The Williams Companies completes the acquisition of Momentum Midstream from EnCap Flatrock for $5.5bn.

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AMERICAS

Flex to acquire EPC Power for $4.4bn.

Flex, an electronics manufacturer, agreed to acquire EPC Power, a provider of intelligent power conversion solutions for data center and grid applications, for $4.4bn, according to press releases.

EPC Power is advised by Goldman Sachs, JP Morgan and Vinson & Elkins (led by Peter C. Marshall). Flex is advised by Bank of America, Evercore, PJT Partners and Freshfields. Debt financing is provided by Bank of America and Citigroup, according to MergerLinks data and press releases.

CVC to invest in Unitex Textile Services.

CVC, a global investment firm, agreed to invest in Unitex Textile Services, a provider of outsourced healthcare textile management services, according to press releases. Financial terms were not disclosed.

Unitex is advised by JP Morgan and McDermott Will & Schulte. CVC is advised by Citizens M&A, Stephens and White & Case. Debt financing is provided by JP Morgan. Debt provider is advised by Latham & Watkins (led by Jesse Sheff), according to MergerLinks data and press releases.

Bending Spoons completes the acquisition of Airtable for $1.28bn.

Bending Spoons, an Italian technology company that scales and develops technology products, completed the acquisition of Airtable, a cloud collaboration software company that provides a no-code platform combining the features of spreadsheets and relational databases, for $1.28bn, according to press releases.

Airtable was advised by AXOM Partners and Latham & Watkins (led by Richard A. Kline). Bending Spoons was advised by Ernst & Young, Goldman Sachs, JP Morgan and Willkie Farr & Gallagher (led by Anna Martini G. Pereira), according to MergerLinks data and press releases.

Truelink Capital completes the acquisition of JT Thorpe from H.I.G. Capital.

Truelink Capital, a private equity firm, completed the acquisition of JT Thorpe, a provider of specialty industrial maintenance and thermal management services, from H.I.G. Capital, an investment firm. Financial terms were not disclosed.

JT Thorpe was advised by Goldman Sachs, Harris Williams & Co, and McDermott Will & Schulte. H.I.G. Capital was advised by McDermott Will & Schulte. Debt providers were advised by Latham & Watkins (led by John A. Lister, Stelios Saffos, and Jesse Sheff), according to press releases and MergerLinks data.

Vitality completes the acquisition of Icario.

Vitality, a company specializing in behavioral change and health engagement, completed the acquisition of Icario, a digital-first health action company, according to press releases. Financial terms were not disclosed.

Vitality was advised by Houlihan Lokey, Taft Stettinius & Hollister, and BDO. Icario was advised by Cain Brothers and Weil Gotshal and Manges, according to press releases and MergerLinks data.

Northampton Capital and Provident Data Centers to form a joint venture.

Northampton Capital, an alternative asset management firm, and Provident Data Centers, a data center developer division of Provident, to form a joint venture, according to press releases. Financial terms were not disclosed.

Northampton Capital is advised by Simpson Thacher & Bartlett (led by Gabriel Silva) and Profile Advisors (led by Mike Geller). Provident Data Centers is advised by Citizens M&A and Haynes and Boone, according to MergerLinks data and press releases.

Oaktree and StepStone Group complete the investment in System One.

Oaktree, an asset management firm, and StepStone Group, an investment management firm, completed the investment in System One, a provider of specialized, highly technical outsourced services and workforce solutions to end markets with critical infrastructure, according to press releases. Financial terms were not disclosed.

System One was advised by Moelis & Co and Kirkland & Ellis. StepStone was advised by Debevoise & Plimpton, according to MergerLinks data and press releases.

Saothair Capital Partners completes the acquisition of North American Breweries from Distribuidora La Florida.

Saothair Capital Partners, a private equity firm, completed the acquisition of North American Breweries, a US brewer with a portfolio of regional beverage brands, from Distribuidora La Florida, a Beverage distribution company, according to press releases. Financial terms were not disclosed.

Saothair Capital Partners was advised by Jenner & Block. Heineken was advised by Bank of America and Sidley Austin, according to press releases.

Bad Boy Mowers to acquire the Excel Industries business from Stanley Black & Decker.

Bad Boy Mowers, a heavy-duty zero-turn lawn mowers, tractors, and outdoor power equipment manufacturer, agreed to acquire the Excel Industries business from Stanley Black & Decker, a manufacturer of industrial tools and household hardware, according to press releases. Financial terms were not disclosed.

Stanley Black & Decker is advised by Bank of America and Cravath Swaine & Moore (led by Robert I. Townsend), according to MergerLinks data and press releases.

Nvidia to acquire Hugging Face for $12.93bn.

Nvidia, a company specializing in advanced computing and AI infrastructure, agreed to acquire Hugging Face, a company focused on open‑source AI models and developer tools, for $12.93bn, according to press releases.

Cyera completes the acquisition of Oasis Security for $1bn.

Cyera, a company specializing in AI and data security, completed the acquisition of Oasis Security, a cybersecurity company focused on non-human identity and agentic access management, for $1bn, according to press releases.

Blue Owl plans to form a publicly traded data‑center REIT. (Bloomberg)

Blue Owl Capital is moving to establish a data‑center real estate investment trust and take it public, as companies increasingly tap equity markets to finance artificial‑intelligence infrastructure.

The alternative‑asset manager plans to seed the REIT with roughly $6.5bn of its own data‑center holdings. It would then look to raise additional capital through an initial public offering and subsequent share sales to acquire more facilities and expand the portfolio.

Oura’s planned IPO highlights strong growth at the smart‑ring company. (WSJ)

Oura made its IPO filing public, offering a look at the strong margins and loyal user base behind the fast‑growing smart‑ring maker.

The San Francisco company is aiming to list on the Nasdaq as early as this month and is expected to seek a valuation well above the $11bn it achieved in a funding round last year.

Adarx Pharmaceuticals seeks US IPO to advance RNA therapy. (Bloomberg)

Adarx Pharmaceuticals has filed for a US initial public offering to support the development of its gene‑expression–modulating drug pipeline aimed at treating a range of diseases.

The San Diego‑based company said in its SEC filing that proceeds from the IPO will be used to advance five small interfering RNA programs in clinical or pre‑clinical stages, including completing Phase 2 trials for a therapy targeting rare renal and other conditions.

Lutnick set to oversee Pentagon transactions tied to Cerberus‑related companies. (Bloomberg)

Commerce Secretary Howard Lutnick has been chosen by the Department of Defense to review any dealings between the Pentagon and companies linked to Cerberus Capital Management.

Cerberus, the private equity firm founded by Deputy Defense Secretary Stephen Feinberg, holds a wide range of assets in the national‑security sector, including businesses that have secured Defense Department contracts during his tenure. Lutnick’s assignment puts him in charge of assessing transactions involving a firm that also does business with the investment bank he led before joining the Trump administration last year.

EMEA

Lottomatica to merge with Blackstone-backed Cirsa in a €2.8bn deal.

Lottomatica, an operator in the public gaming market, agreed to merge with Blackstone-backed Cirsa, a gaming and leisure corporation, in a €2.8bn ($3.2bn) deal, according to press releases.

Cirsa is advised by Lazard, Garrigues (led by Leticia Comin Fernández-Cuesta), Legance, Simpson Thacher & Bartlett and Uria Menendez. Blackstone is advised by Barclays. Lottomatica is advised by Deutsche Bank, Evercore, Mediobanca, PJT Partners, Cintioli & Associati, Latham & Watkins and Paul Weiss Rifkind Wharton & Garrison (led by David Carmona), according to MergerLinks data and press releases.

Danone completed the acquisition of Huel from Morgan Stanley.

Danone, a multinational food-products corporation, completed the acquisition of Huel, a producer of plant-based, nutritionally complete food products, from Morgan Stanley, a multinational investment bank and financial services company, according to press releases. Financial terms were not disclosed.

Huel was advised by Centerview Partners (led by James Tookman, Holly Zimmerman and Mark Doramus). Danone was advised by JP Morgan and Freshfields (led by Sundeep Kapila and Andy Robinson). Morgan Stanley was advised by Gibson Dunn & Crutcher (led by Quinton C. Farrar), according to MergerLinks data and press releases.

Portugal to hold further talks with Lufthansa and Air France‑KLM on TAP stake sale. (Bloomberg)

Portugal’s government will hold another round of talks with Deutsche Lufthansa and Air France‑KLM over the sale of a minority stake in TAP, seeking improved terms from both airline groups.

Presidency Minister António Leitão Amaro said the choice to continue negotiating with both bidders — rather than narrowing the process to one — reflects how close the two proposals are in overall value. State‑holding company Parpública delivered its assessment of the bids earlier this week, after both airlines submitted binding offers on July 29.

APS said to explore strategic options, including a potential sale. (Bloomberg)

Polish anti‑drone firm Advanced Protection Systems is in the early stages of reviewing strategic options, including a possible sale.

The company has hired Morgan Stanley as its adviser, and the bank has begun sounding out potential interested parties.

CTT and Cajamar end discussions on a potential Banco CTT deal. (Bloomberg)

CTT – Correios de Portugal and BCC‑Grupo Cooperativo Cajamar have ended discussions over a potential sale of Banco CTT to the Spanish lender.

CTT continues to evaluate strategic options for Banco CTT while focusing on expanding its customer base and strengthening its digital capabilities.

Nscale aims to raise $3.5bn in pre‑IPO funding for its AI cloud business. (Bloomberg)

Nscale, a cloud‑computing company focused on artificial intelligence, is in discussions with investors to raise up to $3.5bn in financing ahead of a planned initial public offering.

The London‑based firm is seeking as much as $1.5bn through a convertible‑note sale to a group of investors. It is also pursuing about $2bn in funding from Nvidia.

Dangote aims to raise $1.6bn in what would be Nigeria’s largest IPO. (Bloomberg)

Billionaire Aliko Dangote is looking to raise $1.6bn in what would be Nigeria’s largest initial public offering, selling shares in the company behind Africa’s biggest oil refinery.

Dangote Petroleum Refinery and Petrochemicals FZE plans to offer 4.1bn shares at $0.40 each. The IPO is scheduled to open on Sept. 14, after receiving approval from Nigeria’s Securities and Exchange Commission.

Leonardo CEO Mariani sees Ukraine unit as an acquisition platform. (Bloomberg)

Leonardo, Italy’s state-controlled defense group, is looking to expand its engagement with Ukraine’s rapidly developing military‑technology sector through its newly established Kyiv unit, exploring partnership, investment or acquisition options, Chief Executive Lorenzo Mariani said.

Mariani told the Ambrosetti Forum near Como that Ukraine’s network of small and mid‑sized defense firms and startups has produced highly innovative, battle‑tested solutions. He said that accessing these capabilities directly on the ground is the most effective way to advance cooperation.

APAC

South Korea reports $2bn in planned US investment across chip and energy industries. (Reuters)

Four US firms have pledged a total of $2bn in South Korea, targeting projects in semiconductors, advanced materials and energy. The ministry noted that the commitments were unveiled at a ceremony in Washington on September 3, attended by Industry Minister Kim Jung‑kwan.

PTT said to explore options for Taiwan‑listed Lotus Pharmaceutical. (Bloomberg)

PTT is evaluating options for Taiwan‑listed Lotus Pharmaceutical, including bringing in partners to support its Asia‑Pacific expansion.

The Thai energy group, which has been diversifying beyond its traditional oil and gas business, has hired advisers and begun early outreach to potential investors.

Moonshot AI said to target as much as $5bn in a Hong Kong IPO this year. (Bloomberg)

Moonshot AI is weighing a plan to raise as much as $5bn in a Hong Kong initial public offering as early as this year, tapping strong investor appetite for Chinese artificial‑intelligence companies.

The Beijing‑based AI lab has added Bank of America as overall coordinator for the deal, joining China International Capital, Deutsche Bank and Goldman Sachs. Moonshot has already filed confidentially for the listing.

YMTC advances in review process for major China IPO. (Bloomberg)

China’s flash‑memory producer Yangtze Memory Technologies has advanced to the next phase of its listing process, signaling steady progress toward an initial public offering despite earlier concerns about potential delays.

The Shanghai Stock Exchange sent the company its first round of inquiries on Thursday — a step that formally begins the review. Regulators typically use these inquiries to request further detail on operations, financials and risk factors. The move indicates that the proposed offering — the largest currently in China’s IPO pipeline, with a planned raise of $4.6bn — is moving forward.

India’s NSE gains regulatory clearance to proceed with long‑delayed IPO. (Bloomberg)

The National Stock Exchange of India has secured regulatory clearance for what may become the country’s largest‑ever initial public offering, marking a major step forward in the world’s biggest derivatives exchange’s long‑running push to list.

The Securities and Exchange Board of India issued an observation letter — effectively authorizing the IPO process to move ahead — during the week ended September 4.

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