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AMERICAS

Oak Hill Capital Partners to acquire majority stake in Wyyerd from Carlyle Group.

Oak Hill Capital Partners, a private equity firm, agreed to acquire a majority stake in Wyyerd, a fiber-to-the-premises broadband internet provider, from Carlyle Group, a private equity and alternative asset manager, according to press releases. Financial terms were not disclosed.

Wyyerd is advised by Lazard, TD Securities and A&O Shearman. Oak Hill Capital Partners is advised by Guggenheim Partners, Paul Weiss Rifkind Wharton & Garrison and Prosek Partners (led by Trevor Gibbons), according to press releases and MergerLinks data.

A consortium led by Trian Partners offered to acquire the remaining 83.7% stake in Wendy's at an enterprise value of c. $3.8bn.

A consortium led by Trian Partners, alongside Flynn Group, BlueFive Capital and Sixth Street Partners, offered to acquire the remaining 83.7% stake in Wendy's, a US-based fast-food restaurant chain, at an enterprise value of c. $3.8bn, according to press releases.

The consortium is advised by Bank of America, JP Morgan and Debevoise & Plimpton. Wendy's is advised by Morgan Stanley and Simpson Thacher & Bartlett, according to press releases and MergerLinks data.

MeridianMade to acquire infant formula business of Perrigo for $175m.

MeridianMade, a domestic manufacturing and innovation platform, agreed to acquire infant formula business of Perrigo, a provider of consumer self-care products and over-the-counter health and wellness solutions, for $175m, according to press releases.

MeridianMade is advised by Jefferies & Company and Sullivan & Cromwell. Perrigo is advised by Goldman Sachs and A&O Shearman, according to press releases.

First Mid Bancshares to acquire Evergreen Bancshares for $70.7m.

First Mid Bancshares, a financial holding company, agreed to acquire Evergreen Bancshares, a parent company of American Bank of Freedom, a full-service community bank, for $70.7m, according to press releases.

First Mid Bancshares is advised by Stephens and ArentFox Schiff. Evergreen Bancshares is advised by Keefe Bruyette & Woods and Husch Blackwell, according to press releases.

InTandem Capital Partners completes an investment in Atlas Health.

InTandem Capital Partners, a private equity firm, completed an investment in Atlas Health, an AI-powered healthcare technology company, according to press releases. Financial terms were not disclosed.

InTandem Capital Partners was advised by Greenberg Traurig and LCX Strategies. Atlas Health was advised by JP Morgan and Cooley, according to press releases.

Desjardins to acquire Bennington Financial from Equitable Bank.

Desjardins, a diversified financial institution that offers a wide range of financial services, agreed to acquire Bennington Financial, a provider of commercial equipment leasing and financing, from Equitable Bank, a digital financial services company, according to press releases. Financial terms were not disclosed.

Desjardins Group is advised by Norton Rose Fulbright and Desjardins. Equitable Bank is advised by National Bank Capital Markets and McCarthy Tetrault, according to press releases.

Third Space Partners completes the acquisition of Quest Events.

Third Space Partners, a private equity firm, completed the acquisition of Quest Events, a provider of event rental solutions specializing in pipe and drape, flooring, staging, furnishings, scenic products, and custom environments for exhibitions and live events, according to press releases. Financial terms were not disclosed.

Third Space Partners was advised by McGuireWoods and Sunshine Sachs. Debt financing was provided by BDT & MSD Partners, according to press releases.

A&M Capital completes the acquisition of a majority stake in Delta Group.

A&M Capital, a multi-strategy private equity investment firm, completed the acquisition of a majority stake in Delta Group, a tech-enabled national provider of investigative and claims support services, according to press releases. Financial terms were not disclosed.

Delta Group was advised by Piper Sandler and Mintz Levin. A&M Capital was advised by Kirkland & Ellis, according to press releases.

South Atlantic Bank to acquire Eastover Investment Advisors.

South Atlantic Bank, a registered bank holding company, agreed to Acquire Eastover Investment Advisors, a provider of active portfolio management, according to press releases. Financial terms were not disclosed.

Eastover Investment Advisors is advised by Alexander Ricks. South Atlantic Bank is advised by Hunton Andrews Kurth, according to press releases.

Sequoia led a $150m Series C round in Serval.

Sequoia, a venture capital and private equity firm, led a $150m Series C round in Serval, an AI-powered IT support and enterprise automation platform, with participation from Elad Gil, Evantic, First Round, General Catalyst, Redpoint, Conviction and Headline, according to press releases.

Serval was advised by SolComms, according to press releases.

Juvia Group and Lightspeed Venture Partners led a $350m funding round in Dren Bio.

Juvia Group and Lightspeed Venture Partners, a venture capital firms, led a $350m funding round in Dren Bio, a biotechnology company, with participation from Mirae Asset Capital Life Science, General Catalyst, Cormorant Asset Management, and OrbiMed, 8VC, SR One, Taiho Ventures, Mission BioCapital, HBM Healthcare Investments, BVF Partners, Aisling Capital, and ArrowMark Partners, according to press releases.

DOJ inquires about Nvidia's Hugging Face deal. (Bloomberg)

The US Department of Justice is scrutinizing Nvidia’s proposed $13bn acquisition of AI model company Hugging Face over potential competition concerns.

The inquiry forms part of broader regulatory scrutiny of Nvidia, as the DOJ continues a longstanding investigation into the chipmaker’s business practices.

Applebee's owner gets buyout bid from Cobblers and Arkhouse. (Bloomberg)

Cobblers Cove Capital and Arkhouse Management have submitted a proposal to acquire Dine Brands Global, the owner of Applebee’s and IHOP, for $39 per share in cash.

The offer represents a premium of about 33% to the company’s average share price over the past 30 days. The proposal was submitted to Dine Brands’ board on 26th October, with discussions ongoing.

Boston tower owner buys it again at 68% discount after default. (Bloomberg)

Rockpoint acquired a 32-story office tower at 100 Summer Street in Boston for $260m at a foreclosure auction, roughly one-third of the $806m it paid for the property in 2019.

The sale highlights the continued decline in office property values since the Covid-19 pandemic, which accelerated shifts in workplace patterns and weakened demand for commercial real estate. Rockpoint’s offer was the only bid for the building, located near Boston’s South Station rail hub.

Marvell is near the megadeal for Lumentum in AI push. (Bloomberg)

Marvell Technology is in advanced talks to acquire data center optics maker Lumentum Holdings in a potential megadeal that would expand its exposure to artificial intelligence infrastructure.

An announcement could come as soon as next week. Lumentum, which is backed by Nvidia, has a market value of about $83bn, while Marvell is valued at around $221bn. Talks remain ongoing and may not result in a finalized transaction.

Deutsche Telekom said to hit the brakes on giant T-Mobile merger. (Bloomberg)

Deutsche Telekom has put plans to combine with its US subsidiary T-Mobile US on hold, casting doubt on a potential transaction that would rank as the largest-ever public merger.

The German telecommunications group has opted against submitting a formal bid for now, partly due to opposition from its works council, which represents employee interests, the people said.

Supplements brand Rho Nutrition explores a sale. (Reuters)

Rho Nutrition, a maker of liquid supplements and vitamins, is exploring a sale that could value the company at more than $500m.

The privately held company is working with Rothschild & Co on the potential transaction, which remains at an early stage. Rho expects to generate about $200m in revenue in 2026.

Formation Bio announces $600m debut fund to expand drug development capacity. (Press Release)

Formation Bio has launched a $600m Drug Development Accelerator Fund to expand its portfolio of clinical-stage medicines and accelerate drug development using artificial intelligence.

The fund aims to acquire 10–15 drug programs over the next three to five years and advance them through key clinical milestones, combining dedicated capital with the company’s AI-driven development platform and clinical operating infrastructure.

Weil junior lawyers urged to find work with firm in jeopardy. (Bloomberg)

Weil, Gotshal & Manges’ capital markets group head Alex Lynch has advised junior lawyers to seek new employment as the law firm consults with a restructuring adviser amid growing financial pressure.

Lynch delivered the message to associates at a group meeting on 27th October, saying they would remain employed for the time being and continue working on client matters. He did not provide a timeline for their potential departure.

EMEA

JAB Insurance completes the acquisition of the Life and Pensions business of Utmost Group.

JAB Insurance, the global insurance business of JAB Holding Company, completed the acquisition of the Life and Pensions business of Utmost Group, a provider of insurance and savings solutions in the UK and internationally, according to press releases. Financial terms were not disclosed.

JAB Insurance was advised by KPMG, Barclays, Skadden Arps Slate Meagher & Flom (led by Robert Chaplin) and H/Advisors Abernathy. Utmost Group was advised by Fenchurch Advisory Partners, King & Spalding and FGS Global, according to press releases and MergerLinks data.

Equitix completes the acquisition of a 17.5% stake in the Beatrice offshore wind farm from TRIG for £157m.

Equitix, a global investor, developer, and long-term fund manager of core infrastructure assets, completed the acquisition of a 17.5% stake in the Beatrice offshore wind farm from TRIG, a London-listed renewable energy investment company, for £157m ($209m), according to press releases.

TRIG was advised by BNP Paribas (led by Virginia Khoo), Investec (led by Lucy Lewis), SEC Newgate (led by Elisabeth Cowell) and Brunswick Group (led by Diana Vaughton), according to press releases.

Ray-Ban heir rejects $3.9bn offer for stake in family firm. (Bloomberg)

Ray-Ban heir Rocco Basilico has rejected a €3.5bn ($3.9bn) offer from his stepbrother Leonardo Maria del Vecchio for his 12.5% stake in Delfin, the family investment company behind EssilorLuxottica.

Delfin’s publicly listed holdings have a market value of more than €40bn ($44.5bn), including nearly a third of the world’s largest eyewear maker.

South Africa's biggest airline FlySafair cleared for Harith takeover. (Bloomberg)

Harith General Partners has secured approval from South Africa’s Competition Tribunal to acquire budget airline FlySafair, clearing the way for one of the country’s most significant aviation transactions in recent years.

The deal will transfer control of South Africa’s market-leading carrier to the infrastructure investor as it seeks to expand its presence across the transport sector.

Monte dei Paschi shareholders reject merging Mediobanca into group. (Reuters)

Monte dei Paschi di Siena shareholders have rejected a proposal by CEO Luigi Lovaglio to merge Mediobanca into the group, with 63.65% of votes cast against the plan.

The decision blocks a proposed combination of the Italian lender with the Milan-based merchant bank.

Adani said to weigh deal for €3bn energy storage firm VTTI. (Bloomberg)

Adani Group is exploring a potential acquisition of Dutch energy storage company VTTI in a deal that could value the business at around €3bn ($3.4bn).

The Indian conglomerate, founded by billionaire Gautam Adani, is among the suitors evaluating the Rotterdam-based company as supply disruptions increase the strategic value of energy storage facilities for trading. Talks are ongoing and may not result in a finalized transaction.

Oakley Capital said to mull sale of testing firm Phenna Group. (Bloomberg)

Oakley Capital is exploring a sale of testing and certification services provider Phenna Group in a potential transaction that could take place in 2027.

The private equity firm is working with Goldman Sachs on the potential divestment. Phenna generates annual earnings of about £250m ($333m).

APAC

National Growth Fund of Korea led a $620m Series D round in FuriosaAI.

National Growth Fund of Korea, a South Korea-based government-backed investment fund, led a $620m Series D round in FuriosaAI, an AI semiconductor company, with participation from QUDA Capital Partners, Cisco Investments, NeoFort Holding, Jericho Capital, Worldline Capital, Export-Import Bank of Korea, UAMCO, Hanwha Asset Management, Korea Development Bank, NAVER Ventures, DSC Investment, KDB Capital, Nextrans, Kakao Investment, according to press releases.

East Timor seeking new partners for gas field after Woodside exit. (Reuters)

East Timor is seeking a new operator for the Greater Sunrise gas fields after Woodside Energy agreed to exit its 33% stake in the deepwater project.

East Timor will pay $200m for Woodside’s interest, ending a partnership marked by disagreements over whether gas should be piped to an LNG plant in Darwin, Australia, or processed on the country’s south coast.

Biggest pharmacy chain in Malaysia plans $565m share sale. (Bloomberg)

Malaysia’s largest pharmacy chain, Big Caring Group, is seeking to raise up to MYR2.3bn ($565m) in an initial public offering that could become the country’s second-largest listing in 2026.

The company is offering 2.1bn shares, including an over-allotment option, at MYR1.08 ($0.265) apiece, valuing the business at about MYR8bn ($1.96bn).

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