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Top Highlights
Public Storage, a self-storage company, completed the acquisition of National Storage Affiliates, a self‑storage real estate investment trust, for $10.5bn, according to press releases.
Searchlight Capital Partners, and Abry Partners, the private equity firms, completed the acquisition of KORE, a global provider of Internet of Things connectivity and management services, for $726m, according to press releases.
Searchlight Capital Partners was advised by TD Cowen, Wachtell Lipton Rosen & Katz (led by Steven A. Cohen) and Prosek Partners. Abry Partners was advised by TD Cowen, Kirkland & Ellis and FGS Global. TD Cowen was advised by White & Case (led by Denise A. Cerasani). KORE was advised by Rothschild & Co, Richards Layton and Finger and Troutman Pepper Locke. Rothschild & Co was advised by Sullivan & Cromwell (led by Stephen M. Kotran), according to press releases and MergerLinks data.
Repligen, an American company devoted to the development and production of materials used in the manufacture of biological drugs, agreed to acquire BioLife Solutions, a developer and supplier of bioproduction products and services for the cell and gene therapy markets, for $1.5bn, according to press releases.
Repligen is advised by Goldman Sachs, Perella Weinberg Partners, Goodwin and Alliance Advisors (led by Vivian Cervantes). BioLife Solutions is advised by Centerview Partners and K&L Gates, according to press releases.
AMERICAS
EMEA
Attestor to take full control of Condor by September 30. ( Reuters)
Liverpool FC owners consider selling stake to Bhatia-led group. ( Bloomberg)
EU regulator sends charge sheet to JD.com over Ceconomy deal. ( Reuters)
Dutch auction site Catawiki explores options including sale. ( Reuters)
Santander profits curbed by TSB restructuring costs. ( FT)
APAC
KKR-backed Vertis is said to be frontrunner for Megha Engineering Indian roads assets. ( Bloomberg)
TPG eyes sale to Japan hotel REIT for $860m. ( Bloomberg)
MSEDCL picks banks for India IPO worth up to $1bn. ( Bloomberg)
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COMPANIES
FINANCIAL ADVISORS
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AMERICAS
NOVAGOLD, a Canadian gold development company, agreed to acquire the remaining 40% stake in Donlin Gold, a company developing the Donlin Gold project in Alaska. Following completion, a new Delaware-incorporated parent company with an implied equity value of approximately US$4.2bn will be formed, with existing NOVAGOLD shareholders owning approximately 65% and Paulson the remaining 35%, according to press releases.
NOVAGOLD is advised by Citigroup, Blake Cassels & Graydon, Skadden Arps Slate Meagher & Flom (led by Howard Ellin, Paola Lozano and June Dipchand). Paulson Advisers is advised by Chipman Brown Cicero & Cole, Goodmans and Kleinberg Kaplan Wolff & Cohen, according to press releases and MergerLinks data.
Knox Lane, a San Francisco-based middle-market investment firm, completed the acquisition of Cross Country Healthcare, a technology-driven healthcare workforce solutions company, for $437m, according to press releases.
MN8 Energy, an energy company providing renewable energy and services to enterprise customers, agreed to acquire Greenbacker Renewable Energy, a power producer and sustainable infrastructure investment manager, for $375m, according to press releases.
MN8 Energy is advised by JP Morgan and Vinson & Elkins. Greenbacker Renewable Energy is advised by Morgan Stanley, Wells Fargo Securities and Freshfields, according to press releases and MergerLinks data.
Goldman Sachs Alternatives, the alternative investment business of Goldman Sachs, agreed to acquire AEGIS Hedging, a provider of commodity market intelligence, technology and market infrastructure, according to press releases. Financial terms were not disclosed.
Goldman Sachs Alternatives is advised by Ardea Partners and Sidley Austin. AEGIS Hedging is advised by Financial Technology Partners, Kirkland & Ellis and Winstead PC, according to press releases.
First Financial Bancorp, a Cincinnati-based financial institution that provides banking, investment, and wealth management services, agreed to acquire Finward Bancorp, the holding company of Peoples Bank, a Munster-based banking and financial services provider, for $208m, according to press releases.
First Financial Bancorp is advised by Morgan Stanley and Squire Patton Boggs. Finward Bancorp is advised by Stephens and Barack Ferrazzano Kirschbaum & Nagelberg, according to press releases.
Horace Mann Educators Corporation, an insurance and financial services company serving educators and school employees, agreed to acquire Reserve National Insurance Company, an insurance company offering supplemental accident, health, and life insurance, from Medical Mutual of Ohio, an American mutual health insurance company, for $125m, according to press releases.
Horace Mann Educators Corporation is advised by Raymond James and Eversheds Sutherland. Medical Mutual of Ohio is advised by Sherman &. Company Squire Patton Boggs, according to press releases.
Horace Mann Educators Corporation, an insurance and financial services company serving educators and school employees, agreed to acquire ESI Employee Assistance, a provider of employee and employer assistance services catering to government and public safety, health care, education, and non-profit organizations, from Medical Mutual of Ohio, an American mutual health insurance company, for $115m, according to press releases.
Horace Mann Educators Corporation is advised by Raymond James and Eversheds Sutherland. Medical Mutual of Ohio is advised by Sherman &. Company Squire Patton Boggs, according to press releases.
Gesa Credit Union, a member-owned financial cooperative in the Pacific Northwest, agreed to acquire Willamette Valley Bank, a community bank headquartered in Salem, Oregon. Under the terms of the agreement, shareholders are expected to receive approximately $43 to $45 per share in cash, according to press releases.
Gesa Credit Union is advised by McQueen Financial Advisors and Luse Gorman. Willamette Valley Bank is advised by Performance Trust Capital Partners and Alston & Bird, according to press releases.
Winterbird Partners, a Boston-based private equity firm, completed the investment in Emergent Software, a US-based Microsoft technology partner specializing in cloud, data, AI and custom software development services, according to press releases. Financial terms were not disclosed.
Winterbird Partners was advised by Kirkland & Ellis. Emergent Software was advised by Ballard Spahr and Houlihan Lokey, according to press releases and MergerLinks data.
Healthpeak Properties, a major real estate investment trust, and Brookfield, a global alternative asset manager, formed a $2.1bn joint venture involving an 86-property outpatient medical portfolio. Brookfield invested approximately $1.025bn for a 49% stake in the joint venture, while Healthpeak retained a 51% controlling interest, according to press releases.
Brookfield was advised by Kirkland & Ellis and Newmark Group, according to press releases.
Atreides Management, a Boston-based investment firm, and Sutter Hill Ventures, a Palo Alto-based venture capital firm, led a $300m round in Sila, an advanced battery technology company, with participation from 8VC, Bessemer Venture Partners, Matrix Partners, T. Rowe Price Associates, and other existing and new investors, according to press releases.
Sila was advised by SutherlandGold, according to press releases.
TE Connectivity, a technology company that designs and manufactures connectivity and sensor products for harsh environments, agreed to acquire Astrodyne TDI, a provider of power conversion and electromagnetic interference filtering solutions for medical, semiconductor, industrial, and aerospace applications, from Tinicum, a private investment and private equity firm based in New York, for $1.4bn, according to press releases.
Situational Awareness, a San Francisco-based AI-focused investment firm, led an $830m Series A round in Fluidstack, a US-based AI infrastructure company providing large-scale AI compute and cloud infrastructure, with participation from existing and new investors, according to press releases.
Tiger Global, a New York-based investment firm, led a $180m Series B funding round in Augustus, a US-based fintech company providing US dollar banking infrastructure for international financial institutions, with participation from Hummingbird, QED, David Velez, Karim Atiyeh, Sean Neville, Alex Bouaziz, Victor Cardenas, Alan Chang, Balaji Srinivasan, Farooq Malik, Gavin Uberti, Victor Riparbelli, Alexander Rinke, Jamie Cox, Jan Oberhauser, Soma Capital, Road Capital Management, CMT Digital, Brevan Howard and Variant, according to press releases.
KKR commercial real estate lender studies potential sale or merger. ( Bloomberg)
KKR Real Estate Finance Trust is evaluating strategic alternatives that could include a merger, sale, asset disposal or changes to its business plan, as the commercial real estate lender seeks to address ongoing challenges.
The company has formed a special committee to oversee the review. No timetable has been set, and there is no assurance the process will result in a transaction or changes to its strategy.
OpenAl names BNY, Nubank CEOs to board ahead of IPO. ( Bloomberg)
OpenAI has appointed Bank of New York Mellon CEO Robin Vince and Nubank CEO David Vélez to its for-profit and nonprofit boards, adding financial services expertise as the company advances preparations for a potential future public listing.
The appointments strengthen OpenAI’s board with executives experienced in leading large public companies and navigating global financial markets.
Citigroup hires five US tech investment banking executives from rivals. ( Reuters)
Citigroup has hired five managing directors for its US technology investment banking business from Bank of America, JP Morgan and UBS, strengthening its coverage of software, semiconductors, artificial intelligence, fintech and digital assets.
The appointments include Chris Groe in New York and four bankers in San Francisco, as Citi continues to expand its technology advisory capabilities.
EMEA
Iberdrola, an energy company specialising in renewable energy, agreed to acquire an 80% stake in Caruna, a Finnish electricity distribution company providing electricity connections and related energy infrastructure solutions, from Ontario Teachers' Pension Plan Board, a Canada-based global pension fund manager, and KKR, a US-based global investment firm, for €2bn ($2.2bn), according to press releases.
Iberdrola is advised by Goldman Sachs. Goldman Sachs is advised by Sullivan & Cromwell (led by Stephen M. Kotran). Ontario Teachers' Pension Plan Board is advised by Kekst CNC (led by Neil Maitland) and Manifesto (led by Harri Kammonen), according to press releases and MergerLinks data.
Attestor to take full control of Condor by September 30. ( Reuters)
Attestor plans to acquire the remaining 49% stake in German leisure airline Condor from the German government by September 30, exercising an option agreed when it acquired a 51% stake in the carrier in 2021. The deal will give the investment firm full ownership of Condor.
Attestor acquired its majority stake as part of Condor’s rescue following the collapse of Thomas Cook and the COVID-19 pandemic, investing €200m ($228m) in equity and committing a further €250m ($285m) for fleet expansion. It is also exploring adding a strategic airline partner to support the carrier’s future growth.
Liverpool FC owners consider selling stake to Bhatia-led group. ( Bloomberg)
Fenway Sports Group is considering the sale of a minority stake in Liverpool FC to a consortium led by Amit Bhatia, in a transaction that could value the Premier League club at as much as $6bn.
Discussions are ongoing, and no agreement has been reached. Bhatia is the son-in-law of steel billionaire Lakshmi Mittal.
EU regulator sends charge sheet to JD.com over Ceconomy deal. ( Reuters)
The statement sets out the regulator's preliminary concerns and marks a formal step in the review process.
Dutch auction site Catawiki explores options including sale. ( Reuters)
Dutch online auction platform Catawiki has hired Barclays to explore strategic options, including a potential sale, in a process that could provide an exit for existing shareholders such as Permira and Accel.
Santander profits curbed by TSB restructuring costs. ( FT)
Banco Santander reported second-quarter net profit of €3.52bn ($4bn), up 3% year-on-year but down 36% from the previous quarter due to charges related to its acquisition of TSB in the UK. Underlying net profit rose 17% to €3.77bn ($4.3bn), slightly ahead of forecasts.
APAC
KKR-backed Vertis is said to be frontrunner for Megha Engineering Indian roads assets. ( Bloomberg)
KKR-backed Vertis Infrastructure Trust is in advanced discussions to acquire eight road assets in the southern Indian states of Andhra Pradesh and Telangana from Megha Engineering & Infrastructures in a deal valued at about $800m, including debt.
The transaction would expand Vertis' infrastructure portfolio if completed. Discussions are ongoing, and no final agreement has been reached.
TPG eyes sale to Japan hotel REIT for $860m. ( Bloomberg)
TPG Asia Real Estate is in discussions to sell the Grand Nikko Tokyo Daiba hotel to Japan Hotel REIT Investment in a deal valued at about JPY140bn ($860m), as Japan's tourism boom continues to support hotel valuations.
TPG acquired the Tokyo property in 2024 for about JPY100bn ($614m). Discussions remain ongoing, and no agreement has been reached.
MSEDCL picks banks for India IPO worth up to $1bn. ( Bloomberg)
Maharashtra State Electricity Distribution has shortlisted six investment banks for a planned initial public offering that could raise between $500m and $1bn. SBI Capital Markets, IIFL Capital Services, ICICI Securities, Motilal Oswal Investment Advisors, IDBI Capital Markets & Securities and HDFC Bank have been selected as advisers.
The utility, also known as MEDCL, could appoint additional banks before formally launching the IPO process. Deliberations remain ongoing, and the plans are subject to change.
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