Thermo Fisher Scientific completes the acquisition of the purification & filtration business of Solventum for $4bn.

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AMERICAS

BlackRock-backed HPS Investment Partners completes the acquisition of ElmTree Funds.

BlackRock-backed HPS Investment Partners, an investment firm, completed the acquisition of ElmTree Funds, a real estate investment firm, according to press releases. Financial terms were not disclosed.

ElmTree Funds was advised by Berkshire Global Advisors and Kirkland & Ellis (led by Michael Reeves and Jared Maher). BlackRock was advised by Fried Frank Harris Shriver & Jacobson, Sidley Austin and Skadden Arps Slate Meagher & Flom (led by Peter Serating). HPS Investment was advised by Goldman Sachs, according to press releases and MergerLinks data.

Mechanics Bank completes the merger with HomeStreet in a $300m deal.

Mechanics Bank, an independent, full-service bank based in Walnut Creek, California, completed the merger with HomeStreet, a diversified financial services company headquartered in Seattle, in a $300m deal, according to press releases.

HomeStreet was advised by Keefe Bruyette & Woods (led by Aaron Axton) and Sullivan & Cromwell (led by H. Rodgin Cohen). Keefe Bruyette & Woods was advised by Latham & Watkins (led by Steven Stokdyk). Mechanics Bank was advised by JP Morgan and Wachtell Lipton Rosen & Katz (led by Eric Feinstein), according to press releases.

American Express Global Business Travel completes the acquisition of CWT for $540m.

American Express Global Business Travel, a B2B software and services company for travel and expense, completed the acquisition of CWT, a global business travel and meetings solutions provider, for $540m, according to press releases.

CWT was advised by Moelis & Co (led by Lawrence Kwon) and Paul Hastings (led by Joseph C. Swanson). American Express was advised by Morgan Stanley, Skadden Arps Slate Meagher & Flom (led by Peter Serating) and Sloane & Company, according to press releases and MergerLinks data.

Kraft Heinz to demerge into Global Taste Elevation and North American Grocery.

Kraft Heinz, a multinational food company, agreed to demerge into Global Taste Elevation, a company specialising in taste elevation and shelf-stable meals, and North American Grocery, a scaled portfolio of North America staples, according to press releases. Financial terms were not disclosed.

Kraft Heinz is advised by Centerview Partners, Paul Weiss Rifkind Wharton & Garrison (led by Stanley E. Richards and Jeffrey D. Marell), Skadden Arps Slate Meagher & Flom (led by Brandon Van Dyke) and Brunswick Group, according to press releases and MergerLinks data.

A consortium of investors to acquire Air Lease for $7.4bn.

A consortium of investors, including Sumitomo, SMBC Aviation Capital, Apollo Global Management, and Brookfield Asset Management, offered to acquire Air Lease, for $7.4bn, according to press releases.

Air Lease is advised by JP Morgan and Skadden Arps Slate Meagher & Flom (led by Thomas Greenberg). SMBC Aviation Capital is advised by Citigroup, according to press releases.

MPLX completes the acquisition of Northwind Delaware Holdings from Five Point Infrastructure for $2.375bn.

MPLX, a diversified large-cap master limited partnership that owns and operates midstream energy infrastructure and logistics services, completed the acquisition of Northwind Delaware Holdings, a company focused on developing, owning, and operating off-spec gas infrastructure, from Five Point Infrastructure, an energy investment firm, for $2.375bn, according to press releases.

Northwind Delaware was advised by Piper Sandler and Latham & Watkins (led by Lauren A. Anderson). Five Point was advised by Kekst CNC, according to press releases.

CW Advisors completes the acquisition of Capital Management Services and CBH Investment Group.

CW Advisors, a registered investment advisor, completed the acquisition of Capital Management Services and CBH Investment Group, two providers of financial planning and investment management services, according to press releases. Financial terms were not disclosed.

CW Advisors was advised by Gladstone Group, according to press releases.

Goldman-backed Boyd weighs sale of thermal business. (Bloomberg)

Boyd is considering a sale of its thermal management solutions business, as demand grows for air-cooling systems used in data centers.

The US engineering firm, backed by Goldman Sachs, is working with advisers to assess buyer interest. The TMS unit could be valued at $5bn or more and is expected to attract interest from industrial peers, the sources added.

Elliott targets PepsiCo with $4bn stake as shares rise. (Reuters)

Elliott Management disclosed a $4bn stake in PepsiCo on September 2, starting a push to drive growth and lift the beverage maker’s share price.

The investment, one of Elliott’s largest, comes as PepsiCo navigates weak demand for its snacks and shifts toward healthier drinks to meet changing consumer preferences.

Raizen owners in talks to sell stake to Mitsubishi. (Bloomberg)

Brazilian sugar and ethanol producer Raizen’s controlling shareholders are in early talks to sell a stake to Mitsubishi to raise capital.

Mitsubishi is still considering whether to make an offer for Raizen shares. Raizen, a joint venture between Brazilian holding company Cosan and London-based oil producer Shell, is seeking a capital injection of BRL10bn ($1.8bn) to reduce its rising debt.

Sweden's Klarna targets up to $14bn valuation in US IPO. (Reuters)

Sequoia Capital-backed Klarna said it aims for a US IPO valuing the fintech at up to $14bn, inching closer to its long-awaited market debut as investor demand for high-growth tech stocks rebounds.

Firms that delayed going public are now returning, supported by steadier markets and renewed investor confidence.

Blackstone-backed HVAC firm Legence seeks $754m in US IPO. (Bloomberg)

Legence, a Blackstone-backed engineering firm, plans to raise up to $754m in a US initial public offering.

The company is offering 26m shares at $25 to $29 each. At the top of the range, Legence would be valued at around $2.9bn based on outstanding shares.

Winklevosses’ crypto firm Gemini seeks $317m in IPO. (Bloomberg)

Gemini Space Station, the cryptocurrency exchange led by billionaire Winklevoss twins, aims to raise up to $317m in its initial public offering.

The New York City-based exchange and custodian plans to sell 17m shares at $17 to $19 each.

Black Rock Coffee Bar backers seek $265m in US IPO. (Bloomberg)

Black Rock Coffee Bar, a drive-through-focused coffee chain, plans to raise up to $265m in an initial public offering.

The Scottsdale, Arizona-based company intends to sell 15m shares at $16 to $18 each. At the top end of the range, the IPO would value Black Rock Coffee at $861m based on outstanding shares.

Blackstone Strategic Partners closes largest infrastructure secondaries fund at $5.5bn. (Press Release)

Blackstone announced the final close of $5.5bn for its latest infrastructure secondaries fund, Strategic Partners Infrastructure IV, along with related committed program vehicles. SP Infrastructure IV is now the largest dedicated infrastructure secondaries fund ever raised.

“This fundraise reflects the breadth of our platform, the power of the Blackstone Strategic Partners brand, and our commitment to generating strong risk-adjusted returns for our investors. The substantial scale we’ve built over two decades positions us well to capitalize on the growing opportunity set across the infrastructure secondary market,” Verdun Perry, Blackstone Strategic Partners Senior Managing Director and Global Head.

Ether Machine raises $654m in private funding ahead of Nasdaq debut. (Reuters)

Ether Machine has secured $654m in private ether financing, as it grows its treasury ahead of a Nasdaq listing later this year.

The 150k ether, invested by longtime Ethereum supporter Jeffrey Berns, will be transferred to the company’s wallet later this week.

EMEA

KKR-backed Karo completes the acquisition of the dermacosmetics branded business from Perrigo for €327m.

KKR-backed Karo, a European consumer healthcare company, completed the acquisition of the dermacosmetics branded business, including ACO, Biodermal, Emolium, and Iwostin, from Perrigo, a manufacturer of private label over-the-counter pharmaceuticals, for €327m ($383m), according to press releases.

Karo was advised by Alvarez & Marsal, Morgan Stanley, PricewaterhouseCoopers, Kirkland & Ellis (led by Alvaro Membrillera), Simpson Thacher & Bartlett and White & Case. Perrigo was advised by Greenhill & Co and Latham & Watkins (led by Ingo Strauss), according to press releases.

LDC completes the investment in Bespoke Kitchen Foods.

LDC, a private equity investment partner, completed the investment in Bespoke Kitchen Foods, a provider of innovative vegetarian and vegan products for the pub and casual dining market, according to press releases. Financial terms were not disclosed.

Bespoke was advised by Needle Partners (led by Sharon Needle). LDC was advised by Food Strategy Associates (led by Robert Lawson), Cortus Advisory (led by Paul Kithoray), Browne Jacobson (led by Sam Sharp) and Moore Kingston Smith (led by Guy Taylor). Debt financing was provided by OakNorth Bank (led by Ian Fairclough), according to press releases.

SS&C to acquire Curo Fund Services from Old Mutual and Sanlam.

SS&C, a global provider of services and software for the financial services and healthcare industries, agreed to acquire Curo Fund Services, a South African provider of fund administration solutions, from Old Mutual, a South African financial services group, and Sanlam, a South African insurance company, according to press releases. Financial terms were not disclosed.

SS&C is advised by Prosek Partners (led by Sam Gentile), according to press releases.

Lombard Odier Investment Managers completes the acquisition of Ownership Capital.

Lombard Odier Investment Managers, the asset management business of the Lombard Odier Group, completed the acquisition of Ownership Capital, an equity manager that serves institutional investors, according to press releases. Financial terms were not disclosed.

Finland to gain majority in Valmet Automotive and shift Ioncor to Finnish Minerals Group. (Press Release)

The state will take a majority stake in Finnish contract carmaker Valmet Automotive under a wider restructuring and financing plan.

Ownership of Valmet Automotive will shift from Finnish Industry Investment to direct state control. At the same time, its battery-making subsidiary Ioncor will be transferred to Finnish Minerals Group, a state-owned company focused on the battery value chain. Ioncor will also have Pontos Group and Varma Mutual Pension Insurance Company as investors.

Telefonica weighs sale of iconic Madrid building. (Bloomberg)

Telefonica is weighing the sale of its former headquarters in downtown Madrid after receiving an unsolicited approach.

Internal discussions have considered opening a sale process for the building, which could be valued between €250m ($291m) and €300m ($351m). No decision has been made, and a sale is unlikely to start soon as Telefonica is conducting a major strategic review and maintains a strong cash position.

UK's Revolut kicks off secondary share sale at $75bn valuation. (Reuters)

Revolut has started a secondary share sale that values the fintech company at $75bn. The London-based firm is pushing ahead with its expansion efforts as it seeks to compete with larger banks.

The digital-only bank, considered the most successful among European fintechs launched over the past decade, was valued at $45bn last year in a sale involving both new and existing investors.

Rothschild & Co expands its wealth management presence in Dubai. (Press Release)

Rothschild & Co has signed a referral agreement with Liechtensteinische Landesbank to onboard its UAE clients and employees, further expanding its wealth management presence in the region. Since its launch in 2024, Rothschild & Co’s Dubai wealth management business has seen strong growth, reflecting the firm’s ongoing commitment to the Middle East.

The LLB agreement will bring about 20 employees and roughly CHF1bn ($1.3bn) in assets to Rothschild & Co’s wealth management business. Expanding in Dubai with a complementary UHNW client portfolio enhances market reach, operational efficiency, and service offerings across public and private markets and corporate advisory, strengthening the firm’s overall wealth management proposition.

General Atlantic-backed marketplace company SMG to pursue Swiss IPO. (Bloomberg)

SMG Swiss Marketplace Group has announced plans to go public on the SIX Swiss Exchange, marking Switzerland’s first major IPO in over a year.

Shareholders Mobiliar and Ringier are expected to sell shares in the offering, with General Atlantic and Ringier possibly participating through an over-allotment option. SMG, the operator of property portal ImmoScout24, will not issue new shares, but the IPO will provide access to capital markets and support the company’s future growth.

EFG Hermes’ ECM head Khalpey departs amid rush of Gulf listings. (Bloomberg)

EFG Hermes’ head of equity capital markets is leaving the investment bank, a leading arranger of share sales in the Middle East.

Ali Khalpey, who joined the firm in 2017, will move to a broader role at an international institution but will remain based in Dubai. The source requested anonymity as the information is private.

Nestle ousts CEO Freixe over undisclosed relationship. (Reuters)

Nestle said it has abruptly removed CEO Laurent Freixe for not disclosing a romantic relationship with a subordinate, marking a dramatic exit exactly one year after he took charge.

The company, whose brands include KitKat and Nesquik, has named Philipp Navratil, a longtime executive who previously led the Nespresso coffee unit, as his immediate successor.

APAC

Blackstone to invest in JUNO.

Blackstone, an American multinational private equity firm, agreed to invest in JUNO, a South Korean premium hair care brand, according to press releases. Financial terms were not disclosed.

DBS’s plan to buy Alliance Bank stake has stalled. (Bloomberg)

DBS Group Holding’s plan to acquire a stake in Alliance Bank Malaysia has hit a pause, as Singapore’s largest bank has not yet received regulatory approval to begin talks.

DBS and Alliance’s main shareholder, Vertical Theme, submitted separate applications to Malaysia’s central bank around eight months ago but have not received a response. Local regulations require approval before discussions can start.

CVC-backed FineToday gauges appetite for IPO in second attempt. (Bloomberg)

FineToday has begun gauging interest from institutional investors for a potential global share sale, following the cancellation of a planned IPO last year.

Backed by CVC Capital Partners, the Japanese personal-care company applied for a listing on the Tokyo Stock Exchange, aiming to go public as early as next month. The Tokyo-based firm said it is still awaiting approval from the exchange, and plans may change.

CEO of Jim Beam’s Japanese owner quits during police probe. (WSJ)

The Japanese owner of Jim Beam and Maker’s Mark said its CEO resigned after police launched an investigation into his purchase of illegal supplements, an unusual scandal in Japan’s typically low-profile corporate world.

Takeshi Niinami, a Harvard Business School graduate and one of Japan’s most prominent global executives, stepped down as chairman and CEO of Suntory Holdings on September 2.

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