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Top Highlights
Novo, a holding and investment company that is responsible for managing the assets and wealth of the Novo Nordisk Foundation, completed the acquisition of Catalent, a global provider of delivery technologies, development, drug manufacturing, biologics, gene therapies and consumer health products, for $16.5bn.
Stone Point Capital, an alternative investment management firm, agreed to invest in The Ardonagh Group, an independent insurance distribution platform. Financial terms were not disclosed.
General Atlantic, a private equity firm, led a $365m round in Hostaway, a vacation rental software and management system, with participation from PSG Equity.
Deal Round up
AMERICAS
Macquarie explores strategic options, including sale, for Altafiber. ( Bloomberg)
Bain Capital in talks to acquire Sizzling Platter for over $1bn. ( Reuters)
Taconic Capital to exit commercial real estate business, transfers fund to Axonic Capital. (Bloomberg)
EMEA
National Grid plans up to £35bn investment in UK electricity transmission. ( Press Release)
Infinity Power eyes IPO on Abu Dhabi Exchange within three years. ( Bloomberg)
APAC
Bain Capital to launch tender offer for Fuji Soft amid rivalry with KKR. ( Reuters)
Honda and Nissan to begin merger talks amid EV competition. ( Nikkei)
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AMERICAS
L Squared, a private equity firm, completed the acquisition of Kano Laboratories, a producer of industrial strength penetrating oils and lubricant. Financial terms were not disclosed.
Kano Laboratories was advised by BMO Capital Markets and Kirkland & Ellis. L Squared was advised by Skadden Arps Slate Meagher & Flom. Debt financing was provided by NXT Capital.
Allvue Systems, an alternative investment solutions, completed the acquisition of PFA Solutions, a provider of compensation and carried interest software solutions for firms across private equity, private debt and venture capital. Financial terms were not disclosed.
Allvue Systems was advised by Janney Montgomery Scott and Made By Giants (led by Jide Adesesan).
Carlisle Companies, a supplier of innovative building envelope products and solutions, completed the acquisition of Plasti-Fab, a vertically integrated provider of EPS insulation products from, The Riverside Company, a global private equity firm, for $260m.
The Riverside Company was advised by Paul Hastings (led by Amit Mehta).
Avenue Sports, a fund of Avenue Capital Group, completed the investment in Mercury/13, a multi-club ownership group focused on acquiring equity interests in European professional women's football teams. Financial terms were not disclosed.
Avenue Sports was advised by Kekst CNC (led by Todd Fogarty).
Arthur J. Gallagher, a global insurance brokerage, risk management and consulting services firm, completed the acquisition of Schuetz Insurance, a provider of property/casualty, surety and bonding services. Financial terms were not disclosed.
Grammarly, a writing assistant, agreed to acquire Coda, a document editor, from General Catalyst, a private equity firm. Financial terms were not disclosed.
Macquarie explores strategic options, including sale, for Altafiber. ( Bloomberg)
Macquarie Group is exploring strategic options, including a potential sale, for Altafiber, the telecommunications carrier formerly known as Cincinnati Bell. As demand for broadband internet services grows, Macquarie, which owns Altafiber through its infrastructure fund, is working with advisers on the process.
A sale could value the company at over $5bn. Formal efforts to solicit interest are expected to begin next year.
Historically, Macquarie has worked with Citigroup, Rothschild & Co, Linklaters and Allen & Overy, according to MergerLinks data.
Bain Capital in talks to acquire Sizzling Platter for over $1bn. ( Reuters)
Bain Capital is negotiating the acquisition of Sizzling Platter, a Salt Lake City-based operator of restaurant franchises including Little Caesars, Jersey Mike's, Dunkin', Wingstop, and Jamba.
The deal, valued at over $1bn including debt, has been in progress for several months with Sizzling Platter working alongside UBS and Deutsche Bank on the sale process.
Historically, Bain Capital has worked with Goldman Sachs, Morgan Stanley, Kirkland & Ellis and Ropes & Gray, according to MergerLinks data.
Taconic Capital to exit commercial real estate business, transfers fund to Axonic Capital. (Bloomberg)
Taconic Capital Advisors is winding down its commercial real estate division and is in advanced discussions to sell one of its funds to Axonic Capital.
James Jordan, who leads the business, will leave Taconic in the first half of next year and join Axonic. He is expected to transfer Taconic’s latest CRE fund, which holds approximately $200m in commitments, to his new firm.
EMEA
Global Student Accommodation, a real estate investment managers, and Nuveen, a student housing company, agreed to acquire YouFirst Campus, a student housing, portfolio from Gecina, a real estate company, for €540m.
Global Student Accommodation is advised by Barclays, TD Securities and FGS Global (led by Chris Sibbald). Nuveen is advised by Morgan Stanley.
Communardo, a provider of consulting services and solutions for the digital workplace, agreed to acquire Mibex Software, a developer of app-based extensions for the Atlassian Product Suite. Financial terms were not disclosed.
Rethmann France, a family-owned holding company, offered to acquire an additional 32% stake in Transdev, an operator and independent private mobility group, from Caisse des Dépôts, a French public financial institution. Financial terms were not disclosed.
Rethmann is advised by Elabe. Caisse des Dépôts is advised by Credit Agricole.
LPSO, the primary holding company of the Sawiris family, offered to acquire Orascom Development, a developer of fully integrated destinations, including hotels, residential units and leisure facilities. Financial terms were not disclosed.
Britain's Guardian announced that it had reached an agreement to sell The Observer to startup Tortoise Media. The move comes as Tortoise seeks to address staff opposition by pledging to revitalize the world's oldest Sunday newspaper as a prominent voice in liberal journalism.
Founded five years ago by former BBC News chief James Harding, Tortoise focuses on "slower, wiser news." The company revealed it had raised £25m ($32m) to invest in The Observer's future.
Tortoise Media is advised by Brunswick Group.
Siemens Pension-Trust, a specialized entity independently managing Siemens' pension funds within the framework of an investment guideline, agreed to acquire a 8% stake in Siemens Energy, an energy technology company, from Siemens, a German multinational conglomerate company, for $2.6bn.
Cedo, a sustainable producer of essential household products, completed the acquisition of Plasta Group, a polyethylene recycling, production and supply of sustainable plastic products company. Financial terms were not disclosed.
NFP, a property and casualty broker, benefits consultant, wealth manager and retirement plan advisor, completed the acquisition of Salus Group, an independent employee benefits consulting, brokerage and administration firm. Financial terms were not disclosed.
National Grid plans up to £35bn investment in UK electricity transmission. ( Press Release)
National Grid published the RIIO-T3 business plan for its national grid electricity transmission business, covering the period from April 2026 to March 2031.
The plan includes an unprecedented level of investment of up to £35bn ($44.5bn) over the five years to March 2031.
Infinity Power eyes IPO on Abu Dhabi Exchange within three years. ( Bloomberg)
Infinity Power, a renewable energy developer partly owned by Masdar, is planning to list its shares on the Abu Dhabi stock exchange within the next two to three years.
The Africa-focused company will base its timeline on market conditions and is also exploring potential listings in Dubai, Johannesburg, London, and Cairo. Masdar holds a 49% stake in Infinity Power.
APAC
Australia's Insignia Financial has declined Bain Capital's $1.69bn acquisition proposal, citing that the offer does not adequately value its shareholders' interests. The rejection poses a challenge to Bain Capital's plans for expanding its presence in Asia.
GIC, a sovereign wealth fund, agreed to invest $150m in GIC and TPG-backed Asia Healthcare, a single specialty hospitals focused healthcare platform.
Bain Capital to launch tender offer for Fuji Soft amid rivalry with KKR. ( Reuters)
Bain Capital announced plans to proceed with a tender offer for shares of Fuji Soft, even without support from the Japanese firm's board, should rival KKR's second-round bid fail.
The $2bn bid for nearly half of the IT firm's shares signals a rare hostile competition between the two global private equity giants. Bain's latest offer of JPY9,6k ($62.36) per share is 1.6% higher than KKR's bid. KKR, backed by Fuji Soft's board, secured 33.9% of shares in a first-round tender that outmaneuvered Bain's earlier offer despite it being higher at the time.
Historically, Bain Capital has worked with Goldman Sachs, Morgan Stanley, Kirkland & Ellis and Ropes & Gray, according to MergerLinks data.
Honda and Nissan to begin merger talks amid EV competition. ( Nikkei)
Honda Motor and Nissan Motor are set to initiate negotiations for a potential merger, aiming to pool resources to better compete with Tesla and Chinese electric vehicle manufacturers.
The two companies are considering operating under a holding company and are expected to sign a memorandum of understanding soon. Details, including their stakes in the new entity, will be determined at a later stage.
Historically, Honda Motor has worked with Sullivan & Cromwell, according to MergerLinks data.
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