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AMERICAS

Brains Bioceutical to go public via SPAC with Armada Acquisition Corp III at a $750m valuation.

Brains Bioceutical, a life sciences company, agreed to go public via SPAC with Armada Acquisition Corp III, a publicly listed special purpose acquisition company, at a $750m valuation, according to press releases.

Brains Bioceutical is advised by Borden Ladner Gervais (BLG), Lucosky Brookman and Origin Law Corporation. Armada is advised by Alvarez & Marsal, Brookline Capital, Cohen & Company Capital Markets, Morgan Lewis & Bockius, Stikeman Elliott and Bishop IR, according to press releases.

Transom Capital to acquire Cree LED from Penguin Solutions.

Transom Capital, a private equity firm, agreed to acquire Cree LED, a manufacturer of LED chips and components for lighting, displays and specialty applications, from Penguin Solutions, a US-based AI infrastructure and memory solutions company, according to press releases. Financial terms were not disclosed.

Transom Capital is advised by Kirkland & Ellis and Prosek Partners. Penguin Solutions is advised by Lazard and Latham & Watkins (led by Tessa Bernhardt and Mark M. Bekheit), according to press releases and MergerLinks data.

Maple Park Capital completes the investment in Bridge Locations.

Maple Park Capital, a private equity firm, completed the investment in Bridge Locations, a US-based operator of authorized Xfinity retail stores providing mobile and broadband services, according to press releases. Financial terms were not disclosed.

Maple Park Capital was advised by Foley & Lardner and Gasthalter & Co (led by Amanda Shpiner and Jonathan Warren). Bridge Locations was advised by Houlihan Lokey and Mintz Levin, according to press releases.

Curewell Capital to acquire a majority stake in ECA Medical from LongueVue Capital.

Curewell Capital, a growth-oriented investment firm, agreed to acquire a majority stake in ECA Medical, a US-based manufacturer of single-use surgical instruments and medical devices, from LongueVue Capital, a private equity firm, according to press releases. Financial terms were not disclosed.

Curewell Capital is advised by Kirkland & Ellis. ECA Medical and LongueVue Capital are advised by Solomon Partners and Norton Rose Fulbright, according to press releases.

Capital One Ventures led a $150m Series C funding round in Sentra.

Capital One Ventures, the venture capital investment arm of Capital One, led a $150m Series C funding round in Sentra, a provider of AI-driven enterprise data security solutions, with participation from Bessemer Venture Partners, Zeev Ventures, Standard Investments, Munich Re Ventures and Key1 Capital, according to press releases.

Capital One Ventures was advised by Wachtell Lipton Rosen & Katz (led by Matthew M. Guest, Brandon C. Price and Matthew T. Carpenter). Sentra was advised by H-F & Co, according to press releases and MergerLinks data.

Levine Leichtman Capital Partners completes the acquisition of a minority stake in Concentric Energy Advisors.

Levine Leichtman Capital Partners, a private equity firm, completed the acquisition of a minority stake in Concentric Energy Advisors, a consulting and advisory firm serving the North American utility and energy industry, according to press releases. Financial terms were not disclosed.

LLCP was advised by Honigman Miller Schwartz & Cohn. Concentric Energy Advisors was advised by Seyfarth Shaw, according to press releases.

Amdocs completes the acquisition of EIS Group for $340m.

Amdocs, a software and services provider to communications & media companies, completed the acquisition of EIS Group, a global insurance technology provider, for $340m, according to press releases.

EIS was advised by JP Morgan, according to MergerLinks data.

Host Hotels & Resorts completes the acquisition of 1 Hotel Brooklyn Bridge for $202m.

Host Hotels & Resorts, a lodging real estate investment trust, completed the acquisition of 1 Hotel Brooklyn Bridge, a luxury, nature-inspired lifestyle hotel, for $202m, according to press releases.

Host Hotels & Resorts completes the acquisition of Renaissance Dallas at Plano Legacy West Hotel for $172m.

Host Hotels & Resorts, a lodging real estate investment trust, completed the acquisition of Renaissance Dallas at Plano Legacy West Hotel, a 4-star upscale, design-forward hotel, for $172m, according to press releases.

AstraZeneca made a $10bn offer for obesity drugmaker Rhythm. (Reuters)

AstraZeneca has made a non-binding offer of about $10bn to acquire obesity drugmaker Rhythm Pharmaceuticals.

The proposal values Rhythm at up to $134 per share, including milestone-based payments.

Wendy’s rejects $1.4bn buyout offer from Nelson Peltz’s Trian. (WSJ)

Wendy’s has rejected a roughly $1.4bn takeover offer from Nelson Peltz’s Trian Fund Management, saying the proposal substantially undervalues the fast-food chain and fails to reflect the growth potential of its turnaround plan.

The offer was reviewed by a special committee appointed by the company’s board.

Owners of US shale producer Enduring Resources IV explore $4bn sale. (Reuters)

Enduring Resources IV’s private equity backers, led by EnCap Investments, are weighing a sale of the oil and gas producer in a deal that could value the company at more than $4bn, including debt.

The owners are working with Jefferies on a potential transaction, which is expected to launch in early 2027.

Goldman and Apollo are in talks to sell SpaceX's $40bn AI deal. (Bloomberg)

Goldman Sachs and Apollo Global Management are approaching investors to sell portions of a roughly $40bn financing package for SpaceX’s AI chip infrastructure.

The multi-tranche deal, structured to keep the debt off SpaceX’s balance sheet, is the largest GPU financing arrangement of its kind on record.

EMEA

ANI Pharmaceuticals to acquire Egetis Therapeutics for $560m.

ANI Pharmaceuticals, a specialty pharmaceutical company, agreed to acquire Egetis Therapeutics, a pharmaceutical company, focusing on projects in late-stage development for commercialization for treatments of serious diseases, for $560m, according to press releases.

Egetis Therapeutics is advised by Centerview Partners and Vinge. ANI Pharmaceuticals is advised by Jefferies & Company, Mannheimer Swartling, Ropes & Gray and Argot Partners. Debt financing is provided by JP Morgan, according to press releases.

A group of private equity firms to invest in TeamSystem.

A group of private equity firms, including Hellman & Friedman, Francisco Partners, KKR and Silver Lake, agreed to invest in TeamSystem, a European technology and AI company, according to press releases. Financial terms were not disclosed.

TeamSystem and Hellman & Friedman are advised by Evercore and FGS Global (led by Sam Moodie). Francisco Partners is advised by Morgan Stanley, Goodwin (led by Anu Balasubramanian), OC&C Strategy Consultants and Prosek Partners, according to press releases.

Dronamics to go public via SPAC merger with GP-Act III at a $500m valuation.

Dronamics, a Bulgaria-based developer and operator of long-range unmanned aircraft systems for cargo logistics, agreed to go public via SPAC merger with GP-Act III, a special purpose acquisition company, at a $500m valuation, according to press releases.

Dronamics is advised by Lazard and Paul Hastings. GP-Act III is advised by Cantor Fitzgerald and Skadden Arps Slate Meagher & Flom, according to press releases.

APSEZ to acquire Evos from Igneo Infrastructure Partners at an enterprise value of €2.56bn.

APSEZ, an integrated ports and logistics company, agreed to acquire Evos, an operator of liquid bulk storage and tank terminal company, from Igneo Infrastructure Partners, a global infrastructure manager and the direct infrastructure team of the First Sentier Group, at an enterprise value of €2.56bn ($2.88bn), according to press releases.

APSEZ is advised by Linklaters and Cyril Amarchand Mangaldas. Debt financing is provided by MUFG, according to press releases.

BPCE to acquire GamaLife from Apax Partners.

BPCE, a major French banking group, agreed to acquire GamaLife, an insurer specializing in life savings, retirement and personal protection policies, from Apax Partners, a private equity firm, according to press releases. Financial terms were not disclosed.

Apax Partners is advised by Nomura, according to MergerLinks data.

China blocks SoftBank’s $5.4bn ABB robot unit takeover. (Bloomberg)

China has blocked SoftBank Group’s $5.4bn acquisition of ABB’s robotics business, dealing a setback to the Japanese investment firm’s efforts to expand into physical AI.

ABB and SoftBank remain in discussions and are seeking a solution to the regulatory obstacle.

Sappi and UPM offer remedies to win EU antitrust approval for paper joint venture. (Reuters)

UPM-Kymmene and South Africa-listed Sappi have offered to modify their production capacities to secure EU antitrust approval for their proposed €1.42bn ($1.6bn) paper joint venture.

The companies submitted the proposed remedies to the European Commission, prompting the regulator to extend its decision deadline to January 8.

Armani heirs favour IPO over sale to industry player. (Reuters)

The heirs of Giorgio Armani favour an eventual stock market listing of the Italian fashion house over a sale to a major industry player, as they consider an initial minority stake sale.

Armani’s will stipulated that his heirs should sell about 15% of the company within 12–18 months of his death, followed by a further sale of 30% to 54.9% or a public listing.

Nordic alliance seeks one public market to stem listings to the US. (Bloomberg)

Nordic Compass, a business alliance representing Nordic companies, is calling for the creation of a single public market for stocks and other securities across the region to attract international investment and prevent promising companies from seeking listings in the US.

The proposal aims to integrate the region’s fragmented capital markets through harmonized regulations and more unified trading, clearing, settlement and custody systems.

Intera announces €450m buyout fund Intera Fund V with focus on growth investments. (Press Release)

Intera Partners has closed its fifth buyout fund, Intera Fund V, at its €450m ($503m) hard cap, exceeding its €375m ($419m) target and making it the largest Finnish buyout fund to date.

The fund will continue to target entrepreneur-led services and technology companies in Finland and Sweden, focusing on businesses with potential to scale internationally.

Blackstone closes fourth institutional European direct lending fund with €13bn in investable capital. (Press Release)

Blackstone has closed its fourth institutional European direct lending fund, BXDE IV, and raised approximately €13bn ($14.5bn) in investable capital across the fund and other European direct lending vehicles, including anticipated leverage, since its launch.

The fund targets high-quality borrowers across the European middle and upper middle markets, with Blackstone also taking lead-lender roles in transactions including Angelini Pharma’s €1bn ($1.18bn) take-private of Catalyst Pharmaceuticals, Regnology, Odevo and JTC.

MB Funds successfully closes MB Equity Fund VII at €222m. (Press Release)

MB Funds has closed its seventh buyout fund, MB Equity Fund VII, with €222m ($197.5m) in commitments, attracting support from existing investors and new institutional backers.

The fund will continue to target mid-sized companies with growth and value-creation potential, focusing on profitable growth, internationalisation and business development through active ownership.

APAC

Andavi Solutions completes the acquisition of Infilect.

Andavi Solutions, a provider of an end-to-end sales execution platform for beverage and consumer goods companies, completed the acquisition of Infilect, an AI technology company, according to press releases. Financial terms were not disclosed.

Dover completes the acquisition of Leistung.

Dover, an American conglomerate manufacturer of industrial products, completed the acquisition of Leistung, an Indian manufacturer of filtration systems, according to press releases. Financial terms were not disclosed.

Ascendas Firstspace is considering a $500m India IPO. (Bloomberg)

Ascendas Firstspace Development Management is considering an initial public offering in India that could raise about $500m.

The joint venture between Singapore-based CapitaLand’s Ascendas and Indian industrial real estate firm Firstspace Realty has held preliminary discussions with investment banks and is expected to appoint advisers soon. The company is also consolidating its corporate structure ahead of the potential listing.

Ex-Temasek India executive to head Motilal Oswal alternates. (Bloomberg)

Motilal Oswal Financial Services has appointed former Temasek India co-head Padmanabh Sinha to lead its alternative-investment business as it expands its private equity, real estate and private credit operations.

The move follows the firm’s $938m fundraising for its largest private equity fund in February, which marked its first time tapping foreign investors.

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