Read on...
Scroll down to read deal descriptions. Your suggestions and comments support the democratisation of M&A data. If you'd like to contribute to the future editions, drop us a line.
AMERICAS
bluebird bio, together with Carlyle and SK Capital Partners, has announced an amendment to their previously agreed acquisition deal. Under the revised terms, bluebird shareholders now have two options: they can either receive the original offer of $3.00 per share in cash plus a contingent value right of $6.84 per share—payable if a specific net sales milestone is reached—or choose a new alternative of $5.00 per share in immediate cash.
The amended agreement has been unanimously approved by bluebird’s board of directors, which strongly recommends that all shareholders tender their shares without delay. The board maintains that the deal with Carlyle and SK Capital remains the only realistic path for stockholders to obtain value for their shares. Without majority support, bluebird faces a high risk of defaulting on its loan agreements with Hercules Capital. In such a scenario, bankruptcy or liquidation could result in shareholders receiving little to no return.
Blackstone, an alternative asset manager, and TaskUs co-founders agreed to acquire TaskUs, a provider of outsourced digital services and next-generation customer experience, according to press releases. Financial terms were not disclosed.
TaskUs is advised by Evercore, Cravath Swaine & Moore (led by Faiza Saeed and Claudia J. Ricciardi) and Joele Frank (led by Ricky Diaz). Blackstone is advised by Bank of America and Simpson Thacher & Bartlett. Bryce Maddock and Jaspar Weir are advised by Latham & Watkins (led by Andrew C. Elken), according to press releases and MergerLinks data.
TSG Consumer Partners, an American private equity company, agreed to acquire EoS Fitness, a low-price premium fitness amenities operator, according to press releases. Financial terms were not disclosed.
EoS Fitness is advised by Piper Sandler, Robert W Baird, Milbank and Nuffer Smith Tucker (led by Melissa Rue). TSG Consumer is advised by Ropes & Gray (led by Sandy Boer) and Prosek Partners, according to press releases and MergerLinks data.
Excelerate Energy, a US-based LNG company, completed the acquisition of the Jamaica assets & operations business from New Fortress Energy, a global energy infrastructure company, for $1.05bn, according to press releases.
TXO Partners, a company that focuses on the acquisition, development, and exploration of oil, natural gas, and natural gas liquid reserves, and North Hudson Resource Partners, an investment firm, agreed to acquire Elm Coulee assets from White Rock Energy, an upstream energy operator, for $475m, according to press releases.
TXO Partners is advised by Kelly Hart & Hallman and Latham & Watkins. North Hudson is advised by Gibson Dunn & Crutcher. White Rock Energy is advised by Jefferies & Company and Vinson & Elkins (led by John Grand and Robert Hughes), according to press releases and MergerLinks data.
Thoma Bravo, a software investment firm, and ADIA, a globally-diversified investor, completed the investment in Qlik, a data analytics platform, according to press releases. Financial terms were not disclosed.
Qlik was advised by Guggenheim Partners and Kirkland & Ellis. Thoma Bravo was advised by FGS Global (led by Liz Micci). ADIA was advised by Evercore and Gibson Dunn & Crutcher (led by Candice Choh) , according to press releases and MergerLinks data.
Apollo, an asset management firm, agreed to acquire a majority stake in PowerGrid Services, a provider of maintenance and construction services to electric utilities, from The Sterling Group, a private equity investment firm, according to press releases. Financial terms were not disclosed.
PowerGrid Services and The Sterling Group are advised by Lincoln International and Kirkland & Ellis. Apollo is advised by JP Morgan and Paul Weiss Rifkind Wharton & Garrison, according to press releases and MergerLinks data.
Silversmith Capital Partners, a growth equity investment firm, completed the investment in Rentsync, a rental housing software and data company, according to press releases. Financial terms were not disclosed.
Rentsync was advised by Software Equity Group and Borden Ladner Gervais. Silversmith was advised by Kirkland & Ellis (led by Christian A. Atwood) and Stikeman Elliott, according to press releases.
Corinthian Capital Group, a middle-market private equity firm, and Valesco Industries, a small and lower middle market private equity firm, completed the acquisition of Trimlight, an outdoor lighting systems company, according to press releases. Financial terms were not disclosed.
Trimlight was advised by D.A. Davidson & Co. Corinthian Capital Group was advised by Latham & Watkins and CohnReznick. Debt financing was provided by FS Investments, according to press releases.
Investment firms T. Rowe Price, Alpha Wave Global, and Temasek led a $1.6bn round in Hub International, a global insurance brokerage and financial services firm, with participation from other new and existing investors, according to press releases.
Hub International is advised by Goldman Sachs, Morgan Stanley and Simpson Thacher & Bartlett (led by Naveed Anwar), according to press releases and MergerLinks data.
BKV, an energy company, and Copenhagen Infrastructure Partners, a Danish investment firm, formed a joint venture, according to press releases. Financial terms were not disclosed.
Inverness Graham, a buyout firm focused on acquiring innovative, high-growth companies, completed the acquisition of Cognito Forms, an easy-to-use workflow automation solutions provider, according to press releases. Financial terms were not disclosed.
Cognito Forms was advised by Canaccord Genuity. Inverness Graham was advised by Paul Hastings, according to press releases.
TriGate Capital, a real estate investment manager, completed the acquisition of Perkins Rowe, a mixed-use lifestyle center, according to press releases. Financial terms were not disclosed.
TriGate Capital was advised by Jones Day (led by Conrad Steele). Debt financing was provided by Eastwest Bank, according to press releases and MergerLinks data.
Delta, a US airline, and Korean Air, the flag carrier of South Korea, agreed to acquire a 25% stake in WestJet, a Canadian airline, from Onex, an investment company, for $550m.
WestJet is advised by Barclays, according to press releases.
Bain Capital, a private investment firm, and Oliver Street Capital, a real estate investment manager, completed the acquisition of an 11-property infill industrial portfolio in Northern New Jersey for $208m, according to press releases.
Bain Capital was advised by Stanton PRM (led by Scott Lessne) , according to press releases.
Actis, a growth market investor in sustainable infrastructure, and GIC, a long-term investor, offered to acquire Serena Energia, a company that generates and sells renewable energy, according to press releases. Financial terms were not disclosed.
Actis is advised by BTG Pactual, according to MergerLinks data.
ARA Partners, a Texas-based private equity firm, and Kelso, a private equity investment firm focusing on leveraged buyouts, recapitalizations and growth capital transactions, completed the investment in Galloway & Company, a multidisciplinary architecture and engineering company, according to press releases. Financial terms were not disclosed.
Galloway & Company was advised by AEC Advisors, according to press releases.
Magnetar, a hedge fund, and AMD Ventures, a venture capital firm, led a $100m Series A round in TensorWave, a provider of AMD-powered AI infrastructure solutions, with participation from Maverick Silicon, Nexus Venture Partners, and Prosperity7, according to press releases.
Blackstone in talks to acquire Texas and New Mexico utility TXNM Energy. ( Reuters)
Blackstone’s infrastructure investment arm is in discussions to acquire TXNM Energy, a utility focused on Texas and New Mexico.
Talks on structuring a potential agreement are ongoing, though a final deal has not yet been confirmed.
Bain Capital to buy PCI Pharma at $10bn valuation. ( Reuters)
Bain Capital is reportedly negotiating the purchase of PCI Pharma Services, a contract drug manufacturer, in a deal valued at $10bn.
The private equity firm is said to be in talks with PCI's current owners — Kohlberg, Mubadala Investment, and Partners Group — to acquire a majority stake in the Philadelphia-based company.
Hinge Health and investors target $437m in US IPO. ( Bloomberg)
Hinge Health, a digital physical therapy provider, along with investors including Tiger Global Management and Insight Partners, is aiming to raise up to $437m through a US IPO.
According to a filing with the US Securities and Exchange Commission, the company is offering 8.52m shares, with existing shareholders selling an additional 5.14m shares. The shares are being marketed at a price range of $28 to $32 each.
Digital health company Omada files for US IPO. ( Bloomberg)
Omada Health, a digital health company supported by venture firm Andreessen Horowitz, has filed for an initial public offering in the United States.
The San Francisco-based firm, which provides virtual care programs for chronic conditions like diabetes and hypertension, confidentially submitted its IPO paperwork. The move marks a significant step toward going public amid growing investor interest in digital health solutions.
Figma taps Morgan Stanley to lead IPO, with Goldman also on board. ( Bloomberg)
Figma, the design software company backed by Index Ventures and Kleiner Perkins, has appointed Morgan Stanley to lead its planned initial public offering, which could rank among the year’s largest.
The company has also enlisted Goldman Sachs for the listing. Figma, which filed confidentially for an IPO in April 2025, could go public as early as this year.
Northleaf closes infrastructure fund at $2.6bn hard cap. ( Press Release)
Northleaf Capital Partners has closed its latest infrastructure fund, Northleaf Infrastructure Capital Partners IV, at its hard cap of $2.6bn, surpassing the original $2.25bn target.
This marks Northleaf’s largest infrastructure vehicle to date, reflecting the growth and performance of its mid-market platform. The fund is backed by over 70 institutional investors from 14 countries and has completed 37 investments so far.
EMEA
HIG Capital, a global private equity firm, agreed to acquire a 73.8% stake in ALA, a logistics and engineering services provider in the aerospace and defense sectors, from AIP Italia, a holding company owned by Fulvio Scannapieco and Vittorio Genna, according to press releases. Financial terms were disclosed.
AIP Italia is advised by Mediobanca, Boccia & del Giudice and Gianni & Origoni. HIG Capital is advised by UniCredit. Debt financing is provided by UniCredit, according to press releases and MergerLinks data.
Miura Partners, a Spanish private equity firm specializing in mid-market investments, agreed to invest in Saesco Medical, a Barcelona-based distributor of medical devices and consumables for minimally invasive surgery, according to press releases. Financial terms were not disclosed.
Miura Partners is advised by AZ Capital, Aquilon Partners, Cuatrecasas Goncalves Pereira, Deloitte and Roland Berger, according to press releases and MergerLinks data.
GTCR, a private equity firm, agreed to acquire JMG Group, a UK insurance broker, according to press releases. Financial terms were not disclosed.
GTCR is advised by Jefferies & Company, Morgan Stanley, Kirkland & Ellis (led by Jacob Traff) and Prosek Partners (led by Josh Clarkson), according to press releases and MergerLinks data.
MFE-MediaForEurope, the TV broadcaster controlled by Italy's Berlusconi family, is considering raising its offer for Germany's ProSiebenSat.1.
PPF Group is advised by Jefferies & Company, Kirkland & Ellis (led by Benjamin Leyendecker and Achim Herfs) and Brunswick Group, according to press releases and MergerLinks data.
AMG, a strategic partner to independent investment management firms globally, agreed to acquire a minority stake in Qualitas Energy, a global investment and management platform, according to press releases. Financial terms were not disclosed.
Qualitas Energy is advised by JP Morgan and Headland Consultancy, according to press releases and MergerLinks data.
Madison International Realty, a real estate private equity group, completed the acquisition of a 24.5% stake in Puma Property Finance, a specialist lender to the U.K. real estate development market, according to press releases. Financial terms were not disclosed.
Samsung Electronics, a technology company, agreed to acquire FläktGroup, a global HVAC solutions provider, from Triton, an investment firm, for €1.5bn ($1.6bn), according to press releases.
Triton is advised by UBS, according to press releases and MergerLinks data.
King Street Capital Management, a global alternative asset manager, completed the €400m ($445m) investment in Room00, a high-end hostels company, according to press releases.
Room00 was advised by Cuatrecasas Goncalves Pereira (led by Diana Rivera), according to press releases and MergerLinks data.
Ares Management, a global investment firm, agreed to acquire a 20% stake in Plenitude, a renewables and retail energy company, from Eni, an energy company, according to press releases. Financial terms were not disclosed.
Ares Management is advised by UniCredit, according to MergerLinks data.
GIC, a long-term investor, completed the investment in Citco, a privately owned global hedge fund administrator, according to press releases. Financial terms were not disclosed.
GIC was advised by Dechert (led by Mark Thierfelder), according to MergerLinks data.
Macquarie, a global financial services group, agreed to acquire the UK smart meters business from Iberdrola, an electric utility company, for £900m ($1.2bn), according to press releases.
Jeito Capital, a global investment company, led a €132m ($147m) Series B round in Azafaros, a clinical-stage biotechnology company treating rare lysosomal storage disorders, with participation from Forbion, Seroba, Pictet, Schroders Capital and BGV, according to press releases.
CaixaBank explores deal for Lone Star’s Novo Banco. ( Bloomberg)
CaixaBank is reportedly exploring a potential acquisition of Novo Banco, the Portuguese lender owned by private equity firm Lone Star.
The Spanish bank is said to be evaluating the deal as part of its strategy to expand in Iberia. While discussions are still in the early stages and no formal offer has been made, the talks reflect growing interest in consolidation within the European banking sector.
German court rejects KNDS bid to block Triton from selling Renk shares. ( Reuters)
A Frankfurt court has dismissed a request by Franco-German defence contractor KNDS to block private equity firm Triton Partners from selling shares in German tank gearbox manufacturer Renk.
The legal action was part of an ongoing dispute over a share transfer agreement, as KNDS aims to increase its stake in Renk.
EToro IPO delivers $530m windfall for Spark Capital after 15-year bet. ( Bloomberg)
Spark Capital gained approximately $530m following EToro Group’s public listing, marking the outcome of a 15-year early-stage investment in the Israeli fintech firm.
With a total investment of around $19m, Spark held a 13% stake at the time of EToro’s IPO, which valued the company at $4.3bn. The listing delivered a return of about 29 times the firm’s original investment.
Actis raises $1.7bn for second long-life infrastructure fund. ( Bloomberg)
Actis, now owned by General Atlantic, has secured $1.7bn for its second long-life infrastructure fund focused on emerging markets.
The firm has already deployed nearly half of the capital from Actis Long Life Infrastructure Fund 2 and has a near-term deal pipeline exceeding $2bn.
Adams Street Partners announced the final close of its European Venture Fund, securing over €270m ($290m) in capital commitments. The fund surpassed its original target, fueled by investor interest in the European venture landscape. This is part of the firm’s broader strategy to deepen its exposure to emerging growth sectors in the region.
The fund will invest through a combination of primary fund commitments and direct investments in venture-backed companies, with a strong focus on early-stage opportunities.
APAC
Insignia Financial announced that Bain Capital has withdrawn its buyout offer. However, the company remains in talks with another bidder, investment manager CC Capital. Bain’s proposal had valued Insignia at AUD3.34bn ($2.2bn), matching the offer from CC Capital, according to press releases.
Insignia Financia is advised by Citigroup, Gresham and King & Wood Mallesons, according to press releases.
Partners Group, a global private markets investment manager, agreed to acquire a majority stake in Digital Halo, a digital infrastructure investment and operating platform, for $400m, according to press releases.
|
