Silver Lake completes the acquisition of a 51% stake in Altera from Intel for $4.46bn.

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AMERICAS

Seven2 completes the acquisition of a majority stake in HRK LUNIS from J.C. Flowers.

Seven2, a European private equity firm, completed the acquisition of a majority stake in HRK LUNIS, a German independent wealth management platform, from J.C. Flowers, a private investment firm, according to press releases. Financial terms were not disclosed.

HRK LUNIS was advised by Ernst & Young and Houlihan Lokey. Seven2 was advised by Alvarez & Marsal, Rothschild & Co (led by Andrea Notaro, Pascal Muehlberger and Martin Suter) and Latham & Watkins (led by Dominik Waldvogel and Oliver Felsenstein). J.C. Flowers was advised by Houlihan Lokey, Noerr (led by Uwe Brendler and Volker Land) and Lambert & Co (led by Jennifer Hurson), according to MergerLinks data and press releases.

Thoma Bravo completes the acquisition of Olo for $2bn.

Thoma Bravo, a software-focused private equity firm, completed the acquisition of Olo, a restaurant technology provider, for $2bn, according to press releases.

Olo was advised by Goldman Sachs (led by Timothy Ingrassia), Goodwin Procter (led by John Egan) and ICR. Goldman Sachs was advised by Fried Frank Harris Shriver & Jacobson (led by Roy Tannenbaum and Philip Richter). Thoma Bravo was advised by Morgan Stanley, Kirkland & Ellis (led by Bradley Reed) and FGS Global (led by Akash Lodh), according to MergerLinks data and press releases.

GHO Capital completes the acquisition of Scientist.com.

GHO Capital, the specialist investor in global healthcare, completed the acquisition of Scientist.com, the AI-powered R&D orchestration platform, according to press releases. Financial terms were not disclosed.

Scientist was advised by Union Square Advisors and Wilson Sonsini Goodrich & Rosati. GHO was advised by Clearview Healthcare Partners, Deloitte, Ropes & Gray, ICR (led by Amber Fennell) and West Monroe Partners, according to MergerLinks data and press releases.

Platinum Equity to acquire PlayPower from Littlejohn & Co.

Platinum Equity, a private equity firm, agreed to acquire PlayPower, a designer and manufacturer of recreational and outdoor living systems, from Littlejohn & Co, a private equity firm focused on leveraged buyout transactions, leveraged recapitalizations of middle-market companies and distressed securities, according to press releases. Financial terms were not disclosed.

PlayPower is advised by Jamieson. Platinum Equity is advised by Goldman Sachs and Simpson Thacher & Bartlett. Littlejohn & Co is advised by Lincoln International, Gibson Dunn & Crutcher and Gasthalter & Co (led by Nathaniel Garnick), according to press releases.

Parker Hannifin completes the acquisition of Curtis Instruments from Platinum Equity-backed Rehlko for $1bn.

Parker Hannifin, a producer of hydraulic and pneumatic systems, completed the acquisition of Curtis Instruments, a manufacturer of motor speed controllers, from Platinum Equity-backed Rehlko, a holding company, for $1bn, according to press releases.

Parker Hannifin was advised by Guggenheim Partners, Eversheds Sutherland (led by Amanda J. Partland) and Jones Day (led by Jared Hasson). Rehlko was advised by Bank of America (led by Bill Young), Goldman Sachs and Gibson Dunn & Crutcher (led by Christopher R. Harding and Matthew Dubeck), according to press releases.

GrowthCurve Capital completes the acquisition of PlanHub.

GrowthCurve Capital, a private equity firm, completed the acquisition of PlanHub, a cloud-based software platform for commercial construction professionals, according to press releases. Financial terms were not disclosed.

PlanHub was advised by Houlihan Lokey and Wilson Sonsini Goodrich & Rosati. GrowthCurve Capital was advised by Lincoln International, William Blair & Co, Davis Polk & Wardwell (led by John D. Amorosi and Darren M. Schweiger) and Gagnier Communications (led by Dan Gagnier), according to press releases.

GTCR to acquire SimpliSafe from Hellman & Friedman.

GTCR, a private equity firm, agreed to acquire SimpliSafe, a smart home security systems provider, from Hellman & Friedman, a private equity firm, according to press releases. Financial terms were not disclosed.

SimpliSafe is advised by JP Morgan, Raymond James and Goodwin Procter. GTCR is advised by Kirkland & Ellis. Hellman & Friedman is advised by Simpson Thacher & Bartlett, according to press releases.

Riverspan Partners completes the acquisition of United Titanium.

Riverspan Partners, a private equity firm, completed the acquisition of United Titanium, manufacturer and supplier of specialty metal fasteners, fittings, custom parts, and mill products, according to press releases. Financial terms were not dislcosed.

United Titanium was advised by KeyBanc Capital Markets and BakerHostetler. Riverspan Partners was advised by Lincoln International, Latham & Watkins and FGS Global, according to press releases.

Lone View Capital completes the investment in Jumpmind.

Lone View Capital, a private equity firm, completed the investment in Jumpmind, a provider of data integration and data synchronization software solutions for retailers, according to press releases. Financial terms were not disclosed.

Jumpmind was advised by ScaleView Partners and LUTZ Public Relations (led by Erin Lutz). Lone View Capital was advised by Harris Williams & Co, Massumi + Consoli and Edelman (led by Edelman Smithfield), according to press releases.

AmTrust Financial Services to spin-off certain MGA assets and fee businesses.

AmTrust Financial Services, a company that provides insurance protection, warranty programs and risk management expertise, agreed to spin-off certain MGA assets and fee businesses. Blackstone Credit & Insurance will acquire a majority stake in the spun-off businesses and partner with AmTrust in their operations, according to press releases. Financial terms were not disclosed.

Blackstone is advised by Latham & Watkins (led by Stelios Saffos). AmTrust is advised by Evercore, Paul Weiss Rifkind Wharton & Garrison (led by Adam M. Givertz), Ketchum Sampark and Rein4ce (led by Mairi Mallon), according to press releases and MergerLinks data.

Blackstone to acquire Hill Top Energy Center from Ardian for $1bn.

Blackstone Energy Transition Partners, a private equity business specializing in energy transition and infrastructure, agreed to acquire Hill Top Energy Center, a 620-megawatt natural gas power plant in Pennsylvania, from Ardian, a global private investment firm, for $1bn, according to press releases.

Blackstone is advised by Houlihan Lokey, Santander and Kirkland & Ellis (led by Ahmed Sidik). Ardian is advised by H/Advisors Abernathy, according to press releases.

Tailwind Capital completes the investment in DMD Systems Recovery.

Tailwind Capital, a private equity firm, completed the investment in DMD Systems Recovery, a provider of complete it asset disposition services, including decommissioning, logistics, inventory management, data destruction, value recovery, electronics recycling, and more, according to press releases. Financial terms were not disclosed.

Tailwind Capital was advised by Martinwolf, Godfrey & Kahn and FGS Global. DMD Systems Recovery was advised by Polsinelli, according to press releases.

Astira Capital Partners completes the acquisition of Altus from ARMStrong.

Astira Capital Partners, a private equity firm, completed the acquisition of Altus, a provider of commercial receivables management solutions, from ARMStrong, a provider of commercial accounts receivable management and related insurance services, according to press releases. Financial terms were not disclosed.

Astira Capital Partners was advised by Houlihan Lokey and Kirkland & Ellis. ARMStrong was advised by Guggenheim Partners and Greenberg Traurig, according to press releases.

General Atlantic completes the investment in OSEA Malibu.

General Atlantic, a global investor, completed the investment in OSEA Malibu, a skincare brand, according to press releases. Financial terms were not disclosed.

OSEA was advised by Raymond James and Sidley Austin. General Atlantic was advised by Paul Weiss Rifkind Wharton & Garrison (led by Neil Goldman), according to MergerLinks data and press releases.

Insight Partners to acquire Solovis from Nasdaq.

Insight Partners, a global investor, agreed to acquire Solovis, a financial technology platform, from Nasdaq, a global technology company. Financial terms were not disclosed.

Solovis and Nasdaq are advised by Skadden Arps Slate Meagher & Flom (led by Jeffrey Brill). Nasdaq is advised by Evercore. Insight Partners is advised by Willkie Farr & Gallagher, according to MergerLinks data and press releases.

Keensight Capital to acquire a majority stake in Isto Biologics from Thompson Street Capital Partners.

Keensight Capital, a private equity manager, agreed to acquire a majority stake in Isto Biologics, a medtech company developing and manufacturing orthobiologic products, from Thompson Street Capital Partners, a middle-market private equity firm, according to press releases. Financial terms were not disclosed.

Keensight is advised by Headland Consultancy (led by Stephanie Ellis). Thompson Street is advised by Gregory FCA (led by Jeremy Milner), according to press releases.

Sheridan Capital Partners completes the investment in National Care Systems.

Sheridan Capital Partners, a healthcare private equity firm, completed the investment in National Care Systems, a provider of revenue cycle management software, according to press releases. Financial terms were not disclosed.

Sheridan Capital was advised by Robert W Baird, Sidley Austin and Stanton PRM, according to press releases.

Leeds Equity-backed 95 Percent Group completes the acquisition of All About Learning Press.

Leeds Equity-backed 95 Percent Group, a trusted source for comprehensive, proven literacy programs, completed the acquisition of All About Learning Press, a provider of structured, multisensory literacy products for homeschool families and educators, according to press releases. Financial terms were not disclosed.

All About Learning Press was advised by Angle Advisors. Leeds Equity was advised by Polsinelli, according to press releases.

Inverness Graham-backed Treat Planet completes the acquisition of Bosco & Roxy's.

Inverness Graham-backed Treat Planet, an eco-friendly pet products producer, completed the acquisition of Bosco & Roxy's, a pet store, according to press releases. Financial terms were not disclosed.

Bosco & Roxy's was advised by Ernst & Young. Inverness Graham was advised by Faegre Drinker Biddle & Reath, according to press releases.

Argosy Private Equity and Bluejay Capital-backed BWT Logistics completes the acquisition of RAZR Logistics from Johnson Storage & Moving.

Argosy Private Equity and Bluejay Capital-backed BWT Logistics, a national third party logistics, warehousing and transportation company, completed the acquisition of RAZR Logistics, a contract logistics and on-demand warehousing provider, from Johnson Storage & Moving, a full service provider moving & storage of household goods, according to press releases. Financial terms were not disclosed.

Bluejay was advised by RAM Communications (led by Ron Margulis), according to press releases.

Thompson Street Capital Partners-backed ATIS completes the acquisition of elevator inspection business of Technical Inspection Agency USA.

Thompson Street Capital Partners-backed ATIS, a provider of elevator and escalator consulting, inspections, and managed services across North America, completed the acquisition of elevator inspection business of Technical Inspection Agency USA, a provider of a full range of inspection, consulting, and maintenance management services for elevators, escalators, moving walks, dumbwaiters, and lifts, according to press releases. Financial terms were not disclosed.

Thompson Street Capital Partners was advised by Gregory FCA, according to press releases.

Brookfield in talks to buy Yes! Communities in $10bn deal. (DealStreetAsia)

Brookfield Asset Management is in advanced talks to acquire Yes! Communities, a US landlord of manufactured homes, from Singapore’s GIC in a transaction valued at more than $10bn.

Negotiations have been ongoing for months but the deal has not yet been finalized.

Franklin Templeton predicts slowdown in investment management deals. (FT)

Franklin Templeton anticipates a slowdown in investment management mergers, as traditional asset managers with lower public valuations encounter difficulty acquiring faster-growing private capital firms. The widening gap between valuations is making large-scale transactions increasingly challenging.

The firm is increasingly turning to partnerships with private capital groups, including DigitalBridge, Copenhagen Infrastructure Partners, and Actis, as a way to access infrastructure and renewable investments without pursuing costly acquisitions, while still gaining exposure to private market opportunities.

Blackstone and TPG revive interest in buying Hologic. (Reuters)

Private equity firms Blackstone and TPG renewed their interest in acquiring medical diagnostics company Hologic in what could be one of the largest healthcare take-private deals this year.

Talks between the parties have been on and off over the past year and could still fall apart. Compensation terms for Hologic's CEO Steve MacMillan and recent stock depreciation are viewed by investors as incentives for a sale.

TikTok buyers to include Oracle, Silver Lake and Andreessen. (Bloomberg)

TikTok’s US operations would be acquired by a consortium including Oracle, Andreessen Horowitz, and private equity firm Silver Lake under a deal set for discussion between President Donald Trump and Chinese President Xi Jinping.

The framework, unveiled after two days of US-China talks in Madrid, would establish a US-based version of the popular social media app, with Oracle, Andreessen, and Silver Lake taking stakes in the new venture.

Cybersecurity firm Netskope lifts IPO price range, eyes $7.3bn valuation.
(Reuters)

Netskope is seeking a valuation of up to $7.3bn in its U.S. IPO after raising its price range to $17–$19 a share, aiming to raise as much as $908m. The new target moves the firm closer to the $7.5bn valuation it reached in a 2021 funding round led by ICONIQ.

The Santa Clara-based cybersecurity company is the second major sector listing in New York this year, with investor demand supported by stricter data privacy rules and rising AI-driven threats.

Five Point-backed WaterBridge raises $634m in US IPO. (Reuters)

WaterBridge Infrastructure raised $634m in its US initial public offering, marking another sign of momentum in the listings market. The Houston-based oilfield water management company sold 31.7m shares at $20 each, the top of its $17–$20 range, giving it a valuation of $2.3bn.

The debut comes during a busy period for IPOs, with StubHub, Netskope and Pattern also preparing to list this week, highlighting renewed investor appetite for new offerings.

Alliance Laundry files for IPO to cut debt. (Bloomberg)

Alliance Laundry, backed by BDT & MSD Partners, has filed for an initial public offering, outlining plans to raise equity to help reduce its debt.

The commercial washer and dryer manufacturer reported net income of $48m on revenue of $837m for the six months ended June 30, compared with $68m in net income on $729m in revenue during the same period last year.

EMEA

I Squared Capital to acquire a majority stake in ENTEK for $800m.

I Squared Capital, an infrastructure investment manager, agreed to acquire a majority stake in ENTEK, a global manufacturer of battery separators, for $800m, according to press releases.

ENTEK is advised by William Blair & Co, Holland & Knight and Troutman Pepper Locke. I Squared is advised by Kirkland & Ellis and Brunswick Group (led by Alex Yankus), according to press releases.

AtlasInvest and Reggeborgh led a €105m round in Aukera.

AtlasInvest, a private investment company focused on the energy sector, and Reggeborgh, an investment company, led a €105m ($123m) round in Aukera, a renewable energy company focused on leading the global transition to clean energy across Europe, with participation from SFPIM, according to press releases.

Aukera was advised by MW&L Capital Partners and Rothschild & Co, according to press releases.

Azzurra Capital to acquire a 25% stake in Proger for €222m.

Azzurra Capital, an international private equity firm, agreed to acquire a 25% stake in Proger, an engineering company, for €222m ($263m), according to press releases.

Proger is advised by Mediobanca, according to press releases.

Baird Capital completes the $53m investment in EvoluteIQ.

Baird Capital, an investment firm, completed the $53m investment in EvoluteIQ, a native AI platform that can be used to automate end-to-end processes across any industry, according to press releases.

EvoluteIQ is advised by Rothschild & Co, according to MergerLinks data.

TPG and Sanabil led a $157m Series B round in HALA.

TPG and Sanabil, venture capital firms, led a $157m Series B round in HALA, a fintech company, with participation from QED, Raed Ventures, Impact 46, Middle East Venture Partners, Isometry Capital, Arzan VC, BNVT Capital, Kaltaire Investments, Endeavor Catalyst, Nour Nouf Ventures, Khwarizmi Ventures, and Wamda Capital, according to press releases.

Patrick Drahi set to restart sale of stake in €10bn French broadband business.
(FT)

Drahi is preparing to restart the sale of his controlling stake in French broadband network XpFibre, with alternative asset managers KKR, GIP, and Ardian among potential buyers. Other investors, including Australian firm IFM and Canadian pension fund La Caisse, are also reported to be considering bids.

Drahi controls 50.01% of XpFibre through Altice France and is targeting a valuation near €10bn for the fibre network, which serves more than 7m homes. The sale forms part of efforts to reduce debt at Altice France while maximizing value for other shareholders.

Verisure files for €3.1bn IPO, Europe's biggest since 2022. (Bloomberg)

Alarm firm Verisure plans to raise about €3.1bn ($3.7bn) in an initial public offering in Stockholm, marking Europe’s largest IPO in three years.

Proceeds will be used to reduce debt and fund an acquisition, with the offering including new shares and €235m ($278m) from two existing investors. US private equity firm Hellman & Friedman, Verisure’s largest shareholder, will retain most of its stake.

APAC

KKR completes the acquisition of Hoken Minaoshi Hompo Group from Advantage Partners.

KKR, a private equity firm, completed the acquisition of Hoken Minaoshi Hompo Group, a company focused on insurance distribution and customer-facing insurance advisory services, from Advantage Partners, a private equity firm, according to press releases. Financial terms were not disclosed.

Japan's JERA in advanced talks to buy $1.7bn of US shale gas assets. (Reuters)

Japan’s top power generator JERA is the leading bidder for natural gas assets in the US valued at about $1.7bn. The assets, in the Haynesville basin, are held by GEP Haynesville II, a joint venture between GeoSouthern Energy, backed by Blackstone, and Williams Companies.

The potential purchase reflects Japan’s effort to secure long-term energy supplies from the US, following recent trade agreements and growing interest in shale and gas production.

Shareholders of $1bn PhilTower are said to explore sale. (Bloomberg)

Shareholders of PhilTower, one of the Philippines’ largest telecommunications tower operators, are exploring a potential sale and seeking a valuation of at least $1bn. The move reflects growing investor interest in the country’s telecom infrastructure amid rising mobile data demand.

Macquarie Capital, Manila Electric Company, and Stonepeak Partners are working with financial advisers and have reached out to potential buyers, including other funds and industry players, to gauge interest. A final decision on a transaction has not yet been made.

CVC in talks to buy KKR’s Avendus stake. (Bloomberg)

CVC Capital Partners is in early talks to buy KKR’s 63% stake in Mumbai-based Avendus Capital after Mizuho’s attempt stalled.

A deal would mark a major PE exit in India’s financial services sector and give Avendus a global backer to support growth in advisory and asset management.

A Starbucks China sale will be bittersweet. (Reuters)

Starbucks is weighing bids that value its China operations at around $5bn, roughly half the multiple at which the $94bn parent trades. The steep discount reflects the coffee chain’s struggles in the market, where competition, shifting consumer preferences and geopolitical tensions have weighed on performance.

The company is selling a controlling stake, with interest from Carlyle, EQT, HongShan Capital and Boyu Capital. Offers so far value the unit at no more than 10 times its expected $500m in EBITDA this year, underscoring the gap between the parent’s valuation and its China business.

Chip firm UTAC's planned sale draws interest from Sinar Mas and TCL.
(Bloomberg)

Private equity firm Wise Road Capital has shortlisted bidders for the potential sale of semiconductor assembly and testing company UTAC Holdings. The move comes as the firm explores options to monetize its stake in the Singapore-based chip services provider.

Among the potential buyers are Indonesian conglomerate Sinar Mas Group, Chinese electronics firm TCL Technology Group, and chipmaker United Nova Technology, all of which are reportedly considering binding offers. UTAC provides assembly, testing, and packaging services for semiconductors, a sector benefiting from growing global demand for chips.

China Southern Power is said in talks to buy Chile's Transelec. (Bloomberg)

China Southern Power Grid is in advanced discussions to acquire a controlling stake in Chilean power transmission company Transelec, potentially one of the largest Chinese outbound deals of 2025 year.

The state-owned electricity operator, which already owns nearly 28% of Transelec, is exploring a joint bid with Latin America-focused asset manager Patria Investments and a Chinese sovereign wealth fund for stakes held by three Canadian pension funds.

TA Associates is said to delay OmniActive sale on tariff concern. (Bloomberg)

TA Associates is delaying the planned sale of its majority stake in India’s OmniActive Health Technologies, amid uncertainty over the impact of US tariffs on the business.

The private equity firm, which owns a controlling interest in the dietary supplements, food, and drinks maker, may now wait until at least 2026 before launching a formal sale process. The postponement reflects caution over market conditions and potential trade-related risks affecting OmniActive’s exports.

Temasek’s global unit to seek big deals, ditch smaller holdings. (Bloomberg)

Temasek Holdings’ newly created global investments unit will largely avoid smaller deals as it looks to manage fewer positions in a challenging investing environment, incoming president Nagi Hamiyeh said. The Singapore state-owned investor’s unit will target transactions in the €500m–€1bn ($590m–$1.2bn) range.

Hamiyeh, appointed to lead Temasek Global Investments, will oversee S$155bn ($121bn) in assets as of March, about 36% of the firm’s portfolio. The unit will begin operations on April 1 as part of a wider reorganization.

Carlyle-backed Orion Breweries prices upsized IPO at highest end. (Bloomberg)

Orion Breweries priced its initial public offering at ¥850 per share, the top of its indicated range, after shareholders boosted the number of shares for sale. The offering will raise about ¥26.9bn ($183m), including the overallotment option.

The Okinawa-based brewer, best known for its premium beers and strong regional presence, is attracting strong investor demand. Institutional investors including M&G Investment Management and Neuberger Berman expressed interest in the listing, reflecting confidence in Orion’s growth prospects as it seeks to expand beyond its home market.

Zijin Gold said to draw GIC, Millennium as investors for Hong Kong IPO. (Bloomberg)

GIC, Millennium Management and Hillhouse Investment are among major investors set to back Zijin Gold International’s initial public offering in Hong Kong. BlackRock, Fidelity International and Baillie Gifford are also cornerstone investors expected to take about half of the IPO shares.

The strong lineup signals high demand for what will be the world’s biggest listing since May. Zijin Gold plans to start taking orders from other investors and the public in a deal that may raise more than $3bn.

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