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AMERICAS

Trump, Union Pacific CEO discussed $85bn acquisition of Norfolk Southern. (Bloomberg)

Union Pacific’s chief executive officer discussed the railroad’s proposed $85bn acquisition of rival Norfolk Southern with President Donald Trump as the company seeks regulatory approval for the deal.

Union Pacific CEO Jim Vena and the president “discussed how creating an American transcontinental railroad is a win for US competition, consumers and the unionized workers whose jobs will be protected when the merger is approved”.

Norfolk Southern is advised by Bank of America (led by Steven Baronoff), Cleary Gottlieb Steen & Hamilton, Sidley Austin (led by Carrie Mahan and Raymond A. Atkins), Wachtell Lipton Rosen & Katz (led by Jacob A. Kling and Edward D. Herlihy), FGS Global and Joele Frank (led by Joele Frank). Union Pacific is advised by Morgan Stanley (led by Kristin Lindia), Wells Fargo Securities (led by David DeNunzio), Covington & Burling (led by Derek Ludwin), Freshfields Bruckhaus Deringer (led by Jenny Hochenberg and Damien R. Zoubek), Jones Day, Skadden Arps Slate Meagher & Flom (led by Paul Schnell and Brandon Van Dyke) and FGS Global (led by Josh Tzuker), according to MergerLinks data and press releases.

Inverness Graham-backed Treat Planet completes the acquisition of Bosco & Roxy's.

Inverness Graham-backed Treat Planet, an eco-friendly pet products producer, completed the acquisition of Bosco & Roxy's, a pet store, according to press releases. Financial terms were not disclosed.

Bosco & Roxy's was advised by Ernst & Young. Inverness Graham was advised by Faegre Drinker Biddle & Reath, according to press releases.

Strive Asset Management completes the merger with Asset Entities.

Strive Asset Management, an asset management firm, completed the merger with Asset Entities, a provider of content delivery solutions, according to press releases. Financial terms were not disclosed.

Strive Asset Management was advised by Davis Polk & Wardwell (led by Brian Wolfe and Evan Rosen). Asset Entities was advised by Bevilacqua, according to press releases and MergerLinks data.

Axxiom Elevator completes the acquisition of Ameritex Elevator.

Axxiom Elevator, a provider of elevator maintenance, repair, and modernization services, completed the acquisition of Ameritex Elevator, an elevator maintenance, repair, and modernization service company. Financial terms were not disclosed, according to press releases.

Ameritex was advised by Lift Business Advisors, according to press releases.

B. Braun completes the acquisition of True Digital Surgery.

B. Braun, a global medical technology company, completed the acquisition of True Digital Surgery, a US-based company specializing in digital robotic-assisted 3D surgical microscopy, according to press releases. Financial terms were not disclosed.

GME Supply completes the acquisition of Wayne Enterprises.

GME Supply, an omni-channel distributor of safety and productivity equipment, completed the acquisition of Wayne Enterprises, a Houston-based supplier of uniforms, PPE, and custom workwear solutions, according to press releases. Financial terms were not disclosed.

FG Communities completes the acquisition of a community in Goldsboro, NC.

FG Communities, a self-administered, self-managed real estate holding company, completed the acquisition of a community in Goldsboro, NC, according to press releases. Financial terms were not disclosed.

Faber Connect completes the acquisition of Prime Staffing.

Faber Connect, a marketplace connecting construction companies, completed the acquisition of Prime Staffing, a construction staffing company, according to press releases. Financial terms were not disclosed.

Paramount Skydance eyes Warner Bros Discovery in bold takeover move. (WSJ)

Paramount Skydance is preparing a bid to acquire Warner Bros Discovery, a move that could merge two of Hollywood’s most storied studios and reshape the entertainment industry. The offer would be backed by the Ellison family, including Skydance chief David Ellison and his father, Oracle co-founder Larry Ellison.

The potential takeover comes just weeks after Skydance’s $8.4bn acquisition of Paramount Global and would bring together some of the industry’s most recognisable brands, from DC Comics superheroes and Nickelodeon’s SpongeBob SquarePants to science-fiction franchises like The Matrix and Star Trek, along with major news networks CBS News and CNN.

Corteva considers splitting seed and pesticide businesses. (WSJ)

US agrichemicals firm Corteva is exploring a breakup that would separate its seed and pesticide operations into two distinct companies.

The move could help shield its seed business from potential future liabilities tied to pest- and weed-killing chemical, adding that the company is expected to unveil its plans soon unless last-minute issues arise.

Gemini Space Station surges 32% in Nasdaq debut, valued at $4.4bn. (Reuters)

Gemini Space Station shares jumped 32.2% in their Nasdaq debut on September 12, giving the cryptocurrency exchange a $4.4bn valuation and highlighting renewed investor appetite for digital asset companies in a resurgent US IPO market.

The stock opened at $37.01, well above its already increased IPO price of $28, at which the company raised $425m by selling about 15.2 million shares. Gemini had initially marketed the offering in a range of $24 to $26 per share.

Lendbuzz files for IPO after reviving public listing plan. (Bloomberg)

Lendbuzz, a fintech company that uses artificial intelligence to assist with car financing, has filed for an initial public offering, joining the wave of fintech firms going public this year.

The Boston-based auto finance platform is reviving its plan to list after shelving the effort in late 2023, when the offering was estimated to give the company a market value of more than $2bn.

Black Rock Coffee Bar values at $1.27bn after IPO surge. (Reuters)

Black Rock Coffee Bar was valued at $1.27bn on September 12 after its shares jumped 32.5% above their initial public offering price, reflecting strong investor demand for consumer-focused businesses in a tech-heavy IPO market.

Shares of the Scottsdale, Arizona-based company opened at about $26.50, compared with the offer price of $20.

Alliance Laundry files for IPO to cut debt. (Bloomberg)

Alliance Laundry, backed by BDT & MSD Partners, has filed for an initial public offering, outlining plans to raise equity to help reduce its debt.

The commercial washer and dryer manufacturer reported net income of $48m on revenue of $837m for the six months ended June 30, compared with $68m in net income on $729m in revenue during the same period last year.

EMEA

Sabadell’s Board unanimously recommends shareholders reject BBVA’s takeover bid. (Press Release)

Banco Sabadell’s Board of Directors has unanimously recommended that its shareholders reject BBVA’s share exchange offer, as it “significantly undervalues the bank, its strategic plan and its future prospects.” Banco Sabadell had already rejected merger proposals from BBVA in November 2020 and May 2024, and since then has delivered a much stronger stock market performance than its rival.

Sabadell is advised by Goldman Sachs (led by Mark Sorrell and Dirk Lievens), Morgan Stanley (led by Andres Esteban), Cravath Swaine & Moore (led by Ting S. Chen and Daniel Cerqueira), Uria Menendez (led by Carolina Albuerne) and Headland Consultancy. BBVA is advised by JP Morgan (led by Ignacio de la Colina), Mediobanca (led by Alberto Nagel and Gonzalo de Palacio), Rothschild & Co (led by Inigo Paneda and Jacobo Gomez), UBS (led by Javier Oficialdegui and Juan Monte), Garrigues (led by Fernando Vives) and Brunswick Group, according to MergerLinks data and press releases.

F5 to acquire CalypsoAI for $180m.

F5, a company focused on application delivery and security, agreed to acquire CalypsoAI, a private company focused on adaptive AI inference security, for $180m, according to press releases.

CalypsoAI is advised by Cooley. F5 is advised by Foros, Sullivan & Cromwell and WE Communications (led by Holly Lancaster), according to press releases.

Entrepreneurial Equity Partners-backed MBC Companies completes the acquisition of Alpha Foods.

Entrepreneurial Equity Partners-backed MBC Companies, a diversified frozen foods platform, completed the acquisition of Alpha Foods, a family-owned frozen pizza manufacturer, according to press releases. Financial terms were not disclosed.

MBC Companies was advised by The Melville Group (led by Carl Melville), according to press releases.

Giorgio Armani’s will calls for gradual sale or listing of fashion house. (Reuters)

Late designer Giorgio Armani instructed his heirs to either gradually sell the iconic fashion house he founded 50 years ago or pursue a market listing, according to his will. The directive sets off a race to control one of the world’s most famous brands and marks a major shift for a company long known for guarding its independence and Italian heritage.

Armani, widely referred to in the industry as “King Giorgio,” died on September 4 at the age of 91. With no children to inherit his empire, analysts estimate the value of the fashion house at between €5bn and €12bn ($5.9bn–$14bn).

The Diamond Store seeks investors to drive growth. (Sky News)

The UK’s largest specialist online retailer of diamond jewellery is exploring the sale of a stake to outside investors for the first time in its 69-year history. The Diamond Store is working with bankers at Cavendish to identify potential backers who can help accelerate its growth.

Owned by its founding family, the retailer is launching the process amid rising consumer demand for lab-grown diamonds, which has boosted interest in the sector.

M&S technology chief Rachel Higham to depart after major cyber attack. (Sky News)

Rachel Higham, a former BT and WPP executive who joined Marks & Spencer only last year, is leaving the retailer just months after a cyber attack that severely disrupted its systems and cost hundreds of millions of pounds.

Higham, who serves as M&S’s chief digital and technology officer, was responsible for the company’s technology function and will now exit the business following the incident.

APAC

Shenyang Shengjing raises offer to privatize Shengjing Bank. (Bloomberg)

State-backed Shenyang Shengjing Financial Holding Investment Group has sweetened its privatization bid for Chinese regional lender Shengjing Bank in an effort to secure shareholder approval.

Under the revised offer, Shenyang Shengjing will pay $0.205 per share for all Hong Kong-listed shares it does not already own, up from $0.169 previously. The new price represents a roughly 26% premium to Shengjing Bank’s last close of $0.163 before trading was suspended on September 12.

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