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AMERICAS
Venerable, a private equity-backed provider of risk-transfer solutions and retirement-focused insurance services, agreed to acquire SunAmerica Asset Management, an investment adviser, from Corebridge, a financial services provider, according to press releases. Financial terms were not disclosed.
Venerable is advised by Milliman, Citigroup, Wells Fargo Securities and Sidley Austin. Corebridge is advised by Oliver Wyman, Morgan Stanley and Willkie Farr & Gallagher, according to press releases and MergerLinks data.
AIP Capital, an alternative investment manager, and Monroe Capital, an asset management firm, agreed to form a joint venture, according to press releases. Financial terms were not disclosed.
AIP Capital is advised by Gibson Dunn & Crutcher and PricewaterhouseCoopers. Monroe Capital is advised by Milbank and KPMG. Debt financing is provided by Deutsche Bank and Fifth Third Bank, according to press releases.
Argano, a digital services consultancy, completed the acquisition of Twelve Consulting Group, an Anaplan consultancy expertise in enterprise performance consulting solutions, according to press releases. Financial terms were not disclosed.
Twelve Consulting was advised by Wipfli Corporate Finance Advisors and Messerli Kramer. Argano was advised by Ernst & Young, Kirkland & Ellis and Edelman Smithfield, according to press releases.
Exonas Capital, an investment firm, completed the investment in VFG Advisory, an accounting and business services firm, according to press releases. Financial terms were not disclosed.
VFG Advisory was advised by East Wind Advisors, Morrison Cohen and Vedder Price. Exonas Capital was advised by McGuireWoods. Debt financing was provided by Avante Capital Partners (led by Ivelisse Rodriguez Simon) and Brightwood Capital (led by Sengal Selassie). Avante and Brightwood were advised by Winston & Strawn , according to press releases.
Eagle Merchant Partners, a private equity firm, completed the investment in Aligned Fitness, a Southeast-based franchisee of Club Pilates, according to press releases. Financial terms were not disclosed.
Aligned Fitness was advised by Piper Sandler and Williams Mullen. Eagle Merchant was advised by King & Spalding, Miller & Martin and PR South (led by Thornton Kennedy) , according to press releases.
Inspirato, a luxury travel membership company, agreed to acquire Buyerlink, a leader in building and operating online marketplaces, for $326m, according to press releases.
Buyerlink is advised by Davis Polk & Wardwell (led by Derek Dostal and Lee Hochbaum). Inspirato is advised by ROTH Capital Partners, DLA Piper and Davis Graham & Stubbs, according to press releases and MergerLinks data.
Bregal Sagemount, a growth-focused private equity platform, agreed to acquire a minority stake in Extra Duty Solutions, a provider of off-duty program administration services and scheduling software for law enforcement agencies, according to press releases. Financial terms were not disclosed.
Extra Duty Solutions is advised by Capstone Partners (led by Tom McConnell) and Holland & Knight. Bregal Sagemount is advised by Massumi + Consoli and Paul Weiss Rifkind Wharton & Garrison (led by Eric J. Wedel and Matthew Leist), according to press releases and MergerLinks data.
Sky Island Capital, a private equity firm specializing in manufacturing companies, completed the acquisition of Scranton Products, a commercial HDPE partitions and lockers division manufacturer, from The AZEK Company, a manufacturer of outdoor living products, according to press releases. Financial terms were not disclosed.
Sky Island Capital was advised by William Blair & Co, Jones Day (led by Lisa Lathrop) and Latham & Watkins, according to press releases and MergerLinks data.
Mill Point Capital, a private equity firm, completed the acquisition of SS8 Networks, a lawful and location intelligence and monitoring center platform, according to press releases. Financial terms were not disclosed.
SS8 was advised by Union Square Advisors and Latham & Watkins. Mill Point Capital was advised by Morrison Foerster, according to press releases.
GE Aerospace, a provider of jet and turboprop engines, completed the acquisition of Northstar Aerospace, a manufacturer of flight-critical and non-flight-critical parts for military and commercial aircraft applications, from Wynnchurch Capital, a private equity firm, according to press releases. Financial terms were not disclosed.
Wynnchurch was advised by Lincoln International, Moelis & Co and Vedder Price, according to press releases.
TorQuest Partners, a private equity firm, agreed to acquire GlassRatner, a financial advisory services firm, from B. Riley Financial, a diversified financial services company, for $118m, according to press releases.
TorQuest is advised by FGS Longview (led by Ian Hamilton) , according to press releases.
Information Publishing, a London‑based investor in financial data firms, agreed to acquire to acquire Copp Clark, a publisher of financial trading and settlement calendars, according to press releases. Financial terms were not disclosed.
Information Publishing is advised by DC Advisory, according to press releases and MergerLinks data.
CenterGate Capital, a Texas-based private equity firm, completed the acquisition of Marena Group, a specialist in medical-grade compression garments, from The Riverside Company, a private equity firm, according to press releases. Financial terms were not disclosed.
Riverside was advised by Jones Day (led by Justin Farra), according to press releases and MergerLinks data.
Unilever, a consumer packaged goods company, agreed to acquire Dr. Squatch, a personal care brand, from Summit Partners, an investment firm, according to press releases. Financial terms were not disclosed.
Revolut, a fintech company, agreed to acquire Cetelem Argentina, a bank, from BNP Paribas, a multinational universal bank and financial services company. Financial terms were not disclosed.
Big Bear Vacations, a vacation and cabin rental agency, completed the acquisition of the California portfolio from Vacasa, a vacation rental management company, according to press releases. Financial terms were not disclosed.
FalconEye Ventures, a real estate investment company, completed the acquisition of Scottsdale Quarter, a 755k sq. foot open-air mixed-use destination encompassing retail, dining, and office components, according to press releases. Financial terms were not disclosed.
Tapi, a payments technology company, completed the acquisition of the bill payment and cash-handling operations of Arcus, a platform that provides payment solutions, according to press releases. Financial terms were not disclosed.
Canadian pension funds shelve $6bn sale of Cubico Sustainable Investments. (Reuters)
Ontario Teachers' Pension Plan and PSP Investments have halted the sale of Cubico Sustainable Investments, their jointly owned renewables platform, after bids failed to meet valuation expectations. The owners had sought over $6bn(including debt), but offers came in closer to €5bn ($5.9bn), prompting a pause in the process.
Cubico operates 2.8 GW of wind, solar, and transmission assets across Europe, the Americas, and Australia. Interested bidders reportedly included Qualitas Energy and KKR-backed ContourGlobal, but no deal was reached. The sale process, which began nearly two years ago, is not expected to resume imminently.
Cubico was originally formed in 2015 through a partnership with Banco Santander, with OTPP and PSP acquiring full ownership a year later.
GE Vernova explores $1bn sale of Proficy software unit. (Bloomberg)
GE Vernova is exploring a potential sale of its Proficy industrial software business, which could be valued at up to $900m to $1bn. The company is working with financial advisers and has initiated outreach to both public industrial software firms and private equity buyers.
Proficy, based in Cambridge, Massachusetts, provides electrification and industrial data software tools. The possible divestiture comes as power demand surges, driven by growth in data centers, electrification, and manufacturing, sparking increased investor interest in energy-related software.
Uber in talks to fund Travis Kalanick’s bid for Pony AI’s US unit. (Bloomberg )
Uber Technologies is in preliminary talks to back company founder Travis Kalanick in acquiring the US arm of China-based autonomous driving firm Pony AI. Kalanick would lead the Delaware-incorporated subsidiary if the deal proceeds, while continuing to run CloudKitchens.
The potential deal, which may be valued under $500m, comes as Uber strengthens its ties with autonomous vehicle players, including Waymo and Pony AI. The move would mark Kalanick’s return to the AV space since exiting Uber in 2019, and deepen Uber’s push into robotaxi services outside of in-house tech development.
TotalEnergies receives offers for Argentina shale oil asset sale. ( Bloomberg )
TotalEnergies is reportedly in advanced discussions with at least two bidders for its shale oil assets in Argentina’s Vaca Muerta formation, specifically the La Escalonada and Rincon La Ceniza fields. The French energy major holds a 45% stake in both assets, with Shell owning another 45%, and the final 10% held by GyP del Neuquén, a provincial oil company.
The potential sale comes as global energy companies including ExxonMobil and Petronas reassess their Argentinianpositions amid President Javier Milei’s market-friendly reforms, which are improving asset valuations and creating exit opportunities.
While Total is exploring a divestment of its oil holdings, it is retaining its shale gas assets in the country and actively developing infrastructure to support regional exports to Brazil.
UK’s Starling Bank eyes US expansion with potential lender acquisition. ( Bloomberg)
Starling Bank is actively seeking to acquire a US-based lender as part of its international expansion strategy. The UK digital bank has begun engaging with potential targets to gain a foothold in the US market.
The move follows Starling’s previous ambitions to enter new geographies and diversify beyond its home market. An acquisition would provide the necessary regulatory licensing and customer base for the bank’s US launch.
The company has not disclosed which institutions are under consideration or the size of the potential deal. Starling previously shelved its IPO plans but remains open to revisiting them in the future.
NIQ Global Intelligence files for a $1.25bn US IPO. (Bloomberg)
NIQ Global Intelligence, formerly the consumer intelligence unit of Nielsen, has filed for an initial public offering with the US Securities and Exchange Commission, aiming to use proceeds to reduce its $4.3bn debt load.
Backed by Advent, KKR, and the Nuremberg Institute for Market Decisions, the company reported Q1 2025 losses of $74m on $966m revenue, narrowing from a $174m loss a year earlier. It generated $740m in adjusted EBITDA in 2024.
The IPO, reportedly aiming to raise ~$1.25bn at a $10bn valuation, will be underwritten by JP Morgan, Bank of America, UBS, Barclays, and RBC. NIQ intends to list on the NYSE under the ticker "NIQ."
Platinum-backed McGraw Hill files for IPO. (Bloomberg)
McGraw Hill, the US-based education publishing company backed by Platinum Equity, has filed for an initial public offering and plans to list its shares on the New York Stock Exchange under the symbol MH. The company reported narrowing losses ahead of the filing, indicating improving financial health.
McGraw Hill, which generates over $1bn in annual revenue, is a major provider of digital learning platforms and educational content. The IPO could serve as a key exit event for Platinum Equity, which acquired the company in 2021.
Goldman Sachs, Bank of Montreal, JP Morgan, Macquarie Capital, and Morgan Stanley are leading the offering.
Sorenson Capital launches $150m Ventures Fund III. (Press Release )
Sorenson Capital, a venture capital firm with offices in Palo Alto and Salt Lake City, announced the launch of its third early-stage fund, Ventures III, with $150m in capital commitments. This new fund underscores the firm's dedication to its focused investment strategy in cybersecurity and B2B software companies ranging from pre-revenue up to $5m in ARR.
"Our deliberate fund size is about maximizing our impact – for our LPs and our founders. We've seen firsthand that bigger doesn't always mean better in this business. Our consistent focus means we remain deeply involved with each of our investments from day one through exit," Rob Rueckert, Sorenson Capital Managing Director.
EMEA
Gruppo Caffo 1915, a family-owned spirits distiller, agreed to acquire wine makers Cinzano and Frattina from Campari, an Italian beverage company, for €100m ($117m), according to press releases.
Gruppo Caffo is advised by Broletto Corporate, SAT Studio Legale and Studio Gentile Sogei. Campari is advised by Mediobanca, Baker McKenzie, McDermott Will & Emery and Studio Biscozzi Nobili, according to press releases and MergerLinks data.
Neopharmed Gentili, an Italian pharmaceutical company, agreed to acquire the European business of ORLADEYO from BioCryst Pharmaceuticals, a biotech firm focused on oral therapies for rare diseases, for $264m, according to press releases.
Neopharmed Gentili is advised by Centerview Partners and White & Case. BioCryst is advised by Bank of America, TD Cowen and Skadden Arps Slate Meagher & Flom (led by Stephen F Arcano), according to press releases and MergerLinks data.
Cobepa, a private investment firm, agreed to acquire a majority stake in Itineris, a SaaS company providing utility software via its UMAX platform, from institutional investors and funds PMV, Gimv, Smartfin and SFPIM, according to press releases. Financial terms were not disclosed.
Itineris is advised by DC Advisory (led by Paul de Hek, Alexander Luycx and Edward Godfrey), A&O Shearman and Four & Five. Cobepa is advised by Eight Advisory, according to press releases and MergerLinks data.
Integrated Polymer Solutions, a designer and manufacturer of engineered elastomeric components, agreed to acquire Oldham Seals, a designer and manufacturer of engineered polymer and elastomeric ducting components, from Arcline Investment Management, a private equity firm, according to press releases. Financial terms were not disclosed.
Oldham Seals is advised by Rothschild & Co. Arcline Investment Management is advised by KAL Capital Markets and Joele Frank, according to press releases and MergerLinks data.
Fremman Capital, a private equity firm, completed the acquisition of DIESSE Diagnostica Senese, an Italian producer of innovative diagnostic systems, according to press releases. Financial terms were not disclosed.
DIESSE is advised by Jefferies & Company. Fremman Capital was advised by A&O Shearman. Archimed is advised by Dentons, according to press releases and MergerLinks data.
Metlen Energy & Metals, an energy company, agreed to acquire a 78.41% stake in its Greek subsidiary Metlen, an industrial and energy operating company, from Evangelos Mytilineos, a CEO of Metelen Energy & Metals, and Fairfax, a finance management company, in a €138m ($162m) deal, according to press release.
Metlen is advised by Morgan Stanley, National Bank of Greece and Piraeus Bank, according to press release and MergerLinks data.
State Oil Company of the Republic of Azerbaijan, Azerbaijan’s state‑owned oil company, completed the acquisition of a 10% stake in tamar gas field from Union Energy, an energy comapany, for $1.25 bn, according to MergerLinks data.
Union Energy was advised by JP Morgan, according to MergerLinks data.
RTL Group, an entertainment company, agreed to acquire Sky Deutschland, a German media company, from Comcast, a media and technology company, for €527m ($617m), according to press releases.
Comcast is advised by PJT Partners, according to press releases and MergerLinks data.
Adler weighs €3.5bn sale of Berlin rental portfolio. (Bloomberg)
Adler Group is preparing to sell its crown-jewel portfolio of 18k Berlin apartments, potentially valued at €3.5bn($4.1bn), as part of a broader wind-down effort amid ongoing financial and reputational challenges. The company has received pitches from investment banks to advise on the structuring and eventual sale of the portfolio, though the process is expected to take several months and may not conclude before 2026.
The proceeds from the Berlin asset sale would be used to help repay Adler’s remaining €3.8bn debt, accelerating the dismantling of the once 70k-unit German landlord. The sale marks a pivotal moment in Adler's post-scandal restructuring following allegations of undisclosed influence by Austrian investor Cevdet Caner and debt-fueled acquisitions.
Controlled by a creditor consortium including Taconic Capital Advisors, PIMCO, Sculptor Capital Management andArini. Adler has already offloaded other assets like the North Rhine-Westphalia “Cosmopolitan” portfolio and its remaining development projects.
Banks vie for Advent’s planned £2bn Reckitt unit debt deal. (Bloomberg )
Advent is reportedly advancing plans to acquire a portfolio of non-core homecare brands from Reckitt in a deal estimated at £2bn ($2.75bn). Around 10 - 15 banks are competing to participate in the leveraged financing package, which would be among the rare LBOs in today’s subdued M&A environment.
The proposed deal structure includes leveraged loans in both euros and dollars, targeting a debt-to-EBITDA ratio of ~4x, a relatively conservative leverage level that has drawn strong interest from risk-hungry lenders seeking lucrative fees.
This potential sale aligns with Reckitt’s strategic shift announced in July 2024 to focus on its core brands—likeStrepsils, Mucinex, Gaviscon, Durex, Dettol, and Lysol—while reviewing divestment options for both homecare and infant formula businesses.
Santander and Barclays emerge as final bidders for TSB. ( Bloomberg)
Banco Santander and Barclays have emerged as the final bidders for TSB Bank, the UK-based retail lender owned by Spain’s Banco Sabadell. Binding offers are expected in the coming weeks.
TSB serves approximately 5m customers across the UK. Banco Sabadell has been exploring a sale as part of its ongoing strategy to streamline operations and unlock value. The transaction could value TSB at up to £1.5bn ($1.9bn).A final decision is expected later this summer. Other bidders could still enter the process, and a deal is not guaranteed.
Porsche considers sale of MHP; valuation could exceed €1bn. (Reuters)
Porsche is reportedly exploring the sale of its IT and management consulting subsidiary MHP, in a deal that could value the business at over €1bn ($1.07bn). The potential divestment is part of a strategic review aimed at sharpening Porsche’s focus on its core automotive operations.
MHP, which specializes in digital transformation and mobility consulting, has grown into a key player in automotive IT services. Porsche has not confirmed the process but is said to be in early discussions with advisors and exploring interest from both strategic and financial buyers.
HIG Capital prepares £800m sale of Interpath Advisory. (FT )
HIG Capital is preparing to launch a sale of Interpath Advisory, the former KPMG restructuring arm, targeting a valuation of around £800m ($1bn). The private equity firm has begun engaging banks to advise on the process, four years after acquiring Interpath from KPMG for £400m ($510m).
Interpath, which initially struggled post-acquisition, turned a corner last year with £3m ($3.8m) in pre-tax profit after consecutive losses in 2022 and 2023. The firm, now led by Mark Raddan, has expanded beyond restructuring into corporate finance consulting and grown from 450 to over 1k employees.
The sale comes amid ongoing interest from private equity in professional services firms, despite a difficult exit environment due to elevated interest rates and subdued M&A activity.
Reinet in talks to sell stake in UK insurer PIC. ( Reuters )
Reinet Investments is in advanced talks to sell its 49% stake in Pension Insurance Corporation, a UK-based specialist insurer focused on defined benefit pension schemes. The stake is held through Reinet Fund SCA and represents one of the fund's largest assets.
PIC manages over £45bn ($57bn) in assets and serves more than 300k policyholders. The potential transaction reflects growing investor interest in the UK pension risk transfer market amid favourable demographic and regulatory trends.
APAC
JSW Paints, part of Sajjan Jindal’s JSW Group, agreed to acquire a 74.76% stake in Akzo Nobel India, a decorative and industrial paints company, from Akzo Nobel, a paints and coatings leader, in a €1.4bn deal, according to press releases.
JSW is advised by Deloitte, Morgan Stanley and Khaitan & Co. Akzo Nobel is advised by Citigroup, according to press releases and MergerLinks data.
TPG-backed Altimetrik, an AI, data and digital engineering solutions company, agreed to acquire SLK Software, a technology services firm focused on delivering AI, intelligence automation and analytics solutions, according to press releases. Financial terms were not disclosed.
SLK is advised by Avendus. Altimetrik is advised by Ernst & Young and Gregory FCA, according to press releases.
The Living Company, a platform combining retirement, student accommodation, and build-to-rent operations, agreed to acquire Aveo, an Australian senior-living operator, from Brookfield, a private equity firm, for $2.5bn, according to MergerLinks data.
Brookfield is advised by Morgan Stanley, according to MergerLinks data.
Haleon, a British multinational consumer healthcare company, completed the acquisition of the remaining 12% stake in Tianjin TSKF Pharmaceutical, a pharmaceutical company, for $222m, according to press releases.
Haleon was advised by UBS, according to press releases and MergerLinks data.
Advantage Partners, a Tokyo-based mid-market private equity firm, agreed to acquire MAFTEC, an ultra-high temperature heat insulation solutions provider, from Apollo Global, a private equity firm, according to press releases. Financial terms were not disclosed.
Apollo Global is advised by Morgan Stanley, according to press releases and MergerLinks data.
SK Group considers selling 30% stake in Malaysian waste firm Cenviro. (Bloomberg )
SK Group is evaluating the sale of its 30% stake in Cenviro, potentially valuing the Malaysian waste management company at around $300m. The South Korean conglomerate is working with a financial adviser and has reached out to potential buyers, including strategic investors and private equity firms.
Cenviro, majority-owned by Khazanah Nasional, operates in integrated waste management across Malaysia. SK acquired its stake in 2022 via SK ecoplant as part of its expansion into environmental services. The possible divestment aligns with SK’s broader restructuring strategy, which includes scaling back from waste management to refocus on core areas like semiconductors and artificial intelligence.
Shein files confidentially for Hong Kong IPO. ( Reuters)
Shein, the China-founded fast fashion retailer, has confidentially filed for an IPO in Hong Kong, according to sources familiar with the matter. The move comes after regulatory delays thwarted its earlier US listing plans.
Shein’s Hong Kong filing is notable as it bypasses the typical pre-hearing process with the Hong Kong Stock Exchange, signaling a rare and expedited approach. The company, now headquartered in Singapore, is reportedly seeking a valuation exceeding $60bn. The IPO timing and size remain subject to market conditions and regulatory approvals, with final details yet to be confirmed.
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