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AMERICAS

Constellation in settlement talks with DOJ over Calpine deal. (Bloomberg)

Constellation Energy is negotiating a settlement with the US Justice Department to clear the way for its $16.4bn acquisition of Calpine, which would create the nation’s largest power fleet. The DOJ had been reviewing potential antitrust concerns, but a stronger proposal from the companies has eased the threat of a lawsuit.

Calpine is advised by Barclays, Evercore, Goldman Sachs, Morgan Stanley, Latham & Watkins (led by Michael Milazzo, David S. Raab, David Kurzweil and Edmond R. Parhami) and White & Case (led by Mingda Zhao, Michael Shenberg and Emilio Grandio). Constellation is advised by JP Morgan, Lazard, Kirkland & Ellis (led by David Feirstein and Douglas Bacon) and Joele Frank. Financial advisors are advised by Fried Frank Harris Shriver & Jacobson (led by Roy Tannenbaum) and Gibson Dunn & Crutcher (led by Hillary Holmes). Energy Capital Partners is advised by FGS Global. Access Industries is advised by Debevoise & Plimpton (led by Eric T. Juergens, Matthew E. Kaplan, Christopher Anthony and Jonathan Levitsky), according to press releases and MergerLinks data.

EQB to acquire President's Choice Financial from Loblaw Companies for $800m.

EQB, a digital financial services company, agreed to acquire President's Choice Financial, a Canadian banking brand, from Loblaw Companies, a Canada's food and pharmacy retailer, for $800m, according to press releases.

EQB is advised by RBC Capital Markets and Blake Cassels & Graydon. Loblaw Companies is advised by CIBC Capital Markets and Torys, according to press releases.

Red River completes the acquisition of Invictus.

Red River, a technology transformation company specializing in AI-driven cybersecurity, completed the acquisition of Invictus, a provider of technology services for national security systems, according to press releases. Financial terms were not disclosed.

Red River was advised by KippsDeSanto & Co and Morgan Lewis & Bockius. Invictus was advised by Robert W Baird and Miles & Stockbridge, according to press releases.

Revelstoke Capital-backed The Care Team completes the acquisition of hospice and palliative care operations of Traditions Health.

Revelstoke Capital-backed The Care Team, a hospice provider of end-of-life care for older adults, completed the acquisition of hospice and palliative care operations of Traditions Health, a hospice, palliative, and home health provider, according to press releases. Financial terms were not disclosed.

Revelstoke Capital and The Care team were advised by Lincoln International, McGuireWoods, and Lambert & Co. Traditions Health was advised by Houlihan Lokey, according to press releases.

EnergyHub to acquire Grid Services demand response business from Resideo Technologies.

EnergyHub, a provider of grid-edge flexibility solutions, agreed to acquire Grid Services demand response business from Resideo Technologies, a global manufacturer, developer, and distributor of technology-driven sensing and controls products and solutions for residential end-markets, according to press releases. Financial terms were not disclosed.

Resideo is advised by Willkie Farr & Gallagher (led by Tej Prakash and Russell Leaf). EnergyHub is advised by PONY Communications, according to press releases.

Labcorp completes the acquisition of select outreach laboratory assets from Community Health Systems for $195m.

Labcorp, an American healthcare company, completed the acquisition of select outreach laboratory assets from Community Health Systems, a healthcare provider that operates general acute care hospitals, outpatient and urgent care centers, for $195m, according to press releases.

Labcorp was advised by Jones Day (led by Thomas E. Dutton and Jeffrey L. Kapp), according to MergerLinks data.

OpenAI to acquire Neptune.

OpenAI, an AI research and deployment company that conducts research and implements machine learning, agreed to acquire Neptune, a provider of experiment tracking for teams training foundation models, according to press releases. Financial terms were not disclosed.

OpenAI is advised by Wachtell Lipton Rosen & Katz (led by Raaj Narayan and Matthew T. Carpenter), according to MergerLinks data.

Index Ventures led a $130m Series A round in 7AI.

Index Ventures, a venture capital firm, led a $130m Series A round in 7AI, an agentic security platform, with participation from Blackstone Innovations Investments, Greylock, CRV and Spark Capital, according to press releases.

7AI was advised by Marketbridge, according to press releases.

Micro-Precision Technologies completes the acquisition of Stellar Manufacturing.

Micro-Precision Technologies, a supplier of hybrid integrated circuits, multichip modules, high precision thick film and PCB substrates, completed the acquisition of Stellar Manufacturing, a provider of printed circuit board assemblies, according to press releases. Financial terms were not disclosed.

A consortium of investors to acquire Aligned Data Centers from GEM Realty Capital in a $40bn deal.

A consortium of investors including AIP, MGX, BlackRock, and GIP, agreed to acquire Aligned Data Centers, a technology infrastructure company, from GEM Realty Capital, a strategically integrated real estate investment company, in a $40bn deal, according to press releases.

CapitalG completes the investment in Verkada.

CapitalG, a growth capital fund financed by Alphabet, completed the investment in Verkada, a cloud-based physical security and building management technology company, according to press releases. Financial terms were not disclosed.

Glencore would seek equal stake in Chile mine deal with Anglo. (Bloomberg)

Glencore aims to maintain an equal stake in its Chilean copper joint venture with Anglo American if it later merges with Teck’s nearby mine after the Anglo-Teck combination. CEO Gary Nagle stressed the company “won’t be a junior partner” and is prepared to inject cash to keep its share level.

Intel shelves plans to sell networking division after review. (Bloomberg)

Intel has dropped plans to spin off or sell its networking division, concluding the unit will perform better inside the company. Intel said keeping NEX in-house allows closer integration of silicon, software, and systems, improving its offerings across AI, data center, and edge computing.

Paramount hikes Warner Bros. breakup fee to $5bn. (Bloomberg)

Paramount Skydance has raised its proposed breakup fee to $5bn in its offer to acquire Warner Bros. Discovery, up from $2.1bn, signaling confidence its deal would clear regulators and aiming to outshine rival bids.

EMEA

KKR completes the acquisition of Spectris for £4.7bn.

KKR, an American global private equity and investment company, completed the acquisition of Spectris, a supplier of precision instrumentation and controls, for £4.7bn, according to press releases.

Spectris was advised by Bank of America (led by James Robertson), Barclays (led by Neal West), Goldman Sachs (led by Anthony Gutman), Rothschild & Co (led by Nick Ivey), Slaughter & May (led by Victoria MacDuff and Harry Hecht) and Teneo (led by Martin Robinson). Advent was advised by Morgan Stanley (led by Anthony Zammit), PJT Partners (led by Gwen Billon and Orlando Knauss), Cleary Gottlieb Steen & Hamilton (led by Nick Rumsby), Freshfields Bruckhaus Deringer (led by David Sonter), Weil Gotshal and Manges (led by Jonathan Wood) and Headland Consultancy (led by Matt Denham and Susanna Voyle). Morgan Stanley was advised by Norton Rose Fulbright (led by Paul Whitelock). KKR was advised by JP Morgan (led by Jonty Edwards), Simpson Thacher & Bartlett (led by Etienne Renaudeau), Kirkland & Ellis and FGS Global (led by Faeth Birch) Financial advisor was advised by Ashurst (led by Tom Mercer), according to press releases and MergerLinks data.

Plenitude to acquire ACEA Energia from ACEA Group for €587m.

Plenitude, an Italian company active in the sale and marketing of gas and electricity for households and businesses, agreed to acquire ACEA Energia, an energy company, from ACEA Group, a provider of integrated water services, electricity distribution, public and artistic lighting, energy and gas sales, energy production, for €587m ($682m), according to press releases.

ACEA Energia is advised by Rothschild & Co, according to press releases.

UPM-Kymmene and Sappi to form a joint venture.

UPM-Kymmene, a material solutions company, and Sappi, a global diversified woodfibre company, agreed to form a joint venture, according to press releases.

Vodacom to acquire a 20% stake in Safaricom from Government of Kenya and Vodafone in a $2.1bn deal.

Vodacom, a pan-African telecommunications group, agreed to acquire a 20% stake in Safaricom, a mobile network operator, from Government of Kenya and Vodafone, a technology communications company, in a $2.1bn deal, according to press releases.

Adnoc among firms in talks with Germany to buy SEFE trading arm. (Bloomberg)

Germany has begun early talks with potential buyers — including Abu Dhabi National Oil — for the trading arm of nationalized energy firm SEFE. The former Gazprom unit has kept a large trading team and is expanding its LNG business through deals in Turkey and Argentina, making it attractive to Middle Eastern firms. Spinning off trading from strategic assets like German gas storage could also ease a sale.

Blackstone weighs second attempt to sell BP Canary Wharf office. (Bloomberg)

Blackstone is considering a second attempt to sell its Canary Wharf office building, Cargo at 25 North Colonnade, potentially as early as next year, after a previous sale effort nearly two years ago, though no final decision has been made.

Airport handler Menzies weighs IPO, acquisitions amid expansion. (Bloomberg)

Menzies Aviation is eyeing an IPO in the next few years but plans to focus first on expanding in the US and Asia, strengthening global operations, filling geographic gaps, and integrating its recent US acquisition, G2 Secure Staff.

Abu Dhabi giants set to tap external capital for $1bn fund. (Bloomberg)

Mubadala Capital is set to raise third-party capital in Abu Dhabi for the first time, teaming up with Aldar Properties to launch a $1bn real-assets investment platform targeting opportunities across the UAE and the Gulf.

APAC

SGX not exploring or considering bid for Cboe Australia. (Bloomberg)

Singapore Exchange clarified it is not exploring or considering a purchase of Cboe Australia, contradicting earlier reports from the Australian Financial Review. Cboe Australia declined to comment on the report.

SoftBank-backed DayOne is said to eye $2bn in upsized deal. (Bloomberg)

SoftBank-backed DayOne Data Centers is in advanced talks to raise over $2bn in an upsized Series C round, potentially valuing the Singapore-based company at around $10bn, with existing investors expected to lead and some new backers possibly joining.

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