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

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AMERICAS

Boost Run to go public via a SPAC merger with Willow Lane Acquisition.

Boost Run, a rapidly growing provider of AI Cloud Infrastructure and high performance compute, agreed to go public via a SPAC merger with Willow Lane Acquisition, a publicly traded special purpose acquisition company, according to press releases. Financial terms were not disclosed.

Boost Run is advised by Winston & Strawn (led by Michael J. Blankenship). Willow Lane is advised by BTIG, Craig-Hallum Capital Group, D.A. Davidson & Co, Ellenoff Grossman & Schole, Riveron and Vested, according to press releases.

CVC DIF to acquire Carma and Spectrum Building Services from TerraNova Partners.

CVC DIF, a global mid-market infrastructure equity fund manager, agreed to acquire Carma, a Canadian submetering provider, and Spectrum Building Services, a building services platform, from TerraNova Partners, a private equity firm, according to press releases. Financial terms were not disclosed.

Carma is advisd by Jefferies & Company, Stikeman Elliott, Stuart Moore Staub and MNP. CVC DIF is advised by National Bank Financial, Davies Ward Phillips & Vineberg and Leo Berwick, according to press releases.

RFA Capital to merge with Artis Real Estate Investment Trust.

RFA Capital, a Canadian financial services organization, agreed to merge with Artis Real Estate Investment Trust, a real estate investment trust, according to press releases. Financial terms were not disclosed.

Artis is advised by CIBC World Markets, Haywood Securities and Norton Rose Fulbright. RFA Capital is advised by BMO Capital Markets, Borden Ladner Gervais (led by Gus Karantzoulis) and Torys, according to press releases and MergerLinks data.

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.

NBHC to merge with Vista Bank in a $369m deal.

National Bank Holdings Corporation, the holding company for NBH Bank, agreed to merge with Vista Bank, a full-service commercial bank, in a $369m deal, according to press releases.

NBHC is advised by Keefe Bruyette & Woods and Wachtell Lipton Rosen & Katz (led by Mark F. Veblen). Vista is advised by Jefferies & Company and Squire Patton Boggs, according to press releases.

Bluestar Alliance to acquire Dickies from VF Corporation for $600m.

Bluestar Alliance, a brand management firm, agreed to acquire Dickies, an iconic American heritage brand, from VF Corporation, a branded lifestyle apparel company, for $600m, according to press releases.

VF Corporation is advised by UBS and Davis Polk & Wardwell (led by Marc O. Williams), according to press releases and MergerLinks data.

CloserStill Media completes the acquisition of Billington CyberSecurity.

CloserStill Media, a producer of market-leading business events, exhibitions and conferences, completed the acquisition of Billington CyberSecurity, an organizer of the leading US public sector cybersecurity conferences and events, according to press releases. Financial terms were not disclosed.

Billington CyberSecurity was advised by BrightTower, according to press releases and MergerLinks data.

Seibu Prince Hotels Worldwide completes the acquisition of Ace Group for $90m.

Seibu Prince Hotels Worldwide, a Tokyo-based hospitality operator, completed the acquisition of Ace Group, a hospitality group firm, for $90m, according to press releases.

Anglo American and Codelco finalise $5bn Chilean copper mines deal. (Reuters)

Anglo American and Chile’s state-owned Codelco have finalized an agreement to jointly operate their neighboring copper mines, targeting at least $5bn in value. The move unites two of the world’s biggest copper producers to improve efficiency and extend mine life.

The partnership covers Codelco’s Andina mine and Anglo’s Los Bronces mine near Santiago, building on a memorandum signed in February. It is designed to optimize resources and strengthen output as global demand for copper continues to rise.

Canada's antitrust regulator to review Anglo-Teck merger. (Reuters)

Canada’s Competition Bureau will review the proposed $53bn merger between Anglo American and Teck Resources, assessing potential anticompetitive effects. The regulator confirmed it will also consult suppliers, competitors and buying groups as part of the process.

The deal, announced earlier this month, would create the mining industry’s second-largest merger. Anglo operates a diamond mine in Canada, while Teck runs the Highland Valley Copper mine in British Columbia.

Family offices managing $727bn embrace private equity. (Bloomberg)

Citigroup’s family office clients are increasingly pursuing higher-risk investments in private markets to boost returns, despite global trade uncertainty. Startups are among the most sought-after opportunities, reflecting a shift toward direct company stakes.

A survey of 346 family offices with an average net worth of $2.1bn found that nearly three-quarters of firms are targeting direct acquisitions, highlighting growing interest in hands-on private market investing, Citi reported.

Performance Food and US Foods agree to evaluate potential deal. (Bloomberg)

Performance Food Group and US Foods have agreed to share information on a potential combination that could create a distribution firm with roughly $100bn in sales. The companies are exploring the strategic benefits of a deal, including potential cost synergies and operational efficiencies.

The agreement allows both firms to evaluate regulatory requirements and market implications, though it does not guarantee that a transaction will be proposed. A combination would bring together two of the largest food distributors in the US, reshaping the competitive landscape of the sector.

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.

Trump says US has a buyer for TikTok. (Reuters)

The US and China have reached an agreement that would transfer TikTok’s American assets from ByteDance to US ownership, potentially resolving a dispute that has dragged on for nearly a year. The deal, covering an app with 170m US users, marks progress in easing tensions between the world’s two largest economies after months of negotiations.

Details of the buyer group have not been disclosed, and the transaction may still require approval by Congress. Lawmakers passed legislation in 2024 mandating TikTok’s divestiture over concerns that US user data could be accessed by Beijing for surveillance or influence campaigns.

StubHub resells IPO tickets at an undue premium. (Reuters)

StubHub has revived its IPO, targeting a $9bn valuation with shares priced at $22–$25 each. At the top end, the company would be worth about 50 times projected 2025 EBITDA, a steep premium over rivals like Live Nation and Airbnb.

Fresh filings show first-half revenue up 3% to $828m while net losses widened to $76m. Despite strong demand for live events and a new MLB partnership, falling cash flow and higher costs highlight the risks behind its ambitious pricing.

StubHub is advised by JPMorgan, according to press releases.

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.

EMEA

Audax-backed Rensa Filtration completes the acquisition of IREMA-Filter and Aeolus Filter from PINOVA Capital.

Audax Private Rensa Filtration, a designer, manufacturer and distributor of highly engineered, consumable air filtration solutions, completed the acquisition of IREMA-Filter, a manufacturer of innovative and synthetic filtration solutions, and Aeolus Filter, a synthetic filtration solutions provider, from PINOVA Capital, an independent private equity company, according to press releases. Financial terms were not disclosed.

Rensa Filtration was advised by Harris Williams & Co, Robert W Baird (led by Steve Guy), Oppenhoff & Partner Rechtsanwaelte, and Ropes & Gray. PINOVA Capital was advised by Stephens and CMS, according to press releases and MergerLinks data.

CSL to invest $117m in VarmX.

CSL, a biotechnology company, agreed to invest $117m in VarmX, a biotech firm, according to press releases.

VarmX is advised by UBS, NautaDutilh and Vigo Communications (led by Rozi Morris), according to press releases.

Al-Futtaim completes the acquisition of 49.99% stake in Cenomi Retail for SAR2.5bn.

Al-Futtaim, a global group in automotive, real estate, and retail, completed the acquisition of 49.99% stake in Cenomi Retail, a company that offers a wide range of fashion and lifestyle products, for SAR2.5bn ($666m), according to press releases.

Cenomi was advised by Lazard. Al-Futtaim was advised by JP Morgan, according to MergerLinks data.

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.

Saipem in early talks to sell Subsea drone assets to Fincantieri. (Bloomberg)

Saipem is in preliminary discussions to sell some robotics and underwater assets to shipbuilder Fincantieri ahead of its planned merger with Norway’s Subsea 7. The move forms part of Saipem’s review of strategic options for its non-core businesses.

Italy’s government is involved to ensure key assets remain in the country, the people said. The discussions are tentative and could fall through, as Saipem evaluates whether to pursue a full sale or explore a joint venture partnership.

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.

Thyssenkrupp gets offer from India's Jindal for steel unit. (Bloomberg)

Thyssenkrupp has received a non-binding takeover offer from India’s Jindal for its steel division, marking a new phase in the ongoing search for a buyer.

The company will review the proposal while weighing the division’s long-term viability, green transition initiatives, and potential effects on employment at its sites. Past bids have highlighted the unit’s significant investment requirements and substantial pension obligations.

Oman Fertilizer firm is said to prepare for possible Muscat IPO. (Bloomberg)

Oman India Fertiliser has begun early preparations for a potential listing in Muscat, part of the sultanate’s broader push to privatize state-linked companies and deepen its capital markets. A deal would add to a pipeline of offerings aimed at attracting foreign investment and diversifying the economy.

The fertilizer producer, known as OMIFCO, has sent requests for proposals to banks to advise on the potential listing. Deliberations are still at an early stage and details such as size and timing have not yet been finalized.

APAC

MedcoEnergi to acquire a 80% stake in South Sakakemang from Repsol.

MedcoEnergi, an Indonesian oil and gas company, agreed to acquire a 80% stake in South Sakakemang, a production sharing contract for oil and gas operations, from Repsol, an energy company. Financial terms were not disclosed, according to press releases.

MedcoEnergi to acquire a 45% stake in Sakakemang from Repsol.

MedcoEnergi, an Indonesian oil and gas company, agreed to acquire a 45% stake in Sakakemang, a production sharing contract for oil and gas operations, from Repsol, an energy company, Financial terms were not disclosed, according to press releases.

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.

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.

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.

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.

Philippine port operator ICTSI eyes more emerging market deals. (Bloomberg)

International Container Terminal Services is pursuing additional acquisitions in emerging markets, capitalizing on shifting trade flows driven by the tariff war. The Philippine port operator is targeting opportunities in regions including southern Africa and Latin America.

ICTSI Executive Vice President Christian Gonzalez highlighted that the company remains active in pursuing deals and is seeking to expand its footprint in key emerging markets, reflecting a broader strategy to grow its global port operations.

Gold miner seeks $284m in largest Indonesia IPO 2025 year. (Bloomberg)

PT Merdeka Gold Resources plans to raise INR4.66tn ($284m) in what would be Indonesia’s largest initial public offering this year. The gold miner is offering 1.62bn shares, representing a 10% stake, at INR2.8k each, near the upper end of the marketed range of INR1.8k to INR3,020.

The IPO comes as Indonesia’s gold mining sector attracts strong investor interest, driven by rising global gold prices and demand for precious metals. Proceeds from the offering are expected to support Merdeka’s ongoing exploration and development projects.

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.

MMC Ports is said to begin meeting IPO investors this week. (Bloomberg)

MMC Port Holdings is expected to begin investor education for its planned initial public offering as early as this week, in what would be Malaysia’s largest IPO since 2012. The company operates key ports in Malaysia and aims to attract institutional investors ahead of the listing.

Pre-deal meetings with major investors are expected to continue until October 3, during which MMC Ports will outline its investment case, business strategy, and valuation. The process is part of a broader effort to generate interest and ensure a successful debut on the Malaysian stock market.

Medical-device maker Mindray picks Huatai and JPMorgan for Hong Kong listing. (Bloomberg)

Shenzhen Mindray Bio-Medical Electronics, China’s largest medical device maker, has selected banks for its planned Hong Kong listing. The IPO marks the company’s effort to tap public markets for growth capital and expand its presence in the medical technology sector.

Huatai Securities and JP Morgan are handling the share sale, with the possibility of additional banks joining at a later stage. Mindray, known for its diagnostic and monitoring equipment, is positioning the offering to attract both regional and international investors amid strong demand for healthcare technology companies.

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