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AMERICAS

Ethos Capital, BCI, and White Mountains complete the acquisition of a majority stake in BroadStreet Partners from OTPP.

Ethos Capital, a global investment firm specializing in middle-market companies, along with co-investors BCI and White Mountains, completed the acquisition of a majority stake in BroadStreet Partners, a North American insurance brokerage company, from OTPP, a global investor managing assets for Ontario's teachers, according to press releases. Financial terms were not disclosed.

Ontario Teachers and BroadStreet were advised by Ardea Partners, BMO Capital Markets, RBC Capital Markets, Latham & Watkins (led by John Giouroukakis), and Torys (led by Raegan Kennedy). Ethos Capital was advised by Freshfields Bruckhaus Deringer (led by Paul van den Berg), Kirkland & Ellis (led by Armand Della Monica) and Prosek Partners (led by Beatrice Broderick). BCI was advised by Debevoise & Plimpton (led by Edward Drew Dutton and Andrew G. Jamieson). White Mountains was advised by Cravath Swaine & Moore (led by Maurio A. Fiore), according to MergerLinks data and press releases.

SEI to acquire a 57.5% stake in Stratos Wealth for $527m.

SEI, a provider of financial technology, operations, and asset management solutions, agreed to acquire a 57.5% stake in Stratos Wealth, a wealth management group, for $527m, according to press releases

Stratos is advised by Goldman Sachs and Alston & Bird. SEI is advised by Wells Fargo, Holland & Knight (led by Colby W. Smith) and Vested (led by Eric Hazard), according to press releases.

Prosperity Bancshares to acquire American Bank Holding for $323m.

Prosperity Bancshares, the parent company of Prosperity Bank, agreed to acquire American Bank Holding, the parent holding company of American Bank, for $323m, according to press releases.

American Bank Holding is advised by Stephens and Norton Rose Fulbright (led by Bryn Sappington). Prosperity is advised by Keefe Bruyette & Woods and Wachtell Lipton Rosen & Katz (led by Edward D. Herlihy), according to MergerLinks data and press releases.

Bank First to acquire Centre 1 for $174m.

Bank First, the Nasdaq-listed holding company of Bank First, agreed to acquire Centre 1, the holding company of The First National Bank and Trust Company, a family-owned community bank, for $174 m, according to press releases.

Bank First is advised by Piper Sandler & Co and Alston & Bird. Centre 1 is advised by Hovde Group and Barack Ferrazzano Kirschbaum & Nagelberg (led by Abdul R. Mitha), according to press releases.

Cobepa completes the minority investment in SAX.

Cobepa, a private equity firm, completed the minority investment in SAX, an accounting and advisory firm, according to press releases. Financial terms were not disclosed.

SAX and Cobepa were advised by Houlihan Lokey (led by Louis Trimble). SAX was advised by Lowenstein Sandler (led by Nicholas San Filippo IV), and Vedder Price (led by Steven R. Berger). Cobepa was advised by Weil Gotshal & Manges (led by Luke Laumann), according to press releases.

LS Power to acquire the US onshore wind business from bp.

LS Power, a power and energy infrastructure development, investment, and operating company, to acquire the US onshore wind business from bp, an oil and gas company, according to press releases. Financial terms were not disclosed.

LS Power is advised by Barclays. bp is advised by Brunswick Group, according to MergerLinks data and press releases.

Verisk to acquire SuranceBay for $163m.

Verisk, a global data analytics and technology provider, agreed to acquire SuranceBay, a provider of producer licensing, onboarding, appointment and compliance solutions for the life and annuity industry, for $163m, according to press releases.

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

Union Pacific explores potential merger with Norfolk Southern. (Reuters)

Union Pacific, the largest freight railroad operator in the United States, is considering a potential acquisition of Norfolk Southern in a move that could result in the creation of a coast-to-coast rail network valued at approximately $200bn. Discussions between the two companies are currently in the early stages.

While the prospect of such a merger is significant, there is no certainty that talks will lead to a formal agreement, and any deal would likely face a rigorous and lengthy regulatory review process.

Vibra in talks to acquire Moove from Cosan. (Reuters)

Brazilian fuel distributor Vibra has entered discussions with conglomerate Cosan to acquire its lubricants subsidiary, Moove. The potential deal marks a strategic move by Vibra to expand its operations in the lubricants segment.

The talks were reportedly initiated after CVC Capital Partners, a European private equity firm and minority shareholder in Moove, signaled interest in selling its stake. Vibra may be looking to acquire full ownership of the company, not just the minority share.

Blackstone exits consortium pursuing TikTok US stake. (Bloomberg)

Blackstone has withdrawn from a group of investors that had been exploring a minority investment in TikTok’s US-based business. The move marks a shift in the composition of the consortium aiming to secure a foothold in the popular social media platform’s American operations.

Blackstone has relinquished its potential stake to the remaining members of the group. These include Oracle, venture capital firm Andreessen Horowitz, and growth equity investor General Atlantic.

Miami International Holdings files for IPO amid renewed investor interest. (Reuters)

Miami International Holdings, the parent company of the Miami International Securities Exchange, filed for an initial public offering in the United States.

The broader US IPO market, which had been sluggish at the start of the year due to uncertainties surrounding trade policies, is beginning to show signs of recovery. The filing by Miami International Holdings could be seen as a signal of growing confidence among firms in pursuing public listings.

Neuberger Berman Closes NB Strategic Co-Investment Partners V above target at $2.8bn. (Press Release)

Neuberger Berman, a private, employee-owned investment manager, announced the successful close of NB Strategic Co-Investment Partners V. The Fund closed with over $2.8bn in capital commitments, surpassing its target of $2.25bn as well as the predecessor fund size.

"We are grateful to our investors for supporting us in this successful fundraise and continue to be excited by the market opportunity in co-investments. This Fund enables our clients to participate in distinct investment opportunities we originate by being a flexible and value-added capital solutions provider to our GP partners, especially by acting as co-underwriters of new transactions and investing mid-life in existing sponsor-owned portfolio companies, typically providing capital for growth and partial realizations," Joana Rocha Scaff, Neuberger Head of Europe Private Equity.

Neuberger Berman was advised by Ropes & Gray, according to press releases.

EMEA

Yusen Logistics to acquire the healthcare logistics business from Walden Group for €1.25bn.

Yusen Logistics, a global logistics provider, agreed to acquire the healthcare logistics business from Walden Group, a healthcare logistics company, for €1.25bn ($1.45bn), according to press releases.

Yusen Logistics is advised by Rothschild & Co and A&O Shearman. Walden Group is advised by Ernst & Young, Credit Agricole, Mitsubishi UFJ Morgan Stanley Securities, Veil Jourde and DOR international (led by Diana Paola), according to MergerLinks data and press releases.

doValue to acquire coeo Group from Waterland Private Equity for €390m.

doValue, a European financial services provider, agreed to acquire coeo Group, a debt collection services provider, from Waterland Private Equity, a private equity investment group, for €390m ($454m), according to press releases.

doValue is advised by Citigroup, Goldman Sachs, KPMG, UniCredit, White & Case and Image Building (led by Rafaella Casula), according to MergerLinks data and press releases.

Advent to acquire a 70% stake in the essential home business from Reckitt Benckiser in a $4.8bn deal.

Advent, a private equity investor, agreed to acquire a 70% stake in the essential home business from Reckitt Benckiser, a consumer goods company, in a $4.8bn deal, according to press releases.

Advent is advised by Barclays and Citigroup. Reckitt Benckiser is advised by Morgan Stanley and FTI Consulting (led by Charles Armitstead), according to MergerLinks data and press releases.

Malakoff Humanis to acquire an 85% stake in Unofi in a €1.3bn deal.

Malakoff Humanis, a French mutual society that specializes in supplementary pension plans, agreed to acquire an 85% stake in Unofi, a consulting company that provides insurance, real estate, credit and financial savings services, in a €1.3bn ($1.5bn) deal, according to press releases.

Malakoff Humanis is advised by Centerview Partners and Rothschild & Co. CSN is advised by Nemrod Partners, Bredin Prat and Latham & Watkins, according to MergerLinks data and press releases.

Inter Europol completes the acquisition of PAN-PEK from Enterprise Investors.

Inter Europol, a Polish bakery, completed the acquisition of PAN-PEK, a producer and distributor of bakery products, from Enterprise Investors, a private equity firm, according to press releases. Financial terms were not disclosed.

Enterprise Investors was advised by UniCredit, according to MergerLinks data and press releases.

Graco to acquire Color Service for €63m.

Graco, a supplier of technology and expertise for the management of fluids and coatings, agreed to acquire Color Service, a company specialised in the production of automatic dosing systems, for €63m ($73m), according to press releases.

BASF advances sale of coatings unit with shortlisted bidders. (Bloomberg)

BASF has invited selected bidders to submit offers for its coatings division next month, as it moves forward with a potential deal that could value the business at €6bn ($7bn) or more. The company has narrowed the field to a group of suitors and is progressing toward the next stage of the sale.

The shortlisted bidders include private equity firms Carlyle Group, KPS Capital Partners, Lone Star Funds, and Platinum Equity. Dutch paint manufacturer Akzo Nobel has also made it to the next round and is the only strategic industry bidder still in the running.

Final bids expected soon for Cellnex’s Swiss tower stake. (Bloomberg)

EQT, Omers Administration, and Phoenix Tower International are preparing final offers for Cellnex Telecom’s majority stake in its Swiss operations, which could be valued at up to €2bn ($2.3bn). The potential deal has attracted significant interest as companies seek to expand their telecommunications infrastructure assets in Europe.

Binding bids are expected to be submitted by the end of next week. The individuals requested anonymity due to the private nature of the negotiations and ongoing sale process.

Terra Firma Capital Partners in the running to acquire Boatfolk. (Sky News)

Terra Firma Capital Partners is one of the final contenders to acquire Boatfolk, a prominent marina operator in the UK. Boatfolk owns 11 marinas across the country, including a location in East Cowes on the Isle of Wight. The private equity firm, originally founded by Guy Hands, is said to be actively pursuing the takeover, which would expand its portfolio into leisure and marine infrastructure.

The buyout firm—now led by Richard Hands, the founder’s son—has emerged as a key bidder as Boatfolk continues its months-long exploration of a potential sale. If successful, the acquisition would mark a notable move by Terra Firma into one of the UK’s largest independent marina networks.

Blackstone plans to sell Haven and Warner Leisure in separate deals. (Sky News)

Blackstone is gearing up to sell Haven holiday parks next year, while also planning a separate disposal of Warner Leisure Hotels. The two businesses, which are currently part of Bourne Leisure, may be split and auctioned off independently as part of a strategic break-up.

Blackstone, which holds a controlling stake in Bourne Leisure, is preparing to approve the sale of Haven as early as next year. The move would represent a significant reshaping of the UK leisure portfolio under Blackstone's ownership.

CFC weighs London IPO as part of growth strategy. (FT)

CFC, a cyber insurance group backed by private equity, is evaluating strategic options that include a potential initial public offering in London, which could value the company at over £5bn ($6.7bn).

The firm has been owned by EQT and Vitruvian Partners since 2021, when it was valued at just over £2.5bn ($3.4bn). CFC is currently in preliminary talks with advisers to chart its future growth, with a public listing not anticipated before the second half of 2026. Other venues, including a possible US listing, are also under consideration.

Eurazeo announces the first closing of growth fund IV at €650m. (Press Release)

Eurazeo announces the first closing of the Eurazeo Growth Fund IV at €650m ($756m), with a target of €1bn ($1.16bn), and prominent European institutions among its initial investors.

EGF IV builds on a decade of investing into more than 30 global tech champions including Doctolib, Cognigy, EcoVadis, Fever, Dataiku, Neo4j, Qonto and commercetools. EGF IV reinforces Eurazeo’s long-standing commitment to backing the global ambitions of Europe’s visionary founders. This new fund is already demonstrating strong momentum with its first investments scaling at more than a 50% year-over-year revenue pace.

APAC

Sun Life Hong Kong led a $70m Series C round in Bowtie.

Sun Life Hong Kong, a financial services organisation providing asset management, wealth, insurance, and health solutions, led a $70m Series C round in Bowtie, an insurance company, according to press releases.

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