Renaissance Partners and Aurora Growth Capital to acquire Genetic from CVC and Pavese Family.

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AMERICAS

Vistra to acquire seven modern natural gas generation facilities from Lotus Infrastructure Partners for $1.9bn.

Vistra, an integrated retail electricity and power generation company, agreed to acquire seven modern natural gas generation facilities from Lotus Infrastructure Partners, a private equity investment firm, for $1.9bn, according to press releases.

Vistra is advised by Barclays, Moelis & Co, Cleary Gottlieb Steen & Hamilton and Latham & Watkins (led by Trina Chandler and Caroline Blitzer Phillips). Lotus Infrastructure is advised by Lazard, Eversheds Sutherland and King & Spalding (led by Jonathan Melmed), according to press releases.

Providence Equity Partners to acquire a majority stake in Global Critical Logistics.

Providence Equity Partners, a private equity firm, agreed to acquire a majority stake in Global Critical Logistics, a live events and luxury goods specialty logistics company, according to press releases. Financial terms were not disclosed.

GCL is advised by JP Morgan, Jefferies & Company, Moelis & Co and Gibson Dunn & Crutcher (led by Alexander Fine). Providence is advised by Harris Williams & Co, Kirkland & Ellis (led by Michael Weisser) and Latham & Watkins (led by Stelios Saffos), according to press releases and MergerLinks data.

Blackstone to acquire TXNM Energy for $11.5bn.

Blackstone, a private equity firm, agreed to acquire TXNM Energy, an energy holding company, for $11.5bn, according to press releases.

TXNM Energy is advised by Citigroup, Wells Fargo and Troutman Pepper (led by Mason Bayler). Blackstone is advised by JP Morgan, RBC Capital Markets and Kirkland & Ellis, according to press releases.

Fusion Capital completes the acquisition of Relevant Industrial from LKCM.

Fusion Capital, a private equity firm, completed the acquisition of Relevant Industrial, a provider of industrial equipment and engineered solutions, from LKCM, an investment management services provider, according to press releases. Financial terms were not disclosed.

Relevant Industrial was advised by Jefferies & Company and Foley & Lardner. Fusion Capital was advised by Jefferies & Company, Solomon Partners, Kirkland & Ellis and Profile Advisors (led by Mike Geller), according to press releases.

Greenbriar completes the acquisition of West Star Aviation from The Sterling Group.

Greenbriar, a private equity firm, completed the acquisition of West Star Aviation, an independent Maintenance, Repair, and Overhaul services provider, from The Sterling Group, a private equity investment firm, according to press releases. Financial terms were not disclosed.

West Star Aviation was advised by Harris Williams & Co, Jefferies & Company, Solomon Partners and Latham & Watkins. Greenbriar was advised by Evercore and Kirkland & Ellis, according to press releases.

Bain Capital led a $2.1bn round in Acrisure.

Bain Capital, a private investment firm, led a $2.1bn round in Acrisure, a global fintech company offering financial services solutions to insurance, reinsurance, payroll, benefits, cybersecurity and real estate, with participation from Bain Capital Special Situations, Fidelity Management & Research Company, Apollo, Gallatin Point Capital and BDT & MSD Partners, according to press releases.

Acrisure was advised by Morgan Stanley, Skadden Arps Slate Meagher & Flom (led by Todd Freed), Varnum and Prosek Partners (led by Kate Dillon). Bain Capital was advised by Stanton PRM (led by Scott Lessne), according to press releases and MergerLinks data.

Transom to merge with SigmaTron in a $83m deal.

Transom Capital Group, a private equity firm, agreed to merge with SigmaTron International, an electronic manufacturing services provider, in a $83m deal, according to press releases.

SigmaTron is advised by Lincoln International, Greenberg Traurig and Howard & Howard. Transom is advised by Kirkland & Ellis (led by Marshall Shaffer) and FGS Global, according to press releases and MergerLinks data.

Kingswood Capital Management and Performance Investment Partners completes the acquisition of The Vitamin Shoppe from Franchise Group.

Private equity firms Kingswood Capital Management and Performance Investment Partners, completed the acquisition of The Vitamin Shoppe, a company focused on retailing nutritional products, from Franchise Group, a holding company that acquires and manages mainly franchise companies, according to press releases. Financial terms were not disclosed.

Kingswood Capital Management was advised by Jefferies & Company, McDermott Will & Emery and Sidley Austin. Franchise Group was advised by Ducera Partners and Kirkland & Ellis, according to press releases.

KKR completes a $250m investment in Henry Schein.

KKR, a private equity firm, completed a $250m investment in Henry Schein, a provider of healthcare products and services, according to press releases.

Henry Schein was advised by Centerview Partners, Evercore and Cleary Gottlieb Steen & Hamilton (led by Paul Shim and Kyle Harris). KKR was advised by Kirkland & Ellis (led by Jennifer Perkins), according to MergerLinks data and press releases.

Sunstone Partners and Cressey & Company completes the investment in ProgenyHealth.

Sunstone Partners, a growth-oriented equity firm, and Cressey & Company, a private investment firm, completed the investment in ProgenyHealth, a company specializing in maternity and NICU care management, according to press releases. Financial terms were not disclosed.

ProgenyHealth was advised by TripleTree and Goodwin Procter. Cressey & Company was advised by Robert W Baird (led by Sasha Kelemen) and Ropes & Gray, according to press releases.

Blackstone completes the $200m investment in Entrata.

Blackstone, a private equity firm, completed the $200m investment in Entrata, an operating system for multifamily communities, according to press releases.

Entrata was advised by Wilson Sonsini Goodrich & Rosati and The Outcast Agency. Blackstone was advised by Weil Gotshal and Manges (led by Kyle C Krpata), according to MergerLinks data and press releases.

Ares Management completes the acquisition of Landscape Workshop.

Ares Management, a private equity firm, completed the acquisition of Landscape Workshop, a full-service grounds maintenance provider, according to press releases. Financial terms were not disclosed.

Landscape Workshop was advised by Piper Sandler and K&L Gates. Ares Management was advised by Kirkland & Ellis, according to press releases.

26North and Glenn August to invest in Cantor Fitzgerald.

26North, an alternative asset management firm, and Glenn August agreed to invest in Cantor Fitzgerald, an American financial services firm, according to press releases. Financial terms were not disclosed.

Cantor Fitzgerald is advised by Wachtell Lipton Rosen & Katz. 26North and Glenn August are advised by Davis Polk & Wardwell (led by Neil Barr), according to press releases and MergerLinks data.

Strike Capital leads a $200m Series E round in Stord.

Strike Capital, a New York-based asset management firm, led a $200m Series E round in Stord, a cloud supply chain firm, with participation from Silicon Valley Bank, Orix, Baillie Gifford, NewView Capital, G Squared, Georgia Tech Foundation, Kleiner Perkins, Franklin Templeton, Founders Fund, Bond, Sozo, 137 and Lux, according to press releases.

Stord was advised by Financial Technology Partners, according to press releases.

OpenAI’s biggest data center secures $11.6bn in funding. (WSJ)

Crusoe, the startup building a Texas data center for OpenAI, has secured an additional $11.6bn in funding commitments to significantly expand the facility, which is central to supporting the ChatGPT developer’s long-term computing capacity.

The new financing - comprising both debt and equity - will scale the project from two buildings to eight, bringing the total secured funding to $15bn. Crusoe and investment firm Blue Owl Capital are among the contributors to the latest round.

Nvidia in advanced talks to back PsiQuantum amid $750m raise. (The Information)

Nvidia is in advanced discussions to invest in PsiQuantum, a company developing photonic quantum computing systems. The talks are part of a broader $750m funding round that includes investors such as BlackRock and values PsiQuantum at $6bn pre-money valuation. The move reflects Nvidia’s growing interest in quantum computing as a complementary field to its AI-focused chip business.

PsiQuantum’s technology is positioned to solve computational problems that surpass the capabilities of classical AI systems. A partnership with Nvidia would underscore the strategic alignment between quantum and AI, particularly in areas like cybersecurity, simulation, and optimization.

Qatar's QIA plans to double annual US investments over next decade. (Reuters)

Qatar’s sovereign wealth fund, the Qatar Investment Authority, plans to at least double its annual investments in the US over the next decade. This move comes after QIA already committed to investing $500bn in the US economy over the next 10 years.

The announcement follows President Donald Trump's recent visit to Doha, during which Trump and Qatar’s Emir Sheikh Tamim bin Hamad Al-Thani signed agreements reportedly worth at least $1.2tn, including a $96bn deal involving Qatar Airways.

Kraft Heinz looking at M&A opportunities while Berkshire Hathaway leaves board. (Press Release)

Kraft Heinz announced on May 20 that it is evaluating strategic transactions in response to weakening demand for its higher-priced snacks and ready-to-eat meals amid ongoing economic uncertainty.

The company also said that Timothy Kenesey and Alicia Knapp—executives from Berkshire Hathaway-owned companies—will step down from its board of directors, following Warren Buffett’s decision for the conglomerate to relinquish its board seats.

Blackstone, CVC split from group set to invest in NFL Teams. (Bloomberg)

Blackstone and CVC Capital Partners are no longer part of a private equity consortium that had received preliminary approval to invest in NFL teams.

The group, which included Dynasty Equity, Carlyle Group, and former NFL running back Curtis Martin, was one of four consortia granted initial clearance by the league last year to acquire up to 10% stakes in franchises. The reasons for the change in group composition have not been disclosed.

Insight Partners-backed Hinge Health IPO raises $437m. (Press Release)

Hinge Health and a group of investors raised $437m in the digital physical therapy provider’s US initial public offering, pricing shares at the top of the marketed range.

The company, along with backers including Tiger Global Management and Insight Partners, sold approximately 13.7m shares at $32 each. The shares had been offered in a range of $28 to $32. The pricing was announced on May 21.

EMEA

PHP offered to buy Assura for £1.68bn. (RNS Announcement)

British healthcare real estate investor Primary Health Properties has made a £1.68bn ($2.23bn) offer to acquire its peer Assura, surpassing a £1.61bn ($2.14bn) competing bid from US investment firms KKR and Stonepeak Partners.

Assura is advised by Barclays (led by Bronson Albery), Lazard (led by Cyrus Kapadia), Stifel (led by Mark Young), Travers Smith and FGS Global (led by Gordon Simpson). KKR is advised by Jefferies & Company (led by Dai Clement), Bowmans, Simpson Thacher & Bartlett (led by Amy Mahon) and FGS Global (led by Faeth Birch). PHP is advised by Citigroup (led by James Ibbotson), Deutsche Numis (led by Heraclis Economides), JP Morgan, Peel Hunt (led by Michael Nicholson), Rothschild & Co (led by Alex Midgen), CMS and Sodali & Co (led by Rory Godson), according to MergerLinks data and press releases.

Apax to acquire the treasury and capital markets division from Vista Equity-backed Finastra.

Apax, a private equity firm, agreed to acquire the treasury and capital markets division from Vista Equity-backed Finastra, a financial technology company, according to press releases. Financial terms were not disclosed.

Apex is advised by Deutsche Bank, Simpson Thacher & Bartlett and Kekst CNC (led by Todd Fogarty). Finastra is advised by Perella Weinberg Partners and Gagnier Communications (led by Dan Gagnier). Vista Equity is advised by Evercore and Kirkland & Ellis, according to press releases.

General Atlantic completes the acquisition of a minority stake in Montagu-backed Wireless Logic.

General Atlantic, a global investor, completed the acquisition of a minority stake in Montagu-backed Wireless Logic, an independent global internet of things solutions provider, according to press releases. Financial terms were not disclosed.

Wireless Logic was advised by Finn Partners (led by Richard Scarlett). General Atlantic was advised by William Blair & Co, Weil Gotshal and Manges and Analysys Mason. Montagu was advised by Rothschild & Co, Freshfields Bruckhaus Deringer and Greenbrook (led by James Madsen), according to MergerLinks data and press releases.

Brookfield Asset Management to acquire European operations of Generator Hostel from Queensgate Investments for €776m.

Brookfield Asset Management, an investment management company, agreed to acquire European operations of Generator Hostel, a chain of hostels, from Queensgate Investments, a private investment firm, for €776m ($869m), according to press releases.

Brookfield is advised by KPMG, DLA Piper and Kirkland & Ellis. Queensgate is advised by Ernst & Young, Morgan Stanley, Brown Rudnick and The Communication Group, according to press releases.

Third Point to acquire Malibu Life Reinsurance for $75m.

Third Point, a hedge fund, offered to acquire Malibu Life Reinsurance, an established reinsurance platform focused on the US fixed annuity market, for $75m, according to press releases.

Malibu is advised by Oliver Wyman, PJT Partners and Willkie Farr & Gallagher (led by David Griffiths). Third Point is advised by Jefferies & Company and Herbert Smith Freehills (led by Tim West and Michael Jacobs). Jefferies is advised by Latham & Watkins, according to press releases and MergerLinks data.

Royal London to acquire Dalmore Capital.

Royal London, a mutual insurer and investment company, agreed to acquire Dalmore Capital, a fund management company. Financial terms were not disclosed.

Dalmore Capital is advised by Rothschild & Co and Slaughter & May. Royal London is advised by BNP Paribas, Longspur Capital, PricewaterhouseCoopers and Herbert Smith Freehills.

Tikehau Capital to acquire EYSA Group from HIG Capital.

Tikehau Capital, the global alternative asset management group, agreed to acquire EYSA Group, a provider of smart mobility solutions for urban and interurban areas, from HIG Capital, a global alternative investment firm, according to press releases. Financial terms were not disclosed.

Tikehau is advised by Agencia comma and Prosek Partners (led by Philip Walters). HIG Capital is advised by Mediobanca, according to press releases and MergerLinks data.

Signet Healthcare completes the investment in NorthX Biologics.

Signet Healthcare, a healthcare private equity firm, completed the investment in NorthX Biologics, a Nordic biopharmaceutical contract, development and manufacturing organization, according to press releases. Financial terms were not disclosed.

NorthX Biologics was advised by Setterwalls Advokatbyra. Signet Healthcare was advised by Advokatfirman Delphi and Sheppard Mullin Richter & Hampton, according to press releases.

Brookfield and Lunate to form a joint venture in a $1bn deal.

Brookfield, an alternative asset management company, and Lunate, an Abu Dhabi-based global alternative investment manager, agreed to form a joint venture in a $1bn deal, according to press releases.

Cinven taps Goldman, UBS for €6bn Ufinet sale. (Bloomberg)

Private equity firm Cinven has enlisted Goldman Sachs Group and UBS Group to oversee the sale of telecom company Ufinet Group.

Cinven is aiming for a valuation near €6bn (approximately $6.7bn) for Ufinet. One source noted that the Madrid-headquartered firm and its advisors may formally launch the sale process following the summer.

Blackstone launches Clarion sale as markets stabilise. (Reuters)

Blackstone has initiated the sale process for Clarion Events, a company organizing global trade shows in sectors like electronics, gaming, energy, and defense, testing investor interest after a turbulent period that significantly slowed global deal activity.

Clarion, valued at roughly £2bn ($2.7bn), would represent one of the largest private equity sale opportunities post-market instability caused by US trade policy shifts.

UK takeover panel cancels Harmony Energy auction. (Reuters)

The UK’s Takeover Panel cancelled an auction scheduled for May 21 to determine the outcome of the sale of Harmony Energy Income Trust, after bidder Drax chose not to raise its offer.

The panel had initiated the auction process after two funds managed by Foresight Group submitted proposals last month valuing Harmony at approximately £210m ($278m), surpassing Drax’s earlier bid of £200m ($264m).

Adevinta explores sale of its Spanish business as owners pursue break-up. (Reuters)

Adevinta, an online classifieds company, is considering selling its operations in Spain. The move is part of a strategy by its private equity owners to restructure the business and concentrate on three core markets to enhance profitability.

The Norwegian company, which was taken private last year by a consortium led by Blackstone and Permira, is collaborating with advisers to facilitate the sale. Its Spanish portfolio includes platforms such as Infojobs, a job search site, and Fotocasa, a real estate listing service.

BC Partners switches to minority stake sale in Davies Group. (Bloomberg)

BC Partners is considering selling a minority stake in the UK-based insurance services provider Davies Group, aligning with the strategy to return liquidity to its investors.

The private equity firm is shifting focus to a partial sale after earlier negotiations to sell the entire company broke down due to disagreements over valuation.

UK gas producer Energean cuts production outlook, seeks deals to bolster output. (Reuters)

Energean narrowed its annual production forecast on May 22 and announced it is actively pursuing new merger and acquisition opportunities following the collapse of a deal to sell assets to private equity firm Carlyle.

The British gas producer had agreed to sell its Egypt, Italy, and Croatia portfolio to Carlyle but canceled the transaction in March due to delays in securing regulatory approvals in Italy and Egypt.

Dementia Discovery Fund announces $269m final close of DDF-2. (Press Release)

The Dementia Discovery Fund, a venture capital group managed by SV Health Investors and focused solely on investing in companies developing or supporting new treatments for dementia, has officially closed its second fund, DDF-2, securing $269m in commitments.

DDF-2 has already invested in four companies, consistent with its strategy of supporting groundbreaking biotech firms aiming to create transformative therapies for dementia patients while delivering strong financial returns.

APAC

Thoma Bravo-backed Nearmap to acquire itel from GTCR.

Thoma Bravo-backed Nearmap, a property intelligence provider, agreed to acquire itel, an insurance technology company, from GTCR, a private equity firm, according to press releases. Financial terms were not disclosed.

itel is advised by Bank of America, Raymond James and Latham & Watkins. Nearmap and Thoma Bravo are advised by Goodwin Procter. GTCR is advised by Prosek Partners (led by Josh Clarkson), according to press releases.

China Mobile closer to taking over Hong Kong broadband company HKBN. (Reuters)

China Mobile is nearing a deal to acquire Hong Kong broadband provider HKBN after rival bidder I Squared Capital exited the race.

I Squared, a US-based infrastructure investor, had been preparing to outbid China Mobile’s December offer of HKD5.23 ($0.67) per share, but was reportedly unwilling to exceed HKD6 ($0.77).

China Mobile is advised by China International Capital and Freshfields Bruckhaus Deringer (led by Alan Wang and Sarah Su), according to press releases and MergerLinks data.

EQT completes the investment in Pulnovo Medical.

EQT, an investment company, completed the investment in Pulnovo Medical, a pioneer in medical devices for pulmonary hypertension, according to press releases. Financial terms were not disclosed.

EQT was advised by Ropes & Gray, according to MergerLinks data.

A consortium of investors led a $300m Series F round in Airwallex.

A consortium of investors, including Square Peg, DST Global, Lone Pine Capital, Blackbird, Airtree, Salesforce Ventures, and several leading pension funds in Australia, led a $300m Series F round in Airwallex, a digital payments and financial platform, according to press releases.

SeaTown completes the SGD115m investment in AddVita.

SeaTown, an Asia-focused alternative investment firm, completed the SGD115m ($89m) investment in AddVita, a Singaporean healthcare and life sciences distribution company, according to press releases.

Blackstone enters race for Statkraft’s India exit. (The Economic Times)

Blackstone, which holds a $50bn investment portfolio in India, has made a non-binding bid of $1.5bn to acquire Statkraft’s Indian division, which manages a 2-gigawatt renewable energy portfolio.

This marks Blackstone’s first potential investment in India’s renewable energy sector. The offer comes shortly after the firm concluded a $5.6bn global energy transition fund.

Australia's Dexus faces possible Melbourne airport stake sale over alleged confidentiality breach. (Reuters)

Dexus, a real asset management firm, announced that it might have to sell its 27% interest in Melbourne Airport following a notice from the airport’s board accusing it of violating confidentiality agreements.

The stake is held via Dexus Bloc in Australia Pacific Airports, the entity that owns both Melbourne and Launceston airports, with Dexus serving as the manager.

Shiprocket to submit draft IPO papers. (DealStreetAsia)

Temasek and Zomato-backed logistics unicorn Shiprocket is preparing to file a confidential draft for its initial public offering with India’s market regulator, SEBI.

The IPO is expected to raise between INR20bn ($234m) and INR25bn ($293m) through a mix of new equity shares and a sale of existing shares by current investors. The company has reportedly appointed Axis Capital, BofA Securities, JM Financial, and Kotak Mahindra Capital as lead managers for the IPO.

SG’s CapitaLand Investment launches first onshore China fund with $693m in equity. (DealStreetAsia)

CapitaLand Investment has launched its first onshore master fund in China, supported by a total equity commitment of CNY5bn ($692.5m).

The move marks a significant step in CLI’s strategy to deepen its presence in the Chinese market and expand its real asset management capabilities within the country.

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