Neurocrine Biosciences completes the acquisition of Soleno Therapeutics in a $2.9bn deal.

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AMERICAS

Publicis Groupe to acquire LiveRamp for $2.2bn.

Publicis Groupe, a French multinational advertising and public relations company, agreed to acquire LiveRamp, a data collaboration platform, for $2.2bn, according to press releases.

LiveRamp is advised by Evercore and Sullivan & Cromwell. Publicis is advised by Bank of America and Wachtell Lipton Rosen & Katz (led by Adam Emmerich), according to MergerLinks data and press releases.

RB Global completes the acquisition of Big Iron Auction Company.

RB Global, an omnichannel marketplace providing transaction solutions, insights, and services for buyers and sellers of commercial assets and vehicles worldwide, completed the acquisition of Big Iron Auction Company, an online marketplace focused on connecting buyers and sellers of agricultural equipment, land, livestock, and other farm and ranch assets, according to press releases. Financial terms were not disclosed.

RB Global was advised by Joele Frank (led by Haley Salas), according to MergerLinks data.

Team Velocity completes the acquisition of Foundation Direct.

Team Velocity, an automotive technology company, completed the acquisition of Foundation Direct, a technology platform providing automated digital advertising solutions, according to press releases. Financial terms were not disclosed.

Team Velocity was advised by Society22 PR, according to press releases.

Princeville Capital led an $80 m Series E round in Sigma.

Princeville Capital, an investment firm, led an $80m Series E round in Sigma, a software company that offers a cloud-native analytics platform, with participation from Databricks Ventures, ServiceNow Ventures, Workday Ventures, Altimeter Capital, Avenir Growth Capital, D1 Capital Partners, K5 Global, NewView Capital, Spark Capital, Sutter Hill Ventures and XN, according to press releases.

Safar Partners and Hostplus led a Series E round in Gradiant.

Safar Partners, a seed- to growth-stage venture fund, and Hostplus, an Australian industry superannuation fund, led a Series E round in Gradiant, with participation from ClearVision Ventures, according to press releases.

CopperPoint to acquire General Indemnity Group.

CopperPoint, a specialty insurance company, agreed to acquire General Indemnity Group, an insurance holding company, according to press releases. Financial terms were not disclosed.

Shein buys US-based apparel retailer Everlane. (Reuters)

Shein is reported to be acquiring US apparel retailer Everlane from L Catterton in a deal valuing the company at about $100m. The transaction would mark a further expansion by the fast‑fashion platform into established Western brands.

Details of consideration remain unclear, with the report indicating that common shareholders may not receive a payout, while treatment of preferred investors has not been disclosed. Discussions and outcomes have not been confirmed, and there is no certainty that the transaction will be completed.

Elon Musk says he wants to get SpaceX IPO underway ‘pretty soon’. (Bloomberg)

Elon Musk indicated that plans for a SpaceX IPO are progressing, stating he wants to get the process underway “pretty soon”. The comments signal a potential acceleration toward what could become one of the largest public listings ever.

The move comes as SpaceX continues expanding beyond launch services into artificial intelligence and related technologies. Details on timing, size and structure of the offering have not been disclosed, but the listing is expected to draw significant investor interest given the company’s scale and growth trajectory.

EMEA

Artivion completes the acquisition of Endospan for up to $375m.

Artivion, a global medical technology company, completed the acquisition of Endospan, a medical device company, for up to $375m, according to press releases.

Artivion was advised by Gilmartin Group (led by Brian Johnston), according to press releases.

Lassila & Tikanoja to acquire Kempeleen Siirtokuljetus.

Lassila & Tikanoja, a Nordic circular economy company, agreed to acquire Kempeleen Siirtokuljetus, a waste management company, according to press releases. Financial terms were not disclosed.

PolyPeptide to shortlist EQT, IDG for next bidding round. (Bloomberg)

PolyPeptide Group has shortlisted EQT and IDG Capital for the next round of bidding for the Swiss contract drugmaker. The process is advancing as the company evaluates potential strategic options.

Altaris has also shown interest in acquiring PolyPeptide, though its status in the process remains unclear. The company has a market value of around $1.6bn, still below its peak valuation from about four years ago, and discussions remain ongoing with no certainty that a transaction will be completed.

Activist Elliott builds big stake in life-science tools supplier Bio-Rad. (WSJ)

Elliott Investment Management has built a significant stake in Bio‑Rad Laboratories and is preparing to push the life‑sciences tools provider to improve its underperforming share price. Bio‑Rad’s stock has declined sharply since its pandemic‑era peak.

Elliott also holds a stake in German lab‑equipment supplier Sartorius, in which Bio‑Rad is a strategic investor. The overlap highlights a broader activist focus on the life sciences tools sector as demand shifts following the Covid‑19 boom.

TA Associates will not proceed with a takeover offer for Advanced Medical Solutions. (RNS Announcement)

TA Associates has confirmed that it will not proceed with a takeover offer for Advanced Medical Solutions, following earlier discussions about a potential bid. The announcement was made under the UK Takeover Code, formally ending the current approach.

Under takeover rules, TA Associates is now restricted from making a new offer for AMS for a set period, unless specific conditions are met, including a third‑party bid or agreement with AMS’s board. The decision brings an end to the previously reported takeover talks without a transaction being agreed.

Standard Chartered to absorb Zodia subsidiary’s crypto custody business. (Bloomberg)

Standard Chartered is set to acquire the crypto custody business of its majority‑owned subsidiary Zodia Custody, expanding its direct presence in digital‑asset services. The bank has made a non‑binding offer that has been accepted by Zodia Custody’s other shareholders and noteholders.

The move would bring custody operations fully in‑house as the bank builds out its institutional crypto offering. Zodia Custody, backed by Standard Chartered, provides secure storage for digital assets, and the transaction remains subject to final terms and completion.

Whitbread investor pushes for sale. (WSJ)

Corvex Management is urging a sale of Whitbread, arguing it represents the only viable route to unlock shareholder value at the Premier Inn owner. The activist investor, which holds a ~7% stake, said the company’s underperformance and lagging share price warrant a strategic review.

Corvex has signaled it is prepared to nominate directors to push the process forward if engagement is limited. Whitbread, which operates the Premier Inn hotel chain, has instead been focused on executing its five‑year growth strategy, setting up a potential conflict with the activist over the company’s future direction.

APAC

Prudential to acquire a 75% stake in Bharti Life Insurance from Bharti Life Ventures and 360 ONE Asset Management for up to $467m.

Prudential, a UK‑listed international financial services group, agreed to acquire a 75% stake in Bharti Life Insurance, an Indian life insurance provider, from Bharti Life Ventures, an India‑based holding and investment company, and 360 ONE Asset Management, a provider of wealth and asset management services, for up to $467m, according to press releases.

Prudential is advised by Brunswick Group (led by Pavan Lall), according to press releases.

Dhilmar to acquire the steelmaking coal business of Anglo American for up to $3.9bn.

Dhilmar, a UK‑based private mining company, agreed to acquire the steelmaking coal business of Anglo American, a diversified mining company, for up to $3.9bn, according to press releases.

Dhilmar is advised by Citigroup, according to MergerLinks data.

Keppel’s $1bn sale of telco M1 to Tuas suspended by Singapore regulator. (Bloomberg)

Keppel is moving ahead with a standalone plan for M1 after Singapore’s IMDA suspended its review of the proposed consolidation between M1 and Simba Telecom. The company indicated it will focus on improving M1’s performance.

Keppel plans to implement a 90‑day efficiency programme to lift M1’s run‑rate EBITDA through cost reductions, automation, and product rationalisation, while keeping customer service stable. At the same time, the group remains open to divestment opportunities and continues targeting SGD2bn–SGD3bn ($1.6bn-$2.3bn) of non‑core asset monetisations in 2026, though M1 is no longer included in its 2025 disposal plan.

Mizuho denies deciding on Rakuten Bank investment. (Press Release)

Mizuho Financial clarified that reports regarding a potential investment in Rakuten Bank were not based on its official disclosure. It confirmed that discussions are ongoing in connection with Rakuten Group’s planned reorganisation of its fintech business.

The firm noted it is still evaluating various options, including a possible investment, but no decision has been made. Any material developments will be disclosed in due course, with the situation remaining at an exploratory and non‑binding stage. Share of Mizuho fell on the news, while Rakuten rose, as investors reassess the restructuring.

India weighs options to revive stalled IDBI Bank privatization. (Bloomberg)

Indian authorities are exploring options to revive the sale of a majority stake in IDBI Bank, after efforts to privatise the lender stalled earlier in 2026. The bank is valued at around $8bn, and the previous sale process was halted in March 2026 after limited buyer interest.

One option under consideration is cutting the reserve price by up to 20% to attract bidders. Officials are also evaluating adjustments to valuation methods to better reflect the bank’s intrinsic value rather than relying heavily on market pricing, as the government seeks to restart the long‑running divestment.

Uber, Naver form 80-20 consortium for Baemin acquisition bid. (Reuters)

Uber and Naver have formed a consortium and submitted a preliminary bid of up to KRW8tn ($5.3bn) to acquire Baemin from Delivery Hero. The alliance is targeting a 100% stake in South Korea’s largest food‑delivery platform.

The consortium is structured on an 80‑20 basis, with Naver expected to hold a sub‑20% stake to manage regulatory scrutiny. Naver confirmed receiving initial materials but noted that no decision has been made, and discussions remain at an early stage.

Jeweler Bao Tin Manh Hai eyes Vietnam IPO as gold market evolves. (Bloomberg)

Bao Tin Manh Hai Jewelry, one of Vietnam’s largest gold retailers, is preparing for an IPO in the fourth quarter in 2026. The Hanoi‑based company is currently in the pre‑IPO phase and plans to begin investor outreach and roadshows in June 2026.

The offering is expected to involve the sale of at least a 15% stake, though the fundraising target has not been disclosed. The listing comes as Vietnam implements gold‑market reforms, with Bao Tin aiming to expand its footprint and capitalise on evolving regulatory and demand dynamics.

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