Rumble completes the acquisition of Northern Data for $1.68bn.

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

Keyera completes the acquisition of the remaining 50% stake in the KAPS pipeline from Stonepeak Partners for CAD1.21bn.

Keyera, a Canadian midstream oil and gas operator, completed the acquisition of the remaining 50% stake in the KAPS pipeline from Stonepeak, an alternative investment firm specializing in infrastructure and real assets, for CAD1.21bn, according to press releases.

Keyera was advised by RBC Capital Markets, McCarthy Tetrault and Norton Rose Fulbright. Stonepeak Partners was advised by Scotia Capital, Goodmans, Sidley Austin and Stikeman Elliott, according to press releases.

TPG to acquire Waste Eliminator and Liberty Waste Solutions from Allied Industrial Partners.

TPG, a global private equity firm, agreed to acquire Waste Eliminator, a company specializing in sustainable waste solutions for the metro Atlanta area, and Liberty Waste Solutions, a provider of integrated waste and recycling solutions in North Carolina, from Allied Industrial Partners, a lower-middle-market private equity firm, according to press releases. Financial terms were not disclosed.

TPG is advised by Paul Weiss Rifkind Wharton & Garrison (led by Annie
Herdman) and Simpson Thacher & Bartlett (led by Mark Myott and Michael Holick). Allied Industrial Partners is advised by Kirkland & Ellis and Llorente Y Cuenca (led by Jennifer Hurson), Waste Eleminator is advised by Houlihan Lokey. Liberty Waste Solutions is advised by Stifel, according to press releases and MergerLinks data.

Arcline to acquire AstroNova for $272m.

Arcline, a growth-oriented private equity firm, agreed to acquire AstroNova, a provider of mission critical identification and marking solutions across the aerospace & defense and labeling & packaging industries, for $272m, according to press releases.

AstroNova is advised by Rockefeller Capital Management, Foley Hoag and Alliance Advisors (led by Deborah K. Pawlowski). Arcline is advised by Mesirow Financial, Bass Berry & Sims and Joele Frank (led by (Jonathan Keehner), according to press releases.

Thoreau to invest in Ensemble.

Thoreau, a healthcare investment platform, agreed to invest in Ensemble, an end-to-end revenue cycle managed services partner for healthcare organizations. Berkshire Partners, Warburg Pincus, and Bon Secours Mercy Health will continue as investors in Ensemble alongside Thoreau, according to press releases. Financial terms were not disclosed.

Ensemble is advised by Goldman Sachs, Guggenheim Partners, JP Morgan and Ropes & Gray. Thoreau is advised by Lazard and Kirkland & Ellis, according to press releases.

LucyRx to merge with Abarca Health.

LucyRx, an independent pharmacy benefit manager, agreed to merge with Abarca Health, an independent pharmacy benefit manager and healthcare technology company, according to press releases. Financial terms were not disclosed.

Abarca Health is advised by Morgan Stanley, Axinn Veltrop & Harkriderm and Pietrantoni Mendez & Alvarez. LucyRx is advised by Great Meadows Management, Kirkland & Ellis and Mintz Levin, according to press releases.

MidFirst Bank to acquire Dallas Capital Bank.

MidFirst Bank, the largest US privately owned bank, agreed to acquire Dallas Capital Bank, a commercial and private banking institution headquartered in Dallas, according to press releases. Financial terms were not disclosed.

MidFirst Bank is advised by Bank of America and Fenimore Kay Harrison & Ford. Dallas Capital Bank is advised by Raymond James, Hunton Andrews Kurth and FGS Global (led by Frances Jeter and Margaret Popper), according to press releases.

Chicago Atlantic BDC to merge with Chicago Atlantic Real Estate Finance.

Chicago Atlantic BDC, a specialty finance company investing primarily in direct loans to privately held middle-market companies, agreed to merge with Chicago Atlantic Real Estate Finance, a real estate finance company that specializes in providing commercial real estate financing solutions to its clients, according to press releases. Financial terms were not disclosed.

Chicago Atlantic BDC is advised by Keefe Bruyette & Woods, Eversheds Sutherland and SCR Partners (led by Tripp Sullivan). Chicago Atlantic Real Estate Finance is advised by Oppenheimer & Co and Nixon Peabody, according to press releases.

Deluxe to acquire Celero Commerce for $625m.

Deluxe, a payments and data company, agreed to acquire Celero Commerce, a financial technology company focused on optimized payment solutions for small to mid-sized businesses, for $625m, according to press releases.

Deluxe is advised by Bank of America, Bennett Jones, Troutman Pepper and Collected Strategies (led by Scott Bisang), according to press releases.

Avista Healthcare Partners-backed EBI completes the acquisition of Xstim from Precision Medical Products.

Avista Healthcare Partners-backed EBI, a medical device manufacturer specializing in bone healing devices, completed the acquisition of Xstim, a medical technology company offering non-invasive bone growth stimulation solutions, from Precision Medical Products, a medical device company, according to press releases. Financial terms were not disclosed.

Avista Healthcare Partners is advised by Kekst CNC (led by Daniel Yunge). EBI is advised by Ropes & Gray. Precision Medical Products is advised by William Blair & Co and Perkins Coie, according to press releases.

Rubicon Technology Partners completes the majority investment in CaseWorthy.

Rubicon Technology Partners, a private equity firm, completed the majority investment in CaseWorthy, a human services software company, according to press releases. Financial terms were not disclosed.

Rubicon Technology Partners was advised by Morrison Foerster (led by Michael P. Santos, Erik G. Knudsen and Patrick Huard). CaseWorthy was advised by Moelis & Co and Paul Hastings, according to press releases and MergerLinks data.

Model N completes the acquisition of Kalderos.

Model N, an end-to-end commercialization, revenue optimization, and compliance platform, completed the acquisition of Kalderos, a technology company that provides a gross-to-net intelligence platform, according to press releases. Financial terms were not disclosed.

Kalderos was advised by JP Morgan and Cooley. Model N was advised by Kirkland & Ellis, according to press releases.

BlackRock-owned HPS Investment Partners completes a $175m investment in Behavox.

BlackRock-owned HPS Investment Partners, an investment firm that offers portfolio management and advisory services, completed a $175m investment in Behavox, a software company that provides an enterprise data operating platform, according to press releases.

Behavox was advised by Ardea Partners and Freshfields (led by Rhys Evans), according to press releases.

Principal Mineral completes the acquisition of Isola Group.

Principal Mineral, a US-based company specializing in the domestic production and processing of strategic metals, completed the acquisition of Isola Group, a manufacturer and supplier of roofing and waterproofing membranes, bituminous roofing products, underlayments, insulation, and related accessories for the construction sector, according to press releases. Financial terms were not disclosed.

Principal Mineral was advised by Throughline Global Advisors (led by Garrett Marquis). Isola Group was advised by Houlihan Lokey, according to press releases.

TOMS Capital urges Devon to speed up asset sales or consider a full sale. (Reuters)

Activist investor TOMS Capital Investment Management has built a significant stake in Devon Energy and is pressuring the US shale producer to sell assets or consider an outright sale.

Fresh off its $58bn merger with Coterra Energy in May, Devon is now shaping the strategy for the combined company, which spans six shale basins, led by its core position in the Permian Basin of Texas and New Mexico.

Activist Cruiser pushes chemicals maker Ashland to pursue sale. (Bloomberg)

Cruiser Capital Advisors is urging Ashland to pursue a sale, adding to pressure on the specialty‑chemicals company after another activist made a similar push earlier this month.

Cruiser Capital said Ashland has strong assets but lacks the scale needed to maximize shareholder value.

KKR puts $1.4bn into aircraft leasing, targeting airlines plus Boeing and Airbus. (Reuters)

Private equity firm KKR unveiled a new $1.4bn investment in aircraft leasing with partner Altavair, as ongoing supply shortages at Airbus and Boeing keep aircraft availability tight.

Leasing firms and private equity investors have been taking on a larger role in financing new jets as airlines face higher costs and rising travel demand amid constrained aircraft supply.

Apple to team with Intel on US chip design and production, according to Trump. (Reuters)

US President Donald Trump said on Truth Social that Apple has agreed to work with Intel to design and manufacture its chips in the United States.

The move would broaden Apple’s manufacturing base as it seeks more chip capacity. The company remains heavily dependent on TSMC, whose advanced fabs are in high demand from AI chipmakers including Nvidia and AMD.

Geothermal startup touts modular plants as a way to meet rising AI power needs. (Bloomberg)

A geothermal startup is building factory‑made power plants that can be installed in as little as two weeks to meet soaring electricity demand from AI data centers.

Los Angeles‑based Critical Energy says it has raised $22m in seed funding since 2024 to launch its first full‑scale plant in 2027. Its modular units can be shipped on 18‑wheelers, a shift from traditional site‑built plants. The round was led by Susa Ventures and Upfront Ventures.

Heart health biotech Kardigan raises $400m in upsized IPO. (Bloomberg)

Kardigan raised $400m in an upsized US IPO after pricing its shares at the top of the marketed range.

The heart‑health biotech sold 25m shares at $16 each, having initially marketed 23.3m shares at $14 to $16.

EMEA

EQT to acquire Exolaunch.

EQT, an investment firm, agreed to acquire Exolaunch, a German provider of satellite launch mission management, according to press releases. Financial terms were not disclosed.

EQT is advised by Milbank. Exolaunch is advised by Goldman Sachs and DLA Piper, according to press releases.

Nordic Capital-backed Qred to merge with Liberis.

Nordic Capital-backed Qred, a digital banking services provider, agreed to merge with Liberis, a global embedded finance platform, according to press releases. Financial terms were not disclosed.

Liberis is advised by Blenheim Chalcot (led by Melanie Szalkiewicz). Nordic Capital is advised by Bank of America and Perella Weinberg Partners, according to press releases.

Ondas to acquire Cyberhawk for $125m.

Ondas, a provider of autonomous systems, robotics, and mission-critical technologies, agreed to acquire Cyberhawk, a provider of critical infrastructure intelligence, drone-based inspection, visual data management and AI-enabled analytics, for $125m, according to press releases.

Ondas is advised by Escalate PR. Cyberhawk is advised by Lincoln International, according to press releases.

Ravensburger to acquire a majority stake in Steiff.

Ravensburger, a German game, puzzle and toy company, agreed to acquire a majority stake in Steiff, a German plush toy company, according to press releases. Financial terms were not disclosed.

Steiff Holding is advised by Noerr (led by Gerrit Henze), according to MergerLinks data.

Saudis seek EU clearance for the $55bn EA deal, with a decision expected by July 22. (Reuters)

A consortium of investors led by Saudi Arabia’s Public Investment Fund has filed for EU antitrust approval of its $55 billion acquisition of Electronic Arts.

The Commission has set a July 22 deadline to rule on the deal, with options to clear it, clear it with remedies, or open an in‑depth investigation if concerns arise.

Generali back in focus after UniCredit’s approach to Delfin on a potential stake increase. (Il Sole 24 Ore)

Italy’s second‑largest bank UniCredit sounded out Delfin — the Del Vecchio family’s holding company — about more than doubling its stake in Generali to just under 20%.

Delfin rejected the approach, which UniCredit CEO Andrea Orcel’s team made shortly after Intesa Sanpaolo unveiled its €30.6bn ($35.4bn) cash‑and‑share bid for Monte dei Paschi di Siena, a move that would make Intesa Generali’s largest shareholder.

Mutares said to mull sale or IPO of Efacec. (Bloomberg)

Mutares is weighing strategic options for Portuguese engineering group Efacec.

The German investment firm has tapped advisers including JPMorgan Chase to assess potential paths, which could range from a Lisbon IPO to an outright sale. Efacec has already drawn early interest from prospective buyers.

KNDS nears IPO decision as board prepares to meet. (Bloomberg)

KNDS’s board is expected to meet and decide whether to move ahead with one of Europe’s most closely watched IPOs.

The German family that owns half of the tankmaker is nearing a deal to sell a significant portion of its stake to the German government — a key step needed before KNDS can proceed with its listing.

APAC

Manus’s original investors plan $2bn buyback of AI firm from Meta. (Reuters)

The early Chinese investors behind AI startup Manus are planning to buy the company back from Meta at the same $2bn valuation the tech giant originally paid.

The move follows a directive from Chinese authorities ordering the deal to be unwound

NSE files draft for landmark IPO as Morgan Stanley and Temasek eye major payout. (Bloomberg)

National Stock Exchange of India has filed draft papers for what could be the country’s largest‑ever IPO, with up to 148.9m existing shares — about 6% of the company — to be sold. A gray‑market valuation of more than INR5tn ($52.9bn) implies potential proceeds of around INR306bn ($3.2bn), topping Hyundai Motor’s record listing in India.

The offering is set to deliver major gains for long‑time investors including Morgan Stanley, Temasek and State Bank of India. SBI, selling 24.75m shares, could realize about INR50bn ($529m) at current gray‑market prices — a roughly 2,568‑fold return on stock acquired in the 1990s.

Blackstone‑backed AirTrunk seeks $3bn loan for Sydney project. (Bloomberg)

AirTrunk, the Blackstone‑backed data‑center operator, is seeking a AUD4.3bn ($3bn) loan to support a new Australian project, extending its debt‑driven expansion across Asia Pacific.

The financing would fund construction of the more than 400‑megawatt SYD3 hyperscale facility. Banks have been approached to underwrite the five‑year loan, though terms are still being negotiated and may change.

Indonesia taps insider to revive world’s worst stock market. (Bloomberg)

Indonesia has appointed capital‑markets veteran Jeffrey Hendrik as chief executive of the country’s stock exchange, in a move aimed at strengthening confidence in what has been the world’s worst‑performing equity market.

Hendrik will serve a four‑year term through 2030. He and six other incoming executives will be formally approved at a shareholders’ meeting on June 29.

Daily Review

Connect the World of Dealmakers