|
Top Highlights
DICK'S Sporting Goods, a company specializing in sporting goods and omnichannel retail, completed the acquisition of Foot Locker, a company focused on global sneaker and apparel retailing, for $2.5bn, according to press releases.
Infleqtion, a neutral atom–based quantum technology firm, agreed to go public via merger with Churchill Capital X, a special purpose acquisition company, in a $1.8bn deal, according to press releases.
Infleqtion is advised by JP Morgan and Cooley. Churchill Capital X is advised by BTIG, Citigroup, Ellenoff Grossman & Schole, Latham & Watkins, Ogier, Willkie Farr & Gallagher, Solebury Strategic Communications (led by Stephanie Knight and Anthony Rozmus) and Ocean Tomo.
Deal Round up
AMERICAS
Netskope targets $6.5bn valuation in US IPO. ( Reuters)
StubHub targets up to $9.2bn valuation in US IPO. ( Reuters)
Fermi files for US IPO amid busy listings calendar. ( Press Release)
EMEA
Tottenham Hotspur rejects takeover interest. ( Reuters)
Mubadala to sell Du stake in secondary offering. ( Bloomberg)
Sabadell investors to vote on BBVA’s $17bn takeover bid. ( Bloomberg)
IQE explores potential sale after earnings downgrade. ( Reuters)
Mediobanca CEO expected to step down amid MPS takeover push. ( FT)
TPG invests in $290m continuation fund for Earnix. (Press Release)
APAC
Unitree Robotics targets $7bn valuation in planned IPO. ( Reuters)
Merdeka Gold Resources seeks up to $300m in Indonesia IPO. ( DealStreetAsia)
Hesai seeks $497m in Hong Kong listing. ( Bloomberg)
|
FINANCIAL ADVISORS
PR ADVISORS
|
|
Read on...
Scroll down to read deal descriptions. Your suggestions and comments support the democratisation of M&A data. If you'd like to contribute to the future editions, drop us a line.
AMERICAS
Strathcona Resources has increased its bid for MEG Energy, intensifying a battle with Cenovus Energy for control of Canada’s last major pure-play oil sands producer.
The contest highlights a broader consolidation trend in Canada’s oil sands, now dominated by a few domestic firms after most foreign companies exited over the past decade.
Strathcona Resources is advised by Jefferies & Company, Scotiabank, TD Securities, Blake Cassels & Graydon, Skadden Arps Slate Meagher & Flom (led by Ryan Dzierniejko), Torys and Laurel Hill. Cenovus is advised by CIBC World Markets, Goldman Sachs, McCarthy Tetrault, Paul Weiss Rifkind Wharton & Garrison (led by Adam M. Givertz), according to press releases.
Adecoagro and Asociacion de Cooperativas Argentinas Coop agreed to acquire a 50% stake in Profertil, an Argentina-based nitrogen producer, from Nutrien, a global provider of crop inputs and services, for $600m, according to press releases.
Nutrien is advised by Bank of America and Jones Day (led by Robert Profusek), according to press releases and MergerLinks.
Decks & Docks, a distributor of composite decking and outdoor living building products, completed the acquisition of Service Wholesale, a distributor of building and remodeling materials, according to press releases. Financial terms were not disclosed.
BOND, a private investment firm, led a $150m Series D round in Baseten, the company powering inference for the world’s fastest-growing AI products, with participation from CapitalG, Premji, Kevin and Elizabeth Weil of Scribble, Conviction, 01a, IVP, Spark and Greylock, according to press releases.
Sila Realty Trust, a net lease real estate investment trust, completed the acquisition of two inpatient rehabilitation facilities for $70m, according to press releases.
Netskope targets $6.5bn valuation in US IPO. ( Reuters)
Cloud-based cybersecurity firm Netskope is aiming for a valuation of up to $6.5bn through its planned initial public offering in the US. The move highlights renewed investor demand for new listings.
US IPO activity has picked up following a slowdown earlier this year, with improving sentiment supported by easing trade concerns and steady appetite for technology offerings.
StubHub targets up to $9.2bn valuation in US IPO. ( Reuters)
StubHub, backed by Madron Partners, is seeking a valuation of up to $9.2bn through its planned US initial public offering. The company aims to sell about 34m shares priced between $22 and $25 each, raising as much as $851m.
The offering follows a rebound in equity markets and improved tech earnings, which have encouraged companies to revive IPO plans previously postponed due to trade-related uncertainty.
Fermi files for US IPO amid busy listings calendar. (Press Release)
Fermi, a Texas-based data center developer co-founded by former US Energy Secretary Rick Perry, has filed for an initial public offering in the US.
The filing comes during a pickup in IPO activity following the summer slowdown, with several high-profile issuers preparing to enter the market.
EMEA
Blackstone, a private equity firm, completed the acquisition of Warehouse REIT, a real estate investment trust with a portfolio and investment strategy focusing on urban warehouses, for £730m ($985m), according to press releases.
Atresmedia, a media company, agreed to acquire business in Spain from Clear Channel Outdoor, a provider of dynamic advertising platform, for $135m, according to press releases.
Clear Channel Outdoor is advised by Deutsche Bank and Moelis & Co, according to press releases.
AEM, a technology company, agreed to acquire Van Essen Instruments, a provider of precision groundwater and surface water monitoring systems, according to press releases. Financial terms were not disclosed.
AEM is advised by Technology PR Solutions (led by Neal Stein), according to press releases.
Tottenham Hotspur rejects takeover interest. ( Reuters)
Tottenham Hotspur confirmed its majority shareholder, ENIC Sports & Developments Holdings, has rejected two preliminary takeover approaches, stating the club is not for sale.
The bids came from Amanda Staveley’s PCP International Finance and a consortium led by Dr. Roger Kennedy and Wing-Fai Ng through Firehawk Holdings. Speculation had grown after executive chairman Daniel Levy stepped down last week following nearly 25 years in the role.
Mubadala to sell Du stake in secondary offering. ( Bloomberg)
Abu Dhabi’s Mubadala Investment is selling a 7.55% stake in telecom operator Du through a secondary offering that could raise up to AED3.39bn ($920m). The deal covers 342m shares priced between AED9 ($2.45) and AED9.90 ($2.70) each.
Du, officially Emirates Integrated Telecommunications Co PJSC, last closed at AED9.90 ($2.70), extending its year-to-date gain to more than 32% despite a recent pullback.
Sabadell investors to vote on BBVA’s $17bn takeover bid. ( Bloomberg)
Banco Sabadell shareholders have begun the process of tendering their shares to BBVA, more than a year after the Spanish bank announced its unsolicited takeover offer. The offer period runs until October 7.
BBVA is offering one newly issued ordinary share and €0.70 ($0.82) in cash for every 5.5483 Sabadell share, valuing the bank at about €14.8bn ($17.4bn). With Sabadell’s market value at roughly €16.2bn ($19bn), some investors expect the bid may need to be raised.
IQE explores potential sale after earnings downgrade. ( Reuters)
Chipmaker IQE said it is considering a possible sale after lowering annual earnings guidance due to weaker demand for mobile handsets. The announcement sent shares down 12% in early trading.
The company, a supplier of wafer products used in the iPhone’s facial recognition sensor, has been working to reduce debt and shift part of its production to the US to counter semiconductor tariffs impacting global electronics demand.
Mediobanca CEO expected to step down amid MPS takeover push. ( FT)
Mediobanca chief executive Alberto Nagel is preparing to resign as Monte dei Paschi di Siena moves closer to securing majority control of the Milan-based lender.
Mediobanca’s full board is expected to step down at a meeting on September 18, though members would remain until successors are in place. Nagel’s likely departure follows years of pressure from investors and comes after Mediobanca failed to block MPS’s hostile bid by completing its own counter-acquisition.
TPG invests in $290m continuation fund for Earnix. ( Press Release)
TPG GP Solutions has backed a single-asset continuation vehicle for insurance technology company Earnix in a $290m deal with Jerusalem Venture Partners (JVP). The structure converts an early-stage JVP fund into the vehicle holding a 54% stake in Earnix.
JVP will remain general partner and continue to manage the fund, while TPG GP Solutions, Insight Partners and other private investors will participate as limited partners.
APAC
Unitree Robotics targets $7bn valuation in planned IPO. ( Reuters)
China’s Unitree Robotics is targeting a valuation of up to CNY50bn ($7bn) for its planned initial public offering. The company recently confirmed it is advancing preparations and expects to submit listing application documents in the fourth quarter of 2025.
If completed, the deal would mark one of the largest onshore tech listings in recent years, aligning with Beijing’s push to help domestic technology firms access capital markets.
Merdeka Gold Resources seeks up to $300m in Indonesia IPO. ( DealStreetAsia)
PT Merdeka Gold Resources plans to raise as much as IDR4.88tn ($300m) through a domestic initial public offering. The company is offering 1.61bn new shares, equal to 10% of its paid-up capital, at a price range of IDR1,800 – IDR3,020 each.
Trading is scheduled to begin on September 23 on the Indonesia Stock Exchange under the ticker EMAS. Underwriters include PT Indo Premier Sekuritas, PT Trimegah Sekuritas Indonesia, and PT Sinarmas Sekuritas.
Hesai seeks $497m in Hong Kong listing. ( Bloomberg)
Hesai Group, the world’s largest maker of lidar sensors for vehicles, is planning to raise HK$3.9bn ($497m) in a Hong Kong share sale. The Shanghai-based company is offering 17m shares priced at up to HK$228 ($29) each, with demand potentially expanding the deal size.
The listing has attracted cornerstone investors including Hillhouse Investment and Grab Holdings, signaling strong institutional interest.
|
Connect the World of Dealmakers
Expand your network of fellow Dealmakers by inviting your colleagues and coworkers.
Join Now
If you know someone who might enjoy this briefing forward this email. Subscribe to a Daily Review.
|
|
|
|
|
