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AMERICAS

Diversified Energy completes the acquisition of Canvas Energy for $550m.

Diversified Energy, a gas and oil production company, completed the acquisition of Canvas Energy, a private oil and natural gas exploration and production company, for $550m, according to press releases.

Canvas Energy was advised by Bank of America, Evercore and Sidley Austin (led by Mark Metts). Diversified Energy was advised by KeyBanc Capital Markets, Kirkland & Ellis (led by John Kaercher) and FTI Consulting, according to press releases.

Zeta Global completes the acquisition of enterprise software business from Marigold for $325m.

Zeta Global, a company specializing in AI-powered marketing cloud solutions, completed the acquisition of enterprise software business from Marigold, a marketing technology company, for $325m, according to press releases.

Zeta Global was advised by Morgan Stanley, Latham & Watkins (led by Eyal N. Orgad and Charles Ruck), according to press releases.

Knox Lane-backed Any Hour Group to acquire Lee's Plumbing.

Knox Lane-backed Any Hour Group, a provider of home services, agreed to acquire Lee's Plumbing, a provider of residential plumbing services in northern Utah and southern Idaho, according to press releases. Financial terms were not disclosed.

Knox Lane is advised by Joele Frank (led by Jonathan Keehner), according to press releases.

Veralto to acquire In-Situ for $435m.

Veralto, a provider of solutions for water quality, agreed to acquire In-Situ, a company specializing in water monitoring equipment, for $435m, according to press releases.

Trucordia completes the acquisition of Charles River Insurance.

Trucordia, a full-service insurance brokerage firm, completed the acquisition of Charles River Insurance, a property and casualty insurance agency, according to press releases. Financial terms were not disclosed.

Sinclair offers $7-a-share bid for rival broadcaster Scripps. (Bloomberg)

Sinclair has proposed to acquire E.W. Scripps for $7 per share in a cash-and-stock offer comprising $2.72 in cash and $4.28 in stock, representing a 70% premium to Scripps’ previous close. Scripps shares edged lower in early trading, while Sinclair also dipped slightly.

The proposal comes as political scrutiny increases over media consolidation, with both companies operating stations affiliated with major US TV networks.

Meta in talks to buy Google chips in multi-billion-dollar deal. (Reuters)

Meta is in discussions with Google to spend billions of dollars on the company’s chips for use in its data centers from 2027, a move that would position Google as a stronger competitor to Nvidia in AI hardware. The potential arrangement also includes Meta renting chips from Google Cloud beginning in 2026.

The talks form part of Google’s push to expand adoption of its tensor processing units, which are used for AI workloads and offered to customers to deploy in their own data centers.

Amex GBT explores potential sale after weak stock performance. (Bloomberg)

Global Business Travel Group, the corporate travel platform spun out of American Express, is weighing a sale following a challenging period in public markets and has begun working with advisers to assess its options.

A possible transaction is expected to draw interest from competing corporate travel providers as well as private equity firms.

Bain Capital moves to sell up to $1.14bn in Coherent shares. (Bloomberg)

Bain Capital is offering 7.5m Coherent shares in a block trade valued at up to $1.14bn, continuing to reduce its stake in the laser equipment maker. The shares are being marketed at $144.25 to $151.81 each, representing a discount of up to 5% to the previous close.

Goldman Sachs is leading the transaction, which marks another step in Bain’s broader exit from its Coherent holding as the firm continues to unwind its position.

Navan gains broad analyst support after post-IPO slump. (Bloomberg)

Navan received widespread buy ratings after a sharp selloff following its $923m IPO, with 12 firms initiating coverage and setting an average 12-month price target of $25.33, implying significant upside from the latest close.

Citigroup’s team described Navan as a tech-focused operator in the sector, highlighting its cloud-native design and use of AI as advantages over more service-heavy competitors.

Six Flags appoints John Reilly as president and CEO. (WSJ)

Six Flags has named John Reilly as its new president and chief executive, effective December 8. Reilly previously served as group COO at Spain-based Parques Reunidos and as CEO of Palace Entertainment US, which Parques Reunidos sold earlier in 2025.

He succeeds Richard Zimmerman, who announced plans in August to step down by year-end but agreed to remain in place until a replacement was appointed.

EMEA

Exodus to acquire Baanx and Monavate for $175m.

Exodus, a self-custodial cryptocurrency platform, agreed to acquire Baanx and Monavate, two established providers of card and payments infrastructure serving fintech, crypto, and enterprise clients, for $175m, according to press releases.

Monavate is advised by D.A. Davidson & Co and Latham & Watkins. Exodus is advised by Perella Weinberg Partners, Gibson Dunn & Crutcher, Hogan Lovells and Halcyon Communications, according to press releases.

AXA IM to acquire a 40% stake in FiberPass from Vodafone Spain and Telefónica.

AXA IM, an alternative investment division of AXA, agreed to acquire a 40% stake in FiberPass, a provider of wholesale fibre optic and connectivity services, from Vodafone Spain, a mobile telecommunications operator, and Telefónica, a Spanish multinational telecommunications company, according to press releases. Financial terms were not disclosed.

Zegona is advised by Sodali & Co (led by Tilly Abraham), Vodafone is advised by Cuatrecasas (led by Federico Roig), according to press releases and MergerLinks data.

Swiss Life Asset Managers to acquire an additional 12.53% stake in Itínere Infraestructuras.

Swiss Life Asset Managers, an asset manager, agreed to acquire an additional 12.53% stake in Itínere Infraestructuras, a Spanish infrastructure management company, according to press releases. Financial terms were not disclosed.

APG is advised by Jefferies & Company (led by Cesar Rodriguez Figuera), according to MergerLinks data.

Xoriant completes the acquisition of TestDevLab.

Xoriant, a digital engineering and enterprise solution company, completed the acquisition of TestDevLab, a software testing service provider, according to press releases. Financial terms were not disclosed.

TestDevLab was advised by Technology Holdings, according to press releases.

Rabobank to acquire Alfam from ABN AMRO.

Rabobank, a Dutch multinational banking and financial services company, agreed to acquire Alfam, a provider of loans and credit solutions, from ABN AMRO, a Dutch bank, according to press releases. Financial terms were not disclosed.

Banks prepare over €700m debt package for Cinven’s UAX stake. (Bloomberg)

Banks are arranging a leveraged loan of more than €700m ($807m) to support Cinven’s majority stake in Spanish private university Universidad Alfonso X El Sabio, adding to a growing pipeline of year-end buyout financing.

Credit Agricole, Citigroup, Mizuho, and UBS are leading the deal, which forms part of the funding structure for Cinven’s investment.

FNZ weighs sale of German banking arm valued above €500m. (Bloomberg)

FNZ is exploring a sale of its German custody banking unit, FNZ Bank Deutschland, in a potential deal that could exceed €500m ($576m).

The digital wealth platform has hired advisers to evaluate options for the business. Talks are at an early stage, and there is no certainty a transaction will proceed.

Sword Health CEO dismisses IPO plans despite $4bn valuation. (Bloomberg)

Sword Health founder and CEO Virgílio Bento said he has no near-term interest in taking the digital health startup public, describing the idea of running a listed company as “terribly boring”. The company was valued at $4bn in a June funding round as it expands its AI-driven care model.

Bento spoke after the company signed an agreement with Greece’s health ministry to integrate its AI technology into the national health-care system, marking another step in its international growth.

ABN Amro plans 5.2k job cuts under new CEO. (Bloomberg)

ABN Amro plans to reduce its workforce by about 5.2k roles over the next three years as new CEO Marguerite Berard moves to improve profitability. Around half of the reduction is expected to come through attrition.

Berard said the bank needs to strengthen returns and competitiveness as part of a broader restructuring effort. ABN Amro’s shares rose as much as 4.5% in early trading and are up about 86% in 2025.

UK’s Domino’s Pizza CEO steps down amid strategy shift. (Reuters)

Domino’s Pizza Group stated that CEO Andrew Rennie has stepped down as the company continues to reshape its strategy in response to soft sales and rising costs. His departure marks another senior exit as the UK and Ireland operator adjusts its approach.

The chain, which runs the US brand’s franchise in the region, is broadening its menu to support growth, including launching a fried chicken sub-brand and adding healthier pizza options.

APAC

CPP Investments-backed IndoSpace Core completes the acquisition of six industrial and logistics parks for CAD471m.

CPP Investments-backed IndoSpace Core, a real estate core fund, completed the acquisition of six industrial and logistics parks for CAD471m ($333.9m), according to press releases.

Warburg Pincus completes the acquisition of Topcast.

Warburg Pincus, a private equity firm, completed the acquisition of Topcast, an aircraft spare parts distributor, according to press releases. Financial terms were not disclosed.

Bain-backed firm to sell Kioxia shares in $2.14bn block trade. (Bloomberg)

A Bain Capital–backed vehicle, BCPE Pangea Cayman, plans to sell 36m Kioxia shares in a block trade to overseas investors, a deal estimated at about ¥355bn ($2.14bn) based on the latest closing price. The sale follows a sharp rise in the chipmaker’s stock since its IPO roughly a year ago.

Kioxia’s shares have benefited from stronger demand linked to AI-related growth, reaching a record high in November 2025 before easing but remaining more than six times the company’s IPO price.

Delhivery in talks to buy stake in South India–based logistics firm. (DealStreetAsia)

GIC-backed Delhivery is in discussions to acquire a stake in a South India–based logistics company as it seeks to expand its regional presence amid shifts in the domestic delivery sector. The move follows its earlier acquisition of a controlling stake in Ecom Express for INR14bn ($163m).

The potential investment would further strengthen Delhivery’s network in key southern markets, though deal terms and valuation have not yet been disclosed.

Husk Power seeks $400m to expand mini-grid operations. (Bloomberg)

Husk Power Systems, the world’s largest solar mini-grid operator, has launched a $400m capital raise as it targets a tenfold increase in revenue and prepares for a future IPO. The company currently runs about 400 mini-grids across India and Nigeria.

Husk plans further expansion in those markets and into additional African countries including the Democratic Republic of Congo and Madagascar, with a goal of reaching at least 2GW of installed capacity by 2030.

PAG makes major bet on China’s commercial real estate market. (Bloomberg)

PAG has invested $2.8bn into the company managing malls developed by Dalian Wanda Group, increasing its exposure to China’s commercial property sector even as many global firms pull back. The move reflects a contrarian strategy in a market facing weak consumer sentiment and ongoing real estate pressures.

The firm also arranged a $6.3bn private financing for a fund holding some of the malls, the largest cross-border deal in China’s commercial real estate market since at least 2021.

India’s Zetwerk plans $750m IPO and prepares filing. (Bloomberg)

Zetwerk, a Bengaluru-based contract manufacturer, is preparing to file for an IPO that may raise up to $750m, with plans to submit a draft prospectus early next year through the confidential route. The company, which produces fabricated metal products, is seeking capital to support its next phase of growth.

Zetwerk has hired Kotak Mahindra Capital, JM Financial, Avendus Capital, and the Indian units of HSBC, Morgan Stanley and Goldman Sachs to manage the transaction.

Grab-backed Super Bank targets $186m Jakarta IPO. (Bloomberg)

Super Bank Indonesia plans to raise up to IDR3.1tn ($186m) in a Jakarta listing, offering as much as a 13% stake, or about 4.4bn shares, priced between IDR525 ($0.03) and IDR695 ($0.04). The bank is part of PT Elang Mahkota Teknologi and backed by Grab.

Proceeds will be used for loan-book expansion and capital expenditure, including product development and upgrades to information-technology systems ahead of the planned December 17 listing.

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