $30bn and lowered its desired valuation to $1.25tn from $1.4tn, as a selloff in technology stocks weighs on investor appetite for AI-related deals.
A UAE investor group including MGX is expected to be the largest participant, while Founders Fund, Coatue, Sequoia Capital and Andreessen Horowitz are also expected to invest. The first close may come in below $20bn after some investors reduced allocations, while OpenAI is also pursuing a 2027 listing.
EMEA
Hexagon, a multinational industrial technology company, completed the acquisition of Waygate Technologies, a provider of non-destructive testing solutions utilizing computed tomography, radiography, and remote visual inspection, from Baker Hughes, an energy technology company, for $1.45bn, according to press releases.
Kesko, a trading sector company, completed the acquisition of Dahl’s operations in Sweden, Norway and Denmark from Saint-Gobain, a provider of construction materials and services, for €1.5bn ($1.7bn), according to press releases.
Kesko was advised by Nordea Bank (led by Alexandra Therman-Londen), PricewaterhouseCoopers, Gorrissen Federspiel (led by Andreas Hertel) and White & Case (led by Mark Richardson). Saint-Gobain was advised by Ernst & Young and Citigroup, according to press releases and MergerLinks data.
Ahold Delhaize, an international food retail company, agreed to acquire the Czech and Slovak businesses of Tesco, a multinational grocery and general merchandise retailer, for €1.7bn ($1.9bn), according to press releases.
Ahold Delhaize is advised by Bank of America, CMS Legal, Crowell & Moring and Havel & Partners, according to press releases.
Lazard, a global financial advisory firm, completed the acquisition of Campbell Lutyens, a private capital advisory firm, for $660m, according to press releases.
Campbell Lutyens was advised by Herbert Smith Freehills Kramer (led by Alex Kay) and Sullivan & Cromwell (led by Keith A. Pagnani). Lazard was advised by Corrs Chambers Westgarth (led by Steven Rice), according to press releases and MergerLinks data.
Affle, a global technology company, agreed to acquire Perion, an Israeli technology company headquartered in Tel Aviv, for $420m in equity value, according to press releases.
Perion is advised by Canaccord Genuity and Meitar Law Offices. Affle is advised by LUMA Partners and Barnea Jaffa Lande & Co. Debt financing is provided by Citigroup, according to press releases.
Autoneum, an internationally active Swiss automotive supplier, agreed to acquire Trèves Group, a supplier of automotive acoustic, thermal insulation, interior trim and trunk solutions, from BPIfrance, an investment firm, for €64m ($71.4m), according to press releases.
BPI France is advised by UBS, according to MergerLinks data.
Saudi Aramco, the state-owned national oil and natural gas company of Saudi Arabia, completed the acquisition of a 49% stake in Humain, a full-stack AI developer, from PIF, a global and domestic investor, according to press releases. Financial terms were not disclosed.
StormGeo, a technology provider enabling weather-sensitive companies to navigate operational challenges, completed the acquisition of Portchain, a provider of berth alignment software connecting terminals and carriers through shared, real-time port call data, according to press releases. Financial terms were not disclosed.
Portugal weighing bigger Galp stake after Moeve merger collapse. ( Reuters)
Portugal is assessing whether to increase its 8% stake in Galp Energia after the collapse of the oil company’s downstream merger talks with Moeve, as the government seeks to safeguard strategic energy assets including the country’s only refinery at Sines.
Economy Minister Manuel Castro Almeida stated that a larger state holding remains a possibility, but no decision has been taken. The move would follow Portugal’s recent increase of its stake in grid operator REN to 19%, reinforcing the government’s focus on retaining influence over critical infrastructure.
APAC
PAG-backed Everest Holdings, an investment holding platform, agreed to acquire a 51.016% stake in Evergrande Property Services Group, a property management and community services company, from Evergrande Group, an integrated residential property developer, for $514m, according to press releases.
Everest Holdings is advised by Goldman Sachs. Evergrande Property Services Group is advised by Altus Capital. Evergrande Group is advised by UBS, according to press releases and MergerLinks data.
AIT Worldwide Logistics, a supply chain solutions provider, completed the acquisition of Connor Anderson International, a global freight forwarder based in Sydney, according to press releases. Financial terms were not disclosed.
Hong Kong-listed International Business Settlement agreed to acquire QuantumCompute Solutions, an investment holding company that indirectly controls Shanghai Tianjing Fulian, an operating business focused on the design and development of AI system-on-chip products and integrated solutions, for HKD563m ($72m), according to press releases.
Anthropic seeks up to $3.5bn in Japan for its mega US IPO. ( Bloomberg)
Anthropic is targeting as much as $3.5bn from Japanese investors as part of its planned US IPO, extending the offering into a market that has seen relatively few major new listings.
Mizuho Securities will manage the Japanese tranche, with Goldman Sachs, Mitsubishi UFJ Morgan Stanley Securities and Morgan Stanley MUFG Securities among the firms handling investor orders. Mizuho Financial Group and Mitsubishi UFJ Financial Group are also among the underwriters.
German firms MAHLE, Schott seek banks for India IPOs. ( Bloomberg)
MAHLE and Schott Pharma are exploring IPOs of their Indian businesses that could each raise as much as $400m, as multinational companies look to capture the higher valuations available in India’s public markets.
Schott Pharma executives have met investment banks about a potential listing of Schott Pharma India, while MAHLE has invited banks to pitch for roles on a possible IPO of its Indian operations. Both companies are expected to appoint advisers soon.
Coal India unit South Eastern Coalfields files for IPO. ( Bloomberg)
South Eastern Coalfields, a subsidiary of state-owned Coal India, has filed a draft prospectus with India’s markets regulator for an IPO that will consist entirely of shares sold by its parent.
Coal India plans to offer as many as 668.1m shares, with no fresh capital being raised by South Eastern Coalfields. The transaction would give investors direct exposure to one of Coal India’s major operating units.
Bain Capital raises over $1.8bn for third Asia special situations fund. ( SEC Announcement)
Bain Capital has raised more than $1.8bn for its third Asia special situations fund. Its predecessor fund closed with more than $2bn in 2022.
The strategy invests across flexible debt, structured equity and hybrid capital in Asia-Pacific, targeting situations that sit between traditional private equity and senior lending. Bain Capital’s special situations platform manages about $25bn globally.
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