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AMERICAS
ALLETE announced that the Minnesota Public Utilities Commission unanimously approved its acquisition by Canada Pension Plan Investment Board and Global Infrastructure Partners. With regulatory approvals in place, the deal is expected to close in late 2025 after the MPUC issues its written order.
Huntington Bancshares and Veritex announced that the Federal Reserve Board and the Office of the Comptroller of the Currency have approved the proposed merger of Veritex into Huntington, with Huntington as the surviving company, as well as the merger of Veritex Community Bank into The Huntington National Bank.
All necessary regulatory approvals for the Huntington-Veritex merger have been received, and the transaction is expected to close on October 20, 2025.
CVC Capital Partners, a private equity firm, agreed to acquire a majority stake in Bamboo, a data-enabled insurance distribution platform, from White Mountains, a financial services holding company, according to press releases. Financial terms were not disclosed.
Bamboo is advised by Evercore, Piper Sandler, Cravath Swaine & Moore and Willkie Farr & Gallagher. CVC Capital Partners is advised by Latham & Watkins, according to press releases.
Halozyme, a biopharmaceutical company, agreed to acquire Elektrofi, a biopharmaceutical company, for $900m, according to press releases.
Elektrofi is advised by Centerview Partners and Morgan Lewis & Bockius. Halozyme is advised by Bank of America and Weil Gotshal and Manges (led by Michael J. Aiello and Sachin Kohli), according to MergerLinks data and press releases.
Serata Capital, a middle-market private equity firm, agreed to invest in EventLink Group, an experiential marketing and event services firm, according to press releases. Financial terms were not disclosed.
EventLink is advised by BrightTower (led by Sam Barthelme). Serata Capital is advised by Lockton Companies, Maxwell Locke & Ritter and McGuireWoods, according to MergerLinks data and press releases.
TA Associates, a global private equity firm, completed a majority investment in FinQuery, a provider of AI-powered accounting automation solutions, according to press releases. Financial terms were not disclosed.
FinQuery was advised by Evercore and Latham & Watkins. TA Associates was advised by Jefferies & Company and Shea & Co, according to MergerLinks data and press releases.
Symetra, a family of companies providing retirement plans, employee benefits, annuities and life insurance through independent distributors nationwide, completed the acquisition of life and disability business from HCSC-backed Dearborn, an insurance company, according to press releases. Financial terms were not disclosed.
Stellex Capital Management, a private equity firm, completed the acquisition if Crest Ultrasonics, an industrial technology manufacturer, according to press releases. Financial terms were not disclosed.
Crest is advised by Houlihan Lokey and Norris McLaughlin. Stellex is advised by Stout Capital, Morrison Foerster and Prosek Partners (led by Mike Geller), according to press releases.
Spectrum Equity, a growth equity firm, agreed to invest $180m in CyberCube, a cyber risk modeling and analytics company, according to press releases.
CyberCube is advised by Evercore and Cooley. Spectrum Equity is advised by Latham & Watkins, according to MergerLinks data and press releases.
NetDocuments, a cloud-native platform, agreed to acquire eDOCS, the legal document management solution of OpenText, a cloud and AI company, according to press releases. Financial terms were not disclosed.
OpenText is advised by Goldman Sachs and Skadden Arps Slate Meagher & Flom (led by Christopher Barlow), according to MergerLinks data.
Lovell Minnick Partners, a private equity firm, completed the investment in Valor PayTech, an innovator in point-of-sale software and payment technology, according to press releases. Financial terms were not disclosed.
Lovell Minnick is advised by Dechert (led by Brian Miner and Stephanie Haas) and Prosek Partners, according to MergerLinks data and press releases.
Berkshire Hathaway, an American multinational conglomerate holding company, agreed to acquire OxyChem, a manufacturer of commodity chemicals, from Occidental, an energy company, for $9.7bn, according to press releases.
LucyRx, a pharmacy benefits manager, completes the acquisition of CerpassRx, a full-service, pharmacy benefit manager, according to press releases. Financial terms were not disclosed.
Nomi Health was advised by Houlihan Lokey and Kronus Communications, according to press releases.
Swiss Medical Group, a provider of healthcare services, completed the acquisition of Diagnostico Maipu por Imagenes, a diagnostic medicine network, from DASA, a clinical diagnostics company, for $132m, according to MergerLinks data.
DASA was advised by BTG Pactual, according to MergerLinks data.
Amwins, a distributor of specialty insurance products and services, completed the acquisition of Applied Risk Capital, a managing general agent specializing in credit insurance, according to press releases. Financial terms were not disclosed.
ARC was advised by BMO Capital Markets, according to MergerLinks data.
Minute Media, a global technology and sports content company, completed the acquisition of VideoVerse, an AI-powered video solutions provider, and its AI-driven SaaS platform, Magnify, from Moneta Ventures, an early-stage venture capital firm, according to press releases. Financial terms were not disclosed.
HR Path, a HR consulting and HRIS solutions provider, completed the acquisition of ClearCourse Consulting, a Human Capital Management system assessments, implementations and optimization services provider, from Generational Capital, a mergers and acquisitions advisor firm, according to press releases. Financial terms were not disclosed.
DXP Enterprises, a distributor of industrial products and services, completed the acquisition of APSCO, an engineering consultancy company, according to press releases. Financial terms were not disclosed.
GG10, a retailer and distributor of construction materials, agreed to acquire Tumelero, a retail chain specializing in construction materials, from Saint-Gobain, a manufacturer and distributor of building materials, according to press releases. Financial terms were not disclosed.
Maritime Partners, a provider of maritime financing solutions, agreed to acquire West Gulf Marine, a tank barges construction company, from Brown Gibbons Lang & Company, an investment bank and financial advisory firm, according to press releases. Financial terms were not disclosed.
BlackRock’s GIP in advanced talks to buy Aligned Data Centers. ( Reuters)
BlackRock-owned Global Infrastructure Partners is in negotiations to acquire Aligned Data Centers, which is backed by Macquarie. The potential deal could value the data center operator at around $40bn, making it one of the largest in the sector. Discussions also involve Abu Dhabi-based AI investment firm MGX, and are said to be at an advanced stage.
MGX, created by Mubadala and G42, may participate in the deal by investing in Aligned. Mubadala already holds a minority stake in the company, giving the sovereign wealth fund a continued role in the fast-growing data infrastructure market.
Chevron seeks $2bn from pipeline asset sale. ( Reuters)
Chevron is preparing to sell a package of pipeline assets in the Denver-Julesburg shale basin that could bring in more than $2bn. The divestment underscores the oil major’s ongoing efforts to streamline its portfolio and unlock value from non-core infrastructure.
Bank of America bankers have been sounding out potential buyers in recent weeks. The assets were largely inherited through Chevron’s 2020 acquisition of Noble Energy and its subsequent full takeover of Noble’s midstream business a year later.
Grupo Mexico revives bid for Citi’s Banamex unit. ( Reuters)
Grupo Mexico, the mining and transportation conglomerate controlled by billionaire German Larrea, has submitted an offer to acquire Citi’s Mexican retail arm, Banamex. The move comes more than two years after the company abandoned earlier plans to pursue the acquisition.
Grupo Mexico said the bid reflects its “unwavering confidence” in Mexico and stressed that the purchase would restore Banamex’s competitiveness within the country’s banking sector.
US weighs stake in Greenland rare earths project. ( Reuters)
Trump administration officials have held talks about acquiring a stake in Critical Metals, which controls the largest rare earths project in Greenland. Such a move would give Washington a direct interest in the Arctic territory once floated by Donald Trump as a potential US purchase.
If completed, the deal would add another political dimension to the Tanbreez rare earths deposit. The project was sold to New York-based Critical Metals after former President Joe Biden successfully lobbied against a higher offer from a Chinese bidder.
Mak Acquisition files for $100m IPO. ( Bloomberg)
MAK Acquisition, a blank-check firm founded by former Dye & Durham executives, has filed for a $100m initial public offering as it looks to tap investor demand for technology and defense-related deals. The Toronto-based SPAC aims to pursue acquisitions in high-growth sectors that align with its leadership’s expertise.
The company plans to sell 10m units priced at $10 each. The securities are set to be listed on the Toronto Stock Exchange once the offering is complete.
Cerebras Systems withdraws US IPO plans. ( Reuters)
AI chip startup Cerebras Systems, a rival to Nvidia in the rapidly growing AI semiconductor market, has formally withdrawn its plans for an initial public offering in the United States, effective immediately. The decision marks a shift for the company, which had been seen as a potential contender in the public markets.
The move comes even as US IPO activity has been gaining momentum after a period of slowdown linked to trade-policy uncertainty. Recent offerings, including that of data center REIT Fermi, have drawn strong investor interest, reflecting heightened enthusiasm for AI-related stocks.
EMEA
Achmea, an insurance and financial services provider, Lifetri, a Dutch insurance group, and Sixth Street, a global investment firm, formed Achmea Pension & Life Insurance, a joint venture focused on pension and life insurance, according to press releases. Financial terms were not disclosed.
Achmea was advised by Barclays, JP Morgan, PricewaterhouseCoopers and De Brauw Blackstone Westbroek (led by Arne Grimme and Mariska Enzerink). Lifetri was advised by SPJ Financial & Corporate Communications (led by Kees Jongsma). Sixth Street was advised by Milliman, Aperghis & Co (led by Nicholas Aperghis), Bank of America, Deloitte, Cleary Gottlieb Steen & Hamilton (led by Mike James), NautaDutilh and Stibbe, according to MergerLinks data and press releases.
EssilorLuxottica, a vision care and medical technology company, completed the acquisition of Optegra, an ophthalmology platform, from MidEuropa, a private equity firm, according to press releases. Financial terms were not disclosed.
Optegra was advised by Eversheds Sutherland. EssilorLuxottica was advised by Mansfield Advisors, Rothschild & Co (led by Nicola Paini), Wolf Theiss and Community Group (led by Auro Palomba and Roberto Patriarca). MidEuropa was advised by LEK Consulting, Houlihan Lokey, PricewaterhouseCoopers, White & Case (led by Ken Barry and Joseph Bradley) and Citigate Dewe Rogerson (led by Agnes Riousse), according to MergerLinks data and press releases.
Edmond de Rothschild Equity Strategies IV, an investment fund, agreed to acquire a majority stake in M-Energies, a company specialises in the maintenance, installation and operation of heating and air conditioning systems, according to press releases. Financial terms were not disclosed.
ERES is advised by CMI Strategies, EY Parthenon, Edmond de Rothschild Corporate Finance (led by Paul Assael), De Pardieu Brocas Maffei (led by Matthieu Candia) and Ernst & Young. Sellers are advised by Eight Advisory, Indefi, Natixis Partners (led by Thomas Laroque) and Lamartine Conseil (led by Olivier Renault), according to MergerLinks data and press releases.
Franklin Templeton, a global investment management organisation, completed the acquisition of a majority stake in Apera Asset Management, a pan-European mid-market private debt investor, according to press releases. Financial terms were not disclosed.
Apera Asset Management was advised by Debevoise & Plimpton (led by Geoffrey P. Burgess) and Kepler Communications (led by Charlotte Balbirnie). Franklin Templeton was advised by Willkie Farr & Gallagher (led by Dave Boston and Andrew Gray) and Brunswick Group, according to press releases and MergerLinks data.
A consortium of investors including PAI Partners, Abu Dhabi Investment Authority, and Goldman Sachs Alternatives, completed a €3.6bn ($4.2bn) investment in Froneri, a global ice cream manufacturer, according to press releases.
Froneri was advised by Rothschild & Co. Abu Dhabi Investment Authority was advised by Deutsche Bank. PAI Partners was advised by Evercore, according to press releases.
STAR Capital-backed Hawksford, a global service provider, agreed to acquire the Luxembourg and Malta fund services businesses from United Group, a provider of corporate and finance services, according to press releases. Financial terms were not disclosed.
United Group is advised by Jefferies & Company, according to MergerLinks data.
Mattioli Woods, a wealth and asset management business, completed the merger with Kingswood Group, a wealth and investment management firm, according to press releases. Financial terms are not disclosed.
Kingswood was advised by Houlihan Lokey, according to MergerLinks data.
Oaktree seeks investors to back pure data centres expansion. ( Bloomberg)
Oaktree Capital Management is looking for new minority investors in Pure Data Centres Group as it aims to raise at least £800m ($1.1bn) to fund the UK developer’s expansion. The move highlights growing demand for digital infrastructure as data center capacity continues to surge globally.
The firm is working with advisers on a plan to sell a 20% to 40% stake in Pure DC, with a potential valuation of £4bn ($5.4bn) to £5bn ($6.7bn). A formal sales process could begin as early as next month, though discussions remain private at this stage.
Monte Paschi names new leadership for Mediobanca after takeover. ( Bloomberg)
JP Morgan Chase executive Vittorio Grilli has been appointed chairman of Mediobanca’s new board by Banca Monte dei Paschi di Siena, marking the start of the Tuscan lender’s efforts to reshape its newly acquired rival. Grilli, who currently serves as chairman for Europe, the Middle East and Africa at JP Morgan’s corporate and investment bank.
Alongside Grilli’s appointment, Monte Paschi selected Alessandro Melzi d’Eril, chief executive of Anima Holding, to serve as Mediobanca’s new CEO.
APAC
Avalanche Treasury, an ecosystem-aligned digital asset treasury company, agreed to go public via a SPAC merger with Mountain Lake Acquisition, a blank check company, in a $675m deal, according to press releases.
Avalanche Treasury is advised by Barclays, PJT Partners, Sidley Austin, Skadden Arps Slate Meagher & Flom and Scrib3. Financial advisors are advised by Davis Polk & Wardwell. Mountain Lake is advised by BTIG and Ellenoff Grossman & Schole, according to MergerLinks data and press releases.
IHC, a global investment company, agreed to invest $1bn in Sammaan Capital, a non-banking financial company, according to press releases.
Sammaan Capital is advised by Jefferies & Company. IHC is advised by Edelman Smithfield (led by Simon Hailes), according to MergerLinks data and press releases.
The9-backed Nanyang Biologics, an AI-driven drug discovery and biotechnology company, agreed to go public via a SPAC merger with RF Acquisition Corp II, a publicly traded special purpose acquisition company, in a $1.5bn deal, according to press releases.
RF Acquisition Corp II is advised by Winston & Strawn (led by Michael J. Blankenship), according to MergerLinks data.
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