T-Mobile and KKR completes the acquisition of Metronet from Oak Hill for $4.9bn.

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AMERICAS

GTCR to acquire FMG Suite from Aurora Capital Partners.

GTCR, a private equity firm, agreed to acquire FMG Suite, a provider of advisor-led marketing automation software used by financial advisors and insurance professionals, from Aurora Capital Partners, a private equity firm, according to press releases. Financial terms were not disclosed.

FMG Suite is advised by Lincoln International, William Blair & Co and Gibson Dunn & Crutcher. GTCR is advised by Ardea Partners, Harris Williams & Co, Simpson Thacher & Bartlett and Prosek Partners (led by Josh Clarkson). Aurora Capital is advised by ASC Advisors (led by Taylor Ingraham), according to press releases.

Warburg Pincus and Berkshire Partners completes the acquisition of Triumph for $3bn.

Warburg Pincus and Berkshire Partners, private equity firms, completed the acquisition Triumph Group, an American supplier of aerospace services, structures, systems and support, for $3bn, according to press releases.

Triumph was advised by Goldman Sachs (led by Michael Tarulli), Skadden Arps Slate Meagher & Flom (led by Marie Gibson) and Joele Frank (led by Sharon Stern and Arielle Rothstein). Goldman Sachs was advised by Sullivan & Cromwell (led by Stephen M. Kotran). Warburg Pincus and Berkshire Partners were advised by Lazard (led by Michael Richter), Covington & Burling (led by Scott A. Freling) and Kirkland & Ellis (led by Marshall P. Shaffer and Jai Agrawal), according to press releases and MergerLinks data.

Warburg Pincus to acquire FlavorSum from The Riverside Company.

Warburg Pincus, a private equity firm, agreed to acquire FlavorSum, a provider of natural flavor solutions for food & beverage companies, from The Riverside Company, a provider of private equity investment services, according to press releases. Financial terms were not disclosed.

FlavorSum is advised by Cascadia Capital, Houlihan Lokey and Jones Day. Warburg Pincus is advised by BMO Capital Markets and Cleary Gottlieb Steen & Hamilton. The Riverside Company is advised by Holly M Communications (led by Holly Mueller), according to press releases.

EQT and CPP Investments to acquire NEOGOV from Warburg Pincus and Carlyle.

EQT and CPP Investments, two investment organizations, agreed to acquire NEOGOV, a government software company, from Warburg Pincus, a global private equity firm, and Carlyle, an investment firm, according to press releases. Financial terms were not disclosed.

NEOGOV is advised by Moelis & Co and Willkie Farr & Gallagher. EQT is advised by Jefferies & Company and Ropes & Gray (led by Eric Issadore). CPP Investments is advised by Ropes & Gray and Weil Gotshal and Manges (led by Timothy Burns), according to press releases and MergerLinks data.

Thoma Bravo to acquire a stake in Trading Technologies.

Thoma Bravo, a private equity firm, agreed to acquire a stake in Trading Technologies, a global capital markets technology platform services provider, according to press releases. Financial terms were not disclosed.

Trading Technologies is advised by Proskauer Rose, Barclays, Houlihan Lokey and Oliver Wyman. Thoma Bravo is advised by Goodwin Procter and Ardea Partners, according to press releases.

LLCP completes the acquisition of Shipley from Peak Rock.

LLCP, a private equity firm, completed the acquisition of Shipley, an American doughnut company and coffeehouse chain, from Peak Rock, a private equity firm, according to press releases. Financial terms were not disclosed.

LLCP was advised by Kirkland & Ellis and DLA Piper. Shipley was advised by JP Morgan and North Point Advisors. Peak Rock was advised by Kekst CNC (led by Daniel Yunger), according to press releases.

Stonepeak completes the acquisition of a minority stake in Generia Land from Solaria.

Stonepeak, an alternative investment firm, completed the acquisition of a minority stake in Generia Land, a company dedicated to sourcing, acquiring, and leasing land in Europe to renewable energy projects, including solar, wind, and battery storage, from Solaria, a company in infrastructure, power generation and data centers in Europe. Financial terms were not disclosed.

Stonepeak was advised by Simpson Thacher & Bartlett (led by Amy Mahon) and Watson Farley & Williams. Solaria was advised by Alantra, Kutxabank and White & Case, according to press releases.

PSG to invest $125m in HeroDevs.

PSG, a growth equity firm, agreed to invest $125m in HeroDevs, a provider of security and compliance solutions for deprecated open source software, according to press releases.

HeroDevs is advised by Ampleo, D.A. Davidson & Co and Foley & Lardner (led by Joseph Bernardi and Jeffrey Bowman). PSG is advised by Weil Gotshal and Manges (led by David Gail), according to press releases and MergerLinks data.

Saothair Capital Partners completes the acquisition of AAI from Halma.

Saothair Capital Partners, a private equity firm focused exclusively on investing in middle-market manufacturing and industrial companies, completed the acquisition of AAI, a designer and manufacturer of fire and life safety detection solutions for residential and commercial applications, from Halma, a group of safety equipment companies, according to press releases. Financial terms were not disclosed.

Saothair Capital was advised by McGuireWoods. Halma was advised by Nixon Peabody and Houlihan Lokey, according to press releases.

Gridiron Capital to invest in Greenix.

Gridiron Capital, an investment firm, agreed to invest in Greenix, a pest control company, according to press releases. Financial terms were not disclosed.

Greenix is advised by William Blair. Gridiron Capital is advised by Goldman Sachs and Greenberg Traurig, according to press releases.

Oak HC/FT and Andreessen Horowitz led a $243m Series C round in Ambience Healthcare.

Oak HC/FT and Andreessen Horowitz, venture capital firms, led a $243m Series C round in Ambience Healthcare, an ambient AI platform for documentation, coding, and clinical documentation integrity, with participation from OpenAI Startup Fund, Kleiner Perkins, Optum Ventures, Frist Cressey Ventures, Town Hall Ventures, Smash Capital, Georgian, and Founders Circle Capital, according to press releases.

Ambience Healthcare is advised by Aria Marketing, according to press releases and MergerLinks data.

KKR completes the acquisition of a majority stake in HealthCare Royalty Partners.

KKR, a global investment firm, completed the acquisition of a majority stake in HealthCare Royalty Partners, a biopharma royalty acquisition company, according to press releases. Financial terms were not disclosed.

HealthCare Royalty was advised by TD Securities, according to press releases.

ICONIQ led a $500m Series E round in Ramp.

ICONIQ, an American investment management firm, led a $500m Series E round in Ramp, a financial operations platform, with participation from Founders Fund, D1 Capital Partners, GIC, Coatue, Avenir Growth, Thrive Capital, Khosla Ventures, Sands Capital, 8VC, Lux Capital, Altimeter, Definition Capital, 137 Ventures, General Catalyst, Stripes, Sutter Hill Ventures, Lightspeed Ventures, T. Rowe Price, GV (Google Ventures), Emerson Collective, Operator Collective, and Pinegrove Capital Partners, according to press releases.

Kleiner Perkins led a $150m round in Motive.

Kleiner Perkins, an American venture capital firm, led a $150m round in Motive, a company combining IoT hardware with AI-powered applications to connect and automate physical operations, with participation from AllianceBernstein, according to press releases.

Goldman Sachs led a $50m Series E round in LegalOn.

Goldman Sachs Alternatives, an alternative investments platform, led a $50m Series E round in LegalOn, an AI company, with participation from World Innovation Lab, Mori Hamada, Mizuho Bank and Shoko Chukin, according to press releases.

NYSE owner ICE is in talks for $6bn Enverus deal. (Bloomberg)

Intercontinental Exchange, the operator of the New York Stock Exchange, is in discussions to acquire Enverus, an energy analytics and data platform, in a deal that could be valued at $6bn. The potential acquisition follows an auction process involving Enverus, which is currently owned by private equity firm Hellman & Friedman.

While talks are ongoing, no final agreement has been reached, and the deal could still fall through. If completed, the acquisition would represent ICE's latest expansion into financial data and analytics, further diversifying beyond its core exchange business.

Pimco and KKR in talks to acquire $5bn stake in Harley-Davidson finance arm. (PE Insights)

Harley-Davidson is in advanced discussions to sell a significant stake in its financing unit, Harley-Davidson Financial Services, to the private credit arms of Pimco and KKR in a deal valued at around $5bn.

The transaction would include HDFS’s existing portfolio of motorcycle loans and rights to future originations, giving Pimco and KKR exposure to both the servicing operations and underlying consumer credit.

GTCR in talks to acquire Blackhawk Network. (Bloomberg)

Private equity firm GTCR is in discussions to acquire Blackhawk Network, a provider of prepaid gift cards. The potential deal underscores continued interest in the digital payments space and could result in a major buyout if terms are finalized.

The transaction is expected to value Blackhawk between $4bn and $5bn including debt. Current owners Silver Lake Management and P2 Capital Partners had reportedly aimed for a valuation exceeding $5bn and were also weighing the option of an initial public offering.

Brookfield, Birch Hill snag Canadian mortgage firm in $2.1bn deal. (Bloomberg)

Brookfield Asset Management and Birch Hill Equity Partners have agreed to acquire First National Financial in a deal valued at approximately CAD2.9bn ($2.1bn). The Toronto-based mortgage firm, founded by Canadian billionaire Stephen Smith, will be taken private at CAD48 ($35) per share in cash, representing a 13% premium to its most recent closing price.

First National specializes in originating commercial and residential mortgages across Canada. The acquisition underscores continued private equity interest in stable cash-generating financial service providers, particularly in North America’s housing finance sector.

Berkshire Hathaway seeks up to $1.25bn for VeriSign stake. (Press Release)

Berkshire Hathaway is selling around one-third of its holdings in VeriSign, securing a significant profit after investing in the company over a decade ago.

Berkshire affiliates are offering 4.3m shares at $285 each - up to 6.9% below July 28’s closing price. The rest of Berkshire's shares in the company will be under a one-year lockup agreement.

Odyssey seeks $1bn to extend hold on Industrial Electric. (Bloomberg)

Odyssey Investment Partners is proposing a single-asset continuation fund to retain ownership of its portfolio company, Industrial Electric.

The private equity firm initially invested in Industrial Electric in 2022 via its Fund VI, which had closed in 2020 with $3.25bn in capital.

KKR completes $6.5bn fundraise for asset-based finance strategy. (Press Release)

KKR has closed a $6.5bn fundraise aimed at privately originated and negotiated credit investments secured by diversified financial and hard assets. This includes $5.6bn raised for its dedicated fund, Asset-Based Finance Partners II, alongside nearly $1bn from separately managed accounts targeting similar investment themes.

The New York-based firm said the fund will focus on large-scale asset-based finance deals globally. The strategy continues KKR’s push into private credit and asset-backed investments, capitalizing on increasing investor demand for yield and diversification.

Heritage Group closes on $370m fourth fund. (Press Release)

Heritage Group, a healthcare-focused private equity firm, announced the final closing of Heritage Healthcare Innovation Fund IV at over $370m.

Fund IV builds on Heritage Group’s successful strategy of making minority and majority investments in solution-oriented, high-growth healthcare services and technology businesses that address the industry’s most pressing challenges.

HarbourVest taps former BlackRock head to lead global private wealth. (Private Equity Wire)

HarbourVest Partners has appointed Venu Krishnamurthy to head its global private wealth division, bringing on board a seasoned executive with nearly three decades of experience in global financial services and wealth management.

Venu most recently served as the Global Head of Aladdin Wealth at BlackRock, overseeing the firm’s flagship wealth technology platform. Prior to that, he spent over ten years at Citi, where he held senior leadership roles across the US, APAC, and EMEA regions, ultimately serving as President of Citigold Wealth Management. His appointment reflects HarbourVest’s continued expansion into the private wealth sector.

EMEA

Nordic Capital and Permira to acquire Bavarian Nordic for DKK19bn.

Nordic Capital and Permira, a private equity firms, agreed to acquire Bavarian Nordic, a biotechnology company that develops and manufactures vaccines, for DKK19bn ($3bn), according to press releases.

Bavarian Nordic is advised by Citigroup, Nordea Bank, Kromann Reumert and Gilmartin Group (led by Graham Morrell), according to press releases and MergerLinks data.

Temasek to acquire a 10% stake in Ermenegildo Zegna for $126m.

Temasek, a global investment company, agreed to acquire a 10% stake in Ermenegildo Zegna, a global luxury company with a leading position in the high-end menswear business, for $126m, according to press releases.

Ermenegildo Zegna is advised by UBS and Sullivan & Cromwell, according to press releases and MergerLinks data.

FountainVest to acquire a 45.7% stake in EuroGroup Laminations for $329m.

FountainVest, an investment firm, agreed to acquire a 45.7% stake in EuroGroup Laminations, a motors and generators company, for $329m, according to press releases.

FountainVest is advised by Morgan Stanley, according to MergerLinks data.

Cinven to acquire Artefact.

Cinven, a private equity investment firm, agreed to acquire Artefact, a global consulting company dedicated to accelerating the adoption of data and AI to positively impact people and organizations, according to press releases. Financial terms were not disclosed.

Artefact is advised by JP Morgan, according to MergerLinks data.

IVI RMA completes the acquisition of UAE and Saudi Arabia operations of ART Fertility Clinics from Gulf Capital.

IVI RMA Global, a fertility group specializing in reproductive medicine, completed the acquisition of UAE and Saudi Arabia operations of ART Fertility Clinics, a reproductive medicine institution, from Gulf Capital, an alternative investment company, according to press releases. Financial terms were not disclosed.

IVI RMA Global was advised by Tinkle, according to press releases.

VINCI Energies to acquire Zimmer & Hälbig from VR Equitypartner.

VINCI Energies, a global industrial and service group that operates in the fields of energy, transport, and communication infrastructure, agreed to acquire Zimmer & Hälbig, an industrial firm that specializes in manufacturing technical building equipments, from VR Equitypartner, a private equity firm, according to press releases. Financial terms were not disclosed.

VR Equitypartner is advised by DC Advisory (led by Carsten Burger), according to press releases and MergerLinks data.

Fidelio to acquire a majority stake in Greenfood.

Fidelio, an investment firm, agreed to acquire a majority stake in Greenfood, a supplier of healthy foods, according to press releases. Financial terms were not disclosed.

Greenfood is advised by Robert W Baird, according to press releases and MergerLinks data.

Brightstar Capital to acquire a 50% stake in Arden University from Global University Systems.

Brightstar Capital, a private equity firm, agreed to acquire a 50% stake in Arden University, a private university, from Global University Systems, an education group, according to press releases. Financial terms were not disclosed.

Brightstar Capital is advised by Prosek Partners, according to press releases.

Magellan Partners to acquire mets business line from Worldline for €410m.

Magellan Partners, a private equity firm, agreed to acquire mets business line from Worldline, a company specialising in payment services for merchants and financial institutions, for €410m ($354m), according to press releases.

Affiliated Managers Group to invest in Montefiore Investment.

Affiliated Managers Group, a global asset management company, agreed to invest in Montefiore Investment, a private equity investment manager, according to press releases. Financial terms were not disclosed.

EU regulators to investigate if KKR provided misleading information in Telecom Italia deal. (European Commission)

The European Commission has opened a formal investigation to determine whether, during the merger investigation of the acquisition by KKR of NetCo, KKR provided incorrect or misleading information to the Commission.

On 30 May 2024, the commission unconditionally cleared KKR's acquisition of NetCo, by concluding that the transaction would not raise competition concerns in the European Economic Area. Under the newly opened investigation, the commission will assess whether KKR provided incorrect or misleading information about these agreements.

Buyout groups explore sale of British wealth manager Evelyn. (Reuters)

Private equity firms Permira and Warburg Pincus are considering selling Evelyn Partners, one of the UK’s largest wealth management firms. They are working with advisers to prepare for a potential sale later this year, which could value the London-based company at over £2.5bn ($3.36bn).

Potential buyers may include UK banks, private equity firms, and financial institutions from the US and Canada. This move follows a broader trend of consolidation in Europe’s wealth management sector, driven by the push for scale and growing demand for tailored financial advice.

Cinven close to acquiring Artefact in €1bn deal. (Bloomberg)

Cinven is on the verge of acquiring Artefact, a French data services firm, in a transaction that could value the company at approximately €1bn ($1.2bn). The deal marks a significant move in the European tech and analytics sector.

The private equity group is finalising the terms of the acquisition after emerging as the leading bidder, outpacing other interested firms. The transaction involves Artefact’s current backer, Ardian, and discussions remain confidential.

Tide turns as TPG leads talks to lead digital bank fundraising. (Sky News)

TPG, the US-based private equity firm, is in advanced negotiations to acquire a stake in Tide, the UK digital banking platform, with an anticipated value of the company reaching $1bn.

TPG is looking to buy a substantial portion of shares from Tide’s current investors. Additionally, another existing shareholder is expected to purchase newly issued shares in a separate transaction.

BC Partners to acquire Servier’s generic drug unit. (Bloomberg)

Private equity firm BC Partners has entered exclusive negotiations to acquire Biogaran, the generic drugmaking arm of French pharmaceutical company Les Laboratoires Servier. The transaction follows a prior attempt to divest the unit that was abandoned nearly a year ago.

The deal would value Biogaran at over €800m ($924m). Both parties are currently working to finalize definitive agreements, with the deal highlighting ongoing private equity interest in European healthcare assets.

BlackRock plots sale of pensions specialist Heywood. (Sky News)

BlackRock’s Long Term Private Capital fund is preparing to sell Heywood, a UK-based pensions software provider it acquired in 2021 for approximately £350m ($453m). The asset manager is currently working with bankers on the divestment process.

The potential sale comes four years after BlackRock acquired Heywood, and reflects a broader trend among institutional investors seeking to capitalize on increased demand for tech-driven solutions in financial services. Details about potential bidders or valuation expectations have not been disclosed.

TalkTalk receives £100m boost from Ares Management. (Sky News)

TalkTalk has secured a £100m ($135m) capital injection from Ares Management, one of its current investors, in a move aimed at easing mounting financial pressures. The funding will be delivered in two stages, with the initial £60m ($81m) expected to be provided shortly.

The investment is part of a broader financial package totalling around £200m ($269m). This larger effort also includes planned asset sales and the postponement of interest payments, reflecting a comprehensive approach to stabilising the telecom and broadband group’s financial position.

KNDS reaches agreement with Triton on transfer of Renk shares. (Reuters)

Franco-German defence firm KNDS has secured a deal with private equity firm Triton to significantly raise its stake in Renk, a German gearbox manufacturer. Under the agreement, Triton will transfer 9.17m shares to KNDS, enabling the latter to increase its holding in Renk from 6.7% to 15.84%.

The agreement follows a previously amicable relationship between the parties and strengthens KNDS's strategic position within the defense supply chain. No financial terms were disclosed. The transaction also underscores continued consolidation in Europe's defense sector amid growing geopolitical concerns.

British lender Shawbrook picks banks for London IPO. (Bloomberg)

Shawbrook, a UK bank supported by BC Partners and Pollen Street, has expanded its team for a potential IPO in London.

The firm has brought on Deutsche Bank, UBS and Stifel to support the listing, while Barclays and Goldman Sachs are taking the lead in organizing the offering.

APAC

Schneider Electric to acquire the remaining 35% stake in Schneider Electric India from Temasek for €5.5bn.

Schneider Electric, a digital automation and energy management company, agreed to acquire the remaining 35% stake in Schneider Electric India from Temasek, an investment company, for €5.5bn ($6.4bn), according to press releases.

Schneider Electric is advised by Primatice (led by Olivier Labesse and Hugues Schmitt), according to press releases.

EQT to acquire an 85% stake in Fujitec in a $2.7bn deal.

EQT, an investment firm, agreed to acquire an 85% stake in Fujitec, a Japanese manufacturer of elevators and escalators, in a $2.7bn deal, according to press releases.

Fujitec is advised by UBS, according to press releases and MergerLinks data.

Phoenix Mills to acquire the remaining 49% stake in Island Star Mall Developers from CPP Investments for INR54.5bn.

Phoenix Mills, a mixed-use development company, agreed to acquire the remaining 49% stake in Island Star Mall Developers, an Indian real estate company, from CPP Investments, a global investment management organization, for INR54.5bn ($631m), according to press releases.

CK Hutchison in talks to invite Chinese investor for ports sale after Beijing's scrutiny. (Reuters)

CK Hutchison is in discussions with a consortium of bidders for its $22.8bn ports business to include a major Chinese strategic investor, following signals from Beijing that the deal may face regulatory scrutiny. The consortium, previously in exclusive talks, is led by US investment giant BlackRock and MSC, the shipping firm owned by Italian billionaire Gianluigi Aponte.

The move aims to address concerns raised by Chinese authorities amid strained Sino-US relations, which have heightened scrutiny of cross-border infrastructure deals. CK Hutchison’s comment came just after the exclusive negotiation period with the original consortium ended.

Three groups eyeing bids for Sapporo's $2.7bn property business. (Reuters)

Three investor groups, including Bain Capital, KKR, and their partners, are preparing bids for Sapporo Holdings' real estate business, valued at around JPY400bn ($2.7bn). The second bidding round ends in August, with a deal expected by November.

Sapporo is selling the unit under activist investor pressure to focus on its drinks business. Japan’s attractive real estate market, due to low interest rates, has drawn strong investor interest.

Japan's state-backed JIC to set up $5.4bn fund for big restructuring deals. (DealStreetAsia)

Japan Investment, a state-backed investment fund, is preparing to launch a new JPY850bn ($5.4bn) vehicle focused on large-scale corporate restructuring, according to government officials. The fund is intended to support domestic companies through significant transformations such as mergers, divestitures, or overhauls prompted by strategic, operational, or succession-related pressures.

This marks one of JIC’s largest capital commitments to date and underscores the Japanese government’s push to stimulate long-term economic competitiveness by fostering consolidation and innovation in key sectors like electronics, chemicals, and manufacturing.

China Galaxy and CICC to launch over $1bn investment funds in Southeast Asia. (Reuters)

China Galaxy Securities and China International Capital Corp plan to establish investment funds exceeding $1bn in Southeast Asia, aiming to tap into the region’s growing market amid rising US-China trade tensions.

The initiative marks a shift from their traditional domestic focus, aligning with Beijing’s push to promote outbound investment and strengthen regional economic integration.

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