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Top Highlights
Sanmina, an integrated manufacturing solutions company, completed the acquisition of the data center infrastructure manufacturing business of ZT Systems, a provider of Cloud and AI infrastructure to the world's largest hyperscalers, for $3bn, according to press releases.
Sanmina was advised by Bank of America, Foros, A&O Shearman (led by Daniel Mitz) and Joele Frank (led by Jed Repko). Financial advisor was advised by Alston & Bird (led by Stuart Rogers). Debt financing was provided by Bank of America. AMD was advised by Morgan Stanley and Latham & Watkins (led by Tad Freese), according to press releases.
Huntington Bancshares, a regional bank holding company, agreed to acquire Cadence Bank, a regional bank headquartered in Houston, Texas and Tupelo, Mississippi, in a $7.4bn deal, according to press releases.
Cadence Bank is advised by Keefe Bruyette & Woods and Sullivan & Cromwell. Huntington Bancshares is advised by Bank of America, Evercore and Wachtell Lipton Rosen & Katz (led by Edward D. Herlihy, Nicholas G. Demmo and Brandon C. Price), according to press releases.
Blackstone, an alternative asset manager, completed the acquisition of Shermco, a provider of full life-cycle electrical equipment services, from Gryphon Investors, a middle-market private investment firm, for $1.6bn, according to press releases.
Shermco was advised by Harris Williams & Co, Kirkland & Ellis, and Lambert & Co (led by Caroline Luz). Blackstone was advised by JP Morgan, Stifel (led by Michael Carr) and Vinson & Elkins (led by Jordan Fossee and Robert Hughes), according to press releases.
Deal Round up
AMERICAS
SoftBank approves remaining $22.5bn of OpenAI investment. ( Reuters)
Novo-backed MapLight raises $259m in US IPO placement. ( Bloomberg)
EMEA
KKR makes surprise move to brew up Costa Coffee bid. ( Sky News)
Greencore-Bakkavor merger faces UK antitrust concerns over chilled sauces. ( Reuters)
APAC
Burger King owner is said to shortlist CPE and HSG for China stake. (Bloomberg)
India's Lenskart eyes up to $8bn IPO valuation. ( Reuters)
Huawei EV partner Seres seeks $1.7bn in HK listing. ( Bloomberg)
Fractal Analytics said to plan $555m India IPO next month. ( Bloomberg)
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AMERICAS
KPS Capital Partners, an American investment company, agreed to acquire a majority stake in Ketjen, a manufacturer of catalyst solutions used to process crude oil and renewable feedstocks into fuels and chemicals, from Albemarle, a diversified chemicals company engaged in producing lithium, bromine, and catalyst solutions for global industries, according to press releases. Financial terms are not disclosed.
KPS was advised by Paul Weiss Rifkind Wharton & Garrison, and Raymond James. Debt financing was provided by Barclays, Jefferies & Company, BNP Paribas, and Santander, according to press releases.
Kemmons Wilson Hospitality Partners, a hospitality-focused investment management firm, and Ascendant Capital Partners, a vertically integrated real estate investment, development and operating platform, agreed to acquire Sotherly Hotels, the owner of a portfolio of full-service hotels located in the high-growth markets of the Southern US, for $46.3m, according to press releases.
Sotherly Hotels is advised by Piper Sandler, and Frost Brown Todd (led by Jeffrey Hallos and James Giesel). KWHP is advised by Bass Berry & Sims (led by Richard Mattern), Milbank, and Berkadia Real Estate Advisors. Ascendant is advised by Gasthalter & Co (led by Nathaniel Garnick), according to press releases.
American Water, a water and wastewater utility company, agreed to merge with Essential Utilities, a water, wastewater and natural gas provider, in a $63bn deal, according to press releases.
American Water is advised by Bank of America, Skadden Arps Slate Meagher & Flom, and Joele Frank. Essential is advised by Moelis & Co, Gibson Dunn & Crutcher, and Joele Frank, according to press releases.
Novartis, a Swiss multinational pharmaceutical company, agreed to acquire Avidity Biosciences, a biotechnology company focused on developing a new class of targeted RNA therapeutics, according to press releases. Financial terms are not disclosed.
Avidity Biosciences is advised by Goldman Sachs, Barclays, Kirkland & Ellis, and Joele Frank (led by Tim Lynch), according to press releases and MergerLinks data.
Sunwave Health, a software company specializing in behavioral health software solutions, agreed to merge with Lightning Step, a technology company specializing in behavioral health and addiction treatment solutions, according to press releases. Financial terms are not disclosed.
BVP Forge, Level Equity, Blueprint Equity, and Gallant Capital Partners will invest in the combined company.
Sunwave Health was advised by Aeris Partners and Pillsbury Winthrop Shaw Pittman. Lightning Step was advised by Gibson Dunn & Crutcher. BVP Forge was advised by Gibson Dunn & Crutcher. Level Equity and Blueprint Equity were advised by Aeris Partners, according to press releases.
Equitable, a financial services organization, agreed to acquire Stifel Independent Advisors, an independent broker-dealer and a registered investment adviser, from Stifel, a full service brokerage and investment banking firm, according to press releases. Financial terms are not disclosed.
Equitable is advised by Eversheds Sutherland. Stifel is advised by Bryan Cave Leighton Paisner, according to press releases.
Voyager Technologies, a defense and space technology company that develops and provides mission-critical systems and solutions, completed the acquisition of ExoTerra Resource, an aerospace company engaged in developing space propulsion systems, according to press releases. Financial terms were not disclosed.
SoftBank approves remaining $22.5bn of OpenAI investment. ( Reuters)
SoftBank has approved a $22.5bn second installment to complete its planned $30bn investment in OpenAI. The funding is contingent on OpenAI completing a corporate restructuring that would enable a future public offering.
The payment would bring total funding in OpenAI’s $41bn round, announced in April, to full completion. SoftBank previously committed $10bn earlier this year, with the remaining $30bn tied to OpenAI’s transition to a for-profit structure by year-end. If that restructuring fails, SoftBank’s total investment could be reduced to $20bn.
Novo-backed MapLight raises $259m in US IPO placement. ( Bloomberg)
MapLight Therapeutics, backed by Novo Holdings, raised $258.9m through a US initial public offering and private placement, marking the first listing since the government shutdown.
The biotech company, which develops treatments for neurological disorders, sold 14.75m shares at $17 each. Affiliates of Goldman Sachs funds will also buy 476,707 shares at the IPO price in a separate placement.
EMEA
Sydbank, a banking company, agreed to acquire Arbejdernes Landsbank and Vestjysk Bank, two financial and banking services companies based in Denmark, according to press releases. Financial terms were not disclosed.
Arbejdernes Landsbank is advised by SEB Corporate Finance and Bruun & Hjejle. Vestjysk Bank is advised by Deloitte and Accura. Sydbank is advised by SEB Corporate Finance and Gorrissen Federspiel (led by Bo Holse), according to press releases.
KKR makes surprise move to brew up Costa Coffee bid. ( Sky News)
KKR has rejoined talks to acquire Costa Coffee from The Coca-Cola Company, in a surprise move after previously appearing to drop its interest in the auction.
Coca-Cola, advised by Lazard, is holding discussions with several bidders, including Bain Capital and TDR Capital. The sale could value Costa at around £1.5bn ($2bn), significantly below the £3.9bn ($5.2bn) Coca-Cola paid in 2021. Coca-Cola plans to retain Costa’s ready-to-drink business. Costa operates more than 2k UK stores and over 3k globally, with 2023 revenue of £1.2bn ($1.7bn).
Greencore-Bakkavor merger faces UK antitrust concerns over chilled sauces. ( Reuters)
Britain’s Competition and Markets Authority (CMA) reports the proposed £1.2bn ($1.6bn) merger between convenience food makers Greencore and Bakkavor could reduce competition in the supply of own-label chilled sauces in the UK. The regulator noted the merged entity would become one of the largest players in the category, leaving only two smaller competitors, 2 Sisters Food Group and Billington Foods, as significant constraints.
The CMA cleared the deal in the Italian chilled ready-meals and salads markets, citing adequate remaining competition. Greencore and Bakkavor have until November 3 to propose remedies, with both firms expecting to complete the transaction in early 2026.
APAC
Burger King owner is said to shortlist CPE and HSG for China stake. ( Bloomberg)
Restaurant Brands International has shortlisted Chinese private equity firms CPE and HSG as final bidders for a controlling stake in Burger King’s China business.
A buyer could be selected and announced as early as later this month alongside the company’s earnings release. Discussions remain ongoing, and a final agreement has not yet been reached.
India's Lenskart eyes up to $8bn IPO valuation. ( Reuters)
India’s largest eyewear retailer Lenskart plans to raise up to $828m in its November IPO, targeting a valuation of INR695bn ($7.9bn). The offering, backed by SoftBank, Kedaara Capital, and Temasek, will include INR21.5bn in new shares and the sale of 128m shares by existing investors.
Founded in 2010, the company operates over 2,7k stores globally. Lenskart is expanding across India, Southeast Asia, and the Middle East, while investing in AI-powered eye testing and smart eyewear through a partnership with Qualcomm. The IPO runs October 31–November 4.
Huawei EV partner Seres seeks $1.7bn in HK listing. ( Bloomberg)
Chinese electric vehicle maker Seres Group, a partner of Huawei, has begun taking investor orders for its planned Hong Kong listing, seeking to raise up to HKD13.2bn ($1.7bn).
The Chongqing-based company is offering 100m shares at a price of up to HKD131.50 each, with an option to expand the deal by 32% to HKD17.4bn.
Fractal Analytics said to plan $555m India IPO next month. ( Bloomberg)
Fractal Analytics is preparing to launch an IPO in India next month that could raise INR49bn ($555m).
The artificial intelligence and analytics firm has started meeting potential investors and is targeting a valuation of around $3bn.
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