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AMERICAS

Blue Owl Capital to acquire Sila Realty Trust for $2.4bn.

Blue Owl Capital, an alternative asset management firm, agreed to acquire Sila Realty Trust, a net lease real estate investment trust, for $2.4bn, according to press releases.

Blue Owl Capital is advised by Newmark Group, Citigroup, Truist Securities and Kirkland & Ellis. Citigroup and Truist Securities are advised by Dechert. Sila Realty Trust is advised by Bank of America and Hogan Lovells, according to press releases.

Brady Corporation to acquire the productivity solutions and services business of Honeywell for $1.4bn.

Brady Corporation, a global manufacturer and supplier of identification and safety solutions, agreed to acquire the productivity solutions and services business of Honeywell, an American multinational conglomerate company that produces commercial and consumer products, engineering services and aerospace systems, for $1.4bn, according to press releases.

Brady Corporation is advised by Goldman Sachs, Foley & Lardner and Collected Strategies. Honeywell is advised by Centerview Partners, Baker McKenzie, Kirkland & Ellis and Womble Bond Dickinson, according to press releases.

Eli Lilly to acquire Kelonia Therapeutics for up to $7bn.

Eli Lilly, an American global pharmaceutical company, agreed to acquire Kelonia Therapeutics, a clinical-stage biotechnology company, for up to $7bn, according to press releases.

Eli Lilly is advised by Kirkland & Ellis. Kelonia Therapeutics is advised by Jefferies & Company, Goodwin Procter and Ten Bridge Communications (led by Krystle Gibbs), according to press releases.

Apollo Global Management to acquire a 13% stake in the Medical-Surgical Solutions business of McKesson for $1.25bn.

Apollo Global Management, an American asset management firm, agreed to acquire a 13% stake in the Medical-Surgical Solutions business of McKesson, an American healthcare company, for $1.25bn, according to press releases.

TPG completes a $100m investment in Zum.

TPG, a global alternative asset manager, completed a $100m investment in Zum, an American technology company that specializes in student transportation services, according to press releases.

Tiger Global-backed Upscale AI in talks for $2bn valuation. (Bloomberg)

Upscale AI, a startup backed by Tiger Global, is in discussions to raise a new funding round valuing the company at around $2bn. The company is seeking to raise approximately $180m–$200m in the round.

Upscale AI is building infrastructure designed to connect and manage AI computing clusters, positioning itself within the fast‑growing market for large‑scale AI systems. Talks are ongoing and no final terms or commitments have been agreed.

Military drone maker Aevex raises $320m in US IPO. (Bloomberg)

Aevex, a military‑drone maker backed by Madison Dearborn Partners, raised $320m in a US IPO after selling 16m shares at $20 each. The pricing came within the marketed range of $18–$21.

The offering was multiple times oversubscribed, reflecting strong investor appetite for defence and autonomous‑systems companies. Aevex’s listing adds to a growing wave of defence‑focused IPOs amid increased global military spending and interest in unmanned technologies.

Jersey Mike's announces confidential submission of draft registration statement for proposed initial public offering. (Press Release)

Jersey Mike’s Subs, the sandwich chain backed by Blackstone, has confidentially filed for an IPO with the US Securities and Exchange Commission. The company stated that the number of shares and pricing have not yet been determined, and the IPO remains subject to market conditions and SEC review.

Jersey Mike’s operates more than 3k locations and joins a growing list of private‑equity‑backed consumer brands testing investor appetite for new listings.

EMEA

Asahi Kasei-backed Veloxis Pharmaceuticals completes the acquisition of AiCuris for €780m.

Asahi Kasei-backed Veloxis Pharmaceuticals, a developer of specialty pharmaceutical therapies and programs, completed the acquisition of AiCuris, a developer of antiviral therapeutics aimed at treating infections in immunocompromised patients, for €780m ($920m), according to press releases.

AiCuris was advised by Bank of America, Gibson Dunn & Crutcher (led by Dirk Oberbracht) and Trophic Communications (led by Stephanie May). Veloxis Pharmaceuticals and Asahi Kasei were advised by Freshfields (led by Lars Meyer, Vasco Ollero, Jil Rollmann and Benedikt Grosch), according to press releases and MergerLinks data.

Agnico Eagle to acquire the remaining 86.1% stake in Rupert Resources for CAD2.9bn.

Agnico Eagle, a Canadian-based gold mining company, agreed to acquire the remaining 86.1% stake in Rupert Resources, a mining company, for CAD2.9bn ($2.1bn), according to press releases.

Rupert Resources is advised by BMO Capital Markets, Origin Merchant Partners and Blake Cassels & Graydon, according to press releases.

Warburg Pincus completes the acquisition of a minority stake in Sebia.

Warburg Pincus, a private equity firm, completed the acquisition of a minority stake in Sebia, a provider of clinical protein electrophoresis equipment and reagents, according to press releases and MergerLinks data. Financial terms were not disclosed.

Sebia was advised by Centerview Partners. Warburg Pincus was advised by JP Morgan and Morgan Stanley, according to MergerLinks data.

Aydın-backed A101 Yeni Mağazacılık to acquire an 89% stake in CarrefourSA from Carrefour and Sabancı Holding.

Aydın-backed A101 Yeni Mağazacılık, a major Turkish hard-discount retail chain, agreed to acquire an 89% stake in CarrefourSA, a major Turkish food retailer and joint venture, from Carrefour, a French-based multinational retail corporation, and Sabancı Holding, a Turkish industrial and financial conglomerate, according to press releases. Financial terms were not disclosed.

Carrefour is advised by Paksoy (led by Nazli Bezirci), according to MergerLinks data.

Agnico Eagle to acquire a 70% stake in Fingold Ventures from B2Gold for $325m.

Agnico Eagle, a Canadian-based gold mining company, agreed to acquire a 70% stake in Fingold Ventures, a mineral exploration company, from B2Gold, a low-cost international senior gold producer, for $325m, according to press releases.

QuidelOrtho completes the acquisition of LEX Diagnostics from TTP Group for $100m.

QuidelOrtho, a major American medical diagnostics manufacturer, completed the acquisition of LEX Diagnostics, a UK-based molecular diagnostics company, from TTP Group, a technology and product development consultancy, for $100m, according to press releases.

William Hill owner Evoke weighs $304m takeover bid from Bally's Intralot. (Reuters)

Evoke, the UK betting group that owns William Hill and 888, is reviewing a £225.3m ($304m) takeover proposal from Greek gaming company Bally’s Intralot. The offer values Evoke at £0.5 ($0.67) per share, representing a 29% premium to its prior close, and sent Evoke shares up nearly 16%.

The proposed transaction would be an all‑share deal with a partial cash option. Bally’s Intralot, which operates in 40 regulated markets, has been expanding in UK online gaming following its acquisition of Bally’s International Interactive, a deal that left Bally’s as its majority shareholder. Bally’s Intralot has until May 18, 2026 to announce a firm offer or walk away.

US private equity firm TA Associates in talks to buy UK's Advanced Medical Solutions. (RNS Announcement)

Advanced Medical Solutions has entered talks with US buyout firm TA Associates over a potential takeover. The discussions follow a recent approach from TA Associates, amid increased private‑equity interest in UK companies as overseas buyers seek to capitalise on lower equity valuations.

Under UK takeover rules, TA Associates must announce a firm offer or walk away by May 16, 2026. AMS develops wound‑care technologies and has previously attracted interest from firms including Bridgepoint, while TA Associates has recently expanded in the UK through deals such as its acquisition of FD Technologies.

Germany to begin privatisation of seized Gazprom division. (FT)

Germany’s state‑owned energy company SEFE has proposed a capital increase of up to €2bn ($2.4bn) to begin a privatisation process that would see the government reduce its stake to a blocking minority by end‑2028. The proposal has been submitted to the German Economy Ministry, with discussions ongoing and implementation potentially taking place over the next nine to 12 months.

Formerly owned by Gazprom, SEFE was nationalised in 2022 during the energy crisis and is now required under EU rules to cut state ownership below 25%. SEFE operates around 10% of Germany’s gas network and trades energy internationally. Options for further dilution could include additional stake sales or a possible IPO, though no decisions or timelines have been set.

Revolut CEO Storonsky says digital bank’s IPO is two years out. (Bloomberg)

Revolut is unlikely to pursue an IPO before 2028, pushing back the timeline for one of Europe’s most anticipated listings. Nik Storonsky stated that the London‑based digital bank wants more time as a fully licensed lender before entering public markets.

Speaking in an interview, Storonsky stated that public status is particularly important for banks because of trust considerations, adding that becoming a listed company remains a goal but not an immediate priority.

Finnish defense technology duo to weigh Helsinki IPOs. (Bloomberg)

Two Finnish defense‑technology companies, Savox Communications and Varjo Technologies, are weighing potential IPOs in Helsinki as they look to capitalise on rising European military spending. Both firms are in early‑stage discussions and have not made final decisions.

Savox supplies tactical communication systems used by armed forces, while Varjo develops virtual‑reality hardware for military training applications. Any listings would follow a surge in investor interest in defence assets as governments across Europe increase defence budgets.

Autoglass owner Belron prepares €30bn Amsterdam IPO. (FT)

Belron, a global car glass repair group and owner of Autoglass, is preparing a potential Amsterdam IPO that could value the company at more than €30bn ($35bn). Shareholders including D’Ieteren Group and Clayton Dubilier & Rice have selected Amsterdam over alternatives such as New York, though no final decision has been taken and the listing could slip into 2027.

The flotation would be among Europe’s largest in recent years and could help revive the region’s subdued IPO market. D’Ieteren holds a 50.3% stake, while CD&R owns 20.4%, alongside investors including Hellman & Friedman, GIC and BlackRock. Belron was last valued at €32bn ($37.6bn), including €8bn ($9.4bn) of debt, and reported €1.26bn ($1.48bn) in operating profit for 2025.

APAC

CapitaLand Integrated Commercial Trust to acquire Paragon from Cuscaden Peak for SGD3.9bn.

CapitaLand Integrated Commercial Trust, a real estate investment trust, agreed to acquire Paragon, a retail and medical complex, from Cuscaden Peak, a Singapore-based investment firm, for SGD3.9bn ($3bn), according to press releases.

CapitaLand Integrated Commercial Trust is advised by Cushman & Wakefield and Knight Frank, according to press releases.

IOI Properties to acquire Asia Square Tower 2 from CapitaLand Integrated Commercial Trust for SGD2.5bn.

IOI Properties, a Malaysian property developer, agreed to acquire Asia Square Tower 2 from CapitaLand Integrated Commercial Trust, a real estate investment trust, for SGD2.5bn ($2bn), according to press releases.

CapitaLand Integrated Commercial Trust is advised by Cushman & Wakefield, according to press releases.

Blackstone and CPPIB-backed AirTrunk completes the acquisition of Lumina CloudInfra.

Blackstone and CPPIB-backed AirTrunk, a data centre operator, completed the acquisition of Lumina CloudInfra, a data centre and cloud infrastructure platform, according to press releases. Financial terms were not disclosed.

Orient Securities to become major China broker with acquisition of local rival. (Press Release)

Orient Securities is exploring a potential acquisition of unlisted rival Shanghai Securities, having signed non‑binding agreements of intent covering a transaction using cash and newly issued A‑shares. The discussions remain preliminary and no definitive terms have been agreed.

If completed, the combination would create one of China’s top 10 brokerages by assets, with the merged group expected to exceed CNY600bn ($88bn) in total assets. The potential deal aligns with Beijing’s push to consolidate the fragmented $1.7tn brokerage sector, following recent transactions such as Guotai Junan’s acquisition of Haitong Securities, though Orient has cautioned there is no assurance the transaction will proceed.

Broker Groww’s profit tops estimates after 100% post-IPO surge. (Bloomberg)

Groww, operated by Billionbrains Garage Ventures, reported fourth‑quarter profit above expectations, as investors look for earnings momentum to support a 100% share‑price surge since its IPO. Net income more than doubled to INR6.86bn ($74m) for the quarter ended in March 2026, exceeding analysts’ estimates of INR6.6bn ($70.9m).

Despite the beat, Groww’s shares slipped 1.1% after the results, trimming earlier gains. The post‑IPO rally has made Groww the world’s most expensive publicly traded brokerage, placing greater focus on continued growth to justify its valuation.

Pernod Ricard to begin IPO process for India unit. (Bloomberg)

Pernod Ricard has begun preparations for a potential IPO of its India unit. The French spirits group is exploring a listing of Pernod Ricard India, marking the next step in a process it has previously been considering.

The company is working with Goldman Sachs and legal firm Cyril Amarchand Mangaldas on early preparations, with adviser selection and a formal launch expected to follow. Timing and deal structure remain under discussion, and no final decision has been made.

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