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AMERICAS

THL Partners completes the acquisition of a majority stake in PaveMasters from Northern Lakes Capital.

THL Partners, an American private equity firm, completed the acquisition of a majority stake in PaveMasters, a provider of pavement maintenance and repair services, from Northern Lakes Capital, a private equity firm, according to press releases. Financial terms were not disclosed.

THL Partners was advised by Jefferies & Company, Schwartz & Co and Davis Polk & Wardwell (led by William J. Chudd). PaveMasters and Northern Lakes Capital were advised by Fredrikson & Byron. PaveMasters was advised by Robert W Baird, according to press releases and MergerLinks data.

LS Power to acquire the Brazos Valley Energy Center of Constellation for $860m.

LS Power, an American independent power company, agreed to acquire the Brazos Valley Energy Center of Constellation, a retail supplier of power and energy products, for $860m, according to press releases.

LS Power is advised by Houlihan Lokey, RBC Capital Markets, White & Case, Willkie Farr & Gallagher and Prosek Partners, according to press releases.

Francisco Partners-backed OEConnection to acquire Epyx, r2c Online, and Business Gateway from Corpay.

Francisco Partners-backed OEConnection, a company that provides software solutions for original equipment manufacturers, agreed to acquire Epyx, r2c Online, and Business Gateway, fleet software companies, from Corpay, a global business payments and spend management company, according to press releases. Financial terms were not disclosed.

Francisco Partners and OEConnection are advised by DC Advisory and Goodwin. Corpay is advised by Barclays, JP Morgan and Jones Day, according to press releases.

Fiserv and Bridgeport Partners complete the formation of MoneyPass Group.

Fiserv, a global fintech and payments company, and Bridgeport Partners, a New York-based private equity and investment firm, completed the formation of MoneyPass Group, an independent payments and cash infrastructure company serving banks, credit unions, fintechs and ATM operators nationwide, according to press releases. Financial terms were not disclosed.

Fiserv was advised by Foley & Lardner. Bridgeport Partners was advised by Weil Gotshal and Manges (led by Michael J. Aiello and Matthew Gilroy) and FTI Consulting. Debt financing was provided by Capital One Financial Corporation, according to press releases and MergerLinks data.

Tarsus Pharmaceuticals to acquire Alkeus Pharmaceuticals for $800m.

Tarsus Pharmaceuticals, a company that develops and commercializes prescription topical ophthalmic drugs for eyelid and ocular surface diseases, agreed to acquire Alkeus Pharmaceuticals, a privately held retinal disease-focused biotechnology company, for $800m, according to press releases.

Tarsus Pharmaceuticals is advised by Barclays and Gunderson Dettmer Stough Villeneuve Franklin & Hachigian. Alkeus Pharmaceuticals is advised by Jefferies & Company and Latham & Watkins, according to press releases.

Federated Mutual Insurance Company completes the acquisition of High Definition Vehicle Insurance.

Federated Mutual Insurance Company, a provider of commercial property and casualty insurance and related services for small to mid-sized businesses and nonprofit organizations, completed the acquisition of High Definition Vehicle Insurance, a provider of commercial trucking insurance and fleet-focused services to trucking companies, according to press releases. Financial terms were not disclosed.

Federated Mutual Insurance Company was advised by Stonybrook Capital and Stinson. High Definition Vehicle Insurance was advised by Ardea Partners and Gunderson Dettmer Stough Villeneuve Franklin & Hachigian, according to press releases.

Terramont Infrastructure Partners completes the acquisition of a majority stake in Hainesport Transportation Group.

Terramont Infrastructure Partners, a middle-market focused infrastructure investment firm, completed the acquisition of a majority stake in Hainesport Transportation Group, a provider of waste management, transportation, and disposal services, according to press releases. Financial terms were not disclosed.

Terramont Infrastructure Partners was advised by K&L Gates. Debt financing was provided by Fifth Third Bancorp. Hainesport Transportation Group was advised by Klehr Harrison Harvey Branzburg, according to press releases.

Gorgeous Collective completes the acquisition of Clean Your Dirty Face.

Gorgeous Collective, the multi-brand beauty and wellness franchise platform, completed the acquisition of Clean Your Dirty Face, a facial bar franchise brand redefining the skincare experience through affordable and effective 30-minute facials, according to press releases. Financial terms were not disclosed.

Gorgeous Collective was advised by Baker McKenzie. Clean Your Dirty Face was advised by Triangle Capital and Akerman, according to press releases.

Consortium of investors led a $700m round in Lumilens.

Atreides Management, Bain Capital Ventures, Meritech, Seligman Ventures, and Spark Capital led a $700m round in Lumilens, the connectivity platform for AI infrastructure, with participation from Addition, Alkeon, Harbourvest, JP Morgan, Mayfield, MVP Ventures, Qualcomm Ventures, Peak XV, Redpoint Ventures and Seifdune, according to press releases.

Lumilens was advised by VSC Public Relations, according to press releases.

Consor completes the acquisition of Peterson Structural Engineers.

Consor, an engineering firm that specialises in water and transportation infrastructure services, completed the acquisition of Peterson Structural Engineers, a structural engineering and consulting firm, according to press releases. Financial terms were not disclosed.

Peterson Structural Engineers was advised by Morrissey Goodale, according to press releases.

ZenaTech completes the acquisition of Galena-Benchmark Engineering.

ZenaTech, a technology solution provider specializing in AI drone, Drone as a Service, enterprise SaaS, and quantum computing solutions, completed the acquisition of Galena-Benchmark Engineering, a full-service, multi-discipline firm with a 30-year background, providing professional services in civil engineering, land planning, surveying, and land information systems, according to press releases. Financial terms were not disclosed.

ZenaTech was advised by Core IR, according to press releases.

Digital Brands Group announces receipt of a $77.58 per share all-cash proposal. (Press Release)

Digital Brands Group said it has received a proposal from an existing billionaire shareholder to acquire all of its outstanding shares in an all-cash transaction.

The offer follows the recent expansion of the company's government contract to $165m and comes as Digital Brands Group continues to review strategic alternatives.

UK competition and markets authority approves Paramount Skydance Corporation acquisition of Warner Bros. Discovery. (Press Release)

Paramount Skydance said the UK Competition and Markets Authority has cleared its proposed acquisition of Warner Bros. Discovery, marking a key regulatory milestone toward completing the transaction.

Separately, Paramount Skydance stated that it has entered into a deed of covenant and undertaking with the UK Department for Digital, Culture, Media and Sport, following discussions with the government over the proposed takeover.

Virginia governor to intervene in NextEra-Dominion merger. (Bloomberg)

NextEra Energy and Dominion Energy face additional regulatory uncertainty over their proposed merger after Virginia Governor Abigail Spanberger stated that she would intervene in the review process.

Spanberger’s intervention would make her a formal party to the proceedings before the Virginia State Corporation Commission, which will review the transaction and has final approval authority. The proposed combination would create the largest power sector acquisition on record if completed.

eBay gives a solid outlook and pays more to acquire Depop. (Bloomberg)

eBay reported better-than-expected second-quarter results, but disclosed that the purchase price for second-hand fashion marketplace Depop was $200m higher than previously announced, which could weigh on earnings in the current quarter.

Adjusted earnings came in at $1.60 per share on $3.1bn in revenue, exceeding analysts' expectations of $1.51 per share and $3.02bn in revenue.

Celestica's $3bn deal joins data center funding rush. (Bloomberg)

Celestica is seeking to raise about $3bn through a sale of new shares, joining a wave of companies raising capital to expand data center infrastructure for artificial intelligence.

The company is marketing the offering at $310 to $330 per share, representing a discount of up to 15% to its previous closing price.

Biotech Attovia Therapeutics climbs 29% after a $289m IPO. (Bloomberg)

Attovia Therapeutics rose 29% in its trading debut after raising $289m in a US initial public offering.

The company's shares closed at $21.90, up from the $17 IPO price, giving the early-stage developer of immune-mediated disease therapies a market value of approximately $942.3m.

Energy Capital Partners completes $8.1bn fundraise for ECP VI. (Press Release)

Energy Capital Partners has closed its sixth flagship equity fund, ECP VI, with $8.1bn in total capital commitments, reaching an increased hard cap after strong investor demand.

The fundraising significantly exceeded the fund’s initial $5bn target and brings ECP’s total capital commitments raised since its founding in 2005 to more than $41bn. The firm focuses on energy transition infrastructure investments.

JP Morgan Chase hires Lissauer for activism defense. (Reuters)

JP Morgan has hired Amy Lissauer from Bank of America to strengthen its global shareholder engagement business.

Lissauer, who advises companies facing pressure from activist investors, will join later in 2026 as global head of Shareholder Engagement and M&A Capital Markets (SEAMAC) and will also serve as a global chair based in New York.

EMEA

CVC and Veritas Capital offer to acquire Bodycote for £1.6bn.

CVC, a private equity investment firm, and Veritas Capital, a private-equity firm, offered to acquire Bodycote, a provider of heat treatment and specialist thermal processing services worldwide, for £1.6bn ($2.15bn), according to press releases.

Bodycote is advised by Barclays, Goldman Sachs, Herbert Smith Freehills Kramer and FTI Consulting, according to press releases.

Partners Group to acquire majority stake in Aroma-Zone from Eurazeo.

Partners Group, a Switzerland-based investment firm specializing in private equity, infrastructure, and real asset investments, agreed to acquire majority stake in Aroma-Zone, a manufacturer of do-it-yourself cosmetic products and ingredients intended for skin and body treatment, from Eurazeo, a France-based investment and private equity company, according to press releases. Financial terms were not disclosed.

Commerzbank unveils €1.2bn buyback as UniCredit talks loom. (Bloomberg)

Commerzbank announced a share buyback of up to €1.2bn ($1.4bn) as CEO Bettina Orlopp seeks to demonstrate the strength of the bank's standalone strategy while UniCredit prepares to take control.

The German lender also reported second-quarter net income of €898m ($1.04bn), exceeding the average analyst estimate of €856m ($988m).

WPP soars most on record after turnaround effort gains steam. (Bloomberg)

WPP shares recorded their biggest one-day gain since the company's 1995 initial public offering after the advertising group reported better-than-expected first-half earnings, signalling that its turnaround efforts are gaining momentum.

First-half operating profit declined 3.4% to £398m ($535m), outperforming the £347.2m ($467m) average analyst forecast.

APAC

Bain Capital to acquire Gong cha from TA Associates.

Bain Capital, a private investment firm, agreed to acquire Gong cha, a South Korea-based global bubble tea and beverage brand operator, from TA Associates, a private equity company, according to press releases. Financial terms were not disclosed.

Bain Capital is advised by Nomura. Gong Cha is advised by JP Morgan, North Point Mergers and Acquisitions and Hudson Sandler (led by Andy Richards), according to press releases.

Arlington Capital Partners-backed Highwater completes the acquisition of Taylor Bros.

Arlington Capital Partners-backed Highwater, a provider of naval maintenance, repair, and modernization services for defense and maritime customers, completed the acquisition of Taylor Bros, a marine engineering and industrial services company, according to press releases. Financial terms were not disclosed.

Arlington Capital Partners and Highwater were advised by MA Financial Group and Johnson Winter Slattery. Taylor Bros was advised by Equion Capital and Keypoint Law, according to press releases.

China's Unitree seeks $904m in first mainland robotic IPO. (Bloomberg)

Yushu Technology, also known as Unitree Robotics, is seeking to raise about CNY6.1bn ($904m) in an initial public offering that would make it mainland China's first publicly listed humanoid robot maker.

The Hangzhou-based company has priced its offering on Shanghai's STAR Market at CNY150.80 ($22.3) per share and plans to sell 40.4m shares, representing 10% of its enlarged share capital following the IPO.

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