Top Highlights
Tata Motors, a global automotive company, completed the acquisition of an 89.42% stake in Iveco Group, a commercial vehicle brand that designs, manufactures, and markets heavy, medium, and light-duty trucks, in a €3.8 bn ($4.2bn) deal, according to press releases.
Iveco Group was advised by Goldman Sachs, Rothschild & Co (led by Luigi Labbate), BonelliErede, De Brauw Blackstone Westbroek (led by Jaap Barneveld), Greenberg Traurig (led by Bruno Cova), PedersoliGattai (led by Carlo Re) and Maisto e Associati. Financial advisors were advised by Cleary Gottlieb Steen & Hamilton (led by Roberto Bonsignore). Tata Motors was advised by PricewaterhouseCoopers, Kearney, Morgan Stanley (led by Regina Savage), AZB & Partners (led by Zia Mody and Vaidhyanadhan Iyer), Clifford Chance (led by Jan-Hendrik Horsmeier) and Freshfields. Debt financing was provided by Morgan Stanley. Exor was advised by Community Group (led by Auro Palomba) , according to press releases and MergerLinks data.
Apollo, a private equity firm, completed the acquisition of acquire a minority stake in Apex Service Partners, a home services platform that partners with and supports HVAC, plumbing, and electrical service companies, from Alpine Investors, a private equity firm, for $2bn, according to press releases.
Apex Service Partners was advised by Evercore, Goldman Sachs, and Kirkland & Ellis. Apollo was advised by JP Morgan, Jefferies & Company, William Blair & Co, and Akin Gump Strauss Hauer & Feld. Alpine Investors was advised by Evercore, Goldman Sachs, Kirkland & Ellis, and Edelman (led by Jordan Niezelski) , according to press releases and MergerLinks data.
Vistra, a power company, completed the acquisition of Cogentrix Energy, a renewable energy development company, from Quantum Capital Group, a private equity firm, for $4bn, according to press releases.
AMERICAS
CD&R weighs take-private bid for payments firm Global Payments. ( Reuters)
Vail Resorts' largest shareholder backs company amid activist challenge from Oasis. ( Rueters)
Investor eyes bid for Club Pilates owner Xponential Fitness. ( Bloomberg)
Applebee’s owner Dine Brands adopts poison pill to fend off takeover bid. ( Bloomberg)
Raizen weighs partial sale of distribution business as Shell increases stake. ( Bloomberg)
Bambusa Therapeutics raises $169m in upsized IPO. ( Bloombrerg)
Aspen Neuroscience prices initial public offering. ( Press Release)
EMEA
Czech billionaire Strnad makes €30bn bid for EssiLux shareholder Delfin. ( Reuters)
TDR Capital agrees €400m deal to acquire Lovehoney. ( SkyNews)
Evonik rejects BASF's sweetened $12.5bn takeover offer. ( Reuters)
SoftBank-backed OPay prices IPO at $4bn valuation. ( Reuters)
Iceland’s Blue Lagoon plans IPO after shareholder approval. ( Bloomberg)
Sanofi signals openness to larger acquisitions as CEO Garijo raises 2026 growth outlook. ( Reuters)
APAC
Chip suppliers lead $765m Hong Kong IPO rush at month-end. ( Bloomberg)
One Planet Partners launches debut private equity fund with backing from Japan's SMTB. ( DealStreetAsia)
TPG closes first Asia mid-cap fund at $1.3bn above target. ( DealStreetAsia)
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AMERICAS
Stonepeak, a private equity firm, completed the acquisition of the transportation and vendor finance businesses of BMO Financial Group, a Canadian financial services provider, according to press releases. Financial terms were not disclosed.
BMO Financial Group was advised by BMO Capital Markets, Bank of America, Osler Hoskin & Harcourt and Sullivan & Cromwell. Stonepeak was advised by Blake Cassels & Graydon, Skadden Arps Slate Meagher & Flom (led by Jeffrey Brill) and FGS Global (led by Kevin Siegel), according to press releases , according to press releases and MergerLinks data.
Pelthos Therapeutics, a commercial-stage biopharmaceutical company, agreed to merge with Castle Creek Biosciences, a late-stage company developing re-dosable gene therapies, according to press releases. Financial terms were not disclosed.
Castle Creek is advised by PHCP llc, Bradley Arant Boult Cummings and Katten Muchin Rosenman. Pelthos Therapeutics is advised by Oppenheimer & Co, Latham & Watkins, Collected Strategies (led by Jude Gorman) and LifeSci Advisors (led by Mike Moyer) , according to press releases.
American International Group, a global insurance company, completed the acquisition of Everest Colombia, an insurance company, from Everest Group, a global underwriting and reinsurance company, according to press releases. Financial terms were not disclosed.
American International Group, a global insurance organization, agreed to acquire the Chile insurance operations from Everest, a specialty reinsurance and insurance company, according to press releases. Financial terms were not disclosed.
AIG is advised by Carey y Cia and Willkie Farr & Gallagher. Everest is advised by Debevoise & Plimpton (led by Megan Arrogante), according to press releases and MergerLinks data.
Willdan, a technical services company focused on energy and infrastructure solutions, completed the acquisition of Mantis Innovation, a building performance services company, for $285m, according to press releases.
Mondelez International, a food and beverage company, completed the acquisition of a majority stake in Undercover Snacks, a producer of chocolate quinoa snacks, according to press releases. Financial terms were not disclosed.
Arch Insurance North America, a provider of property, casualty and specialty insurance, agreed to acquire Premier Dealer Services, a provider of automotive finance and insurance products and services, according to press releases. Financial terms were not disclosed.
Arch Insurance North America is advised by TD Securities and Eversheds Sutherland, according to press releases.
Valero Energy, an American-based fuels producer, agreed to acquire LYB Houston Hub Holdings, a company that indirectly owns a former petroleum refinery in Houston, from LyondellBasell, a global chemical and polymer manufacturing company, for $321m, according to press releases.
CD&R weighs take-private bid for payments firm Global Payments. ( Reuters)
Private equity firm CD&R is exploring a potential take-private transaction for payments processor Global Payments. Discussions remain at an early stage and there is no certainty that a deal will be reached.
Shares of Global Payments rose more than 11% in afternoon trading following the report.
Vail Resorts' largest shareholder backs company amid activist challenge from Oasis. ( Rueters)
Vail Resorts wins backing from its largest shareholder as activist Oasis pushes for operational changes, including potential asset sales. Baron Capital, which owns an 18% stake in the ski resort operator, said it will support management and vote for the company's board nominees at next month's shareholder meeting.
Investor eyes bid for Club Pilates owner Xponential Fitness. ( Bloomberg)
Fund 1 Investments, the third-largest shareholder in Xponential Fitness, is advocating for a take-private transaction and has expressed interest in acquiring the company.
In a regulatory filing, the Puerto Rico-based investor said it is prepared to offer between $5.61 and $7 per share in cash for Xponential Fitness.
Applebee’s owner Dine Brands adopts poison pill to fend off takeover bid. ( Bloomberg)
Dine Brands Global, the parent company of Applebee’s, has adopted a poison pill defense to guard against a potential takeover attempt by investment firms Cobblers Cove Capital and Arkhouse Management.
The company's board approved a limited-duration shareholder rights plan after reports emerged of a significant accumulation of its shares and related derivatives.
Raizen weighs partial sale of distribution business as Shell increases stake. ( Bloomberg)
Brazilian biofuels producer Raizen is exploring a sale of part of its fuel distribution business while arranging for shareholder Shell to acquire a significant stake in the profitable unit.
The move is part of a broader effort to attract investors to the business while maintaining Shell as a key shareholder.
Bambusa Therapeutics raises $169m in upsized IPO. ( Bloombrerg)
Bambusa Therapeutics, an early-stage biotechnology company focused on dermatology and autoimmune diseases, raised approximately $169m in an upsized initial public offering.
The Boston-based company sold 10.56m shares at $16 each, the midpoint of its marketed price range. The offering was increased from an earlier plan to sell 9.38m shares at between $15 and $17 per share.
Aspen Neuroscience prices initial public offering. ( Press Release)
Aspen Neuroscience has priced its initial public offering of 9.375m common shares at $15 per share. The clinical-stage biotechnology company expects to raise approximately $140.6m in gross proceeds before underwriting discounts, commissions, and other offering expenses.
Aspen has also granted the underwriters a 30-day option to purchase up to an additional 1.41m shares at the offering price, subject to customary terms.
EMEA
Banca Monte dei Paschi di Siena, the world's oldest bank, terminated the acquisition of Banco BPM, an Italian bank, for €25.3bn ($28.2bn), according to press releases.
Banca Monte dei Paschi di Siena, an Italian banking group, terminated the acquisition of Banca Generali, an Italian bank specializing in private banking, wealth management, and personal financial consulting, for €8.72bn ($9.7bn), according to press releases.
Vusion, a retail technology company, completed the acquisition of In-Store Media, an omnichannel retail media company from Arta Capital, a private equity firm, for €250m ($278m), according to press releases.
In-Store Media was advised by GBS Finance, Mizuho Securities and Baker McKenzie. Vusion was advised by JP Morgan and White & Case, according to press releases and MergerLinks data.
Fortum, a clean-energy company, completed the acquisition of Elmera Group, an electricity retailer providing power supply and related services, for NOK5.1bn ($548m), according to press releases.
Elmera Group was adviised by ABG Sundal Collier and Haavind. Fortum was adviised by Pareto Securities and BAHR, according to press releases and MergerLinks data.
Czech billionaire Strnad makes €30bn bid for EssiLux shareholder Delfin. ( Reuters)
Czech billionaire Michal Strnad has made a €30bn ($33bn) offer to acquire Delfin, the Del Vecchio family's investment vehicle and the largest shareholder in eyewear group EssilorLuxottica.
The approach comes at a time of increasing tensions within Delfin, whose portfolio also includes significant stakes in several major Italian financial institutions.
TDR Capital agrees €400m deal to acquire Lovehoney. ( SkyNews)
TDR Capital, the private equity firm that owns Asda and Britain's largest pub operator, has agreed to acquire Lovehoney Group in a deal valued at roughly €400m ($446m).
The agreement follows extensive discussions with Lovehoney's shareholders, including Jacobs Capital, and marks a significant transaction in the fast-growing intimate wellness sector.
Evonik rejects BASF's sweetened $12.5bn takeover offer. ( Reuters)
Evonik rejects BASF's sweetened takeover approach, seeks further details on strategic rationale.
German chemicals group Evonik has declined BASF's enhanced takeover offer, saying the revised proposal was insufficient to begin formal negotiations.
SoftBank-backed OPay prices IPO at $4bn valuation. ( Reuters)
SoftBank-backed OPay has priced its New York initial public offering at $19 per share, the bottom of its marketed range, giving the Africa-focused fintech a valuation of about $4bn.
The company sold 16m American depositary shares and granted underwriters an option to purchase up to an additional 2.4m shares, potentially increasing the size of the offering.
Iceland’s Blue Lagoon plans IPO after shareholder approval. ( Bloomberg)
Blue Lagoon, Iceland’s renowned geothermal spa located near an active volcano, is preparing for an initial public offering.
The company, Bláa Lónið, plans to list its shares on the main market of Iceland’s stock exchange after shareholders approved the proposal.
Sanofi signals openness to larger acquisitions as CEO Garijo raises 2026 growth outlook. ( Reuters)
Sanofi says it is open to larger acquisitions as CEO Belen Garijo looks to strengthen the drugmaker's pipeline of experimental medicines for future growth.
The company also raised its 2026 growth targets for a second time this year, sending its shares nearly 6% higher and making it one of Europe's top-performing stocks on the day.
APAC
Spider Digital Technology, an operator of a cryptocurrency mining pool powered by proprietary technology, agreed to go public via SPAC merger with Starlink AI Acquisition, a special purpose acquisition company, in a $250m deal, according to press releases.
Spider Digital Technology is advised by Appleby, DLA Piper and Ascent Investor Relations (led by Tina Xiao). Starlink AI Acquisition is advised by Ekberg Fagre & Seem and Ogier, according to press releases.
Mitsubishi Logistics, a global logistics and real estate company, agreed to acquire Hankyu Hanshin Express, a freight forwarding and logistics company, from Hankyu Hanshin Holdings, a business conglomerate and holding company, for JPY120bn ($762m), according to press releases.
Hankyu Hanshin is advised by Mitsubishi UFJ Morgan Stanley Securities, according to MergerLinks data.
Accenture Japan, a technology consulting company, offered to acquire Global Security Experts, a cybersecurity and training firm, in a JPY108bn ($685m) deal, according to press releases.
Accenture is advised by Mitsubishi UFJ Morgan Stanley Securities, according to MergerLinks data.
The Siena Group, a resort and golf course operator, and Ciel Investment Management, a private equity fund manager, agreed to acquire Golfzon County, a golf course operator, from MBK Partners, a private equity firm, for $1.3bn, according to press releases.
MBK Partners is advised by Morgan Stanley, according to MergerLinks data.
Chip suppliers lead $765m Hong Kong IPO rush at month-end. ( Bloomberg)
Chip suppliers Suzhou Denglin Technology and Hosin Electronics led a surge of IPO launches in Hong Kong on the final trading day of the month, helping revive fundraising activity after signs of slowing momentum.
Exchange filings showed that six companies are collectively seeking to raise about HKD6bn ($765m). Denglin is targeting up to HKD1.76bn ($224m) in what would be the largest of the offerings, while Hosin aims to raise as much as HKD1.22bn ($155m).
One Planet Partners launches debut private equity fund with backing from Japan's SMTB. ( DealStreetAsia)
One Planet Partners, an India-focused private equity firm, has partnered with Japan's Sumitomo Mitsui Trust Bank and launched its inaugural private equity fund.
The firm aims to deploy more than INR30bn ($360m), with a first close targeted by mid-2027. As part of the partnership, SMTB has made a strategic equity investment in One Planet Partners and committed as an anchor investor in the firm's maiden private equity fund.
TPG closes first Asia mid-cap fund at $1.3bn above target. ( DealStreetAsia)
TPG has raised $1.3bn for its inaugural Asia growth equity fund, TPG Emerging Companies Asia, exceeding its fundraising target as the alternative asset manager broadens its presence in the region.
The fund is focused on investing in mid-cap companies across Asia's developed markets. TPG confirmed the successful close of the fund during its third-quarter earnings call.
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