Monomoy Capital Partners completes the acquisition of Jiffy Lube and Premium Velocity Auto from Pennzoil Quaker State Company for $1.3bn.

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

New Mountain Capital completes the acquisition of a majority stake in SAM from Peak Rock Capital.

New Mountain Capital, an investment firm, completed the acquisition of a majority stake in SAM, a provider of geospatial and inspection services, from Peak Rock Capital, a private equity firm, according to press releases. Financial terms were not disclosed.

SAM was advised by Guggenheim Partners, Houlihan Lokey and Kirkland & Ellis. New Mountain was advised by Environmental Financial Consulting Group, KippsDeSanto & Co, Ropes & Gray (led by Todd Kornreich) and H/Advisors Abernathy (led by Dana Gorman), according to MergerLinks data and press releases.

Gresham House completes the acquisition of a majority stake in Molpus Woodlands.

Gresham House, an alternative asset manager operating as a subsidiary of Searchlight Capital Partners, completed the acquisition of a majority stake in Molpus Woodlands, a timberland investment management organization, according to press releases. Financial terms were not disclosed.

Molpus Woodlands was advised by Moelis & Co, Bradley Arant Boult Cummings and Morgan Lewis & Bockius (led by Sheryl Orr). Gresham House was advised by Deloitte, Eversheds Sutherland (led by Mike Birkett and M. Hill Jeffries), Edelman and Prosek Partners, according to MergerLinks data and press releases.

CMA CGM to acquire FedEx Supply Chain for $1.4bn.

CMA CGM, a sea, land, air and logistics solutions provider, agreed to acquire FedEx Supply Chain, a third-party logistics provider, for $1.4bn, according to press releases.

CMA CGM is advised by Messier & Associes, Morgan Stanley, Cleary Gottlieb Steen & Hamilton and Brunswick Group (led by Stephen Power). FedEx is advised by JP Morgan and Baker McKenzie, according to MergerLinks data and press releases.

Michelin completes the acquisition of Tex-Tech Industries from Arlington Capital Partners.

Michelin, a provider of a wide range of tires, completed the acquisition of Tex-Tech Industries, a global supplier of materials science-based solutions, from Arlington Capital Partners, a private equity firm, according to press releases. Financial terms are not disclosed.

Tex-Tech Industries was advised by Harris Williams & Co, William Blair & Co. Michelin was advised by DLA Piper and Gibson Dunn & Crutcher (led by Ed Batts). Tex-Tech Industries Arlington Capital Partners were advised by Sheppard Mullin Richter & Hampton (led by Frank Bacelli and Jeff Bowling) and Morrison Foerster (led by Damien Specht and Caitlin Crujido), according to press releases and MergerLinks data.

Peak Rock Capital completes the acquisition of Asembia.

Peak Rock Capital, a private equity firm, completed the acquisition of Asembia, a provider of end-to-end technology-enabled commercialization solutions, according to press releases. Financial terms were not disclosed.

Asembia was advised by Bank of America and McDermott Will & Schulte. Peak Rock Capital was advised by Houlihan Lokey, Bass Berry & Sims, Kirkland & Ellis, Kekst CNC (led by Daniel Yunger), according to press releases.

Arcline Investment Management to acquire Avantus from Inflexion.

Arcline Investment Management, a private equity firm, agreed to acquire Avantus, a provider of engineered shims and fasteners for the global aerospace and defense industries, from Inflexion, a private equity firm, according to press releases. Financial terms were not disclosed.

Avantus is advised by Perella Weinberg Partners and Willkie Farr & Gallagher (led by Stephen Lee). Arcline is advised by Lazard, Ropes & Gray (led by Carl Marcellino and Elizabeth Todd) and Joele Frank (led by Kate Thompson), according to MergerLinks data and press releases.

CareDx completes the acquisition of Naveris for $260m.

CareDx, a US global precision medicine company focused on transplantation, completed the acquisition of Naveris, a biotechnology company, for $260m, according to press releases.

Naveris was advised by JP Morgan and Skadden Arps Slate Meagher & Flom (led by Dohyun Kim). CareDx was advised by Goldman Sachs and Fenwick & West (led by Douglas Cogen and Lynda Twomey), according to press releases and MergerLinks data.

A consortium of investors led a $1.2bn Series D round in Quantum Systems.

A consortium of investors, including Blackstone, Noteus, Airbus and Advent led a $1.2bn Series D round in Quantum Systems, a deep-tech company that develops and manufactures AI-powered electric vertical take-off and landing unmanned aerial systems, with participation from BOND, Fidelity Management & Research Company, Wellington Management, A.P. Moller Holding, Elephant, Balderton and HV Capital, according to press releases.

Quantum Systems was advised by Morgan Stanley. Airbus was advised by Freshfields (led by Maximilian Lasson). Blackstone was advised by Freshfields (led by Arend von Riegen), according to press releases and MergerLinks Data.

Hiab completes the acquisition of Labrie Environmental Group from Wynnchurch Capital for $1bn.

Hiab, a provider of smart and sustainable on-road load handling solutions, completed the acquisition of Labrie Environmental Group, a refuse collection vehicle manufacturer, from Wynnchurch Capital, a private equity firm, for $1bn, according to press releases.

Hiab was advised by Morgan Stanley and Sidley Austin (led by Justin A. Macke). Wynnchurch was advised by Ropes & Gray (led by Carl Marcellino), according to MergerLinks data and press releases.

Platinum Equity to invest in Grand Appliance.

Platinum Equity, a private equity investment firm, agreed to invest in Grand Appliance, a retailer and distributor of appliances and consumer electronics, according to press releases. Financial terms were not disclosed.

Platinum Equity is advised by Massumi + Consoli. Grand Appliance is advised by Mesirow Financial and Taft Stettinius & Hollister, according to press releases.

Yara International to acquire production facility of Gulf Coast Ammonia for $1.3bn.

Yara International, a Norwegian chemical company, to acquire production facility of Gulf Coast Ammonia, an agricultural chemical manufacturing company, for $1.3bn, according to press releases.

Yara International was advised by JP Morgan, according to press releases.

Aramco Ventures led a $800m Series C round in Together AI.

Aramco Ventures, the corporate venturing arm of Aramco, a leading integrated energy and chemicals company, led a $800m Series C round in Together AI, a research-driven artificial intelligence company, with participation from Vista Equity Partners, General Catalyst, Emergence Capital, NVIDIA, March Capital, Pegatron and SentinelOne, according to press releases.

Bouygues completes the acquisition of Vannoy Construction.

Bouygues, a France-based construction and infrastructure services company, completed the acquisition of Vannoy Construction, a general contractor and construction management firm, according to press releases. Financial terms were not disclosed.

Banks get bids on $49bn Paramount debt well before sale. (Bloomberg)

Banks have secured strong early investor interest for most of the approximately $49bn financing package supporting Paramount Skydance's acquisition of Warner Bros. Discovery.

The financing includes around $30bn of investment-grade bonds, $7.5bn of investment-grade loans and roughly $12bn of second-lien bonds, making it one of the largest M&A debt financings in recent years. The unusual combination of investment-grade and high-yield debt is designed to broaden the investor base and has attracted significant demand even before the formal syndication process begins.

OpenAI proposes handing the Trump administration a 5% stake. (FT)

OpenAI has begun preliminary discussions about granting the US government a 5% stake in the company.

Chief executive Sam Altman and other executives are said to have proposed the arrangement as part of a broader framework under which Washington would hold a 5% stake in leading US artificial intelligence developers, potentially including Anthropic, Google and Meta Platforms. The discussions are at an early stage, and it remains unclear whether the other companies would support such a proposal.

Data center firm Switch seeks a $2bn funding round. (Bloomberg)

Switch is launching a private funding round led by Andreessen Horowitz that could raise approximately $2bn.

The company, which is majority owned by DigitalBridge, could be valued at nearly $50bn including debt. Excluding the new investment, Switch's equity value is estimated at around $19bn. Discussions are ongoing, and the terms of the fundraising may still change.

Finance app network maker Plaid to consider US IPO. (Bloomberg)

Plaid is considering an initial public offering and has held preliminary discussions with banks about a potential listing.

The fintech company, whose platform enables financial applications to connect with customers' bank accounts, was valued at $8bn in a funding round earlier in 2026. Deliberations are ongoing, and no final decision has been made on pursuing an IPO.

Genneia files for the first Argentine IPO in the US since 2019. (Bloomberg)

Genneia has filed for an initial public offering in New York, seeking to become the first Argentine company to list in the US in at least seven years.

The IPO marks an important step for Argentina's capital markets and would reopen the US listing market for Argentine issuers after a prolonged absence. Further details on the size, valuation and timing of the offering have yet to be disclosed.

M&A volume to stay very strong in the second half of 2026. (Bloomberg)

Global mergers and acquisitions activity is expected to remain strong in the second half of 2026, supported by a broad pipeline of transactions across industries, regions and deal sizes.

Advisers are seeing a steady flow of deal activity rather than a market driven by a small number of large acquisitions. The diversity of mandates suggests new transactions are continuing to emerge as existing deals are completed.

EMEA

Ipsen to acquire Memo Therapeutics for €700m.

Ipsen, a biopharmaceutical company, agreed to acquire Memo Therapeutics, a late-stage biotech company, for €700m ($798m), according to press releases.

Memo is advised by Centerview Partners, Baker McKenzie (led by Matthias Trautmann and Julia Schieber), Goodwin and ICR Healthcare (led by Amber Fennell). Ipsen is advised by Bredin Prat (led by Kate Romain) and Lenz & Staehelin (led by Andreas Rotheli), according to MergerLinks data and press releases.

DPG Media-owned Videoland to acquire the Dutch streaming and broadcasting operations from Viaplay for €142m.

DPG Media-owned Videoland, a Dutch video-on-demand streaming service, agreed to acquire the Dutch streaming and broadcasting operations from Viaplay, an entertainment provider, for €142m ($162m), according to press releases.

DPG Media is advised by Bird & Bird and Loyens & Loeff (led by Rob Schrooten). Viaplay is advised by Bech-Bruun, according to MergerLinks data and press releases.

Kuwait's KPC asks some oil pipeline bidders to form consortiums. (Reuters)

Kuwait Petroleum is asking some of the global funds bidding for a stake in its oil pipeline network to bring in additional investors as part of the sale process.

The transaction involves a stake valued at about $7bn. By encouraging consortium formation, KPC aims to consolidate the field of bidders while allowing smaller investors with existing relationships with the company to participate in the process. Discussions remain ongoing, and no final agreement has been reached.

Quantum Systems weighs merger with kamikaze drone start-up Stark. (FT)

Quantum Systems is considering a merger with Stark after using its recent $1.2bn funding round to reshape its shareholder base and remove investors opposed to weapons development.

The financing round valued Quantum Systems at about $8bn and enabled the company to buy out shareholders unwilling to support a strategic shift into lethal defense technologies. Management said the streamlined ownership structure gives the company greater flexibility to pursue acquisitions and potential consolidation opportunities in the defense drone sector.

Carlsberg to file for India IPO to raise $700m. (Bloomberg)

Carlsberg has confidentially filed draft papers for an initial public offering of its India business that could raise as much as $700m.

The proposed listing is expected to consist of a secondary share sale by Carlsberg and could take place later in 2026. Deliberations remain ongoing, and the timing and size of the offering may still change.

Tankmaker KNDS delays IPO as investors cool on defense stocks. (Bloomberg)

KNDS has postponed its planned initial public offering after weakness in European defense stocks weighed on market conditions.

The company said shareholders opted to delay the listing due to volatility in the sector and intend to revisit the IPO when market conditions improve. The postponement is a setback for Europe's equity capital markets, where the transaction had been expected to be the region's largest IPO of the summer and a key test of investor appetite for defense companies.

APAC

J.F. Lehman-backed Wrist Group completes the acquisition of Military Services Australia.

J.F. Lehman-backed Wrist Group, a global supplier of marine, logistics and budget management services, completed the acquisition of Military Services Australia, a provider of defence maritime logistics and ship supply services, according to press releases. Financial terms were not disclosed.

Military Services Australia was advised by KPMG and Talbot Sayer. J.F. Lehman and Wrist Group was advised by Gorrissen Federspiel and Jones Day, according to press releases.

Payward completes the acquisition of Reap for $600m.

Payward, a global financial infrastructure company, completed the acquisition of Reap, a global financial infrastructure provider, for $600m, according to press releases

Reap was advised by CRB Securities, Goldman Sachs and Latham & Watkins (led by Daniel Mun and Saad Khanani). Payward was advised by PJT Partners and Jones Day (led by Cameron Reese), according to press releases and MergerLinks data.

SoftBank's LY and Bain raise Kakadu bid again with $4.1bn valuation. (Reuters)

LY and Bain Capital have raised their binding offer for Kakaku.com for a second time, valuing the company at approximately JPY670bn ($4.1bn).

The consortium increased its offer to JPY3,384 ($0.02) per share from JPY3,232 ($0.019) previously, widening the gap over a competing bid from EQT as the contest for control of Kakaku.com intensifies.

SBI Funds' $1.2bn India IPO launch in July to test demand. (Bloomberg)

SBI Funds Management is preparing to launch its initial public offering in the week beginning July 13, with the share sale expected to raise up to $1.2bn.

The country's largest asset manager is targeting a valuation of $12.1bn to $12.6bn, lower than the $14bn-$15bn valuation previously under consideration. The IPO is expected to test investor appetite ahead of a pipeline of large listings in India.

ShareChat, India's Meta rival, plans a $400m IPO in 2027. (Bloomberg)

Mohalla Tech, the operator of ShareChat, Moj and QuickTV, is targeting a public listing in 2027 that could raise as much as $400m.

The company, commonly known as ShareChat, said it became operationally profitable in the first quarter of its current fiscal year, with Chief Financial Officer Manohar Charan citing positive unit economics as a key milestone. The company aims to pursue an IPO within the next four to five quarters as it seeks to capitalize on improving financial performance.

Gold miner Northern Star replaces CEO, Elliott wants more. (Bloomberg)

Northern Star Resources has appointed Suresh Vadnagra, a former executive at Glencore, as its new chief executive officer amid pressure from activist investor Elliott Investment Management to strengthen the company's leadership.

Elliott disclosed a AUD1bn ($716m) stake in Northern Star earlier this month and called for a strategic review, urging the board to appoint a CEO with operational and turnaround expertise as part of a broader effort to improve the miner's performance.

Daily Review

Connect the World of Dealmakers