Silgan and American Industrial Partners to acquire Trivium Packaging from OTPP and Ardagh in a $3.4bn deal.

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AMERICAS

TTM Technologies to acquire the Ophir Optics business of MKS for $650m.

TTM Technologies, a global manufacturer of printed circuit boards, agreed to acquire the Ophir Optics business of MKS, a technology solutions provider serving semiconductor manufacturing, for $650m, according to press releases.

TTM Technologies is advised by Citigroup, Arnon Tadmor-Levy and Polsinelli, according to press releases.

Centrus Energy completes the acquisition of Westerman for $116m.

Centrus Energy, a nuclear fuel and services company, completed the acquisition of Westerman, an engineering and manufacturing company, for $116m, according to press releases.

Centrus Energy was advised by Barclays and Wachtell Lipton Rosen & Katz (led by Joshua Cammaker), according to MergerLinks data and press releases.

Trace Capital and Innovation X led a $1.5bn Series E round in Tenstorrent.

Trace Capital, an investment company, and Innovation X, a premier late-stage venture capital firm, led a $1.5bn Series E round in Tenstorrent, a developer of application-specific integrated circuit processors designed to provide training and adaptability to algorithms, with participation from Agostinelli Group, ARK Invest, Brett Barna, Cadence Ventures, Eclipse, Fidelity Management & Research Company, Maverick Silicon, Morgan Stanley, Protagonist, SanDisk, T. Rowe Price, Tether Investments, Troluce Capital, Virtu Financial, and XTX Markets, according to press releases.

Tenstorrent was advised by Salient PR (led by Justin Mauldin), according to press releases.

Brookfield’s $2.53bn bid for Reliance Worldwide clears ‘go shop’ hurdle. (Reuters)

Reliance Worldwide said no rival bidder emerged during the go-shop period attached to Brookfield Capital Partners’ proposed acquisition, prompting the board to reaffirm its unanimous recommendation for shareholders to support the deal.

Brookfield has agreed to acquire the Australian plumbing supplies company for $3.38 per share in cash, valuing it at $2.53bn. With the go-shop period now ended, customary no-shop and no-talk restrictions have come into effect.

SoftBank in talks to buy US security group Allied Universal. (FT)

SoftBank is in early-stage talks to acquire Allied Universal in a deal that could value the security services group at close to $30bn including debt. Allied, which owns G4S, is backed by Warburg Pincus and La Caisse, which together own more than two-thirds of the company.

The potential acquisition would deepen Masayoshi Son’s push into robotics and AI, including plans to use autonomous robots in security services and Allied’s exposure to data centre security. SoftBank is already buying ABB Robotics for $5.4bn and is seeking up to $100bn for a fund focused on acquiring companies that can be transformed using AI.

CoreWeave CEO sold nearly $1bn of stock since IPO, filings show. (Reuters)

CoreWeave CEO Michael Intrator and entities linked to him have sold more than 10m shares worth nearly $1bn since the AI cloud company’s IPO in March 2025. Most of the sales were made under prearranged trading plans, while roughly $40m was related to sell-to-cover transactions for taxes on vested stock.

The disposals come as CoreWeave rapidly expands its data center footprint and spending on Nvidia chips, with a revenue backlog above $129bn and annual capital expenditure forecast at $35bn-$39bn. Investor concerns have focused on the debt required to finance that expansion.

AI firm Nscale faces investor pushback over IPO valuation. (Bloomberg)

Nscale is facing investor resistance to the roughly $30bn valuation it has been seeking for its planned IPO, following a tougher market backdrop for AI-related listings.

Some investors have indicated that a valuation in the $16bn-$19bn range would be more likely to attract demand, citing recent setbacks including the collapse of Australian AI data center company Firmus’ IPO plan. The Nvidia-backed company develops large-scale AI data center infrastructure.

Evercore appoints co-presidents for the first time in leadership reshuffle. (FT)

Evercore has named Nigel Dawn and Naveen Nataraj as co-presidents from 2027, the first time the investment bank has used the role, while CEO and board chair John Weinberg has agreed to remain in place for at least another three years. The appointments position Dawn and Nataraj as potential long-term successors, although Evercore said no succession decision has been made.

The reshuffle reflects Evercore’s expansion beyond traditional M&A into private capital advisory, equity capital markets and structured finance, alongside international growth including its $196m acquisition of Robey Warshaw. The firm now has almost 190 senior managing directors in investment banking, up by about 70 over the past three years.

EMEA

Merck to acquire Silence Therapeutics for $1.1bn.

Merck, a pharmaceutical and chemicals company, agreed to acquire Silence Therapeutics, a clinical-stage biotechnology company, for $1.1bn, according to press releases.

Merck is advised by A&O Shearman. Silence Therapeutics is advised by Centerview Partners, Morgan Stanley, Cooley and Joele Frank (led by Alexandra Benedict and Aaron Palash), according to press releases.

Red Cat to acquire Steyr Motors for €205m.

Red Cat, a provider of advanced all-domain drone and robotic solutions for defense and national security, offered to acquire Steyr Motors, a manufacturer of diesel engines, for €205m ($230m), according to press releases.

Red Cat is advised by Evercore, Freshfields, Indicate Media (led by Peter Moran) and Solebury Strategic Communications (led by Ankit Hira), according to MergerLinks data and press releases.

New Private Equity completes a minority investment in ONE group solutions.

New Private Equity, a technology-focused private equity firm, completed a minority investment in ONE group solutions, a provider of third-party fund management company, according to press releases. Financial terms were not disclosed.

ONE group was advised by PricewaterhouseCoopers and Vertumnus. New Private Equity was advised by PricewaterhouseCoopers, White & Case and AlixPartners, according to press releases.

DKSH to acquire NewBridge Pharmaceuticals for $390m.

DKSH, a market expansion services company, agreed to acquire NewBridge Pharmaceuticals, a healthcare commercialization platform for specialty and rare disease medicines, for $390m, according to press releases.

DKSH is advised by UBS. NewBridge is advised by Jefferies & Company, according to MergerLinks data and press releases.

Primary Health Properties and GIC to form a joint venture.

Primary Health Properties, a real estate investment trust, and GIC, a sovereign wealth fund, agreed to form a joint venture, according to press releases.

Primary Health Properties is advised by Sodali & Co (led by Elly Williamson and Madeleine Gordon-Foxwell), according to press releases.

Rheinmetall and MSC to acquire the Romanian Mangalia shipyard for €138m.

Rheinmetall, a Germany-based company that specializes in security and mobility solutions, and MSC, an international shipping line, agreed to acquire the Romanian Mangalia shipyard for €138m ($155m), according to press releases.

Panzani and Cerealis join forces to create €1.8bn European food group. (Press Release)

Panzani and Cerealis have entered exclusive negotiations to combine their businesses, creating a diversified European food group with about €1bn ($1.17bn) in annual revenue and an enterprise value of roughly €1.8bn ($2.1bn). The group would bring together complementary positions in pasta, couscous, sauces, breakfast cereals, cereal bars and biscuits across France, Iberia and Central Europe.

The transaction is intended to broaden the companies’ product range and geographic reach while preserving their existing brands, headquarters and operating autonomy. Cerealis’ founding families and Sofina would remain shareholders, while CVC Capital Partners would retain a minority stake in the combined business.

Discount retailer B&M plots offer to cherry-pick shops from rival Poundland. (Sky News)

B&M is participating in Poundland’s sale process but is interested in acquiring only a small number of stores, likely in the low double digits, as owner Gordon Brothers considers either a solvent sale or a break-up of the nearly 600-store chain.

At least two solvent bids are on the table, including one from Martin Property Group, while the Range, Lidl and Poundstretcher are also interested in selected sites. Poundland’s UK and Irish businesses could be sold separately, and Martin’s proposal would retain the store network and workforce while repaying existing loans and injecting additional turnaround capital.

VW dealer heir’s windfall fuels €3.5bn investment firm. (Bloomberg)

Olivier Perier has expanded family investment firm SPDG to about €3.5bn ($3.9bn) in net assets after selling a stake in Belgian Volkswagen distributor D’Ieteren to his cousin.

SPDG is now looking to acquire majority stakes in European companies tied to sustainable development, giving Perier fresh capacity to deploy capital following the liquidity event.

Banque du Caire seeks up to $454m in Egypt IPO. (Bloomberg)

Banque du Caire is seeking to raise up to EGP24.25bn ($454m) through the sale of a 30% stake, in what would be Egypt’s largest IPO in years.

The state-owned bank may increase the offering to as much as 45% depending on investor demand. The move follows the heavily oversubscribed listing of MNT-Halan and reflects renewed momentum in Egypt’s equity capital markets.

APAC

New Hope to acquire the remaining 74% stake in Malabar for AUD1.8bn.

New Hope, a mining company, agreed to acquire the remaining 74% stake in Malabar, an Australian resources company focused on coal exploration, for AUD1.8bn ($1.25bn), according to press releases.

New Hope is advised by Jarden, Pitt Capital Partners, Johnson Winter Slattery and Clout PR & Content (led by David McHugh). Malabar is advised by Bank of America, Allens and SEC Newgate (led by Kate Hallman), according to press releases.

EQT to acquire Cleanaway Waste Management for AUD9.3bn.

EQT, a global investment organization, agreed to acquire Cleanaway Waste Management, an integrated waste management and resource recovery company, for AUD9.3bn ($6.5bn), according to press releases.

EQT is advised by JP Morgan, RBC Capital Markets and Allens, according to MergerLinks data and press releases.

Foxconn to acquire a 50% stake in Mitsubishi Electric Mobility from Mitsubishi Electric for $727m.

Foxconn, a Taiwanese multinational electronics contract manufacturer, agreed to acquire a 50% stake in Mitsubishi Electric Mobility, a manufacturer and technology provider focused on automotive, transportation, industrial, and related electrical and electronic systems, from Mitsubishi Electric, a Japanese multinational electronics and electrical equipment manufacturing company, for $727m, according to press releases.

AIOS Tech to acquire SmartCore Holdings for $100m.

AIOS Tech, an AI and technology-driven professional service provider, agreed to acquire SmartCore Holdings, an investment holding company distributes integrated circuits and other electronic components, for $100m, according to press releases.

Challenger receives AUD11.80 per share takeover offer from Dai-ichi Life unit. (Press Release)

Challenger has received a non-binding proposal from TAL Dai-ichi Life Australia to acquire the remaining 79.5% of shares it does not already own for AUD11.80 ($8.23) per share, taking its ownership to 100%. The offer represents a 17.7% premium to Challenger’s one-month VWAP of AUD10.03 ($6.99).

The proposal remains subject to due diligence, a scheme implementation agreement, regulatory approvals and a recommendation from Challenger’s board, which is still assessing the offer. TAL Dai-ichi Life Australia is a subsidiary of Dai-ichi Life Group and currently owns 20.5% of Challenger.

India’s Jio draws about $25bn in IPO anchor investor bids, sources say. (Reuters)

Jio Platforms’ $3.2bn IPO has attracted about $25bn of bids from institutional investors including GIC, BlackRock, Fidelity and Abu Dhabi Investment Authority, with demand for the anchor tranche reaching almost 30 times the shares available.

The Reliance Industries-owned telecom, cloud and AI group is India’s largest mobile operator with more than 500m subscribers. Jio plans to use up to INR275bn ($2.90bn) of the IPO proceeds to repay or prepay borrowings at telecom subsidiary Reliance Jio Infocomm.

Korea data center IPO to test AI investor resolve after tumult. (Bloomberg)

Elice is set to debut on South Korea’s Kosdaq market after raising KRW201bn ($151m) in the exchange’s largest IPO in 2026. The Seoul-based neocloud and data center infrastructure provider priced shares at KRW90.5k ($68.00), the top of its marketed range, implying a post-listing market capitalization above KRW1tn ($751m).

The listing will test investor appetite for AI infrastructure stocks after Australian peer Firmus abruptly canceled its planned IPO earlier this month. Elice provides cloud computing and data center infrastructure aimed at supporting AI workloads.

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