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AMERICAS

Vesterra Capital Partners completes the acquisition of PHFM from Lincolnshire Management-backed Powerhouse Services.

Vesterra Capital Partners, a private equity company, completed the acquisition of PHFM, a nationwide facilities maintenance and exterior services provider, from Lincolnshire Management-backed Powerhouse Services, a provider of nationwide facility maintenance and exterior services to multi-site business customers, according to press releases. Financial terms were not disclosed.

Vesterra Capital Partners was advised by Citizens M&A, Piper Sandler and Paul Hastings. Lincolnshire Management and Powerhouse Services were advised by Robert W Baird and Kirkland & Ellis, according to press releases.

Brookfield to acquire Aypa Power from Blackstone Energy Transition Partners at $7bn valuation.

Brookfield, an alternative asset management company, agreed to acquire Aypa Power, a company that develops, owns, and operates utility-scale energy storage and hybrid renewable energy projects, from Blackstone Energy Transition Partners, an energy-focused private equity business, at $7bn valuation, according to press releases.

Blackstone Energy Transition Partners and Aypa Power are advised by Bank of America, Cantor Fitzgerald and Kirkland & Ellis. Brookfield is advised by White & Case, according to press releases.

Platinum Equity and Nestle to form a $5.6bn joint venture.

Platinum Equity, an private equity investment firm, and Nestle, a multinational food and drink processing conglomerate corporation, agreed to form a $5.6bn joint venture, Peranel, focused on waters and premium beverages business, according to press releases.

Platinum Equity is advised by Bank of America and Latham & Watkins. Nestle is advised by Deutsche Bank and Brunswick Group, according to press releases and MergerLinks data.

TECfusions to go public via SPAC merger with Apex Treasury Corp at $4.2bn valuation.

TECfusions, an AI infrastructure company, agreed to go public via SPAC merger with Apex Treasury Corp, a publicly traded special purpose acquisition company, at $4.2bn valuation, according to press releases.

TECfusions is advised by Revere Securities and Paul Hastings. Apex Treasury Corp is advised by Sidley Austin and Alliance Advisors, according to press releases.

Progress Software to acquire Domo for $400m.

Progress Software, a software company, agreed to acquire Domo, an AI and data products platform, for $400m, according to press releases.

Domo is advised by Jefferies & Company and Goodwin. Progress Software is advised by Citigroup and DLA Piper, according to press releases.

Vita Coco completes the acquisition of Copra for $175m.

Vita Coco, a high-growth platform of better-for-you beverage brands, completed the acquisition of Copra, a producer of super-premium Thai Nam Hom coconut water, for $175m, according to press releases.

Vita Coco was advised by Whipstitch Capital and Cooley. Copra was advised by Evercore and Ballard Spahr, according to press releases.

Northrim BanCorp to merge with PBCO Financial Corporation in a $167m deal.

Northrim BanCorp, a provider of retail and commercial banking services, agreed to merge with PBCO Financial Corporation, a community bank, in a $167m deal, according to press releases.

Northrim BanCorp is advised by Hovde Group and Accretive Legal. PBCO Financial Corporation is advised by D.A. Davidson & Co and Hunton Andrews Kurth, according to press releases.

Matador Resources Company to acquire Paloma Resources from EnCap Investments for $1.275bn.

Matador Resources Company, an independent US energy company, agreed to acquire Paloma Resources, a Houston-based private oil and gas company, from EnCap Investments, an private equity firm, for $1.275bn, according to press releases.

Matador Resources Company is advised by Baker Botts. Paloma Resources and EnCap Investments are advised by RBC Capital Markets and Vinson & Elkins, according to press releases.

USA Rare Earth to acquire 13.6% stake in Carester.

USA Rare Earth, a supplier of rare earth element magnets for green energy and technology, agreed to acquire 13.6% stake in Carester, a French specialist in rare earth recycling, and separation technologies, according to press releases. Financial terms were not disclosed.

USA Rare Earth is advised by Moelis & Co, Latham & Watkins and Latham & Watkins, according to press releases.

Tinicum completes an investment in GracoRoberts.

Tinicum, a private equity firm and investment firm, completed an investment in GracoRoberts, a company specializing in the distribution, formulation, and packaging of aerospace specialty chemicals, according to press releases. Financial terms were not disclosed.

GracoRoberts was advised by Harris Williams & Co and Holland & Knight. Tinicum was advised by Goodwin, according to press releases.

Brookfield to acquire Gregg Distributors for CAD1.6bn.

Brookfield, an alternative asset management company, agreed to acquire Gregg Distributors, an industrial supply distributor offering a wide range of MRO products and related services, for CAD1.6bn, according to press releases.

Brookfield is advised by RBC Capital Markets and Davies Ward Phillips & Vineberg (led by Kevin Greenspoon and Patrick G Barry), according to press releases.

Fundamental Advisors completes the acquisition of BlueSky Helicopters.

Fundamental Advisors, an alternative investment manager, completed the acquisition of BlueSky Helicopters, an aerial services operator, according to press releases. Financial terms were not disclosed.

Fundamental Advisors were advised by Joele Frank (led by Jonathan Keehner and Madeline Jones), according to press releases.

Cable One faces 12% yield to fund buyout after debt swap stalls. (Bloomberg)

Cable One is seeking financing to complete the acquisition of the remaining 55% stake in Mega Broadband Investments from private equity firm GTCR, after efforts to restructure debt at the target reportedly stalled. JP Morgan is marketing a roughly $1bn loan package to fund the purchase and refinance existing Cable One debt obligations.

The financing is expected to come at a high cost, with lenders demanding yields approaching 12%, reflecting concerns over the target’s debt profile and broader pressures in the broadband sector. The transaction is being driven by a put option that gives GTCR the right to sell its remaining stake to Cable One, requiring the company to complete the buyout despite challenging financing conditions.

Mexico City pozole chain Casa de Toño explores sale on expansion pitch. (Bloomberg)

La Casa de Toño, the family-owned Mexican restaurant chain known for its pozole-focused menu, is exploring a sale in a transaction that could value the business at more than $400m.

The chain has built a presence in Mexico City and surrounding areas, and a transaction could attract interest from investors looking to capitalize on growth in Mexico’s consumer and restaurant sectors. Discussions are ongoing, and no deal is guaranteed at this stage.

Alphabet posts $98bn in second-quarter investment gains. (Bloomberg)

Alphabet reported $98bn in investment gains in the second quarter, driven primarily by unrealized gains on its equity securities. The gain significantly boosted reported profits, helping push earnings per share to $9.11, well above analyst expectations of $2.90 per share.

The company did not disclose the specific investments responsible for the windfall. The gains were recorded within Alphabet’s investment portfolio rather than its core operating businesses, highlighting the impact that movements in the value of its equity holdings can have on reported earnings.

EMEA

Bregal Sagemount to acquire majority stake in ATOZ Services.

Bregal Sagemount, a growth-focused private capital firm, agreed to acquire majority stake in ATOZ Services, a provider of a full suite of corporate and tax compliance services, according to press releases. Financial terms were not disclosed.

Bregal Sagemount is advised by Goodwin. ATOZ Services is advised by Robert W Baird and A&O Shearman, according to press releases.

Hg Capital completes the investment in Street Group at £200m valuation.

Hg Capital, a private equity firm focusing in the software sector, completed the investment in Street Group, a developer of software solutions designed to modernize and improve the real estate industry through technology, at £200m valuation, according to press releases.

Street Group was advised by Alvarez & Marsal, according to press releases.

SEGRO shares rise after board yields to Prologis’s final $18.7bn takeover bid. (WSJ)

SEGRO has agreed to engage with Prologis after the US logistics property group increased its offer to £14bn ($18.7bn), following the rejection of three previous proposals. The revised bid represents a 9.5% increase over Prologis’s initial approach and has been described as its final offer.

The transaction would create one of the world's largest logistics real estate platforms, combining Prologis’s global warehouse portfolio with SEGRO’s European logistics and data-centre assets. Following the announcement, SEGRO shares rose more than 7%, with investors responding positively to the improved terms and increased likelihood of a deal proceeding.

Saipem, Subsea 7 deal may lead to price hikes, EU antitrust regulators warn. (Reuters)

Saipem and Subsea 7's proposed merger is facing an in‑depth EU antitrust investigation after regulators raised concerns that it could reduce competition in key offshore energy services markets. The combination, announced in 2025, would create a major global provider of offshore engineering, construction and subsea infrastructure services.

The European Commission said the transaction could lead to higher prices and reduced innovation, particularly in the market for SURF (subsea umbilicals, risers and flowlines) services, where the companies are among the top providers. Regulators will also examine impacts on trunkline installation and subsea decommissioning services, with a decision expected by 26 November. The companies may need to offer remedies, such as divestments or capacity reductions, to secure approval.

Samos rivals Genel Energy with $359m bid for UK's Capricorn. (Reuters)

Capricorn Energy has received a £268.8m ($359m) all-cash takeover proposal from private investment firm Samos Energy, creating a rival bid to the previously agreed $360m offer from Genel Energy. The proposal values Capricorn at 381p per share and represents a significant premium to the company's share price before takeover interest emerged.

The approach adds to a competitive bidding process for the UK-listed oil and gas producer. Capricorn said discussions with Samos are ongoing and subject to due diligence, while interest from Cafani Group remains active, highlighting continued demand for the company's energy assets.

Vitamin Well raises $2.2bn from cross-currency loan deal. (Bloomberg)

Vitamin Well has raised approximately $2.2bn through a cross-currency loan financing to support its acquisition of EMPWR Nutrition Group, the protein-bar maker. The financing consists of a $1bn US dollar term loan and an €890m ($1.0bn) euro-denominated tranche.

The loans were priced at the tight end of guidance, reflecting strong lender demand. The transaction provides funding for Vitamin Well’s expansion into the nutrition and snack categories, broadening its portfolio beyond beverages through the acquisition of EMPWR Nutrition Group.

Ford and Geely strike deal for EV production at Spanish plant. (Reuters)

Ford Motor and Geely have reportedly reached an agreement under which the Chinese automaker would acquire part of Ford’s Almussafes plant in Spain, creating a manufacturing base for electric vehicles within the European Union. The arrangement would allow Geely to produce EVs in Spain while giving Ford an opportunity to utilize excess capacity at the facility.

The deal would support Geely’s European expansion strategy, providing local production capacity and reducing reliance on vehicle imports into the EU. For Ford, the partnership could help lower fixed costs and support employment at the Almussafes plant as the company restructures its European manufacturing footprint. The agreement has not yet been formally announced, and neither company has commented on the reports.

Leicester City’s owners considering sale after struggles. (Bloomberg)

King Power International, the Thailand-based owner of Leicester City Football Club, is exploring a potential sale of the club and has hired Citigroup to advise on the process. The move comes after a challenging period for Leicester, which has faced on-field and financial pressures since its Premier League title-winning season in 2015-16.

The sale process is at an early stage, with no transaction guaranteed. A deal would add to ongoing interest in professional sports franchises from institutional investors and private capital, reflecting the growing appeal of football clubs as global media and entertainment assets.

Airtel mobile-money unit picks London for listing location. (Bloomberg)

Airtel Africa has selected London as the primary listing venue for the IPO of its mobile-money business, with the company expecting the unit to begin trading later in 2026. The decision confirms earlier reports that Airtel was evaluating a London market debut for the fast-growing financial services operation.

The IPO is intended to unlock value in the mobile-money business, which previous reports have valued at more than $10bn. The unit provides digital payments, transfers and other financial services across Airtel Africa’s markets, and the listing would rank among the more significant fintech-related offerings linked to the African market.

Revolut confirms $115bn valuation in latest share sale. (Bloomberg)

Revolut has launched a secondary share sale for employees that values the fintech company at $115bn, confirming a significant increase from the $75bn valuation achieved in a similar transaction less than a year ago. The process allows eligible employees to sell shares, providing liquidity while establishing a new benchmark valuation for the business.

The secondary sale values Revolut shares at approximately $2.017k each and highlights continued investor confidence in the company’s growth trajectory. The transaction does not involve the issuance of new shares, with stock being sold by existing holders rather than the company raising fresh capital.

McCormick will add London listing after Unilever food deal. (Bloomberg)

McCormick has chosen London as the location for a secondary listing following its $44.8bn acquisition of Unilever’s food business. The move gives the combined company a European market presence and represents a boost for London's stock market, which secured the listing over rival venues including Amsterdam.

The transaction, the largest in the histories of both companies, will create a global supplier of seasonings, sauces and condiments. The deal is expected to strengthen McCormick’s position in packaged foods while enabling Unilever to focus more heavily on its beauty, personal care and home care operations.

easyJet shares slump after report on EU ownership rules review. (Bloomberg)

easyJet shares fell sharply after a report that the European Union is reviewing airline ownership rules, raising questions about the viability of potential takeover approaches from US investors. The stock dropped as much as 15%, its largest intraday decline in about four years, amid concerns that tighter scrutiny of foreign ownership structures could complicate any future bid.

The reported review would focus on preserving majority EU ownership and control of airlines, a key requirement for carriers operating within the bloc. The development comes as easyJet has attracted takeover interest from US investment firms, with investors assessing whether regulatory constraints could limit the prospects of a transaction.

Francisco Partners closes $21bn across flagship and agility funds. (Press Release)

Francisco Partners has closed $21bn in commitments across its latest flagship and middle-market technology funds, marking the largest fundraising in the firm's history. The raise includes Francisco Partners VIII and Francisco Partners Agility IV, both of which exceeded their initial targets of $14bn and $3.5bn, respectively.

The funds will continue Francisco Partners' strategy of investing in technology and technology-enabled businesses, leveraging the firm's sector-focused approach across software, cybersecurity, healthcare technology and other digital industries. The fundraising brings the firm's total capital raised to more than $75bn, and highlights continued institutional investor appetite for technology-focused private equity despite a challenging fundraising environment.

APAC

Temasek-backed property firms’ merger talks are said to stall. (Bloomberg)

CapitaLand Investment and Mapletree Investments, two of Singapore’s largest property asset managers and both backed by Temasek, have reportedly slowed discussions on a potential merger due to concerns including valuation.

A combination of the two groups would have created one of Asia’s largest real estate investment managers, but talks have stalled after months of negotiations. No final decision has been made, and discussions could resume, though the companies are currently not actively advancing the proposed transaction.

TSMC supplier LCY says KKR to exit, allowing faster growth. (Bloomberg)

LCY Group, a supplier of specialty chemicals to TSMC and Intel, said private equity firm KKR plans to gradually exit its investment in the company, according to chairman Bowei Lee. The move would increase the influence of the founding family and provide greater flexibility for the business to pursue its next phase of growth.

LCY intends to accelerate expansion of its semiconductor materials operations, a key area of focus amid rising demand from the global chip industry. While KKR is expected to sell stakes in LCY Chemical and affiliated businesses over time, the company has not disclosed potential buyers or the timing of any transactions.

China’s Semight said to mull Hong Kong listing after 2,200% stock rise. (Bloomberg)

Semight Instruments, a Chinese maker of semiconductor testing equipment, is considering a secondary listing in Hong Kong. The company has held discussions with potential advisers after its shares surged approximately 2,200% following its Shanghai IPO in April, increasing its market capitalization to nearly $29bn.

The potential Hong Kong listing would provide Semight with access to a broader pool of international investors and additional funding for growth. The company raised CNY2.1bn ($310m) in its Shanghai IPO, and discussions regarding the timing, size and structure of a possible Hong Kong offering remain ongoing.

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