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AMERICAS

IES Holdings completes the acquisition of DBM Global from INNOVATE for $650m.

IES Holdings, a US public company providing electrical, technology, and infrastructure solutions, completed the acquisition of DBM Global, a structural steel fabrication, erection, and industrial services platform, from INNOVATE, a diversified holding company, for $650m, according to press releases.

IES Holdings was advised by Wells Fargo Securities and Alpha IR (led by Robert Winters). INNOVATE was advised by Jefferies & Company, Cleary Gottlieb Steen & Hamilton (led by Charles Allen) and Solebury Strategic Communications. Jefferies was advised by White & Case, according to MergerLinks data and press releases.

Shionogi to acquire IntraBio for $2bn.

Shionogi, a research-driven pharmaceutical company, agreed to acquire IntraBio, a biopharmaceutical company developing and commercializing therapies for neurodegenerative diseases, for $2bn, according to press releases.

IntraBio is advised by Centerview Partners, Mitsubishi UFJ Morgan Stanley Securities, DLA Piper and Kirkland & Ellis. Shionogi is advised by Goldman Sachs and Cleary Gottlieb Steen & Hamilton, according to MergerLinks data and press releases.

KKR to acquire Gen II Fund Services from Hg and General Atlantic.

KKR, a global alternative asset management firm, agreed to acquire Gen II Fund Services, a provider of tech-enabled fund administration for private capital asset managers and investors, from Hg and General Atlantic, the private investment firms, for $5.1bn, according to press releases.

KKR & Co is advised by Simpson Thacher & Bartlett. General Atlantic and Hg Capital are advised by Morgan Stanley, Robert W Baird, UBS and Kirkland & Ellis. Gen II Fund Services is advised by Edelman, according to press releases.

Sojourner-owned Lornamead completes the merger with AMG Brands in a $279m deal.

Sojourner-owned Lornamead, a manufacturer of personal care and consumer products, completed the merger with AMG Brands, an American consumer products company that owns, licenses, and distributes household, personal care, and beauty brands, in a $279m deal.

Sojourner Consumer Partners was advised by McDermott Will & Schulte and Gregory FCA. Debt financing was provided by Capital One Financial Corporation. LornaMead was advised by McDermott Will & Schulte. AMG Brands was advised by FBT Gibbons and Oppenheimer & Co, according to press releases.

Uber to acquire ezCater for $2.3bn.

Uber, a multinational transportation company that provides ride-hailing services, courier services, food delivery, and freight transport, agreed to acquire ezCater, a food tech platform for workplaces, for $2.3bn, according to press releases.

ezCater is advised by Evercore and Davis Polk & Wardwell. Uber is advised by JP Morgan, Covington & Burling and Freshfields, according to MergerLinks data and press releases.

Energy Transfer to acquire Vaquero Midstream for $2.625bn.

Energy Transfer, a North American midstream energy company, agreed to acquire Vaquero Midstream, a rich gas gathering and processing company, for $2.625bn, according to press releases.

Vaquero Midstream is advised by Houlihan Lokey and Willkie Farr & Gallagher. Energy Transfer is advised by JP Morgan and Sidley Austin, according to MergerLinks data and press releases.

TowneBank to acquire blueharbor bank for $154m.

TowneBank, a community bank, agreed to acquire blueharbor bank, a community bank, for $154m, according to press releases.

blueharbor is advised by D.A. Davidson & Co and Brooks Pierce McLendon Humphrey & Leonard. TowneBank is advised by Piper Sandler and Wachtell Lipton Rosen & Katz (led by Matthew M. Guest), according to MergerLinks data and press releases.

GE HealthCare to acquire SOFIE Biosciences from Trilantic North America for $945m.

GE HealthCare, a global medical technology company, agreed to acquire SOFIE Biosciences, a developer of molecular imaging probes and devices that support radiopharmaceutical research and personalized healthcare treatment selection, from Trilantic North America, a private equity firm, for $945m, according to press releases.

GE Healthcare is advised by Bank of America, Consello Group and Solomon Partners. Sofie Biosciences and Trilantic North America are advised by Prosek Partners, according to press releases.

Clean Harbors completes the acquisition of EnviroServe from One Rock Capital Partners for $470m.

Clean Harbors, an environmental and industrial services provider, completed the acquisition of EnviroServe, a national provider of environmental and waste management services, from One Rock Capital Partners, a private equity firm, for $470m.

Clean Harbors is advised by Davis Malm & D’Agostine. EnviroServe is advised by Brown Gibbons Lang & Company, RBC Capital Markets and Latham & Watkins (led by Alexander B. Johnson and Javier F. Stark), according to press releases and MergerLinks data.

iRhythm completes the acquisition of VitalConnect for $288m.

iRhythm, a digital health care company, completed the acquisition of VitalConnect, a wearable biosensor technology company, for $288m, according to press releases.

VitalConnect was advised by Morgan Stanley. iRhythm was advised by Goldman Sachs and Fenwick & West, according to MergerLinks data and press releases.

Constellation Wealth Capital completes the investment in BakerAvenue Wealth Management.

Constellation Wealth Capital, an alternative asset management platform dedicated to the wealth management sector, completed the investment in BakerAvenue Wealth Management, an independent, fee-only registered investment advisor, according to press releases. Financial terms were not disclosed.

Constellation Wealth Capital is advised by Gibson Dunn & Crutcher. BakerAvenue Wealth Management is advised by Colchester Partners and Alston & Bird, according to press releases.

Advent, Temasek and Xora led a $250m Series B round in Vinci.

Advent, Temasek and Xora, the investment firms, led a $250m Series B round in Vinci, an artificial intelligence startup that builds a physics-based foundation model for hardware and semiconductor design, with participation from AMD Ventures, Eclipse, Khosla Ventures, and Madrona, according to press releases.

Vinci was advised by Big Valley (led by Angie Clark), according to press releases.

The Government of the United States of America completes the acquisition of the Adelanto, California ICE Processing Center Complex from The Geo Group for $950m.

The Government of the United States of America, completed the acquisition of the Adelanto, California ICE Processing Center Complex, from The GEO Group, a private prison and mental health facility operator, for $950m, according to press releases.

OpenAI in $30bn round talks with UAE funds, BlackRock. (Bloomberg)

OpenAI is in talks with several United Arab Emirates investment funds, including Abu Dhabi-based MGX, to help anchor a $30bn funding round.

The UAE investors could form a syndicate and contribute as much as $10bn combined to the financing.

Option Care jumps on report McKesson is preparing an offer. (Bloomberg)

McKesson and private equity firm Clayton, Dubilier & Rice are nearing an offer to acquire medical infusion services provider Option Care Health for more than $5bn, including debt.

The potential buyers have yet to sign a definitive agreement, and the transaction could still fall through.

Barbie-maker Mattel faces growing shareholder pressure to consider a sale. (WSJ)

Ariel Investments is urging Mattel to explore strategic alternatives, including a potential sale, arguing that the toymaker remains significantly undervalued as a publicly listed company. Ariel owns a 5.4% stake in Mattel.

The investment firm has called on Mattel to appoint an independent financial adviser to evaluate options including asset divestitures, a merger or an outright sale. The push comes as Mattel undergoes a leadership transition, with Roger Lynch set to succeed Ynon Kreiz as CEO.

Singapore’s DayOne files for US IPO joining data center rush. (Bloomberg)

Singapore-headquartered DayOne Data Centers has filed for a US initial public offering as the company seeks to capitalize on strong investor demand for artificial intelligence infrastructure.

The data center operator reported revenue of $512m for the six months ended June 30, up from $152m a year earlier, while its net loss widened to $82m from $14m.

Citi takes top spot in global IPO underwriting through September. (Bloomberg)

Citigroup ranked as the world’s leading underwriter for initial public offerings through September, supported by its involvement in several major listings across Asia and the US.

The bank narrowly surpassed Goldman Sachs in global IPO underwriting, while Goldman retained the top position for overall equity offerings, which also include transactions such as block trades and follow-on share sales.

Sterling appoints Katherine Hargis as senior vice president, general counsel, chief compliance officer, and corporate secretary. (Press Release)

Sterling Infrastructure has appointed Katherine Hargis as senior vice president, general counsel, chief compliance officer and corporate secretary, succeeding Mark D. Wolf.

Hargis joins from Key Energy Services, where she served as senior vice president, chief administrative officer, general counsel and corporate secretary. Her previous experience also includes several legal leadership roles at US Concrete.

EMEA

A consortium of investors including CVC, Groupe Bruxelles Lambert, and Luxinva, offered to acquire Recordati for €10.5bn. (Press Release)

CVC Capital Partners raised its take-private offer for Italian pharmaceutical firm Recordati to €10.5bn ($11.8bn), after minority shareholders complained that it undervalued the company.

The cash offer of €53 ($59) per share compares with an earlier bid of €51.29 ($57.5_. The new proposal is final and won’t be increased further.

Recordati is advised by Nomura and Rothschild & Co (led by Stefano Beschi and Luigi Labbate). CVC Capital Partners is advised by Deutsche Bank, Goldman Sachs, JP Morgan, Jefferies & Company, Mediobanca, Latham & Watkins (led by Robbie McLaren, Antonio Coletti, Thomas Forschbach, Suneel Basson-Bhatoa, Maarten Overmars, Giovanni Sandicchi, Stefano Sciolla, Philipp Studt and Luca Crocco), PedersoliGattai (led by Bruno Gattai), Brunswick Group (led by Alessandro Iozzia), Ernst & Young and Facchini Rossi Michelutti. Groupe Bruxelles Lambert is advised by Morgan Stanley. Luxinva is advised by Freshfields (led by Nicola Asti, Renato Paternollo, Luca Sponziello, Mohammed Sayeed and Toni Marciante). Rossini is advised by White & Case (led by Michael Immordino and Leonardo Graff), according to press releases and MergerLinks data.

TDR Capital to acquire OCU Group from Triton Partners.

TDR Capital, a private equity firm, agreed to acquire OCU Group, an energy transformation and critical infrastructure services platform, from Triton Partners, a mid-market sector-specialist investor, according to press releases. Financial terms were not disclosed.

TDR Capital is advised by Moelis & Co and Kirkland & Ellis (led by Will Aitken-Davies).Triton Partners is advised by Lazard, White & Case and Headland Consultancy, according to MergerLinks data and press releases.

Loomis completes the acquisition of Hermes Transportes Blindados from CVC Capital Partners for SEK3bn.

Loomis, a global cash-handling company, completed the acquisition of Hermes Transportes Blindados, a company that provides secure logistics, cash management, and document management services, from CVC Capital Partners, a private equity and investment advisory firm, for SEK3bn ($298m), according to press releases.

Loomis was advised by Latham & Watkins (led by Antonio Del Pino and Carlos Ardila). Debt financing was provided by Nordea Bank and Société Générale. CVC Capital Partners is advised by Simpson Thacher & Bartlett (led by Todd Crider), according to press releases and MergerLinks data.

Informa to acquire Clarion for £2.24bn.

Informa, a British publishing, business intelligence, and exhibitions group, agreed to acquire Clarion, a B2B Live Events business, for £2.24bn ($2.96bn), according to press releases.

Informa is advised by Teneo (led by Tim Burt), according to MergerLinks data.

Groupe BPCE completes the acquisition of a 7% stake in Banco de Sabadell.

Groupe BPCE, a French banking group, completed the acquisition of a 7% stake in Banco de Sabadell, a Spanish financial institution, according to press releases. Financial terms were not disclosed.

Groupe BPCE was advised by Deutsche Bank, according to MergerLinks data.

Abu Dhabi Royal’s firm eyes titanium play with Kenmare bid. (Press Release)

Kenmare Resources has received a non-binding proposal from International Resources Holdings regarding a potential cash takeover of the Irish mining company.

Discussions remain ongoing and no firm offer has been made. International Resources Holdings has until November 17 to either announce a firm intention to acquire Kenmare or confirm that it does not intend to proceed with an offer.

Forbion raises €2.3bn across two new funds. (Press Release)

Life sciences venture capital firm Forbion has raised €2.3bn ($2.6bn) across two new funds, marking its largest fundraising to date and exceeding its initial target.

The capital will be deployed through Forbion Growth Opportunities Fund IV and Forbion Ventures Fund VIII, which together are expected to finance around 30 portfolio companies. Investors include MN, PGGM, KfW Capital, Kauffman Foundation and Eli Lilly.

AstraZeneca doesn’t need a deal for growth beyond 2030, CEO says. (Bloomberg)

AstraZeneca expects to maintain its growth beyond 2030 without pursuing a major acquisition, following recent speculation about a potential combination with Bristol Myers Squibb.

The pharmaceutical group believes its existing portfolio and pipeline provide sufficient opportunities to support future expansion, reducing the need for a large-scale transaction.

APAC

Moonshot said to eye early 2027 IPO after value hits $50bn. (Bloomberg)

Moonshot AI has completed its final private funding round at a valuation of about $50bn as the Chinese artificial intelligence company prepares for an initial public offering in Hong Kong in the first quarter of next year.

The company has also begun preparations to gauge investor demand for the planned listing, with early-look meetings expected to start as soon as this month.

DeepSeek to raise at least $12bn in Tencent-backed funding. (Bloomberg)

DeepSeek is close to raising at least CNY80bn ($12bn) in its latest funding round, exceeding its initial target ahead of a planned initial public offering in early 2027.

CATL and Tencent are among the largest investors in the financing, which could ultimately reach CNY100bn ($15bn) based on signed term sheets. DeepSeek had initially targeted about CNY50bn ($7.5bn), with demand increasing following the release of its latest AI model.

Japanese rivals study bids for TK Elevator’s European assets. (Bloomberg)

Mitsubishi Electric and EQT-owned Fujitec are among potential bidders considering offers for European operations being divested by TK Elevator.

Kone plans to sell the assets to address antitrust requirements related to its takeover of TK Elevator. A potential transaction could value the operations at around €5bn ($5.6bn) or more.

Bain, GIC explore IPO or sale of Japan's WHI at valuation of about $3.2bn. (Reuters)

Bain Capital and Singapore’s GIC are exploring strategic options for Japanese human resources software company WHI Holdings, including a potential sale or initial public offering.

The joint owners have begun approaching advisers, potential buyers and investors for the process, which could value WHI at JPY500bn ($3.2bn) or more.

Seagate said to vie with Toshiba for TDK’s hard-drive magnetic heads unit. (Bloomberg)

Seagate Technology and Toshiba are competing to acquire TDK’s magnetic-head business for hard-disk drives as both companies seek to expand capacity amid growing demand for AI data center storage.

Toshiba began discussions with TDK earlier this year before Seagate submitted a higher offer during the summer. The potential acquisition could be valued at several billion dollars.

Malaysia’s CIMB said to consider selling Philippines business. (Bloomberg)

CIMB Group is exploring a potential sale of its Philippine business as the Malaysian lender seeks to streamline operations and focus on larger markets for growth.

The bank is working with a financial adviser and has approached prospective buyers to gauge interest in the business, which could be valued at up to $200m.

Ambani’s Jio said to seek about $114bn valuation in IPO. (Bloomberg)

Jio Platforms is expected to seek a valuation of around INR11tn ($114bn) in its planned initial public offering, which could still become India’s largest-ever listing despite falling short of earlier valuation expectations.

The Reliance Industries-owned telecom and digital services business has completed an initial assessment of investor demand and is expected to begin meetings with potential investors to discuss valuation and pricing.

Firmus stock overhang said to make some investors wary on IPO. (Bloomberg)

Firmus Grid is facing increased investor caution ahead of its initial public offering amid concerns over potential share sales by existing shareholders following the data center company’s market debut.

The company has priced its IPO at AUD11 ($7.63) per share, implying a valuation of about AUD43.7bn ($30.3bn). Some investors have also raised concerns over the valuation and pricing of the offering.

AI video startup Kling picks banks for $1bn+ IPO. (Bloomberg)

Kuaishou Technology’s AI video service Kling AI has selected banks for a planned Hong Kong initial public offering that could raise at least $1bn.

The company is working with China International Capital Corp, Goldman Sachs and UBS on the potential share sale and is targeting a listing as soon as next year.

ByteDance draws ADIA, Coller to Primavera’s Continuation Fund. (Bloomberg)

Abu Dhabi Investment Authority and private equity firm Coller Capital are in talks to invest in a continuation vehicle anchored by a stake in Chinese technology group ByteDance.

Primavera Capital, a long-standing ByteDance investor, is arranging the continuation fund, which is targeting around $1bn in capital.

MDI Ventures to target Singapore startups in Al, blockchain, digital assets. (Deal Street Asia)

MDI Ventures is revamping its Southeast Asia investment strategy to target Singapore-based startups focused on enterprise AI, blockchain and digital asset infrastructure.

The Telkom-backed venture capital firm will prioritize areas including AI infrastructure and applications, governance software, real-world asset tokenization, institutional custody and regulated digital asset services. Singapore will serve as the initial sourcing market, with MDI aiming to help portfolio companies expand into Indonesia through Telkom’s network.

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