Stone Point Capital and CPP Investments complete the acquisition of a majority stake in OneDigital from ONEX for $7bn.

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AMERICAS

HNI and Steelcase shareholders approve merger; closing expected Dec. 10, 2025. (Press Release)

HNI Corporation and Steelcase announced that shareholders of both companies have approved the key proposals for HNI’s planned acquisition of Steelcase. HNI shareholders backed the issuance of HNI shares to Steelcase holders, and Steelcase shareholders approved the merger agreement and the first-step merger outlined in it.

Steelcase is advised by Bank of America, Goldman Sachs, Skadden Arps Slate Meagher & Flom (led by Brian W. Duwe), and Joele Frank (led by Mahmoud Siddig and Andrea Rose). Financial advisors are advised by Cleary Gottlieb Steen & Hamilton (led by Charlie Allen) and Paul Weiss Rifkind Wharton & Garrison (led by James E. Langston). HNI is advised by JP Morgan, Davis Polk & Wardwell (led by James P. Dougherty) and Gladstone Place Partners (led by Lauren Odell). Financial advisors are advised by Cravath Swaine & Moore (led by Bethany A. Pfalzgraf). Debt financing is provided by JP Morgan and Wells Fargo Securities, according to press releases and MergerLinks data.

Dentalcorp securityholders approve acquisition by GTCR-affiliated investment funds. (Press Release)

Dentalcorp announced that at its December 4, 2025 special meeting, securityholders approved the plan for GTCR to acquire all outstanding shares of the company (except those rolled over by founder Graham Rosenberg, President Nate Tchaplia, and certain partner dentists) for CAD11 ($8.0) per share in cash. Rollover shares will be valued at the same CAD11 ($8.0) per share.

Dentalcorp is advised by Canaccord Genuity, INFOR Financial, Blake Cassels & Graydon, McCarthy Tetrault, Weil Gotshal and Manges (led by Jakub Wronski and Larissa Lucas), and FGS Global (led by Andy Lloyd). GTCR is advised by Moelis & Co, Goodmans (led by Michael Partridge), Latham & Watkins (led by Jason Morelli and Bradley Faris), and Prosek Partners (led by Josh Clarkson). L Catterton is advised by Kirkland & Ellis and Stikeman Elliott, according to press releases and MergerLinks data.

Washington Harbour Partners completes the investment in Trusted Space.

Washington Harbour Partners, a private investment firm, completed the investment in Trusted Space, a defense technology company, according to press releases. Financial terms were not disclosed.

Trusted Space was advised by Rees Broome and Invariant (led by Claude Chafin). Washington Harbour was advised by PricewaterhouseCoopers and Morrison Foerster (led by Tyler Sewell), according to MergerLinks data and press releases.

Fitch Learning completes the acquisition of Moody’s Analytics Learning Solutions and the Canadian Securities Institute from Moody’s.

Fitch Learning, a global provider in financial learning and professional certifications, completed the acquisition of Moody’s Analytics Learning Solutions, a global provider of credit training, and the Canadian Securities Institute, a provider of professional certifications for the Canadian financial services industry, from Moody’s, an American business and financial services company, according to press releases. Financial terms were not disclosed.

Fitch Learning was advised by Cravath Swaine & Moore (led by Bethany A. Pfalzgraf). Moody’s was advised by Raymond James (led by Reed Spencer) and Paul Hastings (led by Joseph C. Swanson), according to press releases and MergerLinks data.

Mitsui Sumitomo acquires 12.5% of W. R. Berkley shares under Berkley family deal. (Press Release)

W. R. Berkley Corporation announced that Mitsui Sumitomo Insurance has acquired at least 12.5% of the company’s outstanding common stock under previously announced agreements with the Berkley Family. No shares were purchased from the Berkley Family or the company.

W. R. Berkley Corporation is advised by Wachtell Lipton Rosen & Katz (led by David A. Katz). Mitsui Sumitomo is advised by Debevoise & Plimpton (led by Nicholas Potter), according to press releases and MergerLinks data.

Natera completes the acquisition of Foresight Diagnostics for $450m.

Natera, a company specializing in cell-free DNA and precision medicine, completed the acquisition of Foresight Diagnostics, a company specializing in ultrasensitive molecular residual disease detection, in a $450m deal, according to press releases.

Foresight was advised by Wilson Sonsini Goodrich & Rosati and Centerview Partners. Natera was advised by Gibson Dunn & Crutcher, according to press releases.

Ancala completes the acquisition of a portfolio of pipeline-connected sites and storage facilities from Hexion.

Ancala, an infrastructure manager, completed the acquisition of a portfolio of pipeline-connected sites and storage facilities for the production, storage and transportation of critical chemical intermediates from Hexion, a producer of adhesives and performance materials, according to press releases. Financial terms were not disclosed.

Ancala was advised by DC Advisory (led by Hannah Schofield), Piper Sandler and Sidley Austin, according to MergerLinks data and press releases.

PSP Investments to invest in Citrosuco.

Public Sector Pension Investment Board, a Canada pension investor, agreed to invest in Citrosuco, a producer of orange juice, according to press releases. Financial terms were not disclosed.

Citrosuco is advised by Jefferies & Company and Imagem, according to MergerLinks data and press releases.

Anheuser-Busch to acquire an 85% stake in BeatBox for $490m.

Anheuser-Busch, a company operating in beer and beyond-beer beverages, agreed to acquire an 85% stake in BeatBox, a ready-to-drink beverage company, for $490m, according to press releases.

Anheuser-Busch is advised by Sullivan & Cromwell (led by Frank Aquila and Matthew Goodman), according to press releases.

Webster Bank-backed HSA Bank completes the acquisition of SecureSave.

HSA Bank, a division of Webster Bank, completed the acquisition of SecureSave, a provider of employer-sponsored emergency savings accounts, according to press releases. Financial terms were not disclosed.

SecureSave was advised by SenaHill Partners, according to press releases.

SoftBank in talks to buy DigitalBridge. (Reuters)

SoftBank is in discussions to acquire US-based DigitalBridge, a digital infrastructure firm with an AI-linked portfolio. The potential deal could be agreed by year-end and would give SoftBank access to assets spanning data centers, towers and other digital infrastructure.

DigitalBridge’s shares jumped as much as 35% on the news. The company has a market value of about $1.8bn after falling nearly 14% this year.

KKR in talks to buy majority stake in Arctos. (Bloomberg)

KKR is in talks to acquire a majority stake in Arctos Partners as it expands further into sports investing. A deal would broaden its reach across teams, leagues, media rights and sports financing.

KKR already holds sports-related assets through its gaming, entertainment, media and sports unit run by Ted Oberwager. Current investments include FanDuel, PlayOn Sports and Ultimate Fighting Championship.

SpaceX begins secondary share sale valuing company at $800bn. (WSJ)

SpaceX has launched a secondary share sale that would place the rocket maker’s valuation at $800bn, potentially making it the most valuable private company in the US.

Chief Financial Officer Bret Johnsen recently informed investors about the sale, and SpaceX executives have also indicated the company is considering an initial public offering in 2026.

EMEA

MasOrange, Vodafone Spain and GIC form a joint venture.

MasOrange, Spain’s largest telecom operator, Vodafone Spain, provider of telecommunications services, and GIC, a sovereign wealth fund, formed a joint venture and create a FibreCo in Spain, according to press releases. Financial terms were not disclosed.

MasOrange was advised by JP Morgan (led by Andres Herranz), Santander, UBS (led by Juan Monte), Freshfields Bruckhaus Deringer (led by Jose Armando Albarran), Jones Day (led by Luis Riesgo) and Linklaters (led by Sebastián Albella and Carmen Burgos). Vodafone was advised by Lazard (led by Vincent Le Stradic) and Cuatrecasas Goncalves Pereira (led by Federico Roig). GIC was advised by Nomura. Zegona was advised by Cuatrecasas Goncalves Pereira and Sodali & Co (led by Elly Williamson), according to MergerLinks data and press releases.

Helvetia completes the merger with Baloise.

Helvetia, an international insurance group, completed the merger with Baloise, a Swiss insurance company, according to press releases. Financial terms were not disclosed.

Baloise was advised by IFBC, Morgan Stanley, UBS, Freshfields Bruckhaus Deringer (led by Heiner Braun), Lenz & Staehelin (led by Tino Gaberthuel and Simone Ehrsam) and Datasite. Helvetia was advised by JP Morgan, Clifford Chance (led by Thomas Krecek), Walder Wyss (led by Hans-Jakob Diem) and FGS Global (led by James Murgatroyd), according to MergerLinks data and press releases.

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

AmTrust Financial Services, a company that provides insurance protection, warranty programs and risk management expertise, completed the 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 was advised by Latham & Watkins (led by Stelios Saffos). AmTrust was advised by Evercore, Paul Weiss Rifkind Wharton & Garrison (led by Adam M. Givertz), Ketchum Sampark and Rein4ce (led by Mairi Mallon), according to MergerLinks data and press releases.

Halma completed the acquisition of E2S Group for £230m.

Halma, a global group of life-saving technology companies, completed the acquisition of E2S Group, a high performance notification, initiation and detection devices manufacturer, for £230m ($307m), according to press releases.

Halma was advised by MHP Group (led by Oliver Hughes), according to MergerLinks data and press releases.

Wilmington completes the acquisition of Professional Group Conversia for €122m.

Wilmington, a provider of data, information, education and training services, completed the acquisition of Professional Group Conversia, a regulatory technology software business, for €122m ($142m), according to press releases.

Wilmington was advised by Meare Consulting (led by Adrian Duffield), according to MergerLinks data and press releases.

Barclays explores bid for Evelyn Partners. (Reuters)

Barclays is assessing a potential acquisition of UK wealth manager Evelyn Partners and is expected to submit a bid next week. The sale process, launched earlier this year, could value Evelyn at more than £2.5bn ($3.3bn).

Evelyn’s private equity owners, Permira and Warburg Pincus, have asked interested parties to file non-binding offers on December 10. The outcome will determine whether Barclays proceeds with a formal proposal.

Telecom Plus explores acquisition of Ovo’s retail energy arm. (Reuters)

Telecom Plus is in discussions to acquire Ovo’s retail energy business in a deal potentially exceeding £400m ($534m). The purchase would expand the Utility Warehouse platform, strengthening Telecom Plus’ position in the UK residential energy market.

The possible divestment follows Ovo’s broader strategic review as consolidation continues across the UK energy sector. Talks remain active, though a final agreement is not assured.

Bridgepoint weighs takeover bid for Advanced Medical Solutions. (Sky News)

Bridgepoint, the London-listed private equity firm and backer of Burger King UK, is exploring a potential acquisition of Advanced Medical Solutions Group, a specialist surgical products manufacturer.

An offer from Bridgepoint could value AMS in the range of £550m ($412m) to £600m ($800m).

Poste Italiane weighs broadband sale to retain TIM stake. (Reuters)

Poste Italiane is considering selling its broadband unit to Telecom Italia in exchange for shares as part of efforts to preserve its position in the company without triggering new obligations.

Poste became TIM’s largest shareholder this year with a 24.8% stake after buying shares from CDP and Vivendi, staying just below the 25% threshold that would require a mandatory offer.

APAC

EQT to invest in PropertyMe.

EQT, a global investment organization, agreed to invest in PropertyMe, a cloud-native PropTech platform, according to press releases. Financial terms were not disclosed.

PropertyMe is advised by Alvarez & Marsal, Pier Capital and Jones Day (led by Matthew Latham). EQT is advised by Deloitte and Corrs Chambers Westgarth, according to MergerLinks data and press releases.

Takeda completes a $1.2bn investment in Innovent Biologics.

Takeda, a company which focuses on metabolic disorders, gastroenterology, neurology, inflammation, as well as oncology, completed a $1.2bn investment in Innovent Biologics, a biopharmaceutical company based in China, focused on developing, manufacturing and commercializing high-quality medicines for various diseases, including oncology and autoimmune disorders, according to press releases.

Innovent Biologics was advised by Morgan Stanley and Skadden Arps Slate Meagher & Flom (led by Paloma Wang), according to MergerLinks data and press releases.

Advent’s $1bn talks for Whirlpool India stake collapse. (Reuters)

Advent International’s negotiations to buy a 31% stake in Whirlpool India from Whirlpool have fallen apart over valuation, ending a potential deal sized up to $1bn. The transaction would have triggered a mandatory open offer that could have led to majority control.

Whirlpool had been exploring options for its Indian unit, with Advent emerging as the frontrunner before discussions ended. Next steps for the stake remain unclear following the collapse of talks.

HK IPO rebound draws major cornerstone investors. (Bloomberg)

Hong Kong’s listing recovery has attracted Millennium Management, Jane Street and M&G Investments as cornerstone investors for the first time in a decade, reflecting renewed institutional appetite for deals in the city.

Their return follows a three-year slump driven by concerns over China’s outlook. Stronger demand from global funds has pushed Hong Kong toward a four-year high in IPO proceeds.

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