An investor group led by Permira and Warburg Pincus completes the acquisition of Clearwater Analytics for $8.4bn.
An investor group led by Permira and Warburg Pincus, and including Francisco Partners and Temasek, completed the acquisition of Clearwater Analytics, a software-as-a-service fintech firm, for $8.4bn, according to press releases.
Clearwater Analytics was advised by Citigroup, JP Morgan, PJT Partners (led by Michael Gilbert, Michael J. Freudenstein and Avinash Patel), Cravath Swaine & Moore (led by Daniel Cerqueira and Thomas E. Dunn), Kirkland & Ellis (led by David Feirstein and Constantine N. Skarvelis) and Sterlington (led by Christopher Harrison). Financial advisors were advised by Sullivan & Cromwell (led by Alison S. Ressler). Permira was advised by Headland Consultancy. Warburg Pincus was advised by Goldman Sachs (led by Sam Britton), Latham & Watkins (led by Amber Banks, Brian T. Mangino and Max Schleusener) and Paul Weiss Rifkind Wharton & Garrison (led by Eric J. Wedel). Debt financing was provided by Goldman Sachs. Goldman Sachs was advised by Milbank (led by Marcus Dougherty). Francisco Partners was advised by Simpson Thacher & Bartlett (led by Robert Langdon and Naveed Anwar). Temasek was advised by Cleary Gottlieb Steen & Hamilton, according to MergerLinks data and press releases.
Eldorado completes the acquisition of Vantage Drilling for $258m.
Eldorado, an operator of drilling technology, completed the acquisition of Vantage Drilling, an offshore drilling contractor, for $258m, according to press releases.
Vantage Drilling was advised by Clarksons Securities, Conyers Dill & Pearman, Milbank and Thommessen. Eldorado was advised by Fearnley Securities, Appleby, Baker Botts and Wikborg Rein, according to MergerLinks data and press releases.
Elroy Air to go public via a SPAC merger with Inflection Point and Cohen & Co-backed Columbus Circle Capital Corp II in a $1bn deal.
Elroy Air, a technology developer of autonomous heavy-cargo drones, agreed to go public via a SPAC merger with Inflection Point and Cohen & Co-backed Columbus Circle Capital Corp II, a special purpose acquisition company, in a $1bn deal, according to press releases.
Elroy Air is advised by Barclays, DLA Piper and Collected Strategies (led by Ed Hammond and Dan Moore). CMII is advised by Cantor Fitzgerald, Cohen & Company Capital Markets and White & Case, according to MergerLinks data and press releases.
onsemi to acquire Synaptics in a $7bn deal.
onsemi, an American semiconductor supplier company, agreed to acquire Synaptics, a developer and supplier of custom-designed semiconductor solutions, in a $7bn deal, according to press releases.
Synaptics is advised by Qatalyst Partners and Baker McKenzie. onsemi is advised by JP Morgan, Morgan Stanley and Skadden Arps Slate Meagher & Flom (led by Michael Mies), according to MergerLinks data and press releases.
TJC to acquire Luna Innovations for $230m.
TJC, a private equity firm, agreed to acquire Luna Innovations, an advanced optical technology company, for $230m, according to press releases.
Luna Innovations is advised by Evercore and King & Spalding. Evercore is advised by Sullivan & Cromwell (led by Stephen M. Kotran). TJC is advised by Guggenheim Partners and Kirkland & Ellis, according to MergerLinks data and press releases.
New Mountain Capital completes a majority investment in RRC Companies.
New Mountain Capital, an investment firm, completed a majority investment in RRC Companies, a provider of integrated engineering services, according to press releases. Financial terms were not disclosed.
RRC was advised by Texas Capital Bank and Haynes and Boone. New Mountain was advised by Simpson Thacher & Bartlett and H/Advisors Abernathy (led by Dana Gorman), according to press releases.
NuCube Energy to go public via a SPAC merger with Launch Two Acquisition in a $500m deal.
NuCube Energy, an advanced-nuclear technology company productizing factory-built microreactors, agreed to go public via a SPAC merger with Launch Two Acquisition, a special purpose acquisition company, in a $500m deal, according to press releases.
NuCube Energy is advised by Morgan Lewis & Bockius. Launch Two is advised by Cantor Fitzgerald and Ellenoff Grossman & Schole (led by Douglas Ellenoff), according to MergerLinks data and press releases.
CVC to invest in General Atlantic-backed Chess.com.
CVC, a private markets investment firm, agreed to invest in General Atlantic-backed Chess.com, an online chess platform, according to press releases. Financial terms were not disclosed.
Chess.com is advised by Goldman Sachs. General Atlantic is advised by Paul Weiss Rifkind Wharton & Garrison (led by Austin Pollet), according to MergerLinks data and press releases.
Cencosud, a retail group operating multi-format businesses across the Americas, agreed to acquire Makro Supermayorista, a wholesale-focused retailer operating cash & carry stores serving professional customers and entrepreneurs in multiple Colombian cities, for $158m, according to press releases.
Calian Group, a mission-critical solutions company, agreed to acquire Galaxy Broadband Communications, a Canadian satellite communications provider, from Crown Capital Partners, a specialty finance company, for $51.5m, according to press releases.
KKR, an investment firm, agreed to acquire the power solutions in the US and Canada from EDF, a French energy company, according to press releases. Financial terms were not disclosed.
LabX Media Group, a media company serving scientific, academic and professional audiences, completed the acquisition of Scientific American, a science media brand focused on journalism and digital content. Financial terms were not disclosed.
GameStop pledges to pursue $56bn takeover offer for eBay despite rejection. (Reuters)
GameStop pledged to pursue its proposed $56bn takeover of eBay, after the e-commerce firm rejected the unsolicited cash-and-stock offer in May.
CEO Ryan Cohen, who argued a combined company would be a bigger competitor to Amazon, also said this year's earnings will be strong, pushing GameStop's stock up more than 2% in after-hours trading.
Magnolia Oil & Gas in lead to acquire WildFire Energy for over $4bn. (Bloomberg)
Magnolia Oil & Gas has emerged as the front-runner to acquire WildFire Energy for more than $4bn, in what would rank as its largest-ever acquisition. WildFire is backed by private equity firms Warburg Pincus and Kayne Anderson.
The Houston-based shale producer is poised to win the auction for the driller, with a deal expected to be announced in the coming weeks.
QuidelOrtho looks to sell testing unit at $1.5bn valuation. (Financial Times)
Diagnostics firm QuidelOrtho is looking to sell its point-of-care testing unit at a valuation of $1.5bn.
Private equity firms including Advent International, SK Capital Partners and Archimed have expressed interest in the asset.
Canadian testing company CSA Group taps Jefferies to explore a sale. (Bloomberg)
CSA Group, the Canadian product testing and certification company, is exploring a sale that could value the business at around CAD2bn ($1.4bn).
Jefferies is advising on the sale and collecting first-round bids.
Interested parties include private equity firms as well as other testing companies.
Bumble explores sale amid slowing growth. (Reuters)
Dating app Bumble is exploring a sale amid slowing growth, working with Morgan Stanley on a potential sale process. Shares have fallen 48% over the past 12 months, leaving it with a market value of $388m.
Founder Whitney Wolfe Herd, who built the company around a "women-first" approach, returned as CEO in March 2025.
Musk cleared by FTC to buy SpaceX alumni firm Mesh Optical Technologies. (Bloomberg)
Elon Musk received regulatory clearance to acquire Mesh Optical Technologies, a startup founded by former SpaceX engineers working on optical data center communication technology.
Mesh is developing optical transceivers that rely on light to send and receive information between data centres.
Biolife Solutions draws takeover interest from Repligen. (Bloomberg)
Medical supplies maker Biolife Solutions has attracted takeover interest from parties including diagnostics company Repligen.
It wasn't clear how Biolife, based in Bothell, Washington, plans to respond to the interest.
TPG and Leonard Green explore sale of McIlroy-backed Troon Golf. (Bloomberg)
TPG and Leonard Green & Partners, the private equity owners of Troon Golf, are exploring a potential sale of one of the largest US golf course operators.
The backers have tapped investment banks to field interest in the company. Troon could be valued in a sale at more than $2bn.
OpenAI weighs IPO in 2027 after expected Anthropic public debut. (Bloomberg)
OpenAI is considering an IPO as soon as 2027, a timeline that would potentially see it go public after AI rival Anthropic.
OpenAI's leadership expects Anthropic will likely go public first, even though both companies have already filed confidentially with the SEC.
Hellman & Friedman-backed Hub International files confidentially for IPO. (Bloomberg)
Hub International, an insurance broker backed by Hellman & Friedman, has confidentially filed for an IPO, with proceeds expected to be used to pare its debt.
The Chicago-based firm has filed a draft registration statement with the US Securities and Exchange Commission, with the timing, number of shares and price range yet to be determined.
Permira-backed womenswear retailer Reformation files for US IPO. (Bloomberg)
Reformation, a sustainable womenswear brand backed by Permira, has filed for a US IPO, disclosing growing sales.
The Vernon, California-based company had a net loss of $12m on revenue of $112m in the 13 weeks ending March 28.
Cantor Fitzgerald Bitcoin SPAC lets investors pledge less as crypto slides. (Bloomberg)
A blank-check company associated with Cantor Fitzgerald is trying to get investors to support an upcoming crypto deal by allowing them to commit less money than initially pledged.
Cantor, acting as lead adviser, sent a notice to large investors saying they could provide about a third of their initial commitment.
EMEA
Gimv to acquire a majority stake in Groupe Cap Vert from Ambienta.
Gimv, a European investment company, agreed to acquire a majority stake in Groupe Cap Vert, a provider of tree and vegetation critical management services, from Ambienta, a European investment manager, according to press releases. Financial terms were not disclosed.
Ambienta is advised by Marsh, Oliver Wyman, Ansa Services, Alvarez & Marsal, Amala Partners, Coruscans, Ernst & Young, Jeausserand Audouard, Weil Gotshal and Manges and Kekst CNC, according to MergerLinks data.
Persistent Systems to acquire Nagarro for €1bn.
Persistent Systems, an Indian multinational technology company, offered to acquire Nagarro, a German IT service provider, for €1bn ($1.14bn), according to press releases.
Nagarro is advised by JP Morgan and Freshfields. Persistent is advised by Barclays, Hengeler Mueller and Khaitan & Co. Debt financing is provided by Barclays, according to MergerLinks data and press releases.
Warburg Pincus to acquire Network Plus from OMERS Private Equity.
Warburg Pincus, a private equity firm, agreed to acquire Network Plus, a UK utility and infrastructure services provider, from OMERS Private Equity, a private equity firm, according to press releases. Financial terms were not disclosed.
Warburg Pincus is advised by Paul Weiss Rifkind Wharton & Garrison (led by
Stefan Arnold-Soulby), according to press releases and MergerLinks data.
Davion Healthcare, a digital healthcare company specializing in remote monitoring technologies, agreed to acquire Humaskan, a medical technology company focused on proprietary healthcare products and intellectual property, for $60m, according to press releases.
Prosus, a corporate venture capital arm of Prosus, led a €400m ($455m) round in Alan, a French AI-native health and insurance technology company, with participation from Teachers' Venture Growth (TVG), Index Ventures, and Dara Holdings, according to press releases.
EasyJet shareholders hold out for £5.3bn bid from Castlelake. (
FT)
EasyJet's board has opened formal negotiations with US private credit group Castlelake after rejecting a fourth bid of £4.9bn ($6.46bn), or £6.50 ($8.57) per share, saying it "fundamentally undervalues" the airline.
Large shareholders are in agreement that the price must reach £7 ($9.23) per share, or £5.3bn ($7bn), to be sufficiently attractive, with hopes that Castlelake will raise its offer.
Kenyan appeals court unblocks Safaricom stake sale to Vodacom. (
Bloomberg)
Kenya's appellate court overturned a ruling that halted the National Treasury's plan to sell a 15% stake in Safaricom, East Africa's biggest mobile-network operator, to Vodacom.
The court of appeal decision follows an application by the Treasury to unblock the $2bn deal to fund its budget deficit and finance infrastructure projects.
Safran in talks to buy sea drone maker Exail Technologies. (
Press Release)
French defence group Safran has entered exclusive negotiations to acquire Exail Technologies at €128.5 ($146.71) per share.
The deal would see Safran buy the Gorge family's controlling 43.92% stake, followed by a mandatory public offer.
Stellantis and Nissan in talks to buy assets from troubled Marelli. (
Bloomberg)
Stellantis and Nissan Motor are in talks to take over some assets of Marelli Holdings, the global auto-parts maker undergoing a challenging reorganisation in bankruptcy.
Stellantis is in discussions for Marelli's suspensions business in Italy and some other countries, while Nissan is looking at taking assets from the company in Japan.
China Three Gorges in talks to buy German wind assets from NEAG. (
Bloomberg)
China Three Gorges is in talks to buy a German wind portfolio from NEAG Norddeutsche Energie.
The assets are operational onshore wind farms with a total capacity of 312 megawatts.
Lewis family plans £100m investment in Tottenham Hotspur. (
Bloomberg)
The Lewis family is preparing a cash injection of at least £100m ($132m) into Premier League team Tottenham Hotspur to help fund the team's revamp after a difficult few seasons.
The investment would be made through holding company ENIC Sports, which is majority-owned by the Lewis family with billionaire businessman Joe Lewis's family owning just over 70%.
