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AMERICAS

Charlesbank Capital Partners completes the investment in WSHB Support Services.

Charlesbank Capital Partners, a private equity investment firm, completed the investment in WSHB Support Services, a management services organization that will provide non-legal operational infrastructure and support to Wood Smith Henning & Berman, the US national trial firm, according to press releases. Financial terms were not disclosed.

Charlesbank Capital Partners is advised by Piper Sandler, Frankfurt Kurnit Klein & Selz, Kirkland & Ellis, Latham & Watkins (led by Stelios Saffos, Alfred Y. Xue, Kelly E. Gelfand Egers and John A. Lister), Weil Gotshal and Manges and Prosek Partners. Wood Smith Henning & Berman is advised by Riverbrook Capital, Gipson Hoffman & Pancione and Troutman Pepper Locke, according to press releases and MergerLinks data.

Tradeweb to acquire Trumid for $1.97bn.

Tradeweb, a global operator of electronic marketplaces for rates, credit, equities, and money markets, agreed to acquire Trumid, a financial technology company and leading fixed income electronic trading platform focused on US dollar-denominated investment grade, high yield, distressed, and emerging market bonds, for $1.97bn, according to press releases.

Tradeweb is advised by Morgan Stanley, Fried Frank Harris Shriver & Jacobson and Simpson Thacher & Bartlett. Trumid is advised by Goldman Sachs and Latham & Watkins, according to press releases.

Enlightenment Capital-backed Maximus to acquire Agile Defense for $660m.

Enlightenment Capital-backed Maximus, a provider of outsourced program administration and operations for public-sector health and human services programs, agreed to acquire Agile Defense, an IT and cybersecurity company that provides technology solutions for government and national security missions, for $660m, according to press releases

Maximus is advised by Ernst & Young and Holland & Knight. Agile Defense is advised by RSM US, Piper Sandler and Moore & Van Allen, according to press releases.

Fortrea completes the acquisition of the early phase services division of Worldwide Clinical Trials for $45m.

Fortrea, a global contract research organization, completed the acquisition of the early phase services division of Worldwide Clinical Trials, a mid-sized, global contract research organization providing full-service drug development solutions, for $45m, according to press releases.

Fortrea was advised by Barclays, Mintz Levin and Prosek Partners (led by Kate Dillon). Worldwide Clinical Trials was advised by BroadOak Capital and Greenberg Traurig, according to press releases and MergerLinks data.

Ares Management to acquire Infinity Transportation from KKR for $2.9bn.

Ares Management, a global alternative asset manager, agreed to acquire Infinity Transportation, a scaled, full-service rail and intermodal equipment lessor, from KKR, an investment firm that manages multiple alternative asset classes, for $2.9bn, according to press releases.

Ares Management is advised by Citigroup and Kirkland & Ellis. KKR is advised by Macquarie Group and Simpson Thacher & Bartlett (led by Tim Gaffney and Sven Mickisch), according to press releases and MergerLinks data.

DFCU Financial to acquire Gulfside Bank.

DFCU Financial, a credit union, agreed to acquire Gulfside Bank, a locally owned community bank providing deposit accounts, commercial lending, and digital banking services to both consumers and businesses, according to press releases. Financial terms were not disclosed.

DFCU Financial is advised by FHN Financial and Honigman Miller Schwartz & Cohn. Gulfside Bank is advised by Hovde Group and Smith Mackinnon, according to press releases.

Kian Capital Partners-backed Allen Supply completes the acquisition of TAP Industries.

Kian Capital Partners-backed Allen Supply, a Michigan-based family-owned and operated distributor of commercial doors and hardware accessories, completed the acquisition of TAP Industries, a Jackson-based distributor of commercial metal and architectural wood doors, frames, hardware, bathroom partitions and accessories, according to press releases. Financial terms were not disclosed.

Kian Capital Partners is advised by Robinson Bradshaw and MiddleM Creative. Allen Supply is advised by Golden Circle Investment Banking. TAP Industries is advised by Carnegie Point, according to press releases.

Dime Commercial Bank to merge with Empire State Bank in a $58m deal.

Dime Commercial Bank, a provider of banking products and services, agreed to merge with Empire State Bank, a provider of retail and business banking services, in a $58m deal, according to press releases.

Dime Commercial Bank is advised by Luse Gorman. Empire State Bank is advised by FinPro Capital Advisors and Kilpatrick Townsend, according to press releases.

Musixmatch completes the acquisition of Music Reports.

Musixmatch, a developer of a global music data platform, completed the acquisition of Music Reports, a provider of technology and services for music rights management and licensing, according to press releases. Financial terms were not disclosed.

Musixmatch was advised by Evercore and Ropes & Gray (led by Jason Freedman and Minh-Chau Le), according to press releases and MergerLinks data.

Life Science Connect completes the acquisition of BrevisRefero.

Life Science Connect, a B2B media, content marketing, and lead generation platform focused on the life sciences, biopharma, clinical, medical device, and environmental industries, completed the acquisition of BrevisRefero, a Toronto-based biopharma consulting company and developer of a digital platform designed to streamline the selection of contract development and manufacturing partners, according to press releases. Financial terms were not disclosed.

Life Science Connect was advised by Gregory FCA, according to press releases.

National Kitchen & Bath Showrooms completes the acquisition of Greenwich Kitchens.

National Kitchen & Bath Showrooms, an Englewood-based company that operates kitchen and bath showrooms, completed the acquisition of Greenwich Kitchens, a Virginia Beach-based kitchen and bath design and installation company, according to press releases, according to press releases. Financial terms were not disclosed.

Greenwich Kitchens was advised by Viking M&A (led by David Bogart), according to press releases.

Brightstar Capital Partners completes the acquisition of a majority stake in Material Handling Group USA.

Brightstar Capital Partners, a private equity firm, completed the acquisition of a majority stake in Material Handling Group USA, a technician-led provider of new, used, and rental material handling equipment and aftermarket parts and services, serving customers across Michigan, New York, and the Mid-Atlantic region, according to press releases. Financial terms were not disclosed.

Brightstar Capital Partners was advised by Prosek Partners, according to press releases.

Nscale, Anthropic in talks for $45bn AI computing deal. (Bloomberg)

Nvidia-backed AI cloud infrastructure provider Nscale is in discussions with Anthropic over a potential computing capacity agreement worth around $45bn, involving a second facility at its Monarch data center campus in West Virginia.

The proposed agreement would expand Nscale’s existing relationship with Anthropic, which already includes infrastructure commitments valued at up to $44.6bn. Nscale is also preparing for a planned initial public offering.

Activist Starboard Value builds stake in Solstice. (Bloomberg)

Activist investor Starboard Value has acquired a stake in Solstice Advanced Materials following the collapse of the company’s planned $14.5bn merger with a rival.

Starboard has become one of Solstice’s ten largest shareholders, holding several hundred million dollars worth of stock. The hedge fund is pushing for improvements in shareholder value and a greater focus on the company’s core refrigerants and nuclear businesses.

H&R’s $4.8bn deal sparks revolt over CEO family’s share. (Bloomberg)

Canadian property company H&R Real Estate Investment Trust is facing growing shareholder opposition to its proposed breakup and sale, amid concerns over the distribution of value from the transaction.

Sandpiper Group, which owns a 1% stake in H&R, plans to vote against the proposed restructuring, arguing that the deal disproportionately benefits the family of the company’s chief executive officer.

FTC requires Publicis to offer equal access to LiveRamp data. (Bloomberg)

The US Federal Trade Commission has conditionally approved Publicis Groupe’s $2.2bn acquisition of digital advertising technology company LiveRamp, subject to safeguards ensuring fair access to its data connectivity services.

Under the proposed agreement, Publicis must provide non-discriminatory access to LiveRamp’s services, including for competing advertising firms, and establish protections against misuse of rival client data. The conditions will remain in place for five years, with an independent auditor overseeing compliance.

Kimberly-Clark raises $4.9bn for Tylenol maker takeover. (Bloomberg)

Kimberly-Clark has raised $4.9bn through an investment-grade bond offering to help finance its pending acquisition of Tylenol maker Kenvue.

The consumer goods group issued bonds across five tranches with maturities ranging from two to ten years. The longest-dated notes were priced at a yield premium of 0.72 percentage points over US Treasuries, below the initially indicated spread of around one percentage point.

Ipswich Town investor seeks money to buy more football teams. (Bloomberg)

US investment firm Clara Vista Investment Partners is seeking to raise $250m for a new investment vehicle focused on acquiring stakes in football clubs across international markets.

The firm, an existing investor in English football club Ipswich Town, plans to target opportunities in Spain, Italy, France and Mexico, building on its previous investment strategy in professional football.

EMEA

CBRE Group to acquire Onnec Group for up to £760m.

CBRE Group, a commercial real estate services and investment firm, agreed to acquire Onnec Group, a global IT infrastructure solutions and services provider, for up to £760m ($1bn), according to press releases.

CBRE Group is advised by JP Morgan and Simpson Thacher & Bartlett. Onnec Group is advised by Goldman Sachs and Freshfields, according to press releases.

Ambrose Healthcare completes the acquisition of AM-Pharma for €161m.

Ambrose Healthcare, a UK-based biopharmaceutical company working to drive change in rare diseases, completed the acquisition of AM-Pharma, a biotechnology company that develops and commercializes therapies for acute and critical care conditions, for €161m ($180m), according to press releases.

Ambrose Healthcare was advised by Camarco, according to press releases.

Carrefour to acquire Codifrance from Colruyt Group for €152m.

Carrefour, a French multinational retail and wholesaling corporation, agreed to acquire Codifrance, a distributor of food products to local convenience stores, from Colruyt Group, a Belgian family-owned retail corporation, for €152m ($170m), according to press releases.

Colruyt Group is advised by Societe Generale, according to MergerLinks data.

Apollo among suitors for €7bn spreads giant Flora. (Sky News)

Apollo Global Management, CapVest and One Rock Capital are among the private equity firms considering bids for Flora Food Group, the KKR-owned spreads manufacturer behind brands including I Can't Believe It's Not Butter, Becel and Violife.

KKR is seeking offers of at least €7bn ($8.2bn) for the business, with first-round bids expected this week. Goldman Sachs and Citigroup are advising on the sale process, which follows a period of weak earnings growth and rising input costs.

UniCredit buys back Italian securities-services unit from Societe Generale. (Reuters)

UniCredit is bringing its Italian securities services business back in-house, ending a two-decade outsourcing arrangement with French lender Societe Generale.

The move forms part of UniCredit’s strategy to internalize key back-office operations, standardize suppliers and processes across Italy and Germany, and create a more streamlined and efficient operating structure.

Virgin Media O2 owners push CMA to reconsider £2bn broadband deal. (FT)

Virgin Media O2’s owners are challenging the UK Competition and Markets Authority’s opposition to Nexfibre’s £2bn ($2.7bn) acquisition of fibre network operator Netomnia, opting not to offer remedies to address competition concerns.

Nexfibre, a joint venture between Liberty Global, Telefonica and InfraVia, argues that the regulator’s assessment is flawed, particularly its assumption that rival CityFibre could acquire Netomnia instead. The CMA has raised concerns that the proposed transaction could substantially reduce competition in the UK broadband market.

APAC

Struggling Korea newspaper JoongAng Ilbo closer to finding buyer. (Bloomberg)

South Korean newspaper JoongAng Ilbo is nearing a potential sale after selecting a consortium including Daou and CJ Group as the preferred bidder.

The consortium secured the highest ranking in a competitive auction, with proposals evaluated on purchase price, financing capacity, balance sheet improvements and employment stability. Samil PwC is advising on the sale process.

Shopee parent launches cloud business, weighs listing of fintech arm. (Bloomberg)

Singapore-based technology group Sea is considering an initial public offering of its fintech division as it seeks to accelerate growth and strengthen investor confidence following a decline in its share price.

The company is also launching Sea Cloud, a new business that will provide cloud computing services to corporate customers globally, expanding its operations beyond e-commerce, gaming and financial services.

AI fears return with data center firm Elice’s 33% debut flop. (Bloomberg)

South Korean data center infrastructure company Elice suffered a sharp decline in its trading debut, with shares falling 32% on their first day, marking the worst opening-day performance for a sizable Korean IPO.

The Seoul-based cloud infrastructure provider raised KRW201bn ($151m) in an initial public offering priced at the top of its marketed range, with retail demand exceeding the shares available by 400 times. Despite strong subscription interest, the stock plunged as much as 38% during the session amid concerns over AI infrastructure valuations.

GCash owner erases gains in debut after record Philippines IPO. (Bloomberg)

Mynt, the operator of Philippine mobile payments platform GCash, closed unchanged in its trading debut after raising PHP53bn ($840m) in the country’s largest-ever initial public offering.

The company sold 8.03bn shares at PHP6.60 ($0.10) each, valuing the business at approximately PHP442bn ($7bn). The proceeds will support expansion into lending and other financial services, while the listing places Mynt among the ten largest publicly traded companies in the Philippines.

Chipmakers lead Korean stock selloff on yield spike, IPO stumble. (Bloomberg)

South Korean stocks fell sharply as semiconductor companies led a broad market selloff, with foreign investors reducing their exposure amid rising US Treasury yields and a disappointing data center company stock market debut.

The benchmark Kospi index declined as much as 4.8%, with major chipmakers SK Hynix and Samsung Electronics among the largest contributors to the losses. Nearly every sector traded lower during the session.

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