MasterCraft Boat completes the merger with Marine Products in a $232m deal.

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

Fusion Capital Partners-backed Relevant Solutions completes the acquisition of Automation Werx.

Fusion Capital Partners-backed Relevant Solutions, a provider of critical service solutions, completed the acquisition of Automation Werx, a systems integration company, according to press releases.
Financial terms were not disclosed.

Automation Werx was advised by Hemming Morse, Holden Kidwell Hahn & Crapo, and Edge Financial. Relevant Solutions was advised by McGuireWoods, according to press releases.

Hancock Whitney to acquire One Florida Bank.

Hancock Whitney, an American bank holding company, agreed to acquire One Florida Bank, a Florida-focused, relationship-based bank, according to press releases. Financial terms were not disclosed.

One Florida Bank is advised by Piper Sandler and Smith Mackinnon. Hancock Whitney is advised by Raymond James and Wachtell Lipton Rosen & Katz (led by Nicholas G. Demmo), according to MergerLinks data and press releases.

General Atlantic completes an investment in PowerGEM.

General Atlantic, a global growth equity firm, completed an investment in PowerGEM, a provider of advanced simulation software and technical services, according to press releases. Financial terms were not disclosed.

PowerGEM was advised by Lazard, and Goodwin Procter. General Atlantic was advised by Paul Weiss Rifkind Wharton & Garrison, according to press releases.

Diversified Royalty to acquire the franchisor business of Mr. Lube + Tires for $235m.

Diversified Royalty, a multi-royalty corporation, agreed to acquire the franchisor business of Mr. Lube + Tires, a Canadian chain of automotive service centres, for $235m, according to press releases.

Mr. Lube + Tires is advised by PwC, according to press releases.

Akamai Technologies to acquire LayerX for $205m.

Akamai Technologies, a cybersecurity and cloud computing company, agreed to acquire LayerX, a provider of browser-based AI usage control and secure enterprise browser technology for $205m, according to press releases.

LayerX is advised by Jefferies & Company, according to MergerLinks data.

Sciens Water-backed Integrated Water Services completes the acquisition of Complete Filtration Resources.

Sciens Water-backed Integrated Water Services, a company specializing in modular wastewater treatment and reuse systems, completed the acquisition of Complete Filtration Resources, a company specializing in process filtration and industrial wastewater solutions, according to press releases. Financial terms were not disclosed.

Complete Filtration Resources was advised by TKO Miller, according to press releases.

GHK Capital Partners-backed WSB completes the acquisition of Alta Science & Engineering.

GHK Capital Partners-backed WSB, a consulting firm, completed the acquisition of Alta Science & Engineering, a Northwest‑based science and engineering firm, according to press releases. Financial terms were not disclosed.

Alta Science & Engineering was advised by Morrissey Goodale, according to press releases.

NTT DATA to acquire WinWire from Sverica.

NTT DATA, an AI, digital business and IT services company, agreed to acquire WinWire, a digital engineering and IT services firm, from Sverica, a private equity firm, according to press releases. Financial terms were not disclosed.

NTT DATA is advised by Rothschild & Co, according to MergerLinks data.

Solvane Group and David Carlson complete the acquisition of Evolve Restoration platform of Evolve Restoration for $50m.

Solvane Group, a national property restoration platform, and David Carlson completed the acquisition of Evolve Restoration platform of Evolve Restoration, a roofing and restoration company, for $50m, according to press releases.

AT&T, T-Mobile, and Verizon to form a joint venture.

AT&T, T-Mobile, and Verizon, telecommunications companies, agreed to form a joint venture, according to press releases. Financial terms are not disclosed.

Unicharm completes the acquisition of Nutrire Indústria de Alimentos.

Unicharm, a Japanese manufacturing company, completed the acquisition of Nutrire Indústria de Alimentos, a Brazilian pet food manufacturer, according to press releases. Financial terms were not disclosed.

GoEngineer completes the acquisition of SKA.

GoEngineer, a full-service engineering solutions provider, completed the acquisition of SKA, a Latin America’s provider of SOLIDWORKS and engineering technology solutions, according to press releases. Financial terms were not disclosed.

Cumming Group completes the merger with RGD.

Cumming Group, an international project management and cost consulting firm, completed the merger with RGD, a North Carolina–based project management firm specializing in life sciences manufacturing, according to press releases. Financial terms were not disclosed.

PowerGEM completes the acquisition of Telos Energy.

PowerGEM, a power grid and energy market simulation software and services provider, completed the acquisition of Telos Energy, an engineering consulting company, according to press releases. Financial terms were not disclosed.

Papa John’s biggest franchisee joins Irth in a joint effort to buy out the pizza company. (Reuters)

Investment firm Irth Capital has partnered with Papa John’s largest US franchise operator — who oversees roughly 10% of the chain’s domestic restaurants — to pursue a plan to take the company private.

Nadeem Bajwa, who began his career delivering pizzas for Papa John’s as a college student and now runs nearly 300 of its locations, intends to make a substantial financial commitment to the buyout effort. Papa John’s board and executive team were recently briefed on his involvement.

West Technology enters exclusive talks to sell its last unit. (Bloomberg)

Apollo Global Management–backed West Technology is in exclusive negotiations to sell its last remaining operating unit to an interested buyer.

The potential sale comes as the company continues talks with its lenders while navigating liquidity pressures.

Las Vegas Raiders set to sell a 25% stake to a group led by Egon Durban. (Bloomberg)

A group led by Silver Lake executive Egon Durban is buying a 25% stake in the Las Vegas Raiders. The stake is being sold by minority investors rather than controlling owner Mark Davis.

The transaction values the Raiders at $9.9bn, though Durban’s blended purchase price is understood to be below $8bn. Sportico currently values the team at $7.9bn, placing it ninth among NFL franchises.

Pershing Square takes a $2.1bn position in Microsoft. (Bloomberg)

Bill Ackman’s Pershing Square has built a $2.1bn position in Microsoft, taking advantage of the recent share‑price pullback to invest in what he says is a stronger and more resilient business than many investors assume.

Ackman said in a post on X that Microsoft is now a core holding, highlighting its 365 suite — including Word and Excel — and its Azure cloud platform as “two of the most valuable franchises in enterprise technology.” Pershing Square’s stake represents less than one‑tenth of 1% of Microsoft’s market value.

Shares in Hiscox surged following a report of a possible takeover bid for the insurer. (Reuters)

Hiscox shares jumped as much as 15.3% after it is reported that Canada’s Intact Financial is weighing a potential takeover bid for the British insurer.

The prospect of an offer comes amid growing interest in UK‑listed companies, whose valuations have lagged peers. It follows other high‑profile moves, including the ongoing $12.7bn deal discussions between Intertek and EQT.

Dental firm to be taken over by Blackstone and KKR following 70% debt cut. (Bloomberg)

Direct lenders including Blackstone and KKR are poised to take control of struggling dental chain Affordable Care and cut roughly 70% of its debt under a restructuring agreement.

Lenders will receive a pro‑rata share of a $225m first‑lien second‑out term loan, $200m in payment‑in‑kind notes, and 100% of the pro‑forma equity.

Lightrock unveils Accelerate7 after completing its $500m fundraising. (Press Release)

Lightrock has launched Accelerate7 after closing a $500m fund focused on businesses advancing UN Sustainable Development Goal 7.

The platform will invest $10–50m in growth‑stage companies across Sub‑Saharan Africa, South Asia and Southeast Asia, targeting access to electricity, clean cooking and enabling technologies. TRIREC will support deployment in Southeast Asia.

Lazard hires McCabe to take charge of North American energy investment banking . (Reuters )

Lazard is poised to bring on Brian McCabe from JP Morgan Chase to lead its North American energy investment‑banking practice.

McCabe — a veteran oil‑and‑gas dealmaker specializing in M&A across pipeline and other midstream assets — resigned from his senior post at JPMorgan in recent days.

EMEA

AIR goes public via a SPAC merger with Cantor Equity Partners III in a $1.75bn deal.

AIR, a tobacco company specializing in social inhalation products, went public via a SPAC merger with Cantor Equity Partners III, a special purpose acquisition company, in a $1.75bn deal, according to press releases.

AIR was advised by Barclays, and Latham & Watkins (led by Ryan Maierson and Jennifer Engelhardt). Barclays was advised by WilmerHale (led by Glenn Pollner). Cantor Equity Partners III was advised by Cantor Fitzgerald, and DLA Piper (led by Sidney Burke and Stephen P. Alicanti), according to press releases and MergerLinks data.

Embecta completes the acquisition of Owen Mumford for £150m.

Embecta, a diabetes management company, specializing in insulin delivery devices, completed the acquisition of Owen Mumford, a privately held, UK‑based innovator and manufacturer of medical devices and drug‑delivery technologies, for £150m, according to press releases.

Owen Mumford was advised by Forvis Mazars, and Mills & Reeve. Embecta was advised by JP Morgan, and A&O Shearman, according to press releases and MergerLinks data.

H.I.G. Capital completes the acquisition of IAC.

H.I.G. Capital, a global alternative investment firm, completed the acquisition of International Aerospace Coatings, a provider of aircraft painting solutions, according to press releases. Financial terms were not disclosed.

IAC was advised by Jefferies & Company and Latham & Watkins. H.I.G. Capital was advised by RBC Capital Markets and Ropes & Gray, according to MergerLinks data and press releases.

Waico Group completes the acquisition of Logiudice and Mecateck from Paragon Partners-backed TP Food.

Waico Group, a machines and ovens manufacture, completed the acquisition of Logiudice and Mecateck, two brands specialized in the production of professional ovens for bakery, pizza and pastry applications, from Paragon Partners-backed TP Food, a supplier of machines and production lines for food processing, according to press releases. Financial terms were not disclosed.

TP Food was advised by DC Advisory (led by Giuliano Guarino), according to MergerLinks data.

Jiji completes the acquisition of Bikroy.

Jiji, a classifieds and marketplace platform across Sub-Saharan Africa, completed the acquisition of Bikroy, a Bangladesh's classifieds platform, according to press releases. Financial terms were not disclosed.

Magnum draws interest from private equity as its stock keeps losing ground. (Reuters)

Private equity giants Blackstone and CD&R have begun early evaluations of potential takeover offers for Magnum Ice Cream Company. The interest comes less than six months after the maker of Cornetto and Ben & Jerry’s was separated from Unilever.

Both firms are watching Magnum’s share performance closely before deciding whether to proceed with a formal bid.

Gamma Communications enters early takeover talks with Oakley Capital and Giacom. (Reuters)

Gamma Communications said that it has entered early‑stage discussions with private equity firm Epiris, as well as a separate consortium led by Oakley Capital and IT services provider Giacom, regarding a possible takeover of the British telecoms group.

The company’s shares ended the day up 8.8% at £10.18 ($13.6), giving Gamma a market value of roughly £922m ($1.23bn).

Tate & Lyle gets takeover proposal worth up to £2.7bn from Ingredion. (Press Release)

Tate & Lyle has received a takeover approach from Ingredion, raising the prospect of another well‑known British company leaving London’s stock market.

Ingredion, based in the US, has submitted a conditional offer of up to 615 pence ($8.32) per share. The proposal represents a 64% premium to Tate & Lyle’s closing price on May 13.

Bain Capital seeks new investors to retain its stake in the aerospace firm. (Bloomberg)

Bain Capital Private Equity is seeking to raise at least $1bn for a single‑asset continuation fund to extend its ownership of Spanish aerospace firm ITP Aero.

The Boston‑based firm and a consortium acquired ITP Aero from Rolls‑Royce in 2022 at an enterprise value of about $2bn. The group included Spanish co‑investors SAPA and JB Capital.

Schroders prepares to divest its entire China fund management operation. (Reuters)

Schroders is exiting its fully owned China fund‑management business and has agreed to transfer its products to Neuberger Berman. The decision reflects the British asset manager’s strategy to step back from its smaller operations.

The move follows last month’s shareholder approval of Schroders’ £9.9bn ($13.2bn) sale to US asset‑management firm Nuveen, a transaction that will form one of the world’s largest active investment groups.

Oman fertilizer firm plans IPO valuing the company at over $2.5bn. (Bloomberg)

A fertilizer producer in Oman is weighing plans to raise several hundred million dollars through what could become one of the Middle East’s largest IPOs since the regional conflict began.

Oman India Fertiliser is seeking a valuation of at least $2.5bn for the planned listing. The offering could launch as early as June and would involve shareholders selling roughly 25% of the company.

Brookfield nears $935m loan to support its purchase of World Freight. (Bloomberg)

Brookfield Asset Management is nearing a $935m loan agreement to support its acquisition of air‑cargo specialist World Freight, marking another addition to the recent wave of acquisition financing in Asia.

The investment firm signed the loan documents last week. The financing will take effect once Brookfield completes its purchase of World Freight from its current owners, EQT and PAI Partners.

APAC

Hana Financial Group-backed Hana Bank to acquire a 6.55% stake in Dunamu for $670m.

Hana Financial Group-backed Hana Bank, a South Korean bank, agreed to acquire a 6.55% stake in Dunamu, a South Korea-based digital asset and blockchain company, for $670m, according to press releases.

Wondrlab and Bridgesoul formed a joint venture.

Wondrlab, an Indian platform-first martech network, and Bridgesoul, a global firm focused on technology, trade and Global Capability Centres (GCCs), formed a joint venture, according to press releases. Financial terms were not disclosed.

Mittal highlights Africa as a unique opportunity for expansion. (Bloomberg)

Sunil Bharti Mittal, the billionaire founder of Bharti Airtel, said the company aims to lift its stake in its Africa business to 90% as it looks to capitalise on the rapid growth of mobile services across the continent.

The New Delhi–based firm said that it will increase its holding in UK‑listed Airtel Africa through a $2.9bn share swap, ahead of a planned initial public offering of the unit’s mobile‑money arm.

STT Global Data Centres aims for a $500m IPO in Mumbai. (Bloomberg)

STT Global Data Centres India is weighing an initial public offering in Mumbai that could raise up to $500m, as investor appetite for digital infrastructure continues to grow.

The data‑center operator, backed by Tata Communications, has asked investment banks to pitch for advisory roles, with presentations expected next week and appointments likely by month‑end.

Hong Kong IPO filing by Adtek adds to rising Chinese AI listings. (Bloomberg)

Shenzhen Adtek Technology has filed for an initial public offering in Hong Kong, joining a growing list of Chinese firms tied to data centers and artificial intelligence seeking to list.

The maker of optical connectivity products for data centers, networks and telecom operators submitted its application to the Hong Kong stock exchange. Citic Securities and Jefferies Financial Group are acting as joint sponsors for the planned offering.

Mizuho set to trim its Orico stake after activist calls for action. (Bloomberg)

Mizuho Financial Group plans to reduce its stake in Orient after an activist investor pushed the lender to either consolidate the business or exit its position in the credit card company.

Japan’s third‑largest bank said it will sell a 15% stake in Orico, cutting its holding to about 33.8% from just over 48%.

DayOne weighs increasing its funding round to $4bn. (Bloomberg)

DayOne Data Centers is weighing an increase to its Series C fundraising, potentially lifting the round to more than $4bn amid strong investor demand for assets tied to the artificial‑intelligence boom.

The revised target would be roughly double the size of the round closed in January and would be funded largely by existing investors.

Daily Review

Connect the World of Dealmakers