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AMERICAS

TTM Technologies completes the acquisition of EPIQ Solutions from Veritas Capital for $1.1bn.

TTM Technologies, a global manufacturer of printed circuit boards and provider of electronic manufacturing services, completed the acquisition of EPIQ Solutions, a provider of software-defined radio, radio frequency, and embedded computing solutions, from Veritas Capital, a private equity firm, for $1.1bn, according to press releases.

EPIQ Solutions was advised by Goldman Sachs and Robert W Baird. TTM Technologies was advised by Guggenheim Partners and Polsinelli. Veritas Capital was advised by Prosek Partners and Latham & Watkins (led by Danny Nordstrom, Chad Rolston and Luke J. Bergstrom), according to press releases and MergerLinks data.

Antin completes the acquisition of a majority stake in HP Helicopters.

Antin, a private equity firm, completed the acquisition of a majority stake in HP Helicopters, a US specialty helicopter company, according to press releases. Financial terms were not disclosed.

Antin was advised by Cozen O'Connor, Goodwin and Brunswick Group. HP Helicopters was advised by Red Mountain Capital Partners, Jetlaw and Varner & Brandt, according to press releases.

Legacy Distribution completes the acquisition of Vision Films.

Legacy Distribution, an independent distributor of filmed content, completed the acquisition of Vision Films, a US independent film and TV distributor and VOD aggregator, according to press releases. Financial terms were not disclosed.

Vision Films was advised by Harris Tulchin & Associates. Legacy Distribution was advised by Errol Antzis and Mager Law Firm. Debt financing was provided by California Bank & Trust, according to press releases.

nVent completes the acquisition of Maverick Power for up to $2.3bn.

nVent, a provider of electrical connection and protection solutions, completed the acquisition of Maverick Power, a manufacturer of engineered power distribution and infrastructure solutions for data centers, for up to $2.3bn, according to press releases.

Maverick Power was advised by Barclays. nVent was advised by
Foley & Lardner. Debt financing was provided by Bank of America, according to press releases and MergerLinks data.

Choice Hotels completes the acquisition of Harvest Hosts for $130m.

Choice Hotels, an American multinational hospitality company, completed the acquisition of Harvest Hosts, a US travel membership platform for recreational vehicle travelers, for $130m, according to press releases.

Harvest Hosts was advised by Jefferies & Company and Weil Gotshal and Manges. Choice Hotels was advised by ArentFox Schiff, according to press releases.

Salesforce to acquire Listen Labs.

Salesforce, a major American cloud software company, agreed to acquire Listen Labs, an AI-powered customer research and human simulation platform, according to press releases. Financial terms were not disclosed.

Listen Labs is advised by Latham & Watkins (led by Andrew Clark and Benjamin A. Potter) and Debevoise & Plimpton (led by Gordon Moodie), according to MergerLinks data.

Grindr to acquire Freddie for $320m.

Grindr, a social networking and dating platform, agreed to acquire Freddie, a telehealth provider of PrEP and HIV prevention care, for $320m, according to press releases.

Lux Capital and Natural Capital led a $251m Series D round in Varda Space Industries.

Lux Capital and Natural Capital, the venture capital firms, led a $251m Series D round in Varda Space Industries, a microgravity-enabled life sciences company that processes materials in orbit and returns them to Earth, with participation from Founders Fund, Khosla Ventures, Caffeinated Capital, General Catalyst, 8090 Industries, Giant Step, and Also Capital, according to press releases.

ARCHIV led a $223m Series B round in GMI Cloud.

ARCHIV, a new investment firm that specializes in AI and robotics, led a $223m Series B round in GMI Cloud, an AI-native cloud delivering high-performance GPU infrastructure and inference services, with participation from NVIDIA, DSC Investment, Trend Micro, KB Investment, Kyobo Life, and KT Corporation, according to press releases.

Kalshi finalizing new funding at $40bn value ahead of IPO. (Bloomberg)

Kalshi is finalizing a new financing round that would value the prediction market platform at about $40bn.

The round is expected to be the New York-based company’s last before an initial public offering, which could come as soon as 2027. The valuation would nearly quadruple Kalshi’s $11bn value from December and compares with $22bn in March, as trading volumes continue to reach records driven in part by sports-related wagers.

Glencore, Peabody and Heeney mull coal deals in Venezuela. (Bloomberg)

Glencore, Peabody Energy and Heeney Capital are weighing deals to produce coal in Venezuela as US-allied companies explore opportunities to develop the country’s natural resources.

Glencore and Peabody are working together on a potential bid for assets in Zulia state, the center of Venezuela’s coal industry. Talks are ongoing and may not result in a finalized transaction.

Healthcare firm Hapvida taps BTG and XP for sale-leaseback deal. (Bloomberg)

Hapvida has hired Banco BTG Pactual and XP to explore a sale-and-leaseback transaction involving some of its hospitals.

The potential deal would involve selling the properties and leasing them back as part of the Brazilian healthcare company’s efforts to unlock value from its real estate assets. Talks are ongoing and may not result in a finalized transaction.

Auditor RSM explores IPO to ward off private equity-backed rivals. (FT)

RSM, one of the world’s largest accounting firms, is exploring a potential initial public offering as consolidation reshapes the audit sector. The 100-year-old partnership has been sounding out bankers and upgrading internal systems to prepare for a possible listing, after previously resisting private equity investment.

No decision has been made, but executives have become more open to an IPO as the firm seeks to pursue larger acquisitions and expand its international services.

TPG raises $10bn for 2nd private equity climate fund. (Bloomberg)

TPG has raised $10bn for its second private equity fund focused on climate strategies.

The TPG Rise Climate II fund, first unveiled in late 2023, invests in private companies across sectors including clean energy, electric transportation and sustainable materials. The fund builds on TPG’s first climate-focused vehicle, launched in 2021.

Audax Private Debt closes largest fund in firm’s history, raising $10bn in investable capital. (Press Release)

Audax Private Debt has raised $10bn of investable capital at the final close of its third direct-lending fund, including targeted leverage, commitments from co-investment vehicles and investment by the general partner.

The fund will finance North American middle-market companies.

Pool supplier Leslie's files for bankruptcy to cut 90% of debt. (Bloomberg)

Pool supplier Leslie’s has filed for Chapter 11 bankruptcy protection with a plan to reduce about 90% of its debt and hand control of the company to creditors.

The Phoenix-based company filed for a prearranged restructuring in the Southern District of Texas, supported by an agreement that includes $90m of new debtor-in-possession financing and a reduction of about $685m in debt.

Paramount names Kreiz co-CEO with Warner Bros. deal near. (Bloomberg)

Paramount Skydance’s David Ellison said former Mattel chief executive Ynon Kreiz will serve as co-CEO of the combined company following the completion of its pending $110bn acquisition of Warner Bros. Discovery.

Ellison will remain chairman, with executives reporting to both leaders.

Kimberly-Clark announces planned executive transitions and updates to post-closing leadership team. (Press Release)

Kimberly-Clark said President and Chief Operating Officer Russ Torres will leave the company to take an external CEO role following the completion of its pending acquisition of Kenvue, expected in the fourth quarter of 2026.

Torres, who also leads Kimberly-Clark’s Integration Management Office, will remain with the company through November to support the transition.

EMEA

Ares Management and Eni complete an additional €1.56bn investment in Plenitude.

Ares Management, a global investment firm, and Eni, a major Italian multinational energy company, completed an additional €1.56bn ($1.77bn) investment in Plenitude, a renewables and retail energy company. Following the transaction, Ares holds 26.24% of Plenitude, Eni holds 65.03%, and Energy Infrastructure Partners holds 8.73%, according to press releases.

Ares Management was advised by Deutsche Bank. Eni was advised by Mediobanca, according to MergerLinks data.

Boots set to get carved out of private equity. (FT)

Canada’s Weston family is nearing a deal to acquire British pharmacy chain Boots for about $9bn. The transaction could be announced as soon as next week, although terms have not been finalized.

The potential acquisition would come after Boots’ owner was split into five standalone companies following a $24bn leveraged buyout of Walgreens Boots Alliance by Sycamore Partners last year. Boots had previously explored a sale to the Weston family and Australian pharmacy group Sigma Healthcare after abandoning plans for a potential London listing.

ElevenLabs' valuation doubles to $22bn on surging Al voice-agent demand. (Press Release)

ElevenLabs has completed a $300m employee tender offer that valued the AI voice-generation startup at $22bn, double its valuation in a February funding round.

The tender was led by Wellington and T. Rowe Price, with participation from existing backers including Andreessen Horowitz and Lightspeed, as well as new investors such as EQT and Goldman Sachs.

Slovakia approves €189m buyout of CEZ stake in a nuclear company. (Bloomberg)

Slovakia has approved €189m ($214m) to acquire CEZ’s 49% stake in JESS, the company established to develop a new nuclear reactor.

The buyout would give the state full control of JESS and remove a key obstacle to its plan to build a 1.2k-megawatt nuclear reactor. State-owned JAVYS currently holds the remaining 51% stake.

Air France-KLM and Lufthansa submit improved offers for TAP. (Bloomberg)

Deutsche Lufthansa and Air France-KLM have submitted improved final offers for a stake in Portuguese airline TAP as the government moves closer to selecting a strategic partner.

Portugal’s state holding company Parpublica said it received two improved binding offers and will prepare a report assessing the merits of each proposal before sending it to the government.

Major Berentzen holder says Sazerac takeover bid is too low. (Bloomberg)

Berentzen-Gruppe is facing opposition from a major shareholder over Sazerac’s planned acquisition of the German schnapps maker.

Swiss pension fund Aevum, the company’s third-largest shareholder, will not accept Sazerac’s €5.55 ($6.29) per share offer, saying the price undervalues Berentzen.

Webuild says it has satisfied Italy's 'golden power' conditions for the Trevi offer. (Reuters)

Webuild has satisfied the “golden power” condition for its tender offer for smaller rival Trevi Finanziaria, removing a regulatory hurdle to the deal.

Italy’s golden power rules allow the government to safeguard national interests in strategic sectors, including construction-related infrastructure, as well as defense, telecommunications and banking.

Partners Group considers sale of modular builder Parmaco. (Bloomberg)

Partners Group is exploring a potential sale of Finnish modular building maker Parmaco.

The Swiss private equity firm is working with Bank of America on the process, which could value Parmaco at about €1.5bn ($1.7bn). Talks are ongoing and may not result in a finalized transaction.

Airtel Money plans UK IPO set to be biggest in five years. (Bloomberg)

Airtel Money is seeking to raise £529m ($700m) for existing shareholders in a London initial public offering that could be the city’s biggest listing in five years.

Investors including Qatar Investment Authority and Mastercard are selling shares at a fixed price of £1.96 ($2.6), valuing the mobile payments business at about £5.3bn ($7bn). The valuation is below the $8bn to $9bn range previously reported, implying a discount aimed at boosting investor demand.

Billionaire Solowow eyes 2028 IPO for Polish nuclear power firm. (Bloomberg)

Polish billionaire Michal Solowow plans to take his nuclear-energy company SGE public in 2028 after completing two equity funding rounds to support the development of small modular reactors.

Solowow said the company’s expected size will make an initial public offering a natural next step and that the listing should take place relatively quickly.

APAC

Apollo Global Management completes the acquisition of Nippon Sheet Glass for $3.7bn.

Apollo Global Management, an alternative investment manager, completed the acquisition of Nippon Sheet Glass, a supplier of glass and glazing systems in the business areas of architectural, automotive and creative technology, for $3.7bn, according to press releases.

Apollo Global Management was advised by Paul Weiss Rifkind Wharton & Garrison (led by Tong Yu), O'Melveny & Myers (led by Eric Rothenberg and John Renneisen), Walkers (led by Sam Francis, Bicrom Das and James Murrie), Mitsubishi UFJ Morgan Stanley Securities, Deloitte, SMBC Nikko Securities and Akasaka International Accounting. Nippon Sheet Glass was advised by Freshfields (led by Edward Cole) and Mori Hamada & Matsumoto, according to MergerLinks data.

SiriusPoint-backed IMG completes the acquisition of World Nomads from nib Group for AUD67.5m.

SiriusPoint-backed IMG, a global insurance benefits and assistance services provider, completed the acquisition of World Nomads, a global travel insurance and lifestyle brand offering products and services globally, from nib Group, a health and financial services corporation, for AUD67.5m ($47m), according to press releases.

SiriusPoint was advised by Allens (led by Kylie Brown) and Rein4ce. nib Group was advised by Jarden and Ashurst, according to press releases and MergerLinks data.

Ampol to acquire Evie Network for AUD225m.

Ampol, an Australian transport energy company, agreed to acquire Evie Networks, an Australian electric vehicle charging infrastructure operator, for AUD225m ($157m), according to press releases.

Ampol is advised by UBS, Clayton Utz and Herbert Smith Freehills Kramer, according to press releases.

A consortium led by Hanwha Life and Centroid to acquire Acuon Capital from EQT.

A consortium led by Hanwha Life, a South Korean life insurance company, and Centroid, a South Korean private equity firm, agreed to acquire Acuon Capital, a South Korean non-bank financial services provider, from EQT, a Swedish global private markets investment firm, according to press releases. Financial terms were not disclosed.

EQT is advised by UBS, Citigroup and Shin & Kim, according to press releases.

Transurban to acquire Australian toll road assets from CPP Investments for AUD4.5bn.

Transurban, a road operator company, agreed to acquire Australian toll road assets from CPP Investments, a global investment management organization, for AUD4.5bn, according to press releases. Under the terms of the transaction, Transurban will acquire an additional 10.5% interest in WestConnex and 25% interest in NorthWestern Roads Group.

Japan’s Toho eyes KKR’s health device maker PHC for $1.3bn. (Bloomberg)

Toho Holdings is in talks to acquire PHC Holdings, backed by KKR, for more than JPY200bn ($1.3bn).

Toho has submitted an initial proposal and is conducting due diligence. Domestic investment funds have also expressed interest in PHC, but Toho is currently the only prospective buyer in concrete discussions.

South Korea to pay Elliott $48.49m over Samsung merger case. (Reuters)

South Korea has been ordered to pay Elliott Investment Management about $48.49m plus interest after an arbitration tribunal found the government’s involvement in the 2015 merger of Samsung C&T and Cheil Industries was causally linked to losses suffered by the US fund.

The ruling was disclosed by South Korea’s Justice Ministry.

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