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Top Highlights
Qualtrics, an American experience management company, agreed to acquire Press Ganey Forsta, a provider of experience measurement and data analytics, for $6.75bn, according to press releases.
Press Ganey Forsta is advised by Barclays, Moelis & Co and Latham & Watkins. Qualtrics is advised by BDT & MSD Partners, Centerview Partners, Goodwin Procter and Simpson Thacher & Bartlett. Debt financing is provided by BMO Capital Markets, Citigroup, Deutsche Bank, Goldman Sachs, JP Morgan, KKR Capital Markets, Mizuho Securities, Morgan Stanley, RBC Capital Markets, UBS and Wells Fargo Securities, according to press releases.
Private equity firms Advent International and Corvex Private Equity agreed to acquire Heidrick & Struggles, a global leadership advisor, for $1.3bn, according to press releases.
Heidrick & Struggles is advised by Bank of America and Paul Hastings. Advent International and Corvex Private Equity are advised by Deutsche Bank, UBS, William Blair & Co, Ropes & Gray and Weil Gotshal and Manges (led by Michael J. Aiello and Sachin Kohli). Debt financing is provided by Deutsche Bank, Santander and UBS, according to press releases and MergerLinks data.
Lee Equity Partners, a private equity firm, agreed to acquire a 49% stake in Arcadian Risk Capital, a specialty managing general agent, from SiriusPoint, a global specialty insurer and reinsurer, for $139m, according to press releases.
Lee Equity Partners is advised by Insurance Advisory Partners and Ropes & Gray. Arcadian Risk Capital is advised by Oppenheimer & Co and Willkie Farr & Gallagher. SiriusPoint is advised by Jefferies & Company, Skadden Arps Slate Meagher & Flom and Rein4ce (led by Sarah Hills), according to press releases.
Deal Round up
AMERICAS
MapLight Therapeutics targets $251m in US IPO and placement. ( SEC Filing)
US Supreme Court rejects Google bid to delay Play Store changes. ( Bloomberg)
ADNOC confident of EU approval for $17bn Covestro deal. ( Reuters)
Verdalia Bioenergy raises €671m to expand biomethane projects. ( Press Release)
Barclays–Brookfield payments JV appoints Jaseon Lalor as CEO. ( Sky News)
APAC
Elliott seeks to buy additional stake in Sumitomo Realty. ( Bloomberg)
Clean Max plans $586m IPO in November. (Bloomberg)
MMC Port postpones Malaysia’s biggest IPO to 2026. ( Bloomberg)
Cboe wins approval to list firms in Australia. ( Bloomberg)
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FINANCIAL ADVISORS
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DEBT PROVIDERS
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AMERICAS
Broad Sky Partners-backed Commonwealth Electrical Technologies, an electrical contractor, completed the acquisition of NuWave Energy Solutions, a full-service design/build energy conservation firm, according to press releases. Financial terms were not disclosed.
Commonwealth Electrical Technologies is advised by Greenberg Traurig, FMI Capital Advisors and Centerpiece PR (led by Lisa Hagendorf). NuWave Energy Solutions is advised by Baker Braverman and Barbadoro. Broad Sky Partners was advised by Prosek Partners (led by Jackie Ryan), according to press releases.
Genstar Capital-backed Flourish Research, a multi-site clinical trial organization focused primarily on cardiovascular, metabolic, neuroscience, and infectious disease therapeutic areas, completed the investment in Valkyrie Clinical Trials, a premier network of oncology-focused clinical research sites, according to press releases. Financial terms were not disclosed.
Valkyrie Clinical Trials was advised by Houlihan Lokey and Sheppard Mullin Richter & Hampton. Flourish Research was advised by Ropes & Gray. Genstar Capital was advised by FGS Global, according to press releases.
VMG Partners, a growth equity firm, completed an investment in Scenthound, a dog wellness franchise, according to press releases. Financial terms were not disclosed.
Scenthound was advised by Jefferies & Company, Akerman and Fishman PR (led by Marisa Beaumont). VMG Partners was advised by Mintz Levin , according to press releases.
Apollo, a high-growth, global alternative asset manager, agreed to acquire Eagle Creek Renewable Energy, an independent owner and operator of hydroelectric facilities across the US, according to press releases. Financial terms were not disclosed.
Apollo is advised by BMO Capital Markets and Vinson & Elkins (led by Danielle Patterson and Dan Komarek), according to press releases and MergerLinks data.
EQT, a global investment firm, completed a €50m ($59m) investment in Harvey, a provider of domain-specific AI for legal and professional services, according to press releases.
EQT was advised by Kekst CNC, according to press releases.
Hyperproof, the intelligent enterprise GRC platform, completed the acquisition of Expent.ai, a third-party risk management solutions provider, according to press releases. Financial terms were not disclosed.
BIP Wealth, an Atlanta-based RIA, agreed to acquire Prehmus Financial Partners, a wealth management firm specializing in investment management and financial planning, according to press releases. Financial terms were not disclosed.
Chartis, a healthcare advisory firm, completed the acquisition of Healthlink Advisors, a digital and technology consulting firm focused on improving healthcare delivery and IT operations, according to press releases. Financial terms were not disclosed.
MidOcean Partners-backed Smith System, a driver safety training and risk management firm, completed the acquisition of Utilimarc, a Minneapolis-based provider of fleet analytics and benchmarking, according to press releases. Financial terms were not disclosed.
AMD will supply artificial intelligence chips to OpenAI under a multi-year agreement expected to generate tens of billions of dollars in annual revenue.
The deal gives OpenAI the option to acquire up to about 10% of the chipmaker. AMD shares jumped over 34%, adding around $80bn in market value.
Rockpoint Gas Storage has increased the size of its Toronto IPO to raise up to CAD704m ($505m).
The Brookfield-backed natural gas storage company is now offering 32m shares, up from 22m, priced at CAD19-CAD22 ($13.6-$15.8) each.
MapLight Therapeutics targets $251m in US IPO and placement. (SEC Filing)
MapLight Therapeutics, a Novo-backed biotech developing neurological disorder treatments, plans to raise $251m through an IPO and private placement.
The company is offering 14.8m shares at $17 each, with Goldman Sachs–managed funds set to buy additional shares privately.
US Supreme Court rejects Google bid to delay Play Store changes. (Bloomberg)
Alphabet's Google lost a Supreme Court bid to pause parts of a ruling in its antitrust case with Epic Games.
The decision forces Google to open its Play Store to rival app stores and cheaper payment links.
EMEA
Atlantic Group, a pan-African diversified conglomerate, agreed to acquire Tongon gold mine and exploration permits of Barrick, a gold mining company, for $305m, according to press releases.
Barrick is advised by TD Securities, Treadstone Resource Partners, Lawson Lundell, and Brunswick Group (led by Carole Cable), according to press releases.
CoreWeave, an American AI cloud-computing company, agreed to acquire Monolith, a pioneer in applying artificial intelligence and machine learning to solve complex physics and engineering challenges, according to press releases. Financial terms were not disclosed.
Monolith is advised by Rothschild & Co and Willkie Farr & Gallagher. CoreWeave is advised by Davis Polk & Wardwell, according to press releases.
RedBird Capital-backed Bishop Street Underwriters, a multi-boutique insurance platform, completed the acquisition of Avid Insurance, a niche multi-disciplined managing general agent, according to press releases. Financial terms were not disclosed.
Bishop Street Underwriters was advised by Gagnier Communications (led by Dan Gagnier) , according to press releases.
Engle Martin, a provider of claims management, completed the acquisition of Integra, a specialized loss adjuster specializing in technical loss management and risk engineering, according to press releases. Financial terms were not disclosed.
Novata, a software company, completed the acquisition of Atlas Metrics, a technology-driven platform, according to press releases. Financial terms were not disclosed.
ADNOC confident of EU approval for $17bn Covestro deal. ( Reuters)
ADNOC said it has submitted robust remedies to secure European Commission approval for its €14.7bn ($17bn) acquisition of Germany’s Covestro.
The transaction is ADNOC’s largest-ever deal and one of the biggest Gulf takeovers of an EU-based company.
Verdalia Bioenergy raises €671m to expand biomethane projects.
Verdalia Bioenergy, backed by Goldman Sachs, raised €671m ($785m) in debt financing from a consortium of banks to fund biomethane projects in Spain and Italy. The funding will support new plant construction and acquisitions, increasing capacity to over 3 TWh annually.
Lenders include ING, Societe Generale, UniCredit, BBVA, SMBC, Santander, and Sabadell, with investors La Caisse and Rivage also participating.
Barclays–Brookfield payments JV appoints Jaseon Lalor as CEO. (Sky News)
Barclays and Brookfield Asset Management have appointed Jason Lalor, former head of Square’s European operations, as chief executive of their payment acceptance joint venture.
Previously Barclays’ merchant acquiring unit, the business processes billions of pounds annually for small firms and became a JV with Brookfield earlier this year.
APAC
Brookfield, an alternative asset management company, agreed to acquire a majority stake in Clarus, an energy group, from Igneo, a global infrastructure manager, according to press releases. Financial terms were not disclosed.
Igneo is advised by RBC Capital Markets and Cameron Partners, according to press releases.
Powerco, a dual-energy distributor, agreed to acquire Firstlight from Igneo, a global infrastructure manager, according to press releases. Financial terms were not disclosed.
Igneo is advised by RBC Capital Markets and Cameron Partners, according to press releases.
Elliott seeks to buy additional stake in Sumitomo Realty. (Bloomberg)
Elliott Investment Management has approached several Japanese companies about purchasing their cross-shareholdings in Sumitomo Realty & Development.
The activist investor offered to buy stakes in block trades at around market price as it pushes for greater value creation at the real estate group. Elliott already holds more than 3% of Sumitomo Realty.
Clean Max plans $586m IPO in November. ( Bloomberg)
Brookfield-backed Clean Max Enviro Energy Solutions plans to raise INR52bn ($586m) through an IPO expected in November.
The renewable energy provider will issue INR15bn ($169m) in new shares and INR37bn ($417m) through a secondary sale by existing investors, including Augment Infrastructure Partners.
MMC Port postpones Malaysia’s biggest IPO to 2026. (Bloomberg)
MMC Port Holdings has delayed its planned IPO to next year to include full-year results and strengthen valuation.
The port operator, owned by Malaysian tycoon Syed Mokhtar Al-Bukhary, was expected to raise about $2bn in a listing valuing the company at up to $7bn, which would be Malaysia’s largest IPO since 2012.
Cboe wins approval to list firms in Australia. (Bloomberg)
Cboe Global Markets has received regulatory approval to conduct share listings in Australia, positioning it to challenge ASX’s dominance.
The decision from the Australian Securities & Investments Commission allows IPOs on Cboe Australia, expanding the Chicago-based firm’s local trading operations.
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