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Top Highlights
Silver Lake and CPPIB-backed Qualtrics, an experience management company, completed the acquisition of Press Ganey Forsta, a provider of experience technology, data analytics, and insights, for $6.75bn, according to press releases.
Qualtrics was advised by BDT & MSD Partners, BMO Capital Markets, Centerview Partners (led by Jonathan Mandel, David J. Hess and Steven Markovich), Citigroup, Deutsche Bank, Goldman Sachs, JP Morgan (led by Nick Richitt), KKR Capital Markets, Mizuho Securities, Morgan Stanley, RBC Capital Markets, UBS, Wells Fargo Securities, Goodwin Procter (led by Joshua Zachariah). Debt financing was provided by BMO Capital Markets, Citigroup, Deutsche Bank, Goldman Sachs, JP Morgan, KKR Capital Markets, Mizuho Securities, Morgan Stanley, RBC Capital Markets, UBS, Wells Fargo Securities. Debt providers were advised by Simpson Thacher & Bartlett (led by Catherine Burns and Dorothy Hector). Press Ganey Forsta was advised by Barclays (led by Richard Landgarten and Jed Brody), Moelis & Co (led by Jeff Raich, Ryan Bell and Richard Harding) and Latham & Watkins (led by David E. Owen, John Giouroukakis and Jordan Miller), according to press releases and MergerLinks data.
Schroders Greencoat, the specialist renewables and energy transition infrastructure manager of Schroders Capital, completed the acquisition of APF Energy, a growing biomethane platform in the Netherlands, from SWEN Capital Partners, a Paris-based asset management firm, and APF, a Dutch renewable energy developer and founding shareholder, according to press releases. Financial terms were not disclosed.
Schroders Greencoat was advised by Eversheds Sutherland, PricewaterhouseCoopers, PA Consulting, Voltiq and Haskoning. Schroders Capital was advised by Sodali & Co and Steele and Holt (led by Esteban Mayan Torres and Noémie Brami). SWEN Capital Partners was advised by Deloitte, Green Giraffe Advisory, Clifford Chance and DNV, according to press releases and MergerLinks data.
Shibaura Machine, a machinery manufacturing company, agreed to acquire Nanotech, a manufacturer of ultra‑precision machining systems, according to press releases. Financial terms were not disclosed.
Shibaura Machine is advised by TrueNorth Capital Partners, Anderson Mori & Tomotsune and Covington & Burling. Nanotech is advised by Houlihan Lokey and DLA Piper, according to press releases.
AMERICAS
Analog Devices nears $1.5bn acquisition of Empower Semiconductor. ( Bloomberg)
Tenstorrent draws takeover interest from Intel and Qualcomm. ( Bloomberg)
Clear Street CEO exits as firm cuts jobs after scrapped IPO plans. ( Bloomberg)
EMEA
Fraikin exploring sale at up to €3bn valuation. (Bloomberg)
Germany launches sale process for Uniper after bailout. ( Reuters)
Uber increases Delivery Hero stake, leaves door open to takeover. ( FT)
BioMar set for Copenhagen’s biggest IPO since 2018. ( Bloomberg)
APAC
Copenhagen Infrastructure Partners and GPSC weigh sale of Taiwan wind farm. ( Bloomberg)
Moonshot AI to overhaul structure ahead of Hong Kong IPO. ( Bloomberg)
Fosun picks banks for potential Club Med Hong Kong IPO. ( Bloomberg)
Linkerbot considers Hong Kong IPO for robotic hand business. ( Bloomberg)
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COMPANIES
FINANCIAL ADVISORS
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AMERICAS
Hull Street Energy, a US-based private equity firm, agreed to acquire the US operations of FirstLight, a clean energy company that owns and operates hydroelectric generation and energy storage assets, from PSP Investments, a Canadian pension fund investment manager, according to press releases. Financial terms were not disclosed.
Hull Street Energy is advised by DLA Piper and Troutman Pepper Locke. PSP Investments is advised by Evercore, Foley Hoag and Latham & Watkins, according to press releases.
American International Group, a global insurance company, agreed to acquire Everest Colombia, an insurance company, from Everest Group, a global underwriting and reinsurance company, according to press releases. Financial terms were not disclosed.
American International Group is advised by Evercore, Brigard Urrutia and Willkie Farr & Gallagher. Everest Group is advised by Debevoise & Plimpton (led by David Grosgold and Megan Arrogante), according to press releases and MergerLinks data.
NMI, a payment technology company, completed the acquisition of Dwolla, a payment infrastructure provider, according to press releases. Financial terms were not disclosed.
NMI was advised by Berenson & Co and PAN Communications (led by Audrey Surette). Dwolla was advised by Keefe Bruyette & Woods, according to press releases.
Argano, a global digital services consultancy firm, completed the acquisition of Gaea Global Technologies, a consulting firm, according to press releases. Financial terms were not disclosed.
Argano was advised by Ernst & Young, Kirkland & Ellis and Edelman (led by Jessica Resnick-Ault), according to press releases.
Syntrio, a provider of internet connectivity and managed IT services, completed the acquisition of the fiber-optic assets from Tri-County Electric Cooperative, an electric utility cooperative providing electricity distribution services, according to press releases. Financial terms were not disclosed.
Syntrio was advised by Bank Street Group and Jackson Walker, according to press releases.
Bernhard Capital-backed Aventia, a provider of comprehensive environmental consulting and field services, completed the acquisition of ECM Consultants, an engineering and construction management firm, according to press releases. Financial terms were not disclosed.
Blackstone, an alternative asset manager, and Google, an American multinational technology company, agreed to form a joint venture, to develop and operate data centre infrastructure. Blackstone is committing approximately $5bn to the venture, according to press releases.
Boston Scientific, a global medical technology company, completed the acquisition of a 34% stake in MiRus, a US-based medtech company developing biomaterials and implantable devices for cardiovascular and orthopedic treatments, for $1.5bn, according to press releases.
Gideon Strategic Partners, a financial services company, and Nimble Partners, a multi-stage venture capital platform, led a $170m Series B funding round in RADAR, a retail technology company providing AI-powered, real-time inventory tracking solutions for physical stores, with participation from Align Ventures, according to press releases.
Wynnchurch Capital-backed Eastern Metal Supply, a manufacturer and distributor of aluminum extrusions and sheet products, completed the acquisition of American Metals Supply, a wholesale distributor of sheet and coil steel, according to press releases. Financial terms were not disclosed.
Wynnchurch Capital and Eastern Metal Supply were advised by Foley & Lardner, according to press releases.
Inox Clean Energy, the integrated renewable energy platform of the INOXGFL Group, agreed to acquire the North Carolina assets of Boviet Solar, a Tier 1 global solar technology company, for $750m, according to press releases.
Boviet Solar is advised by JP Morgan, according to MergerLinks data.
Stryker, a medical technology firm, completed the acquisition of Amplitude Vascular Systems, a privately held medical technology company developing a next-generation intravascular lithotripsy platform designed to treat calcified peripheral arterial disease, for up to $835m, according to press releases.
Accenture, a multinational professional services company, completed the investment in Aera Technology, a decision intelligence software company, according to press releases. Financial terms were not disclosed.
Analog Devices nears $1.5bn acquisition of Empower Semiconductor. ( Bloomberg)
Analog Devices is in advanced talks to acquire Empower Semiconductor in a cash deal valued at about $1.5bn.
A transaction could be announced as soon as May 26 as the chipmaker looks to expand its semiconductor capabilities.
Tenstorrent draws takeover interest from Intel and Qualcomm. ( Bloomberg)
AI chip startup Tenstorrent has attracted early acquisition interest from companies including Intel and Qualcomm amid growing competition in the artificial intelligence semiconductor market.
The company develops chips designed to run certain AI workloads more efficiently as industry demand for alternative AI hardware providers increases.
Clear Street CEO exits as firm cuts jobs after scrapped IPO plans. ( Bloomberg)
Clear Street is cutting more than 50 jobs and replacing its Chief Executive as the brokerage firm restructures after shelving IPO plans earlier in 2026.
Senior executives, including Chief Experience Officer John Levene, have also departed as the company shifts strategy.
EMEA
BlueFive Capital, an Abu Dhabi-based global alternative investment platform, completed the acquisition of a 49% stake in Massar Solutions, a UAE-based provider of transportation and mobility services, from TAQA, a government-controlled energy and utilities company from the UAE, according to press releases. Financial terms were not disclosed.
TAQA was advised by PJT Partners, according to MergerLinks data.
AD Ports Group, a UAE-based integrated port, logistics, and trade infrastructure company, agreed to acquire MBS Logistics, a global freight forwarding and supply chain management company, for €70m ($81m), according to press releases.
Mehiläinen, a Nordic healthcare services provider, agreed to acquire Aleris, a Nordic healthcare provider offering medical, diagnostic and elderly care services, from Triton Partners, a private equity firm, according to press releases. Financial terms were not disclosed.
Fraikin exploring sale at up to €3bn valuation. ( Bloomberg)
French commercial vehicle rental company Fraikin is exploring a potential sale that could value the business at as much as €3bn ($3.5bn).
The company’s owners are working with Bank of America and Lazard on the process and have begun sounding out investor interest.
Germany launches sale process for Uniper after bailout. ( Reuters)
Germany has started the sale process for Uniper in a deal that could become one of Europe’s largest transactions in 2026.
The move marks the beginning of Berlin’s exit from the energy group following its €13.5bn ($15.7bn) bailout during the 2022 energy crisis.
Uber increases Delivery Hero stake, leaves door open to takeover. ( FT)
Uber has increased its stake in Delivery Hero to 19.5% and said it also holds options representing an additional 5.6% interest.
The move makes Uber the food delivery company’s largest shareholder and comes amid broader consolidation across the sector, though Uber said it has no current plans to seek control.
BioMar set for Copenhagen’s biggest IPO since 2018. ( Bloomberg)
Schouw has launched the IPO of fish feed producer BioMar in what could become Copenhagen’s largest listing since 2018.
The offering could raise up to DKK2.72bn ($423m) and values the aquafeed producer at as much as $1.7bn.
APAC
Copenhagen Infrastructure Partners and GPSC weigh sale of Taiwan wind farm. ( Bloomberg)
Copenhagen Infrastructure Partners and Thailand’s Global Power Synergy are considering a potential sale of the Changfang and Xidao offshore wind farm project in Taiwan.
The companies are working with advisers on options that could include a full sale or disposal of a stake in the venture.
Moonshot AI to overhaul structure ahead of Hong Kong IPO. ( Bloomberg)
Moonshot AI has told investors it plans to restructure its corporate setup to support a future Hong Kong IPO and comply with tighter Chinese overseas listing rules.
The company will begin dismantling its red-chip structure as Beijing increases scrutiny of offshore holding arrangements used by Chinese firms.
Fosun picks banks for potential Club Med Hong Kong IPO. ( Bloomberg)
Fosun International has selected BNP Paribas, HSBC and JP Morgan to work on a planned Hong Kong IPO of holiday resort operator Club Med.
The offering could raise at least $500m as Fosun advances listing preparations for the resort chain.
Linkerbot considers Hong Kong IPO for robotic hand business. ( Bloomberg)
Linkerbot, a Chinese developer of dexterous robotic hands, is considering a Hong Kong IPO that could raise several hundred million dollars.
The company has hired China Merchants Bank International, Citic Securities and HSBC to work on the potential listing, which could take place in 2026.
Bain Capital has completed the final close of Asia Fund VI with $10.5bn in total capital, exceeding its original $7bn target.
The fund includes about $9.1bn of external commitments and marks 20 years of the firm’s private equity investing operations in Asia.
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