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

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AMERICAS

FCC approves Skydance's acquisition of Paramount. (Press Release)

The FCC has officially approved Skydance’s $8.4bn purchase of Paramount Global and its affiliated entities by authorizing a set of license and permit transfers.

This decision removes the final barrier to the deal, which hands over control of major media assets, including CBS, Paramount Pictures and Nickelodeon, to Skydance.

Paramount Global is advised by Centerview Partners (led by Todd Davison and Blair Effron), Rothschild & Co (led by David Baron), Cravath Swaine & Moore (led by Faiza Saeed), Simpson Thacher & Bartlett (led by Eric Swedenburg), Brunswick Group (led by Jonathan Doorley and Nik Deogun), Community Group (led by Auro Palomba) and FGS Global (led by Kerry Golds). Financial advisors are advised by Gibson Dunn & Crutcher (led by Andrew Kaplan). National Amusements is advised by BDT & MSD Partners, Ropes & Gray (led by Jackie Cohen) and Kekst CNC (led by Molly Morse). Skydance is advised by Bank of America (led by Christopher Cormier), Moelis & Co, RedBird Advisors, The Raine Group, Borden Ladner Gervais, Latham & Watkins (led by Justin Hamill), Gagnier Communications (led by Dan Gagnier) and Principal Communications Group (led by Melissa Zukerman). Redbird is advised by Sullivan & Cromwell (led by Eric M. Krautheimer and Alison S. Ressler), according to press releases and MergerLinks data.

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.

Ikena Oncology completes the merger with Inmagene Biopharmaceuticals.

Ikena Oncology, a targeted oncology company, completed the merger with Inmagene Biopharmaceuticals, a global clinical-stage biotechnology company, according to press releases. Financial terms were not disclosed.

Inmagene Biopharmaceuticals was advised by Evercore, Cooley (led by Lila Hope, Rama Padmanabhan and Patrick Loofbourrow), Mintz Levin and LifeSci Partners (led by Brian Ritchie). Ikena Oncology was advised by Leerink Partners and Goodwin Procter, according to press releases and MergerLinks data.

Eli Lilly completes the acquisition of Verve Therapeutics for $1.3bn.

Eli Lilly, a pharmaceutical company, completed the acquisition of Verve Therapeutics, a Boston-based clinical-stage company developing genetic medicines for cardiovascular disease, for $1.3bn, according to press releases.

Verve Therapeutics was advised by Centerview Partners, Guggenheim Partners, Paul Weiss Rifkind Wharton & Garrison (led by Krishna Veeraraghavan and Benjamin Goodchild) and 1AB (led by Ashlea Kosikowski). Eli Lilly was advised by Kirkland & Ellis (led by Sarkis Jebejian), according to press releases and MergerLinks data.

CNB Financial completes the acquisition of ESSA Bancorp for $214m.

CNB Financial, a parent company of CNB Bank, completed the acquisition of ESSA Bancorp, a parent company of ESSA Bank & Trust, for $214m, according to press releases.

ESSA Bancorp was advised by PNC Financial Services and Luse Gorman (led by John J. Gorman). CNB Financial was advised by Piper Sandler, Stephens and Hogan Lovells (led by Les Reese), according to press releases and MergerLinks data.

Regency Centers completes the acquisition of five suburban shopping centers for $357m.

Regency Centers, a REIT owning, operating and developing shopping centers, completed the acquisition of five suburban shopping centers located in Orange County, for $357m, according to press releases.

The seller was advised by Bank of America, Latham & Watkins (led by Bradley Helms) and Ernst & Young. Regency Centers was advised by Paul Hastings, 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.

Wind Point Partners-backed Velocity Rail Solutions to acquire Liquid Tech Solutions.

Wind Point Partners-backed Velocity Rail Solutions, a provider of mission critical locomotive refueling and other rail services, agreed to acquire Liquid Tech Solutions, a provider of route-based, mobile on-site refueling services, according to press releases. Financial terms were not disclosed.

Wind Point is advised by Greenhill & Co, KPMG, Robert W Baird (led by Andrew Sweet) and Kirkland & Ellis, according to press releases and MergerLinks data.

STMicroelectronics to acquire the MEMS sensors business from NXP Semiconductors for $950m.

STMicroelectronics, a semiconductor leader serving customers across the spectrum of electronics applications, agreed to acquire the MEMS sensors business from NXP Semiconductors, a semiconductor manufacturing and design company, for $950m, according to press releases.

STMicroelectronics is advised by Morgan Stanley and A&O Shearman (led by Michael Dorf). NXP is advised by Skadden Arps Slate Meagher & Flom (led by Allison Schneirov), according to press releases and MergerLinks data.

OSI Digital completes the acquisition of ERP Buddies.

OSI Digital, a global digital transformation provider, completed the acquisition of ERP Buddies, an Oracle NetSuite solutions provider, according to press releases. Financial terms were not disclosed.

ERP Buddies was advised by Telegraph Hill Advisors and Cassels Brock & Blackwell. OSI Digital was advised by Barnes & Thornburg, according to press releases.

Straits Orthopaedics completes the acquisition of Medin Technologies.

Straits Orthopaedics, a contract manufacturer specializing in the precision machining of orthopaedic implants and surgical instruments, completed the acquisition of Medin Technologies, a manufacturer of sterilization cases and trays for the orthopaedic sector, according to press releases. Financial terms were not disclosed.

Straits Orthopaedics was advised by PricewaterhouseCoopers, Kirkland & Ellis and FGS Global (led by Yvette Lim), according to press releases.

HPI completes the acquisition of MedCost.

HPI, a provider of self-funded health plan solutions, completed the acquisition of MedCost, a North Carolina-based TPA, according to press releases. Financial terms were not disclosed.

HPI was advised by Ansley Securities, 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.

Gamefound completes the acquisition of Indiegogo.

Gamefound, a gaming platform that provides crowdfunding campaigns, pledge manager services, and marketing support for board games, completed the acquisition of Indiegogo, a crowdfunding platform, according to press releases. Financial terms were not disclosed.

Colliers completes the acquisition of Astris Finance.

Colliers, a global diversified professional services and investment management company, completed the acquisition of Astris Finance, a global investment banking firm specializing in infrastructure and energy transition, according to press releases. Financial terms were not disclosed.

Union Pacific and Norfolk Southern in talks for historic rail merger. (Reuters)

Union Pacific, the largest railroad operator in the United States, is in advanced discussions with its competitor Norfolk Southern. This development suggests that a landmark deal, potentially worth $200bn, to create a coast-to-coast rail network could be nearing completion.

The proposed union would mark the biggest buyout ever seen in the sector, establishing the first modern single-line freight railroad connecting the western and eastern regions of the country.

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.

LVMH explores sale of Marc Jacobs brand for $1bn. (WSJ)

LVMH, the parent company of Moët Hennessy Louis Vuitton, is in talks to sell its fashion label Marc Jacobs in a transaction that could be valued at around $1bn. The potential sale is part of a broader strategic reassessment of the group's brand portfolio.

Several interested parties have entered discussions, including Authentic Brands Group, the owner of Reebok. Other suitors reportedly include Bluestar Alliance, which owns Brookstone, and WHP Global, the parent company of Vera Wang.

Telefonica in talks to exit Mexican market. (Reuters)

Spanish telecom operator Telefonica has entered exclusive negotiations to sell its Mexican operations to Beyond ONE, the company that owns Virgin Mobile Mexico. This potential deal would mark a significant shift in Telefonica’s Latin American footprint, as it looks to divest from markets that offer limited financial return.

The move reflects the strategic direction set by the company’s new CEO, Marc Murtra, who is focusing efforts on strengthening Telefonica’s presence in four priority markets. The decision to scale back in Spanish-speaking Latin America comes amid challenges in profitability, with returns reportedly falling below the cost of capital.

Pilot Travel Centers explores sale of water services unit. (Bloomberg)

Pilot Travel Centers, a subsidiary of Berkshire Hathaway, is weighing the sale of its water-management services division as it sharpens focus on its core truck-stop operations.

The potential divestiture reflects a strategic move to streamline the company’s business portfolio. The unit in question, Pilot Water Solutions, is being marketed with the help of financial advisers.

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.

EMEA

Marriott International completes the acquisition of citizenM for $355m.

Marriott International, an American multinational diversified hospitality company, completed the acquisition of citizenM, a Netherlands-based, global hotel developer, investor, and hotel chain, for $355m, according to press releases.

citizenM was advised by Eastdil Secured, Morgan Stanley, De Brauw Blackstone Westbroek (led by Arne Grimme and Gaby Smeenk), Kirkland & Ellis (led by Abhishek Kolay), Paul Hastings (led by Rick S Kirkbride) and Walker Morris. Marriott was advised by Gibson Dunn & Crutcher (led by Alexander L. Orr and Stephen Glover) and Loyens & Loeff (led by Wijnand Meijer), according to press releases and MergerLinks data.

NewPrinces to acquire Carrefour Italia for €1bn.

NewPrinces, an Italian food and beverage producer, agreed to acquire Carrefour Italia, a supermarket chain operating in the large-scale distribution sector in Italy, for €1bn ($1.2bn), according to press releases.

NewPrinces is advised by BonelliErede, BNP Paribas and Barabino & Partners (led by Alice Brambilla). Carrefour is advised by Rothschild & Co, according to press releases and MergerLinks data.

Marex to acquire Winterflood Securities from Close Brothers for £104m.

Marex, a diversified global financial services platform, agreed to acquire Winterflood Securities, a UK equity market maker, from Close Brothers, a merchant banking group, for £104m ($141m), according to press releases.

Marex is advised by FTI Consulting, according to press releases. Close Brothers is advised by UBS (led by Sam Small), Slaughter & May (led by Claire Jackson) and H/Advisors Maitland (led by Sam Cartwright), according to press releases and MergerLinks data.

Siemens Energy to acquire a 50% stake in RWG (Repair & Overhauls) from John Wood for $135m.

Siemens Energy, an energy technology company, agreed to acquire a 50% stake in RWG (Repair & Overhauls), a provider of repair and overhaul services to operators of industrial aero-derivative gas turbines, from John Wood, an engineering and consulting company, for $135m, according to press releases.

John Wood is advised by Slaughter & May (led by Paul Dickson) and FTI Consulting (led by Alex Le May), according to press releases.

Orange Cyberdefense completes the acquisition of ensec.

Orange Cyberdefense, the cybersecurity subsidiary of Orange, completed the acquisition of ensec, a Swiss cybersecurity company, according to press releases. Financial terms were not disclosed.

ensec was advised by UBS and Bar & Karrer (led by Philippe Seiler and Christoph Neeracher), according to press releases and MergerLinks data.

Kepak Group completes the acquisition of New World Foods Europe from Valeo Foods.

Kepak Group, a meat processor, completed the acquisition of New World Foods Europe, a producer of high-protein ambient snack products, from Valeo Foods, a producer of branded food and beverage products, according to press releases. Financial terms were not disclosed.

Valeo Foods was advised by Food Strategy Associates, according to MergerLinks data.

Alexander Chachava completes the acquisition of a 27.7% stake in Ozon.

Alexander Chachava completed the acquisition of a 27.7% stake in Ozon, a multi-category e-commerce platform, according to press releases. Financial terms were not disclosed.

ING completes the acquisition of a 17.6% stake in Van Lanschot Kempen.

ING, a global financial institution, completed the acquisition of a 17.6% stake in Van Lanschot Kempen, a specialist wealth 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.

Bankers prepare financing for DSM-Firmenich animal nutrition sale. (Bloomberg)

Lenders are reportedly ready to provide up to €2bn ($2.3bn) in financing for the sale of DSM-Firmenich’s animal nutrition and health division, as the transaction approaches its final stages. The debt package is aimed at supporting potential bidders interested in acquiring the business.

Final bids for the unit are expected later this month. Bankers are currently determining the level of debt financing that could be made available to facilitate the deal.

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.

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.

LCL and Crédit Agricole Assurances in talks to acquire Milleis Group from AnaCap. (Press Release)

LCL and Crédit Agricole Assurances entered into exclusive negotiations with AnaCap, a private equity fund investing in the European mid-market segment, for the joint acquisition of Milleis Group, a long-standing independent player in private banking and wealth management in France.

This acquisition would enable LCL to strengthen its position in the French wealth management market and develop synergies. It would also provide Crédit Agricole Assurances with the opportunity to reinforce the positioning of its subsidiary Spirica in the high net worth segment and to broaden its distribution channels.

AnaCap is advised by Rothschild & Co.

Iveco in talks to divide assets between Leonardo and Tata Motors. (Bloomberg)

Iveco Group is nearing a deal to sell its defense division to Leonardo, a move that would align with the preferences of the Italian government and clear the way for a separate transaction involving the company's commercial vehicle business. An agreement between the Rome-based defense firm and Iveco, which is backed by the Agnelli family, could be finalized within weeks if progress continues steadily.

At the same time, Exor, the Agnelli family’s investment arm, is holding advanced negotiations with India’s Tata Motors to sell the remainder of Iveco’s truck operations. The dual-track approach suggests a coordinated effort to restructure and offload key segments of the business to strategically aligned buyers.

APAC

Adani and MetTube to form a joint venture.

Adani, an Indian multinational conglomerate, and MetTube, a provider of high-performance copper tubes, agreed to form a joint venture, according to press releases. Financial terms were not disclosed.

Adani is advised by Cyril Amarchand Mangaldas. MetTube is advised by KPMG and Khaitan & Co (led by Ashraya Rao), 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.

Torrent Power in discussions to acquire L&T thermal unit. (Economic Times)

Torrent Power is in negotiations to acquire the thermal power division of Larsen & Toubro in a deal that could be valued at approximately $1bn, including debt. Both companies have engaged financial advisers to support the ongoing discussions.

The potential sale would allow L&T to generate funds aimed at reducing its existing debt load. The talks remain confidential, and neither company has publicly commented on the progress of the deal.

Nestlé considers sale of Nature’s Bounty and other supplement brands. (WSJ)

Nestlé has announced it may sell Nature’s Bounty and other parts of its vitamins business, as part of a broader strategy led by CEO Laurent Freixe to drive stronger sales growth.

The Swiss food giant, known for products like Nescafe and Purina, is conducting a review of underperforming brands within its vitamins, minerals, and supplements division. The review could lead to divestitures as Nestlé shifts attention to premium offerings such as Garden of Life and Solgar.

SmartNews appoints lead managers for planned IPO. (Bloomberg)

SmartNews, the Japanese company behind a popular news aggregation app, has selected Mitsubishi UFJ Morgan Stanley Securities and Nomura to lead its initial public offering. The move marks a significant step forward in the company’s path toward going public.

The Tokyo-based firm, which was valued at $2bn in 2021, could launch its listing as early as next year. The individual, who requested anonymity due to the confidential nature of the plans, noted that preparations are underway, though specific details remain undisclosed.

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