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Top Highlights
SK Capital, a New York-based private investment firm, completed the investment in Swixx BioPharma, a provider of pharmaceutical commercialization services, at a €1.5bn ($1.75bn) valuation. Bain Capital Life Sciences has taken a minority investment position alongside SK Capital, while earlier investors Biocorp, Merieux Equity Partners, and HBM Healthcare Investments also reinvested, according to press releases.
SK Capital was advised by KPMG, Clearview Healthcare Partners, Rothschild & Co, Bar & Karrer (led by Christoph Neeracher and Philippe Seiler), Dentons (led by Louise Hodnett), Kirkland & Ellis and Gregory FCA (led by Daniel Abramson). Debt financing was provided by Ares Management. Swixx BioPharma was advised by Ernst & Young, Boston Consulting Group, Centerview Partners, Jefferies & Company, NautaDutilh, Walder Wyss (led by Hans-Jakob Diem) and MHP Group (led by James McFarlane and Matthew Taylor). Biocorp was advised by Homburger (led by Andreas Müller and Claude Lambert), according to press releases and MergerLinks data.
CECO Environmental, a provider of air quality and fluid handling technology, completed the merger with Thermon Group, a provider of industrial process heating solutions, in a $2.2bn deal, according to press releases.
ESAB Corporation, a global provider of connected fabrication technology, completed the acquisition of Eddyfi Technologies, a provider of non-destructive testing solutions, for $1.45bn, according to press releases.
AMERICAS
MGM Resorts confirms receipt of $48.30-per-share acquisition proposal. ( Press Release)
Estée Lauder remains open to acquisitions after Puig talks end. ( Reuters)
Genco rejects Diana Shipping’s revised takeover offer. ( Press Release)
ERock seeks to raise up to $642m in US IPO. ( Bloomberg)
Forbright seeks to raise up to $158m in US IPO. ( Bloomberg)
EMEA
Barrick weighs London listing and potential Endeavour Mining combination. ( Reuters)
Uniper attracts interest from CPPIB and EPH. ( Reuters)
Radionor explores sale at more than $3bn valuation. ( FT)
Holcim set to secure EU approval for €1.85bn Xella acquisition. ( Reuters)
CEZ shareholders approve utility restructuring plan. ( Bloomberg)
Goldman works on potential Boutiqaat IPO in Kuwait. ( Bloomberg)
APAC
Elliott builds stake in Northern Star and pushes for review. ( Bloomberg)
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AMERICAS
Thoma Bravo-backed Auctane, a major global technology and logistics company that provides e-commerce shipping, mailing, and order fulfillment software, completed the merger with WWEX Group, a third-party logistics provider of parcel and freight services. As part of the transaction, CVC and other existing WWEX Group investors, including Providence Equity Partners, Ridgemont Equity Partners and PSG, rolled over a portion of their equity and retained a significant minority stake in the combined company, which will operate as ShipStation Global, according to press releases. Financial terms were not disclosed.
WWEX Group was advised by Goldman Sachs, JP Morgan, Morgan Stanley, UBS and Latham & Watkins (led by Mikael Vardanian, Matthew Villar and Paul Kukish). Thoma Bravo was advised by Kirkland & Ellis and FGS Global (led by Akash Lodh). CVC was advised by Latham & Watkins. Providence Equity Partners was advised by Weil Gotshal and Manges (led by Ramona Nee and Jakub Wronski), according to press releases and MergerLinks data.
Nexans, a global company specializing in the design, manufacture, and service of cable systems and solutions, completed the acquisition of Republic Wire, an established American manufacturer of low-voltage copper and aluminum wire products, for up to €723m ($842m), according to press releases.
Republic Wire was advised by Deloitte and Taft Stettinius & Hollister. Nexans was advised by PJT Partners, Cleary Gottlieb Steen & Hamilton, White & Case, Havas (led by Mael Evin) and Kekst CNC (led by Thomas J. Davies and Ruth Pachman), according to press releases and MergerLinks data.
US Bancorp, a commercial bank, completed the acquisition of BTIG, a global financial services firm specializing in institutional trading, investment banking, research and related brokerage services, for $1bn, according to press releases.
BTIG was advised by Goldman Sachs, Sheumack & Co, Btig and Kirkland & Ellis (led by Rachael G. Coffey). US Bancorp was advised by Brunswick Group and Sullivan & Cromwell (led by Mitchell S. Eitel), according to press releases and MergerLinks data.
REPAY, a financial technology company providing integrated payment processing solutions, completed the acquisition of KUBRA, a provider of bill payment and customer communication management solutions, for $372m, according to press releases.
KUBRA was advised by Clifford Chance, Hearst and Financial Technology Partners (led by Steve McLaughlin and Roshan Punjabi). REPAY was advised by Truist Securities and Troutman Pepper Locke (led by Brent T. Hoard). Debt financing was provided by Truist Bank, according to press releases and MergerLinks data.
REEcycle, a rare earth element recycling company, agreed to go public via SPAC merger with Hall Chadwick Acquisition Corp, a Nasdaq-listed special purpose acquisition company, in a $400m deal, according to press releases.
REEcycle is advised by Empire Capital Partners and Perkins Coie. Hall Chadwick Acquisition Corp is advised by Cohen & Company Capital Markets, Hall Chadwick and Duane Morris, according to press releases.
Aveanna Healthcare, a diversified home care platform, completed the acquisition of Family First Homecare, a provider of pediatric home‑care services, for $175.5m, according to press releases.
Aveanna Healthcare was advised by Edge Healthcare Partners and Bass Berry & Sims. Family First Homecare was advised by Greenberg Traurig, Robert W Baird and JP Morgan, according to press releases.
Arcline-backed Arxis, a designer and manufacturer of proprietary, mission-critical electronic and mechanical components, agreed to acquire Omnetics Connector Corporation, a designer and manufacturer of proprietary high-reliability Micro-D-Sub and Nano-D-Sub connectors and interconnect assemblies, and MagCanica, a provider of non-invasive torque sensor systems, for $890m, according to press releases.
Omnetics Connector Corporation is advised by Vermillion Capital. MagCanica is advised by Kroll. Arxis is advised by William Blair & Co and Joele Frank (led by Tim Ragones, Kate Thompson and Alexander Wolfsohn), according to press releases.
Bridgepoint, a British private investment company, agreed to acquire Obagi Medical, a premier global skincare brand, from Waldencast, a multi-brand beauty and wellness platform, for up to $460m, according to press releases.
Bridgepoint is advised by Jefferies & Company. Waldencast is advised by Lazard, Skadden Arps Slate Meagher & Flom (led by Maxim Mayer-Cesiano) and ICR (led by Allison Malkin and Brittany Fraser), according to press releases and MergerLinks data.
Wiley, a global provider of research, publishing, and digital education, completed the acquisition of Emerald Publishing, a global academic publisher of scholarly journals, books and case studies, from Cambridge Information Group, a global investment firm, for £337m ($454m), according to press releases.
Wiley was advised by Centerview Partners and Arnold & Porter Kaye Scholer. Emerald Publishing was advised by Evercore and Fried Frank Harris Shriver & Jacobson, according to press releases.
CI GAM, a Canadian asset management subsidiary of CI Financial, completed the acquisition of the Canadian investment fund assets of Invesco, an investment management company, according to press releases. Financial terms were not disclosed.
CI GAM was advised by Jefferies & Company and Stikeman Elliott. Invesco was advised by Morgan Stanley and Borden Ladner Gervais (led by Kathryn M. Fuller), according to press releases and MergerLinks data.
26North, a private equity firm, agreed to acquire Independent Life Insurance Group, an insurance company focused on the manufacture and distribution of structured settlement annuities, according to press releases. Financial terms were not disclosed.
26North is advised by RBC Capital Markets and Kirkland & Ellis. Independent Insurance Group is advised by Piper Sandler and Mayer Brown, according to press releases.
Bluestone-backed Valiant Solutions, a provider of cybersecurity and IT services, completed the acquisition of BreakPoint Labs, a highly specialized cybersecurity company, according to press releases. Financial terms were not disclosed.
BreakPoint Labs was advised by Piper Sandler and Miles & Stockbridge. Valiant Solutions was advised by Holland & Knight, according to press releases.
Court Square Capital and WindRose Health-backed Soleo Health, a provider of specialty pharmacy and infusion services, completed the acquisition of Realo Specialty Care Pharmacy, a specialty pharmacy, and BluHaven Management, an ambulatory infusion center, from Realo Drugs, a full service, full discount drug store, according to press releases. Financial terms were not disclosed.
Soleo Health was advised by Latham & Watkins and Polsinelli. Realo Drugs was advised by Ward and Smith, according to press releases.
GlobalFoundries, a semiconductor company, completed the acquisition of the Processor IP Solutions business of Synopsys, a technology provider specializing in the development and verification of semiconductor products, according to press releases. Financial terms were not disclosed.
Voyager, a defense and space technology company, agreed to acquire Astrobotic Technology, a commercial lunar logistics and robotics company, for $300m, according to press releases.
MGM Resorts confirms receipt of $48.30-per-share acquisition proposal. ( Press Release)
MGM Resorts International confirmed that it has received an offer from People to acquire all outstanding shares of the company that it does not already own for $48.30 per share in cash.
The board said it will review the proposal with its financial and legal advisers to determine the course of action that is in the best interests of the company and its shareholders.
Estée Lauder remains open to acquisitions after Puig talks end. ( Reuters)
Estée Lauder said it remains open to acquisitions despite ending merger discussions with Puig, with chief executive Stéphane de La Faverie citing valuation concerns.
The proposed combination would have created a larger premium beauty group, though Estée Lauder said it will continue to pursue deals that make financial sense.
Genco rejects Diana Shipping’s revised takeover offer. ( Press Release)
Genco said it remains willing to engage with Diana if it submits an offer that better reflects the value of the company’s assets and includes an appropriate control premium.
ERock seeks to raise up to $642m in US IPO. ( Bloomberg)
ERock is seeking to raise as much as $642m in a US initial public offering as issuers rush to market ahead of SpaceX’s expected listing in June 2026.
The modular power systems provider plans to offer 27.91m shares at $20 to $23 each, implying proceeds of up to $642m.
Forbright seeks to raise up to $158m in US IPO. ( Bloomberg)
Forbright is seeking to raise as much as $158m in a US initial public offering as the digital banking and middle-market lending platform prepares to enter the public markets.
The company plans to offer 7.9m shares at $18 to $20 each, implying a market valuation of about $994m at the top of the range.
Gigascale Capital has closed its first institutional fund, raising $250m to invest in companies focused on rebuilding physical infrastructure for climate impact.
The fund will back early-stage businesses in areas including clean energy, grid infrastructure, industrial supply chains and AI-enabled manufacturing systems.
EMEA
AGROFERT, a European nitrogen products manufacturer, agreed to acquire a 50% stake in OCI Nitrogen, a European producer of mineral fertilizers, from OCI Global, a multinational producer and distributor of hydrogen-based products, for €110m ($148m), according to press releases.
OCI Global is advised by Morgan Stanley and A&O Shearman, according to press releases.
Barrick weighs London listing and potential Endeavour Mining combination. ( Reuters)
Barrick Mining is considering a London listing for its African business and is evaluating options that include a potential all-share transaction with Endeavour Mining.
Discussions remain at an early stage and no decision has been made, though a combined company could have a market capitalization of about $30bn.
Uniper attracts interest from CPPIB and EPH. ( Reuters)
CPPIB and EPH are among the parties expected to formally express interest in Uniper, in a potential sale that could value the German utility at more than €10bn ($11.65bn).
The process would mark one of the largest reshuffles in Germany’s utility sector since the government-backed rescues during the 2022 energy crisis.
Radionor explores sale at more than $3bn valuation. ( FT)
Radionor Communications is exploring a sale and has hired Deutsche Bank and ABG to advise on the process, attracting interest from private equity firms and defense companies.
The Norwegian maker of jamming-resistant tactical radios is seeking a valuation of more than $3bn amid growing demand for battlefield communications equipment.
Holcim set to secure EU approval for €1.85bn Xella acquisition. ( Reuters)
The transaction would expand Holcim’s exposure to Europe’s refurbishment market, which is estimated to be worth around €250bn ($290bn) annually.
CEZ shareholders approve utility restructuring plan. ( Bloomberg)
Shareholders of CEZ approved a plan to separate parts of the Czech utility’s business, advancing the government’s efforts to gain full control of the company’s power generation assets.
Under the proposal, CEZ will transfer its customer-focused operations, including electricity and gas distribution, trading and services, into a new subsidiary and may sell a minority stake in the entity.
Goldman works on potential Boutiqaat IPO in Kuwait. ( Bloomberg)
Goldman Sachs is working on a potential initial public offering of Kuwaiti online beauty and fashion retailer Boutiqaat as part of its efforts to expand its presence in the Gulf state.
The listing could take place as early as the first quarter of 2027 and would represent Goldman’s first IPO mandate in Kuwait.
vVardis is working with JP Morgan and Goldman Sachs on a potential US initial public offering that could take place in 2026.
The Swiss dental technology company was valued at more than $1bn in a funding round in April and is expected to seek a higher valuation in the IPO.
Smag Mobile Antenna Masts is considering an initial public offering in Frankfurt in the coming months.
The German defense supplier, backed by Aequita, is working with advisers including Berenberg on the potential listing.
Eurazeo raises €3.9bn for flagship direct lending fund. ( Bloomberg)
Eurazeo has raised €3.9bn ($4.5bn) for its latest flagship direct lending fund, underscoring continued investor demand for European private credit strategies.
Including separately managed accounts and private wealth capital, the strategy has attracted €5.5bn ($6.4bn) and focuses on lending to lower mid-market companies across Europe.
APAC
Central Asia Metals, a base metals producer, agreed to acquire Cygnus Metals, a diversified critical minerals explorer, for AUD232m ($166m), according to press releases.
Cygnus Metals is advised by Canaccord Genuity, Hamilton Locke and Osler Hoskin & Harcourt. Central Asia Metals is advised by BMO Capital Markets (led by Pascal Lussier-Duquette and Thomas Rider), Peel Hunt (led by Ross Allister), Corrs Chambers Westgarth, Fieldfisher, McCarthy Tetrault and BlytheRay (led by Megan Ray), according to press releases.
Hims & Hers, a health and wellness platform, completed the acquisition of OneVentures-backed Eucalyptus, a global telehealth provider specializing in digital healthcare solutions, for up to $1.15bn, according to press releases.
Heartland Group, a financial services group with operations in New Zealand and Australia, agreed to merge with TSB, an independent New Zealand-owned bank, in an NZD620m ($369m) deal, according to press releases.
Heartland Group is advised by Deloitte, Ernst & Young, Jarden and Chapman Tripp, according to press releases.
Blackstone has raised $13.1bn for its latest Asia private equity fund, exceeding its $10bn target and marking the firm’s largest fundraise in the region.
The vehicle, Blackstone Capital Partners Asia III, attracted more than double the capital raised by its predecessor amid continued investor interest in Asian private equity.
Elliott builds stake in Northern Star and pushes for review. ( Bloomberg)
Elliott Investment Management has built a stake worth more than AUD1bn ($716m) in Northern Star Resources and is urging the Australian gold miner to undertake a strategic review, including a potential sale.
The activist investor disclosed its position as Northern Star had a market capitalization of about AUD26.5bn ($19bn), with the company’s shares rising following the announcement.
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