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AMERICAS

Gryphon Digital Mining to merge with American Bitcoin.

Gryphon Digital Mining, an innovative venture in the Bitcoin mining space, agreed to merge with American Bitcoin, a Bitcoin accumulation platform focused on building America's Bitcoin infrastructure backbone, according to press releases. Financial terms were not disclosed.

American Bitcoin is advised by Skadden Arps Slate Meagher & Flom (led by Christopher Barlow and Richard West), according to MergerLinks data.

Church & Dwight to acquire Touchland for $880m.

Church & Dwight, a New Jersey-based consumer goods maker, agreed to acquire Touchland, a hand sanitizer producer and hygiene solutions provider, for $880m, according to press releases.

Church & Dwight is advised by Proskauer Rose. Touchland is advised by Cooley and Vicente & Partners, according to press releases.

Danone to acquire a majority stake in Kate Farms.

Danone, a French multinational food-products corporation based in Paris, agreed to acquire a majority stake in Kate Farms, a fast-growing US business offering a wide array of plant-based, organic nutrition products for both medical and everyday needs, according to press releases. Financial terms were not disclosed.

TA Associates considers sale of majority stake in $1bn Accion Labs. (Bloomberg)

TA Associates is reportedly exploring the sale of its majority stake in Accion Labs, targeting a valuation of around $1bn. The potential divestment reflects growing interest in high-value technology assets and could attract strategic or financial buyers seeking exposure to digital engineering and IT services.

The Boston-based private equity firm is said to be working with a financial adviser, although the specific firm has not been named. The process is in early stages, and there is no certainty that a deal will materialize.

Avant Technologies and Ainnova Tech enter acquisition talks ahead of FDA meeting. (Press Release)

Avant Technologies and Ainnova Tech have initiated acquisition discussions as they prepare for a joint FDA pre-submission meeting. The move aims to strengthen their position in the evolving AI-driven healthcare sector, where early disease detection through AI tools is increasingly central to innovation and market demand.

The companies currently operate under a joint venture structure and are considering a consolidation to enhance their competitive edge. The discussions are taking place in the context of regulatory preparation, indicating a potential alignment of both business and clinical development strategies through a unified corporate entity.

Aligned Climate Capital closes solar fund above $200m target. (Press Release)

Aligned Climate Capital closed its sixth distributed solar investment fund, Aligned Solar Partners 6, surpassing its $200m target.

The fund attracted capital from a broad base of institutional investors in the US and internationally, including insurance firms, endowments, foundations, and family offices. It marks the firm’s largest solar-focused vehicle to date.

EMEA

Riverside-backed BioDue to acquire the CDMO operations of Venture Life for €62m.

Riverside-backed BioDue, a contract development and manufacturing organisation, agreed to acquire the CDMO operations of Venture Life, a product innovation, development and commercialisation firm, for €62m ($70m), according to press releases.

Venture Life is advised by Cavendish Corporate Finance (led by Stephen Keys), according to press releases.

PPF Group offered to acquire a 15% stake in ProSiebenSat.1 for €244.5m.

PPF Group, a financial and investment group, offered to acquire a 15% stake in ProSiebenSat.1, a German mass media and digital company, for €244.5m ($275m), according to press releases.

PPF Group is advised by Jefferies & Company, Kirkland & Ellis and Brunswick Group, according to press releases.

Dai-ichi Life to acquire a 10.3% stake in Capula.

Dai-ichi Life, a life insurance company, agreed to acquire a 10.3% stake in Capula, a UK-based alternative asset management firm, according to press releases. Financial terms were not disclosed.

UniCredit to open discussions with Rome over Banco BPM offer terms. (Bloomberg)

UniCredit is preparing to enter discussions with the Italian government to address regulatory conditions tied to its potential bid for Banco BPM. CEO Andrea Orcel stated that recent developments, including restrictions from authorities, have complicated the prospects of a deal, prompting the need for further clarity before making a final decision.

The bid is still under evaluation, with UniCredit considering how the imposed conditions might impact the strategic rationale and financial appeal of acquiring Banco BPM. The ongoing uncertainty suggests that a formal offer may not be imminent until there is alignment with government stakeholders.

Adams Street closes €270m European venture fund. (Press Release)

Adams Street Partners announced the final close of its European Venture Fund, securing over €270m ($290m) in capital commitments. The fund surpassed its original target, fueled by investor interest in the European venture landscape. This is part of the firm’s broader strategy to deepen its exposure to emerging growth sectors in the region.

The fund will invest through a combination of primary fund commitments and direct investments in venture-backed companies, with a strong focus on early-stage opportunities.

Cobalt Holdings plans $230m London IPO to fund cobalt purchase. (Reuters)

Cobalt Holdings announced plans to raise $230m through a global offering and pursue a listing on the London Stock Exchange. The offering is aimed at giving investors dedicated exposure to cobalt prices, positioning the firm as a commodity-focused investment vehicle amid growing demand for battery metals.

The company has an agreement with Glencore to acquire $200m worth of cobalt, which will be financed through the equity proceeds. Cobalt is a critical component in electric vehicle battery production, and the deal with Glencore secures initial access to physical supply. The move aligns with broader investor interest in energy transition-related assets.

Flynas targets $1.1bn in Saudi IPO amid Middle East listing wave. (Bloomberg)

Flynas, the Saudi low-cost airline backed by Prince Alwaleed bin Talal, plans to raise up to SAR4.1bn ‎($1.1bn) through an IPO, offering 51.26m shares in a price range of SAR76 to SAR80 ($20.27 to $21.33) each. The listing comes as Gulf IPO activity continues to remain strong despite wider market volatility. The offering will amount to about 30% of the airline’s share capital.

At the top end of the pricing range, Flynas would be valued at approximately SAR13.7bn ($3.65bn). The proceeds are expected to support expansion plans and potentially increase competitiveness in the regional aviation market. Both the company and existing shareholders are offering shares as part of the transaction.

Zaoui co-founder relocates to Milan to deepen Franco-Italian M&A ties. (Bloomberg)

Yoël Zaoui, co-founder of London-based Zaoui, has moved to Milan as the firm seeks to expand its involvement in cross-border deals between France and Italy. The move reflects the boutique bank’s growing focus on continental Europe, particularly as some of its major clients, such as Assicurazioni Generali, are based in the region.

Zaoui’s relocation also comes amid tightening UK tax rules for high-net-worth individuals, prompting some executives to seek more favorable jurisdictions. His shift to Milan is intended to place the firm closer to key corporate relationships and enhance its advisory footprint in Southern Europe’s M&A landscape.

APAC

China Minmetals unit targets control of Highfield Resources in $300m bid. (Reuters)

A unit of China Minmetals announced plans to invest $300m to acquire control of Highfield Resources, an Australian potash mining firm. The strategic move is intended to support Minmetals’ expansion into key potash regions, particularly in Canada and Spain, as demand for the agricultural input continues to grow globally.

The transaction builds on a prior agreement from September 2024 in which Highfield said it would raise $220m from Yankuang Energy and other investors. That deal positioned the Chinese coal miner to become the majority shareholder. With the new proposed investment, Minmetals aims to consolidate influence and broaden its international resource portfolio.

CATL targets $4bn in Hong Kong listing, largest of 2025 so far. (Reuters)

Contemporary Amperex Technology, a Chinese EV battery maker, is planning to raise at least HKD31.01bn ($3.99bn) in a Hong Kong listing, making it the largest IPO globally in 2025 to date. The offering is detailed in a prospectus filed on Monday and includes 117.9m shares offered at a maximum price of HKD263 ($33.60) per share.

The proceeds from the listing are expected to support CATL’s continued expansion across electric vehicle battery production and supply chain investments. As a dominant player in the global battery market, the company’s fundraising underscores investor appetite for EV-related assets in Asia.

Zijin Mining selects banks for Hong Kong IPO of gold unit. (Bloomberg)

Zijin Mining Group mandated Citic Securities and Morgan Stanley for the planned Hong Kong listing of its overseas gold unit, Zijin Gold International. The decision comes as the Chinese miner looks to capitalize on historically high bullion prices, which have sparked renewed investor interest in gold-related assets.

The listing details, including size and timing, are still being finalized. The IPO is expected to provide greater strategic focus and capital flexibility for the company’s international gold operations. This step is part of a broader push by Chinese mining firms to list assets abroad for valuation and liquidity benefits.

METiS Pharmaceuticals eyes $200m Hong Kong IPO by year-end. (Bloomberg)

METiS Pharmaceuticals, a company focused on AI-driven drug discovery and delivery, is exploring a Hong Kong IPO that could raise up to $200m. The listing may take place before the end of 2025, pending market conditions and internal planning. The firm is positioning itself to benefit from investor interest in AI applications in healthcare.

METiS is reportedly working with financial advisers on the proposed transaction, though specific banks have not been named. The IPO would fund continued R&D and potential expansion of its proprietary AI platforms designed to accelerate pharmaceutical development timelines.

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