Saipem to merge with Subsea7.

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

MCME Carell to acquire City Office REIT for $1.1bn.

MCME Carell, a special-purpose acquisition vehicle affiliated with Elliott Investment Management and Morning Calm Management, agreed to acquire City Office REIT, a real estate company, for $1.1bn, according to press releases.

City Office REIT is advised by Raymond James, Jones Lang LaSalle Securities, DLA Piper, and Hogan Lovells. MCME Carell is advised by Eastdil Secured and Gibson Dunn & Crutcher, according to press releases.

Sidara may lower Wood Group bid following UK regulatory probe. (Reuters)

Dubai-based Sidara is considering cutting its offer for Wood Group after the UK’s Financial Conduct Authority launched an investigation into the oilfield services firm.

The extent of the potential price reduction remains unclear, but Sidara is reportedly concerned about possible legal risks stemming from the regulator’s probe, according to Reuters.

John Wood Group is advised by Europa Partners (led by Jan Skarbek and David Fudge), JP Morgan (led by Richard Perelman and James Robinson), Morgan Stanley (led by Tom Perry), Rothschild & Co (led by John Deans and Paul Duffy), Slaughter & May and FTI Consulting (led by Alex Le May and Nick Hasell), according to press releases and Mergerlinks data.

Starwood Property Trust completes the acquisition of Fundamental Income Properties for $2.2bn.

Starwood Property Trust, a diversified finance company, completed the acquisition of Fundamental Income Properties, a fully integrated net lease real estate operating platform, for $2.2bn, according to press releases.

Starwood Property Trust was advised by Bank of America. Brookfield Asset Management was advised by Wells Fargo Securties, Evercore, and Stephens, according to press releases and Mergerlinks data.

Brookfield Asset Management and Deutsche Bank complete the $835m investment in 5C.

Brookfield Asset Management, a global alternative asset manager, and Deutsche Bank, a financial services company, completed the $835m investment in 5C, a next-generation AI infrastructure and data center solutions provider, according to press releases.

5C was advised by Moelis & Co and Osler Hoskin & Harcourt. Brookfield was advised by Simpson Thacher & Bartlett. Deutsche Bank is advised by Milbank, according to press releases and Mergerlinks data.

Waldencast to acquire Novaestiq.

Waldencast, a global multi-brand beauty and wellness platform, agreed to acquire Novaestiq, an aesthetic and medical dermatological innovations company, according to press releases. Financial terms were not disclosed.

Waldencast is advised by Holland & Knight, Skadden Arps Slate Meagher & Flom (led by Maxim Mayer-Cesiano) and Experium Capital Advisers, according to press releases and Mergerlinks data.

Narda-MITEQ completes the acquisition of Amphenol Corporation.

Narda-MITEQ, a designing and manufacturing company focused on advanced radiofrequency and microwave components, completed the acquisition of Amphenol Corporation, a company focused on designing and manufacturing electrical, electronic, and fiber optic connectors, according to press releases. Financial terms were not disclosed.

Narda-MITEQ and JFLCO were advised by KippsDeSanto, A&O Shearman, and BakerHostetler, according to press releases.

ArcLight Capital Partners completes the acquisition of Advanced Power.

ArcLight Capital Partners, a private equity firm, completed the acquisition of Advanced Power, a power developer and manager, according to press releases. Financial terms were not disclosed.

Arclight was advised by Latham & Watkins. Advanced Power was advised by Morgan Stanley and Sidley Austin.

OneCompass to acquire Koleaseco.

OneCompass, an investment firm, agreed to acquire Koleaseco, an asset-based transportation provider, according to press releases. Financial terms were not disclosed.

NVIDIA and Snowflake led a $110m funding round in Reka.

NVIDIA and Snowflake, venture capital firms, led a $110m funding round in Reka, an AI research and product development company, according to press releases.

Broadcom’s $61bn VMware acquisition faces EU court challenge. (Bloomberg)

Broadcom’s $61bn takeover of VMware is under scrutiny from EU judges after a legal challenge was filed by a European cloud computing group.

CISPE submitted a complaint to the EU General Court, arguing that the European Commission approved the deal without imposing safeguards to prevent Broadcom from abusing its market position.

Accelerant and investors raise $724m in upsized US IPO. (Bloomberg)

Accelerant Holdings, backed by Todd Boehly, along with its investors, has raised $724m in an upsized US initial public offering that priced above the marketed range.

The specialty insurance marketplace operator and shareholders, including funds tied to Altamont Capital Partners, sold 34.5m shares at $21 each.

McGraw Hill raises $415m in US IPO at $3.3bn valuation. (Reuters)

McGraw Hill has raised $414.6m in its US initial public offering, pricing 24.4m shares at $17 each—below its marketed range of $19 to $22.

Backed by Platinum Equity, the offering values the educational publisher at $3.3bn.

EMEA

Goldman Sachs Alternatives to acquire a majority stake in Mace Consult from Mace Group.

Goldman Sachs Alternatives, an investment firm, agreed to acquire a majority stake in Mace Consult, a delivery partner for the world's complex and marquee infrastructure and built environment projects, from Mace Group, an international consulting and construction company, according to press releases and Mergerlinks data. Financial terms were not disclosed.

Goldman Sachs Alternatives is advised by Jefferies & Company, Lazard, and White & Case. Mace Group is advised by UBS and Linklaters, according to press releases and Mergerlinks data.

Gimv to invest in Hemink.

Gimv, a European investment company, agreed to invest in Hemink, a provider of finishing, and sustainable renovation and maintenance of real estate, according to press releases. Financial terms were not disclosed.

Gimv is advised by Loyens & Loeff (led by Anke van Holthe tot Echten), according to press releases and Mergerlinks data.

General Catalyst and Square Peg led a $150m round in Aidoc.

General Catalyst, an investment firm, and Square Peg, a venture capital firm, led a $150m round in Aidoc, a company that develops artificial intelligence tools for radiologists and multidisciplinary patient treatment, with participation from NVentures, Hartford HealthCare, Mercy, Sutter Health and WellSpan Health, according to press releases.

One Rock Capital among final bidders for BP’s Castrol business. (Reuters)

One Rock Capital Partners, a US private equity firm, is one of the few remaining contenders to acquire BP’s Castrol lubricants unit.

The firm is bidding for the entire business, while Canada Pension Plan Investment Board—also interested—is reportedly seeking only a minority stake.

JD.com nears decision on bid for Germany’s Ceconomy. (Bloomberg)

JD.com is close to deciding on a potential offer to acquire German electronics retailer Ceconomy, with a proposed bid of around €4.60 ($5.00) per share—representing a 23% premium to its recent €3.75 ($4.08) closing price.

The Chinese e-commerce company is weighing the move as part of its broader expansion strategy.

Cinven, KKR, and Providence consider €5bn exit from MasOrange (PE Insights)

Cinven, KKR, and Providence Equity Partners are exploring a sale of their 50% stake in Spanish telecom joint venture MasOrange, in a potential deal valued at over €5bn ($5.9bn).

Orange, which holds the remaining 50%, is also considering a partial or full buyout. Talks are at an early stage.

France’s FRR launches €500m private equity mandate focused on domestic growth. (PE Insights)

France’s pension reserve fund, Fonds de Réserve pour les Retraites, is launching up to €500m ($544m) in private equity fund-of-funds mandates, seeking to appoint one or two managers on long-term discretionary terms.

The strategy will target the French mid-market, with at least 80% of investments allocated to companies based in France. The remaining 20% may go to firms in the EEA, UK, or Switzerland. Underlying funds must be under €300m ($327m) and focused on small and mid-sized businesses with strong growth potential.

Sony considers divesting cellular chipset unit amid entertainment pivot. (Reuters)

Sony Group is exploring a potential sale of its cellular chipset business, Sony Semiconductor Israel, as it shifts focus toward its entertainment division.

The Japanese tech and entertainment conglomerate is working with investment bankers on the early-stage process.

APAC

Actis completes the acquisition of Barghest Building Performance.

Actis, a growth markets investor in sustainable infrastructure, completed the acquisition of Barghest Building Performance, an Energy-Savings-as-a-Service provider for heating, ventilation, and air conditioning (HVAC) systems in Asia, according to press releases. Financial terms were not disclosed.

BlackRock’s GIP in talks to acquire 40% stake in Aboitiz InfraCapital. (DealStreetAsia)

Global Infrastructure Partners, part of BlackRock, is in discussions to acquire a 40% stake in Aboitiz InfraCapital, the infrastructure unit of Philippine conglomerate Aboitiz Group.

The deal is part of a broader strategic partnership between GIP and Aboitiz Equity Ventures and remains subject to due diligence and regulatory approval. If completed, it would rank among the largest foreign equity investments in Philippine infrastructure in recent years. Financial terms were not disclosed.

SoftBank-backed InMobi targets $1bn IPO in India. (Bloomberg)

InMobi, a mobile advertising platform backed by SoftBank, is planning to raise up to $1bn through an initial public offering in India.

The company intends to appoint arrangers for a listing in Mumbai and file its draft prospectus with regulators later this year. InMobi is aiming for a valuation between $5bn and $6bn, though discussions are ongoing and plans have not yet been finalized.

Brandon Capital closes sixth fund at AUD439m to back biomedical innovation. (Press Release)

Brandon Capital, a leading life sciences venture capital firm in Australasia, has announced the final close of its sixth fund, Brandon BioCatalyst Fund Six (BB6), totaling AUD439m.

The fund is backed by existing investors Hesta, Host Plus, CSL, and QIC, alongside new commitments from the Western Australia Government and the National Reconstruction Fund Corporation (NRFC), Australia’s sovereign manufacturing investor. BB6 will focus on advancing early-stage biomedical technologies into high-growth companies that improve human health.

Daily Review

Connect the World of Dealmakers