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AMERICAS
Bank of America and UBS are arranging about $3.1bn in leveraged loans and high-yield bonds to finance Lone Star Funds’ take-private of equipment maker Hillenbrand, with the dollar- and euro-denominated debt expected to be syndicated to institutional investors early next year.
Lone Star is advised by Bank of America, Jefferies & Company, UBS, De Brauw Blackstone Westbroek (led by Pete Lawley), Kirkland & Ellis, and Joele Frank (led by Erik Carlson). Hillenbrand is advised by Evercore, Skadden Arps Slate Meagher & Flom (led by Richard Witzel). Financial advisor is advised by Sullivan & Cromwell (led by Stephen M. Kotran), according to press releases and MergerLinks data.
Elliott-backed Amber Energy, a group of strategic US energy investors, agreed to acquire CITGO Petroleum, a refiner, transporter and marketer of transportation fuels, lubricants, petrochemicals and other industrial products, according to press releases. Financial terms were not disclosed.
Amber Energy is advised by Barclays, Akin Gump Strauss Hauer & Feld (led by Ira Dizengoff), Latham & Watkins (led by Patrick Nevins), Quinn Emanuel and Prosek Partners (led by Brian Schaffer). CITGO Petroleum is advised by Jones Day (led by Robert Profusek). Elliott Management Corporation is advised by Citigroup, Perella Weinberg and Tudor Pickering Holt, according to press releases and MergerLinks data.
SoftBank Group, a multinational investment holding company, completed the acquisition of Ampere Computing, an independent silicon design company, from Carlyle, a private equity firm, and Oracle, a computer software company, for $6.5bn, according to press releases.
GE HealthCare, a global healthcare solutions provider, agreed to acquire Intelerad, a medical imaging software provider, from Hg Capital and TA Associates, two private equity firms, for $2.3bn, according to press releases.
Intelerad is advised by UBS and Skadden Arps Slate Meagher & Flom (led by Blair Thetford). GE HealthCare is advised by Evercore and Sidley Austin, according to MergerLinks data and press releases.
Tokio Marine, a global insurance and risk-management group, agreed to acquire Commodity & Ingredient Hedging, a provider of technology-enabled risk management services for the agricultural economy, from Falfurrias Capital Partners, a private equity firm, according to press releases. Financial terms were not disclosed.
Commodity & Ingredient Hedging and Falfurrias Capital Partners are advised by William Blair & Co and K&L Gates. Tokio Marine is advised by Evercore and Kirkland & Ellis, according to press releases.
Jane Street, a global quantitative trading firm that operates in the financial markets, led a $700m Series D round in X-energy, a nuclear reactor and fuel technology solutions provider, with participation from ARK Investment Management, Galvanize Climate Solutions, Hood River Capital Management, Point72 Ventures, Reaves Asset Management, XTX Ventures, Ares Management, Corner Capital, Emerson Collective, NGP Capital and Segra Capital Management, according to press releases.
X-energy was advised by Moelis & Co, JP Morgan and Latham & Watkins, according to press releases.
InterVest Capital Partners, a specialty finance firm, agreed to acquire the operating assets and business operations of Flagship Credit Acceptance, an auto-finance provider, according to press releases. Financial terms were not disclosed.
InterVest is advised by Piper Sandler and Willkie Farr & Gallagher. Flagship Credit Acceptance is advised by Deutsche Bank and McDermott Will & Schulte, according to press releases.
VRM Penzini Capital, a private investment firm, agreed to acquire Island Finance, a non-bank consumer financial institution, from J.C. Flowers, a private investment firm, according to press releases. Financial terms were not disclosed.
J.C. Flowers is advised by Sullivan & Cromwell (led by Mitchell S. Eitel) and Lambert & Co (led by Jennifer Hurson), according to MergerLinks data and press releases.
Ribbit Capital, a venture capital firm, led a $120m Series C round in Harmonic, a company specializing in artificial intelligence, with participation from Sequoia Capital, Index Ventures, Kleiner Perkins and Emerson Collective, according to press releases.
Harmonic was advised by Goldin Solutions (led by Sasha Bull), according to press releases.
Integrum, a private investment firm, completed the investment in True, a suite of products and services driving the intelligence behind talent management, according to press releases. Financial terms were not disclosed.
Integrum was advised by Simpson Thacher & Bartlett (led by Michael Chao), according to MergerLinks data.
Truelink Capital, a Los Angeles based private equity firm, agreed to acquire SouthernCarlson, a distributor of brands in construction and packaging machines, tools and supplies, from Kyocera, a Japanese multinational ceramics and electronics manufacturer, according to press releases. Financial terms were not disclosed.
General Catalyst, a venture capital firm, completed a $250m investment in CookUnity, a chef-direct subscription service company, according to press releases.
Knox Lane-backed Any Hour Group, a provider of home services, agreed to acquire Lee's Plumbing, a provider of residential plumbing services in northern Utah and southern Idaho, according to press releases. Financial terms were not disclosed.
Knox Lane is advised by Joele Frank (led by Jonathan Keehner), according to press releases.
Blackstone nears $4bn deal for MacLean Power Systems. ( Bloomberg)
Blackstone is nearing the acquisition of MacLean Power Systems in a deal that could value the utility-parts maker at over $4bn.
The private equity firm may announce the purchase from Centerbridge Partners as soon as next week, as discussions continue.
Investor groups sue over price of 3G Capital’s Skechers buyout. ( Reuters)
Shareholders holding millions of Skechers shares have filed appraisal actions in Delaware seeking more than the $63 per share paid in 3G Capital’s $9.4bn takeover of the footwear company. Hedge funds including AQR affiliates argue the deal undervalued the business.
The challenges aim to secure a higher payout for investors through the court process, adding legal pressure around the buyout as appraisal claims continue to build.
Bain Capital moves to sell up to $1.14bn in Coherent shares. (Bloomberg)
Bain Capital is offering 7.5m Coherent shares in a block trade valued at up to $1.14bn, continuing to reduce its stake in the laser equipment maker. The shares are being marketed at $144.25 to $151.81 each, representing a discount of up to 5% to the previous close.
Goldman Sachs is leading the transaction, which marks another step in Bain’s broader exit from its Coherent holding as the firm continues to unwind its position.
Bill Ackman prepares for 2026 Pershing Square IPO. ( Bloomberg)
Bill Ackman is advancing plans for an initial public offering of Pershing Square Capital Management, holding discussions with advisers and informing some investors of his intention to pursue a 2026 listing.
The move remains at a preliminary stage, and the IPO could be delayed or shelved depending on market conditions.
Blue Owl considers reviving the merger of private credit funds, contingent on the fund's share price. ( Reuters)
Blue Owl Capital is considering reviving a plan to merge two of its private credit funds if the share price of the larger vehicle improves.
The firm recently withdrew the proposal to combine its publicly traded OBDC fund with Blue Owl Capital Corporation II after investor concerns over the merger terms, which included freezing withdrawals from the smaller fund and offering its holders the price of the larger one.
EMEA
Advent International, a private equity firm, completed the acquisition of u-blox, a global provider of positioning and wireless communication technologies and services, for CHF1.05bn ($1.3bn), according to press releases.
u-blox is advised by IFBC, Morgan Stanley, Freshfields Bruckhaus Deringer (led by Frank Rohling and Nabeel Yousef), Walder Wyss and Dynamics Group. Advent is advised by UBS, Bar & Karrer and Kekst CNC (led by Knut Engelmann), according to press releases and MergerLinks data.
Piraeus Bank, a financial holding company, completed the acquisition of a 90% stake in Ethniki Asfalistiki, an insurance firm in Greece, from CVC, a private equity firm, and the National Bank of Greece, for €600m ($694m), according to press releases.
Piraeus Bank was advised by UBS, Milliman, Milbank, Moratis Passas, and Potamitis Vekris. Ethniki Asfalistiki is advised by Latham & Watkins (led by Neil Campbell and Kem Ihenacho). CVC was advised by Bernitsas (led by Panayotis Bernitsas and Nikos Papachristopoulos), and Deutsche Bank, according to press releases and MergerLinks data.
Hammerson, an owner and manager of prime retail and leisure anchored city destinations, completed the remaining 50% stake in The Oracle, a retail, leisure and lifestyle destination, from Abu Dhabi Investment Authority, a sovereign wealth fund, for £105m ($138m), according to press releases.
Hammerson was advised by MHP Group (led by Oliver Hughes), according to MergerLinks data and press releases.
EQT, a Swedish global investment organization, agreed to acquire a majority stake in DESOTEC, a circular mobile filtration solutions provider, from Blackstone, an alternative asset manager, according to press releases. Financial terms were not disclosed.
Blackstone is advised by Simpson Thacher & Bartlett (led by Geoffrey Bailhache), according to MergerLinks data.
Swiss Life Asset Managers, an asset manager, agreed to acquire an additional 12.53% stake in Itínere Infraestructuras, a Spanish infrastructure management company, from APG Asset Management, an investment management firm, according to press releases. Financial terms were not disclosed.
EMK Capital, a private equity investor, agreed to acquire Project Informatica, an operator in the Italian Information Technology market, from HIG Capital, a global alternative investment firm, according to press releases. Financial terms were not disclosed.
EMK Capital is advised by Case Cassiopea, according to press releases and MergerLinks data.
RSK Group, a provider of delivery of environmental and engineering solutions, agreed to acquire Octavius Infrastructure, a civil engineering and electrification transport infrastructure business, from Sullivan Street Partners, an investment firm, according to press releases. Financial terms were not disclosed.
Sullivan Street Partners is advised by DC Advisory, according to press releases and MergerLinks data.
QLS, an eCommerce fulfilment specialist, agreed to acquire J&J Global Fulfilment, a UK-based eCommerce fulfillment provider, from LDC, a private equity investor, according to press releases. Financial terms were not disclosed.
J&J Global Fulfilment is advised by Rothschild & Co, according to press releases and MergerLinks data.
Apollo, a global asset manager, completed the acquisition of a 25.1% stake in Amprion, a transmission system operator for electricity, from RWE, an energy company, for €3.2bn ($3.75bn), according to press releases.
Institutional Investors completed the acquisition of a 3.3% stake in MASAR, a real estate company, from PIF, a public investment fund, for $253m, according to press releases.
VDK Group, a Dutch integrated installation and service organization, completed the acquisition of Builtech Group, a provider of technical building equipment, from AUCTUS Capital Partners, a private equity firm, according to press releases. Financial terms were not disclosed.
Digital Realty, Equinix said to vie for Nordic data center firm. ( Bloomberg)
Digital Realty and a consortium involving Equinix are among the bidders advancing to the next round for atNorth, a pan-Nordic data-centre operator owned by Partners Group.
Equinix is working with Canada Pension Plan Investment Board, and Partners Group is seeking a valuation of about €4.5bn ($5.2bn) for the business.
Daily Mail owner DMGT to buy the Telegraph in £500m deal. ( Reuters)
RedBird-IMI had previously bought the Telegraph Media Group and The Spectator in 2023 before the UK government blocked foreign state investment in national newspapers. RedBird later sought approval to continue with IMI capped at a 15% stake.
AIP considers sale or listing of Aluminium Dunkerque. ( Reuters)
American Industrial Partners is preparing options for Aluminium Dunkerque, France’s largest aluminium plant, which may include a sale or stock market listing. Local management has informed worker representatives of the plan.
The asset was acquired by AIP four years ago after a debt default by GFG Alliance, the metals group owned by Sanjeev Gupta.
Lender Permira Credit eyes takeover of German tour operator. ( Bloomberg)
Permira Credit is in advanced talks to acquire German tour operator Berge & Meer, highlighting the growing trend of direct lenders taking equity stakes to support their borrowers. The transaction is aimed at providing additional growth capital to the company.
Permira Credit already holds an equity position in Berge & Meer, alongside principal shareholder Hamburg-based private equity firm Genui, as the lender looks to strengthen its involvement and support the company’s expansion plans.
EDF weighs full sale of US renewable unit to focus on French nuclear. (Reuters)
French state-owned utility EDF is weighing a full sale of its US renewable energy business, as the company shifts focus to domestic nuclear operations amid reduced US support for wind and solar.
Bernard Fontana told Reuters the company is now considering selling "between 50% and 100%" of its US renewable unit, revising an earlier plan that had targeted only a minority stake, speaking on the sidelines of the Adopt AI conference in Paris.
Revolut notches $75bn valuation in latest share sale. ( Bloomberg)
Revolut secured a $75bn valuation in its latest share sale, up from $45bn last year.
The fundraising was led by Coatue, Greenoaks, Dragoneer and Fidelity, with participation from NVentures, Andreessen Horowitz, Franklin Templeton and T. Rowe Price-advised accounts.
Abu Dhabi’s Lunate eyes $1bn commitment to AI firm MGX. ( Bloomberg)
Abu Dhabi asset manager Lunate is in talks to invest up to $1bn in state-backed artificial intelligence investor MGX.
Lunate manages capital through multiple fund strategies and partnerships, including on behalf of other investors. Details of the planned investment structure have not been disclosed.
Banks prepare over €700m debt package for Cinven’s UAX stake. (Bloomberg)
Banks are arranging a leveraged loan of more than €700m ($807m) to support Cinven’s majority stake in Spanish private university Universidad Alfonso X El Sabio, adding to a growing pipeline of year-end buyout financing.
Credit Agricole, Citigroup, Mizuho, and UBS are leading the deal, which forms part of the funding structure for Cinven’s investment.
APAC
Macquarie Asset Management, an Australian financial services group, agreed to acquire QUBE, an integrated developer, operator and investment manager of institutional-quality logistics warehouses and related industrial properties, for AUD11.6bn ($7.5bn), according to press releases.
QUBE is advised by Allens and UBS, according to press releases.
Seviora, an asset management group, agreed to merge with Pavilion Capital, a private equity firm, according to press releases. Financial terms are not disclosed.
Seviora is advised by FTI Consulting, according to press releases.
CPP Investments-backed IndoSpace Core, a real estate core fund, completed the acquisition of six industrial and logistics parks for CAD471m ($333.9m), according to press releases.
Warburg Pincus, a private equity firm, completed the acquisition of Topcast, an aircraft spare parts distributor, according to press releases. Financial terms were not disclosed.
TPG and Warburg explore majority stake in Sirion Labs. ( Bloomberg)
TPG Capital and Warburg Pincus are in early discussions to acquire a majority stake in Sirion Labs, a contract management software firm backed by Partners Group, in a deal expected to exceed $500m.
Talks are ongoing and additional investors may join the process as the firms assess their options for a potential transaction.
Delhivery in talks to buy stake in South India–based logistics firm. (DealStreetAsia)
GIC-backed Delhivery is in discussions to acquire a stake in a South India–based logistics company as it seeks to expand its regional presence amid shifts in the domestic delivery sector. The move follows its earlier acquisition of a controlling stake in Ecom Express for INR14bn ($163m).
The potential investment would further strengthen Delhivery’s network in key southern markets, though deal terms and valuation have not yet been disclosed.
PAG makes major bet on China’s commercial real estate market. (Bloomberg)
PAG has invested $2.8bn into the company managing malls developed by Dalian Wanda Group, increasing its exposure to China’s commercial property sector even as many global firms pull back. The move reflects a contrarian strategy in a market facing weak consumer sentiment and ongoing real estate pressures.
The firm also arranged a $6.3bn private financing for a fund holding some of the malls, the largest cross-border deal in China’s commercial real estate market since at least 2021.
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