Thermo Fisher to acquire Clario from Astorg, Nordic Capital, Novo and Cinven for $8.875bn.

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AMERICAS

Remedy Medical Properties and Kayne Anderson to acquire a portfolio of outpatient medical assets from Welltower.

Remedy Medical Properties, a full-service healthcare real estate company, and Kayne Anderson, a real estate investment firm, agreed to acquire a portfolio of outpatient medical assets from Welltower, a company that provides capital to fund health care infrastructure and real estate, according to press releases. Financial terms were not disclosed.

Kayne Anderson and Remedy are advised by Citigroup, JP Morgan and Truist Securities. Debt financing is provided by Truist Securities, National Association, JP Morgan, Goldman Sachs, Citigroup, Capital One Financial Corporation, BMO Capital Markets and Ally Bank, according to press releases and MergerLinks data.

Morgan Stanley to acquire EquityZen.

Morgan Stanley, a company operating in the wealth management and broader financial services sector, agreed to acquire EquityZen, a platform focused on secondary trading of private company shares, according to press releases. Financial terms were not disclosed.

Morgan Stanley is advised by Morgan Stanley and Morgan Lewis & Bockius. EquityZen is advised by Evercore, Perella Weinberg Partners, Sidley Austin and WilmerHale, according to press releases.

Branford Castle-backed GPT Industries completes the acquisition of Integrated Rectifier Technologies.

Branford Castle-backed GPT Industries, a company specializing in pipeline sealing, electrical isolation, and remote asset monitoring, completed the acquisition of Integrated Rectifier Technologies, a manufacturer of transformer rectifiers for the cathodic protection industry, according to press releases. Financial terms were not disclosed.

Branford Castle and GPT Industries were advised by Akerman, Stikeman Elliott and Lambert & Co (led by Caroline Luz and Jennifer Hurson). Debt financing was provided by Old Second National Bank, according to press releases.

Terrestrial Energy went public via a SPAC merger with HCM II Acquisition Corp in a $292m deal.

Terrestrial Energy, developer of small modular nuclear reactors using IMSR technology, went public via a SPAC merger with HCM II Acquisition Corp, a special purpose acquisition company, in a $292m deal, according to press releases.

Terrestrial Energy was advised by Bryan Cave Leighton Paisner (BCLP) and ICR Inc. HCM II Acquisition Corp was advised by Cantor Fitzgerald and King & Spalding. Cantor Fitzgerald was advised by DLA Piper, according to press releases.

Ryerson to merge with Olympic Steel.

Ryerson Holding Corporation, a company operating in the industrial‐metals processing and distribution sector, agreed to merge with Olympic Steel, a metals service center business, according to press releases. Financial terms were not disclosed.

Ryerson is advised by JP Morgan and Willkie Farr & Gallagher. Olympic Steel is advised by Houlihan Lokey, KeyBanc Capital Markets and Jones Day (led by Benjamin Stulberg and Jared Hasson), according to press releases.

FleetPride completes the merger with TruckPro.

FleetPride, the distributor of truck and trailer parts and service in the independent heavy-duty aftermarket, completed the merger with TruckPro, a retail company offering heavy duty aftermarket truck parts and accessories, according to press releases. Financial terms were not disclosed.

TruckPro was advised by Jefferies & Company and Latham & Watkins. FleetPride was advised by Solomon Partners and Weil Gotshal and Manges, according to press releases and MergerLinks data.

Cadre Holdings to acquire Tyr Tactical for $175m.

Cadre Holdings, a company operating in the safety‑equipment manufacturing sector, agreed to acquire Tyr Tactical, a business focused on tactical gear and protective equipment for military and law‑enforcement customers, for $175m, according to press releases.

Cadre Holdings is advised by Joele Frank (led by Jonathan Keehner and Andrew B. Siegel) and The IGB Group (led by Leon Berman and Matt Berkowitz), according to press releases.

NXP completes the acquisition of Kinara for $307m.

NXP, a semiconductor manufacturing company, completed the acquisition of Kinara, a provider of high performance, energy-efficient and programmable discrete neural processing units, for $307m, according to press releases.

Kinara was advised by Citigroup, according to press releases and MergerLinks data.

Berto Acquisition to merge with OnMed.

Berto Acquisition, a provider of SPAC services, agreed to merge with OnMed, a technology-enabled hybrid healthcare company, according to press release. Financial terms were not disclosed.

Littelfuse to acquire Basler Electric for $350m.

Littelfuse, a company operating in the industrial technology and electrical protection sector, agreed to acquire Basler Electric Company, a business focused on electrical control and protection solutions for high‑growth industrial markets, for $350m, according to press releases.

Littelfuse is advised by Barclays.

Goldman pauses $2.5bn Sevita loan with plan to revise sale. (Bloomberg)

Healthcare services firm Sevita is withdrawing a $2.5bn leveraged loan sale, the latest multibillion-dollar deal to be pulled as investors ramp up scrutiny of borrowers.

Sevita is now weighing a revised sale in the loan and junk-bond markets in December 2025, after it presents audited financial statements for the fiscal year ended September 30 to prospective investors.

Warburg Pincus and Madison Team up to buy property secondaries. (Bloomberg)

Warburg Pincus and Madison International Realty are teaming up to invest at least $300m in property assets, responding to other holders eager to unlock value.

The investment will focus on secondaries across data centers, industrial, cold storage, residential, and other sectors deemed attractively priced relative to underwritten real estate value. Funds will be deployed through Warburg Pincus’s $4bn Capital Solutions Founders Fund.

UK Boeing supplier Doncasters prepares IPO in New York. (Bloomberg)

Doncasters Group, a nearly 250-year-old UK metal engineering firm supplying Boeing, is exploring a New York initial public offering to capitalize on rising investor demand for civil and military aerospace suppliers.

The Leeds-based company has invited banks to pitch in the coming weeks to manage the potential 2026 share sale, with no final decision yet made.

PE-backed Medline files for IPO. (Private Equity Wire)

Medline, has filed for an IPO that could raise $5bn and value the firm up to $50bn. The company reported $655m in net income on $13.5bn revenue for the six months ended June 28.

Under CEO Jim Boyle, Medline has expanded through acquisitions and network investments. It employs over 43k and plans a dual-class share structure. Goldman Sachs, Morgan Stanley, Bank of America, and JP Morgan are leading the Nasdaq listing under the ticker MDLN.

EMEA

NVIDIA to invest $1bn in Nokia.

NVIDIA, an AI and accelerated computing company, agreed to invest $1bn in Nokia, a Finnish multinational communications corporation engaged in the manufacturing of mobile devices, network infrastructure, location-based technologies, according to press releases.

Nokia is advised by JP Morgan and Skadden Arps Slate Meagher & Flom (led by Denis Klimentchenko), according to press releases and MergerLinks data.

Italian defense firm Leonardo to sell part of Its Avio stake. (Bloomberg)

Leonardo, one of Europe’s largest defense and aerospace firms, is selling a minority stake in rocket maker Avio through an accelerated placement to institutional investors to support its planned €400m ($467m) capital increase.

The sale involves about 9.4% of Avio’s shares, or roughly 2.6m, allowing Leonardo to reinvest the proceeds in the recapitalization approved by shareholders. Following the transaction, Leonardo will retain around 19% of Avio and has committed to a 90-day lockup period on further share sales.

Hollyport raises $4.5bn for latest secondaries fund. (Bloomberg)

Hollyport Capital, an investment firm specializing in secondary stakes in mature private equity assets, has raised $4.5bn for its flagship strategy amid a surge in secondaries activity.

The fund, Hollyport Secondary Opportunities IX, collected $4.3bn—well above its $3bn target and more than twice the size of its previous vehicle.

Europe's top drone maker eyes Warsaw IPO as EU funding surges. (Bloomberg)

WB Electronics is considering a listing on the Warsaw bourse as it plans to scale up under the bloc’s new defense program. The company aims to use EU SAFE loan funds to boost production amid rising demand from the war in Ukraine.

Founder and CEO Piotr Wojciechowski stated the timing and scope of a potential Warsaw debut will depend on how the EU funding is allocated, with the company still assessing its options before making a final decision.

APAC

Element Solutions to acquire the Micromax portfolio from Celanese Corporation for $500m.

Element Solutions, an American specialty chemicals production corporation, agreed to acquire the Micromax portfolio from Celanese Corporation, a global specialty materials and chemical company, for $500m, according to press releases.

Celanese is advised by Morgan Stanley, Allen & Overy, Kirkland & Ellis and Joele Frank (led by Matthew Sherman). Element  Solutions is advised by Collected Strategies (led by Ed Hammond), according to press releases and MergerLinks data.

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