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Top Highlights
TeamSystem, a technology & AI company for the development of business management solutions, to acquire Sellsy, a company providing all-in-one CRM and financial management system software solutions, from PSG, a growth equity firm, according to press releases. Financial terms were not disclosed.
Sellsy is advised by Alvarez & Marsal, Houlihan Lokey, Orrick Herrington & Sutcliffe, Weil Gotshal and Manges and Madame de la Com'. TeamSystem is advised by Ernst & Young, Mediobanca, Herbert Smith Freehills Kramer and Barabino & Partners (led by Georgia Colkin). PSG is advised by Prosek Partners, according to press releases.
A consortium of investors including APG, GIC and Norges Bank Investment Management agreed to invest €9.5bn ($11bn) in TenneT Germany, a European grid operator, according to press releases.
TenneT is advised by ABN Amro, Lazard, De Brauw Blackstone Westbroek and Hengeler Mueller. Investors are advised by RBC Capital Markets and Clifford Chance. The Dutch government is advised by Rothschild & Co, according to press releases and MergerLinks data.
Haveli Investments, a private equity firm, completed the acquisition of Couchbase, a developer data platform for critical applications, for $1.5bn, according to press releases.
Couchbase was advised by Morgan Stanley, Cooley (led by Ben Beerle) and Wilson Sonsini Goodrich & Rosati (led by Dana Hall). Haveli Investments was advised by Jefferies & Company and Latham & Watkins (led by Charles Ruck and Ian A. Nussbaum). Financial advisor was advised by Milbank (led by Marcus Dougherty), according to press releases and MergerLinks data.
Deal Round up
AMERICAS
Companies are investing billions to build out AI infrastructure. (Reuters)
Bank of Montreal is exploring the sale of some US branches. ( Reuters)
JP Morgan-led consortium is exploring financing options for an Advent-backed merger. ( Bloomberg)
EMEA
Lanxess, the chemicals manufacturer, plans to divest its stake in Envalior in 2026. ( Reuters)
Chocolate Lake explores sale of stake with valuation up to $800m. ( Bloomberg)
Estee Lauder Supplier Intercos eyes acquisitions to grow US presence. (Bloomberg)
Rai Way, EI Towers shareholders to continue discussions on Italy TV tower merger. ( Reuters)
Axcel considers the sale of IT consultancy Emagine in a deal valued at around €700m. ( Bloomberg)
Gathern plans 2028 IPO following $72m funding round. ( Bloomberg)
APAC
Mercedes plans investment in Geely-backed autonomous driving startup Qianli ( Bloomberg)
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AMERICAS
HARMAN International, an electronics company, completed the acquisition of consumer audio business from Masimo, a health technology and consumer electronics company, for $350m, according to press releases.
HARMAN was advised by Sidley Austin (led by Ted Murphy). Masimo was advised by Centerview Partners, Morgan Stanley and Sullivan & Cromwell (led by Lauren S. Boehmke), according to press releases and MergerLinks data.
Novacap, a private equity firm, agreed to acquire Integral Ad Science, a global media measurement and optimization platform, for $1.9bn, according to press releases.
IAS is advised by Jefferies & Company and Kirkland & Ellis. Novacap is advised by Evercore and Willkie Farr & Gallagher (led by Jared Fertman, Russell Leaf and Samir K. Patel), according to press releases and MergerLinks data.
Lotus Pharmaceutical, an international pharmaceutical company, agreed to acquire Alvogen, a privately owned US-based pharmaceutical company, according to press releases. Financial terms were not disclosed.
Alvogen is advised by Jefferies & Company, Rothschild & Co and White & Case. Lotus is advised by Citigroup, according to press releases and MergerLinks data.
Privia Health, a national physician platform, agreed to acquire the primary care business from Evolent Health, a health care company, for $113m, according to press releases.
Evolent is advised by Lazard and Bass Berry & Sims, according to press releases.
TA and Thoma Bravo-backed Solifi, a secured finance technology company, completed the acquisition of DataScan, a wholesale finance and inventory risk management company, according to press releases. Financial terms were not disclosed.
DataScan was advised by TD Securities and Kirkland & Ellis. Solifi was advised by Goodwin Procter, according to press releases.
Axon, a public safety technology company, agreed to acquire Prepared, an AI-powered emergency communications platform, according to press releases. Financial terms were not disclosed.
Prepared is advised by Latham & Watkins. Axon is advised by Morgan Lewis & Bockius, according to press releases.
Wellington Management, an asset manager, and General Catalyst, a venture capital firm, agreed to invest $400m in Capital Rx, an enterprise health technology company and benefit administrator, with participation from Generation Investment Management, Goldman Sachs Alternatives, 9Yards Capital, B Capital, Edison Partners, Prime Health Investments, and Transformation Capital, according to press releases.
Capital Rx is advised by 120/80 (led by Alex Jenkins), according to press releases.
Insight Partners, a software investor, Accel, a global venture capital firm, and Halo Fund, an investment platform, led a $400m investment in Filevine, a legal work platform, with participation from Meritech, Stepstone, Run Ventures, and Album Ventures, according to press releases.
Filevine was advised by Hoffman Agency, according to press releases.
PX3 Partners-backed Com Laude, a supplier of corporate domain services, agreed to acquire Markmonitor, a strategic domain management solutions provider, from Newfold Digital, a web technology company, according to press releases. Financial terms were not disclosed.
Companies are investing billions to build out AI infrastructure. (Reuters)
Nvidia plans to invest up to $100bn in OpenAI and supply the company with data center chips, securing a financial stake in one of the world’s most prominent AI players — already a key customer.
Investment in AI infrastructure has surged since OpenAI launched ChatGPT in 2022, fueled by expectations that businesses across industries will integrate the technology into their products and services.
Bank of Montreal is exploring the sale of some US branches. ( Reuters)
Bank of Montreal has launched a process to sell some of its US branches holding about $6bn in deposits.
The Canadian lender is considering exiting certain locations, including in states such as Wyoming and the Dakotas. The branches could be sold together or in clusters.
JP Morgan-led consortium is exploring financing options for an Advent-backed merger. ( Bloomberg)
A group of Wall Street banks led by JP Morgan is working on a debt financing package to support Advent International’s acquisition of software companies Xplor Technologies and Clubessential.
The approximately $1.3bn deal, expected as an incremental term loan, would refinance Clubessential’s existing debt. Banks are gauging investor demand, with a potential launch as early as next month.
EMEA
Exxon Mobil, Petrobras and contractor TechnipFMC have asked Brazil’s antitrust regulator to oppose the planned merger between Italy’s Saipem and Norway’s Subsea 7. The companies argued that the deal would reshape competition in the oilfield services sector.
They warned the merger could drive up prices and specifically highlighted concerns in the market for subsea umbilicals, risers and flowlines, as well as pipe laying vessels. The companies also requested to take part in the watchdog’s review of the deal.
BasePoint Capital, a specialty finance group, offered to acquire International Personal Finance, an international financial services business, for £515m ($696m), according to press releases.
Battery Ventures, a global, technology-focused investment firm, led a $165m round in Signal AI, a global risk and reputation intelligence platform, according to press releases.
Signal AI is advised by Evercore and Wilson Sonsini Goodrich & Rosati, according to press releases and MergerLinks data.
SOCAR, a global energy company, agreed to acquire Italiana Petroli, an Italian energy company, from API Holding, a holding company of the Brachetti Peretti family, according to press releases. Financial terms were not disclosed.
API Holding is advised by UniCredit, according to press releases and MergerLinks data.
LEGO to acquire LEGO Discovery Centres and LEGOLAND Discovery Centres from Merlin Entertainments.
LEGO, a Danish construction toy production company, agreed to acquire LEGO Discovery Centres and LEGOLAND Discovery Centres from Merlin Entertainments, a global entertainment company, according to press releases. Financial terms were not disclosed.
Lanxess, the chemicals manufacturer, plans to divest its stake in Envalior in 2026. ( Reuters)
Specialty chemicals company Lanxess announced on September 23 that it intends to sell its entire 40.94% stake in Envalior to its joint venture partner, an Advent International investment firm.
The companies have agreed on a base purchase price of approximately €1.2bn ($1.4bn).
Chocolate Lake explores sale of stake with valuation up to $800m. ( Bloomberg)
Jordan-based Chocolate Lake is in discussions with potential buyers to sell a strategic stake, in what could become one of the kingdom’s largest recent M&A deals.
The Amman-headquartered chocolate and ingredients manufacturer is working with Rothschild & Co on the possible transaction, which could value the company between $700m and $800m.
Estee Lauder supplier Intercos eyes acquisitions to grow US presence. (Bloomberg)
Italian cosmetics manufacturer Intercos is pursuing at least one US acquisition to grow its skin and hair care business in the world’s largest beauty market.
The company, which supplies brands including Estée Lauder and Dolce & Gabbana, is targeting businesses with $100m to $200m in revenue.
Rai Way, EI Towers shareholders to continue discussions on Italy TV tower merger. ( Reuters)
Shareholders of Italian broadcasting tower operators Rai Way and EI Towers are set to prolong discussions on a potential merger past the September 30 deadline.
The proposed tie-up, involving Milan-listed Rai Way, controlled by public broadcaster RAI, and EI Towers, owned by Italian infrastructure fund F2i and commercial broadcaster MFE-MediaForEurope, has been under consideration by investors for nearly a decade.
Axcel considers the sale of IT consultancy Emagine in a deal valued at around €700m. ( Bloomberg)
Danish private equity firm Axcel is weighing a sale of IT consultancy Emagine, in a deal that could value the company at around €700m ($826m).
Axcel has approached investment banks for proposals, with a potential sale process possibly starting next year.
Gathern plans 2028 IPO following $72m funding round. ( Bloomberg)
Saudi vacation rental platform Gathern is aiming for a 2028 IPO after raising $72m in Series B funding.
The latest round, closed last month with backing from Sanabil Investments and Saudi Technology Ventures, will support the company’s expansion beyond lodging into car rentals, flights, and curated experiences starting next year.
APAC
Mercedes plans investment in Geely-backed autonomous driving startup Qianli ( Bloomberg)
Mercedes-Benz Group is preparing to invest in Chongqing Qianli Technology, a Shanghai-listed autonomous driving systems developer, to strengthen its software capabilities in China.
The German automaker plans to acquire a minority stake in Qianli, which had a market capitalization of about 59.5bn yuan ($8.35bn) as of September 24. An announcement could come as soon as this week.
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