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Top Highlights
A consortium of investors including PIF, Silver Lake and Affinity Partners agreed to acquire Electronic Arts, an American video game company, in a $55bn deal, according to press releases.
EA is advised by Goldman Sachs, Wachtell Lipton Rosen & Katz (led by Edward D. Herlihy, David Lam and Eric Feinstein) and FGS Global (led by Jenny Gore). PIF is advised by JP Morgan, Gibson Dunn & Crutcher, Kirkland & Ellis and FGS Global (led by Danya Al-Qattan). Silver Lake is advised by JP Morgan, Kirkland & Ellis, Latham & Watkins, Simpson Thacher & Bartlett and FGS Global (led by Danya Al-Qattan). Affinity Partners is advised by JP Morgan, Kirkland & Ellis, Sidley Austin and FGS Global (led by Danya Al-Qattan). Debt financing is provided by JP Morgan, according to press releases and MergerLinks data.
Genmab, a biotechnology company, agreed to acquire Merus, an oncology company, for $8bn, according to press releases.
Merus is advised by Jefferies & Company, Latham & Watkins and NautaDutilh. Genmab is advised by Morgan Stanley, PJT Partners, A&O Shearman and Kromann Reumert, according to press releases.
Lupin, a global pharmaceutical company, agreed to acquire VISUfarma, a pharmaceutical company, from GHO Capital Partners, a global healthcare specialist, according to press releases. Financial terms were not disclosed.
Lupin is advised by Centerview Partners and Herbert Smith Freehills Kramer. GHO Capital is advised by Deloitte, Giliberti Triscornia e Associati, Stifel, Norton Rose Fulbright and Slaughter & May, according to press releases.
Deal Round up
AMERICAS
Fermi upsizes US IPO to $715m. ( Reuters)
AstraZeneca plans full US listing while keeping UK base. ( Reuters)
Beta Technologies files for US IPO. ( Bloomberg)
EMEA
Elliott explores $4bn sale of UK’s Ark Data Centres. ( Reuters)
GEMS Education among bidders for Saudi school operator Ajialuna. ( Bloomberg)
Verisure targets €13.9bn valuation in Sweden IPO. ( Bloomberg)
APAC
Tata Capital targets $1.7bn in India’s biggest 2025 IPO. ( Bloomberg)
WeWork India sets IPO price band, targets $979m valuation. ( DealStreetAsia)
Sarawak Energy weighs IPO of power generation business. ( DealStreetAsia)
Kedaara Capital raises $300m continuation fund. ( Bloomberg)
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AMERICAS
Sheridan Capital Partners, a private equity firm, completed the investment in Currier Plastics, a manufacturer of custom, precision plastic components used primarily in healthcare and life sciences, according to press releases. Financial terms were not disclosed.
Currier Plastics was advised by Stout Capital and Benesch Friedlander Coplan & Aronoff. Sheridan was advised by William Blair & Co, McDermott Will & Schulte and Stanton PRM, according to press releases and MergerLinks data.
Lovell Minnick, a private equity firm, agreed to acquire Merchant Industry, a fintech company, according to press releases. Financial terms were not disclosed.
Lovell Minnick is advised by Dechert and Prosek Partners. Merchant Industry is advised by MAPP Advisors and Vedder Price, according to press releases.
Hughes & Company-backed Curvo, a healthcare data company, agreed to merge with BroadJump, a software company, according to press releases. Financial terms were not disclosed.
BroadJump is advised by AGC Partner. Curvo is advised by Piper Sandler. Hughes & Company is advised by Cooley, according to press releases.
Optifino, a brokerage general agency, agreed to merge with Covr Financial Technologies, a digital insurance solutions platform, according to press releases. Financial terms were not disclosed.
Covr Financial Technologies is advised by Deutsche Bank and Eckert Seamans Cherin & Mellott. Optifino is advised by Goodwin Procter, according to press releases.
Fiserv, a fintech company, agreed to acquire StoneCastle, a financial services company, according to press releases. Financial terms were not disclosed.
StoneCastle is advised by Keefe Bruyette & Woods and Stifel, according to press releases.
Questerre, a Calgary-based energy technology company, completed the acquisition of PX Energy, a Brazilian shale oil and refining company, according to press releases. Financial terms were not disclosed.
Questerre was advised by Clarksons Platou Securities, according to press releases and MergerLinks data.
TotalEnergies, an integrated energy and petroleum company, agreed to acquire a 49% stake in natural gas producing assets of Continental Resources, a petroleum and natural gas exploration and production company, according to press releases. Financial terms were not disclosed.
Fermi upsizes US IPO to $715m. ( Reuters)
Fermi, a data center real estate investment trust co-founded by former US Energy Secretary Rick Perry, is aiming to raise $715m in its upsized initial public offering.
The company plans to sell 32.5m shares priced between $18 and $22 each, up from its previous 25m target.
AstraZeneca plans full US listing while keeping UK base. ( Reuters)
AstraZeneca will directly list its shares in the US to capitalise on its largest market and investor base but confirmed it will remain headquartered and listed in the UK.
The move follows speculation that the Anglo-Swedish drugmaker might abandon its London listing.
Beta Technologies files for US IPO. ( Bloomberg)
Beta Technologies, a Vermont-based electric aircraft maker, has filed for a US IPO. It reported a $183.2m net loss on $15.6m revenue in the first half of 2025, versus a $137.1m loss on $7.6m a year earlier.
Its portfolio includes vertical takeoff aircraft, a charging network, and a military model priced at $5m–$10m.
EMEA
AURELIUS, a private equity firm, agreed to acquire EMEA metering business from Landis+Gyr, a renewable energy equipment company, for $215m, according to press releases.
Aurelius is advised by Roland Berger, Alantra, Aon, Ernst & Young, Baker McKenzie and Haver Mailänder. Landis+Gyr is advised by Homburger (led by Daniel Hasler), according to press releases and MergerLinks data.
KKR, a private equity firm, completed the acquisition of Infobric, a provider of software solutions for the European construction industry, from Summa Equity, an investment firm. Financial terms were not disclosed.
Elliott explores $4bn sale of UK’s Ark Data Centres. ( Reuters)
Elliott Investment Management is exploring strategic options for Ark Data Centres, including a potential sale that could value the UK-based firm at more than £3bn ($4bn).
GEMS Education among bidders for Saudi school operator Ajialuna. ( Bloomberg)
GEMS Education, backed by Brookfield Asset Management, is among the bidders for Riyadh-based Ajialuna Educational.
Majority owner Sulaiman Alrajhi Holding is seeking to sell its entire stake, while other local investors have also made non-binding offers.
Verisure targets €13.9bn valuation in Sweden IPO. ( Bloomberg)
Verisure is seeking a valuation of up to €13.9bn ($16.3bn) in a Stockholm IPO, Europe’s largest in three years. It plans to raise €3.1bn ($2.7bn) by selling up to 245m shares priced €12.25-€13.50 ($10.69-$11.78).
Cornerstone investors GIC and Alecta have committed about €1.4bn ($1.2bn).
APAC
Tata Capital targets $1.7bn in India’s biggest 2025 IPO. ( Bloomberg)
Tata Capital plans to raise up to INR155bn ($1.7bn) in an initial public offering, set to be India’s largest listing this year.
Tata Sons and International Finance Corporation will sell 475.8m shares priced INR310 ($2.61) and INR326 ($2.74) each. At the top end, Tata Capital would be valued at about $16bn.
WeWork India sets IPO price band, targets $979m valuation. ( DealStreetAsia)
WeWork India has set a price band of INR615-INR648 ($5.17-$5.45) per share for its initial public offering, aiming for a valuation of INR86.8bn ($979m).
The IPO, majority-owned by Embassy Group, will open for retail investors on October 3, with anchor bids starting October 1.
Sarawak Energy weighs IPO of power generation business. ( DealStreetAsia)
Sarawak Energy is exploring a potential listing of its power generation business on the Malaysian bourse.
The state-owned firm’s IPO could be one of the country’s largest in recent years, with several local banks approached to work on the deal.
JingDong Industrials (JDi), a unit of JD.com, is planning to raise $500m through a Hong Kong initial public offering as soon as the end of October.
The company refiled for the listing after receiving approval from China’s securities regulator, more than two years after first submitting its plans.
Kedaara Capital raises $300m continuation fund. ( Bloomberg)
Kedaara Capital has raised $300m for its first continuation vehicle, transferring partial stakes in Lenskart Solutions and Care Health Insurance to the new fund.
The Mumbai-based private equity firm manages more than $6bn in assets.
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