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AMERICAS
Thrive Holdings, a US-based investment holding company, agreed to acquire ADT, a US-based provider of home security, alarm monitoring and smart home solutions, at an enterprise value of $15.3bn, according to press releases.
ADT is advised by Citigroup, Goldman Sachs, Cravath Swaine & Moore and Edelman. Thrive Holdings is advised by Evercore and Kirkland & Ellis. Debt financing is provided by Apollo Global Management, according to press releases.
EQT, an integrated energy company, agreed to acquire Range Resources, an exploration and production firm, for $13bn, according to press releases.
EQT is advised by Citigroup, RBC Capital Markets and Kirkland & Ellis. Range Resources is advised by Evercore, JP Morgan and Gibson Dunn & Crutcher, Joele Frank (led by Andrew Siegel and Meaghan Repko), according to press releases.
Dassault Systèmes, a French multinational software corporation, completed the acquisition of ArisGlobal, an AI-native enterprise compliance platform for the life sciences industry, from Nordic Capital, a private equity investor, for $2bn, according to press releases.
ArisGlobal was advised by Evercore and Jefferies & Company. Dassault Systèmes was advised by Morgan Stanley, Rothschild & Co and Sullivan & Cromwell (led by Arnaud Berdou). Nordic Capital was advised by Kirkland & Ellis and Brunswick Group, according to press releases and MergerLinks data.
Howard Energy Partners, a private midstream energy infrastructure company, agreed to acquire Iron Horse Midstream, a US-based natural gas gathering and processing company, from Sixth Street, an American investment firm, according to press releases. Financial terms were not disclosed.
Howard Energy Partners is advised by Moelis & Co, Bracewell and Redbird Communications Group (led by Meggan Morrison). Iron Horse Midstream and Sixth Street are advised by Jefferies & Company, RBC Capital Markets and Skadden Arps Slate Meagher & Flom, according to press releases.
Oak Hill Capital Partners, a private equity firm, agreed to acquire a majority stake in Wyyerd, a fiber-to-the-premises broadband internet provider, from Carlyle Group, a private equity and alternative asset manager, according to press releases. Financial terms were not disclosed.
Wyyerd is advised by Lazard, TD Securities and A&O Shearman. Oak Hill Capital Partners is advised by Guggenheim Partners, Paul Weiss Rifkind Wharton & Garrison and Prosek Partners (led by Trevor Gibbons), according to press releases and MergerLinks data.
A consortium led by Trian Partners, alongside Flynn Group, BlueFive Capital and Sixth Street Partners, offered to acquire the remaining 83.7% stake in Wendy's, a US-based fast-food restaurant chain, at an enterprise value of c. $3.8bn, according to press releases.
The consortium is advised by Bank of America, JP Morgan and Debevoise & Plimpton. Wendy's is advised by Morgan Stanley and Simpson Thacher & Bartlett, according to press releases and MergerLinks data.
Bertram Capital, a private equity firm, completed the investment in Motion & Control Enterprises, a value-added distributor and service provider specialising in fluid power, flow control, automation, and compressed air solutions, according to press releases. Financial terms were not disclosed.
Bertram Capital was advised by BMO Capital Markets and Hirschler. Debt financing was provided by Antares Capital and Ares Capital. Motion & Control Enterprises was advised by Solomon Partners (led by Nick Troyer and Jason Kliewer), according to press releases.
Francisco Partners, a private equity firm, completed the acquisition of Weave, a SaaS company providing an AI-powered patient engagement and payments platform for healthcare practices, for $650m, according to press releases.
Francisco Partners was advised by Kirkland & Ellis (led by Michele M. Cumpston) and Prosek Partners. Weave was advised by Jefferies & Company (led by Pavan Gadiyaram and Ryan Plusch) and Orrick Herrington & Sutcliffe, according to press releases and MergerLinks data.
Corxel Pharmaceuticals, an obesity drug developer, agreed to go public via a SPAC merger with Amanat Acquisition, a blank check company. Financial terms were not disclosed. PIPE investors include RTW Investments, New Enterprise Associates, SR One, Mirae Asset Capital, HBM Healthcare Investments, Nantahala Capital, Coastlands Capital, LifeSci Venture Partners, Invus, TCGX, RA Capital Management, Propel Bio and SilverArc Capital, according to press releases.
Corxel is advised by Cooley (led by Div Gupta) and LifeSci Communications. Amanat is advised by Leerink Partners and Goodwin (led by Jocelyn M. Arel), according to press releases and MergerLinks data.
Searchlight Capital Partners-backed Integrated Power Services, a provider of power management and electromechanical service solutions, completed the acquisition of Bold Renewables, a developer and operator of renewable energy projects, from Right Lane Industries, a long-term industrial holding company, according to press releases. Financial terms were not disclosed.
Bold Renewables and Right Lane Industries were advised by FMI Capital Advisors and Taft Stettinius & Hollister. Integrated Power Services was advised by Akerman and Weil Gotshal and Manges (led by Jacqueline Oveissi), according to press releases and MergerLinks data.
Orangewood Partners, a long-term focused private investment firm, completed the acquisition of a majority stake in Refrigerated Solutions Group, a manufacturer of commercial refrigeration equipment and cold-storage solutions. RSG will serve as the foundational investment of THRM, Orangewood’s newly established platform focused on acquiring, building and improving technology in foodservice equipment and services businesses, according to press releases. Financial terms were not disclosed.
Refrigerated Solutions Group was advised by Hennepin Partners. Orangewood Partners was advised by XMS Capital Partners, Bryan Cave Leighton Paisner (BCLP) and Prosek Partners (led by Nick Elierson), according to press releases.
OceanSound Partners, a middle-market private equity firm, completed the investment in Iris Technology, a developer and manufacturer of tactical power systems, according to press releases. Financial terms were not disclosed.
OceanSound Partners was advised by Gibson Dunn & Crutcher and Stanton PRM. Iris Technology was advised by Kroll, Crowell & Moring and Stanton PRM (led by Charlyn Lusk), according to press releases.
InTandem Capital Partners, a private equity firm, completed an investment in Atlas Health, an AI-powered healthcare technology company, according to press releases. Financial terms were not disclosed.
InTandem Capital Partners was advised by Greenberg Traurig and LCX Strategies. Atlas Health was advised by JP Morgan and Cooley, according to press releases.
KKR, a US-based global investment firm, completed the acquisition of a 49% stake in the Campus Point investment entity of Alexandria Real Estate Equities, a publicly traded real estate investment trust, for $475m, according to press releases.
KKR was advised by Gibson Dunn & Crutcher. Alexandria Real Estate Equities was advised by Eastdil Secured and Proskauer Rose, according to press releases.
A&M Capital, a multi-strategy private equity investment firm, completed the acquisition of a majority stake in Delta Group, a tech-enabled national provider of investigative and claims support services, according to press releases. Financial terms were not disclosed.
Delta Group was advised by Piper Sandler and Mintz Levin. A&M Capital was advised by Kirkland & Ellis, according to press releases.
La Caisse, an institutional investor, agreed to acquire a 49.9% stake in TowerCo, a newly formed wireless tower infrastructure company, from BCE, a communications company, for CAD2.45bn ($1.75bn), according to press releases.
BCE is advised by Citigroup and Paul Weiss Rifkind Wharton & Garrison (led by Tom Levine), according to press releases and MergerLinks data.
PPC-backed Americhem, a US-based manufacturer of custom polymer solutions, completed the acquisition of Noble Biomaterials, a US-based developer and manufacturer of antimicrobial, conductive and advanced functional materials, according to press releases. Financial terms were not disclosed.
Americhem was advised by FTI Consulting (led by Christina Dell’Orto and Caleigh Leyton). Noble Biomaterials was advised by Jefferies & Company, according to press releases and MergerLinks data.
Leonard Green & Partners, a private equity investment firm, completed the acquisition of Radon Medical Imaging, a US-based provider of medical imaging equipment maintenance, repair and sales services, from 5th Century Partners, a private equity firm, according to press releases. Financial terms were not disclosed.
Radon Medical Imaging was advised by Houlihan Lokey and DLA Piper, according to press releases.
Maxwell Street Capital Partners-backed Port Jersey Logistics Network, a logistics and warehousing company, completed the acquisition of Fond du Lac, a provider of temperature-controlled and customs-bonded warehousing and final-mile transportation services, according to press releases. Financial terms were not disclosed.
Maxwell Street Capital Partners and Port Jersey Logistics Network were advised by Katten Muchin Rosenman and Scopelitis Garvin Light Hanson & Feary, according to press releases.
Ares Management, a global alternative investment manager, completed the acquisition of a 500 MW wind portfolio in Oklahoma from TransAlta, a power generator, for $305m, according to press releases.
TransAlta was advised by Simpson Thacher & Bartlett (led by Shamus Crosby), according to MergerLinks data.
Sequoia, a venture capital and private equity firm, led a $150m Series C round in Serval, an AI-powered IT support and enterprise automation platform, with participation from Elad Gil, Evantic, First Round, General Catalyst, Redpoint, Conviction and Headline, according to press releases.
Serval was advised by SolComms, according to press releases.
RadNet, an outpatient diagnostic imaging services provider and digital health solutions developer, agreed to acquire Housatonic Partners-backed ONRAD, a full-service radiology services provider, for $560m cash and 5m shares, according to press releases.
ONRAD is advised by Robert W Baird, according to press releases.
CapitalG and Emergence Capital led a $600m Series C round in Bedrock Robotics, a technology company that develops sensor, computing and machine-learning systems to automate heavy construction equipment, with participation from US Innovative Technology Fund, Bessemer Venture Partners, Temasek, 8VC, Georgian, Valor Equity Partners, Xora, Eclipse, Perry Creek Capital, and NVIDIA, according to press releases.
Juvia Group and Lightspeed Venture Partners, a venture capital firms, led a $350m funding round in Dren Bio, a biotechnology company, with participation from Mirae Asset Capital Life Science, General Catalyst, Cormorant Asset Management, and OrbiMed, 8VC, SR One, Taiho Ventures, Mission BioCapital, HBM Healthcare Investments, BVF Partners, Aisling Capital, and ArrowMark Partners, according to press releases.
Morgan Stanley Real Estate Investing, a global private real estate investment management arm of Morgan Stanley, completed the acquisition of a state-of-the-art logistics facility for $172.1m, according to press releases.
I Squared Capital, a private equity firm, agreed to acquire Orizon Aerostructures, a manufacturer of aerostructures, aircraft components and sub-assemblies for commercial aerospace, according to press releases. Financial terms were not disclosed.
Veritas weighs sale of Chromalloy for over $10bn. ( Bloomberg)
Veritas Capital is exploring a sale of aerospace aftermarket company Chromalloy that could fetch more than $10bn.
Veritas is working with financial advisers to gauge buyer interest and is expected to approach potential bidders in the coming weeks.
Trafigura, Mubadala cancel planned sale of Brazilian iron port. ( Bloomberg)
Trafigura Group and Mubadala Capital have suspended plans to sell a Brazilian iron ore port after receiving bids below their valuation expectations.
The decision comes amid uncertainty over the outlook for iron ore, which has weighed on buyer interest and pricing.
Boston tower owner buys it again at 68% discount after default. ( Bloomberg)
Rockpoint acquired a 32-story office tower at 100 Summer Street in Boston for $260m at a foreclosure auction, roughly one-third of the $806m it paid for the property in 2019.
The sale highlights the continued decline in office property values since the Covid-19 pandemic, which accelerated shifts in workplace patterns and weakened demand for commercial real estate. Rockpoint’s offer was the only bid for the building, located near Boston’s South Station rail hub.
Robotics lab Physical Intelligence in talks for a $20bn valuation. ( Bloomberg)
Physical Intelligence is in discussions to raise at least $1bn in a new funding round that could nearly double the robotics AI startup’s valuation to around $20bn.
Existing investors Avenir and Lux Capital are in talks to lead the financing, which remains under negotiation.
Disruptive has announced a $10bn flagship fund focused on growth- and late-stage private technology companies, targeting opportunities in artificial intelligence, computing infrastructure, defense, and national security.
The fund plans to invest in approximately 10 companies, deploying up to $1bn per investment, while maintaining the firm’s concentrated investment strategy.
EMEA
Goldman Sachs Alternatives, the alternative investments division of Goldman Sachs, agreed to acquire a majority stake in Celnor Group, a provider of risk, safety, compliance and testing services across the built environment, from Inflexion, a mid-market private equity firm. Financial terms were not disclosed.
Celnor and Inflexion are advised by Rothschild & Co, OC&C, Alvarez & Marsal, Addleshaw Goddard and Slaughter & May. Goldman Sachs Alternatives is advised by Houlihan Lokey, Linklaters and Ernst & Young.
GE Vernova, an energy equipment manufacturing and services company, agreed to acquire Trench Group, a global technology provider for high-voltage grid components and systems, from Triton Partners, a European private equity firm, for $9bn, according to press releases.
GE Vernova is advised by Goldman Sachs, UBS and Skadden Arps Slate Meagher & Flom (led by Jeffrey Brill and Jan Bauer). Triton Partners is advised by Bank of America, Morgan Stanley and Latham & Watkins, according to press releases and MergerLinks data.
CMC and Asterion-backed Autobuses de Leon, an urban bus services firm, agreed to acquire Mobico Group, a UK-listed international passenger transport company, for £282.5m ($377.7m), according to press releases.
Mobico Group is advised by Bank of America (led by Justin Anstee and Edward Peel), Freshfields and Headland Consultancy (led by Matt Denham). Autobuses de Leon is advised by Caixabank, Santander and Latham & Watkins, according to press releases and MergerLinks data.
Motive Partners, an investment firm focused on technology-enabled companies, completed the acquisition of Mobius, a UK-based pension investment platform, from Phoenix Equity Partners, a mid-market private equity firm, according to press releases. Financial terms were not disclosed.
Mobius was advised by the lang cat (led by Mark Locke). Motive Partners was advised by Oliver Wyman, Lazard, PricewaterhouseCoopers and Proskauer Rose, according to press releases.
Apollo, an alternative investment manager, agreed to acquire a minority stake in Mubadala Capital, an asset management firm, according to press releases. Financial terms were not disclosed.
Apollo is advised by Morgan Stanley and Paul Weiss Rifkind Wharton & Garrison. Mubadala Capital is advised by Goldman Sachs, Jefferies & Company and Skadden Arps Slate Meagher & Flom, according to press releases.
Equitix, a global investor, developer, and long-term fund manager of core infrastructure assets, completed the acquisition of a 17.5% stake in the Beatrice offshore wind farm from TRIG, a London-listed renewable energy investment company, for £157m ($209m), according to press releases.
Baird Capital-backed Blue Matter, a provider of strategic consulting and healthcare communications services, completed the acquisition of Cognite, a global healthcare communications agency, according to press releases. Financial terms were not disclosed.
Cognite is advised by Rothschild & Co and DLA Piper. Blue Matter is advised by Reed Smith and Sam Brown (led by Mike Beyer), according to press releases.
Triton Partners, a private equity firm, completed the acquisition of United Initiators, a manufacturer of specialty chemical products used in polymerization, oxidation, and other industrial processes, from Equistone Partners, an investment firm, according to press releases. Financial terms were not disclosed.
United Initiators was advised by Houlihan Lokey. Triton Partners was advised by Headland Consultancy. Equistone Partners was advised by Latham & Watkins (led by Burc Hesse and Stephan F. Hufnagel), according to press releases and MergerLinks data.
Truelink Capital, a Los Angeles-based private equity firm, agreed to acquire the global intrusion products business of Johnson Controls, a provider of smart building systems, fire protection, HVAC, and integrated building solutions, according to press releases. Financial terms were not disclosed.
Truelink Capital is advised by Evercore, according to press releases.
H.I.G. Capital, a private equity firm, completed the acquisition of a majority stake in L4A, an Italian infrastructure services provider, according to press releases. Financial terms were not disclosed.
Universal Music discussed going private with buyout firms. ( Bloomberg)
Universal Music Group is exploring a potential take-private transaction following preliminary discussions with major private equity firms including Apollo Global Management, TPG and Blackstone.
The world's largest record company, which has a market capitalization of approximately €29bn ($32bn), held initial talks with the investment firms earlier this year. Universal's board is aware of the discussions, although no formal offer has been announced.
Oakley Capital said to mull sale of testing firm Phenna Group. ( Bloomberg)
Oakley Capital is exploring a sale of testing and certification services provider Phenna Group in a potential transaction that could take place in 2027.
The private equity firm is working with Goldman Sachs on the potential divestment. Phenna generates annual earnings of about £250m ($333m).
TPG pursues $5bn acquisition of UK data centre group Ark. (FT)
TPG is in talks to acquire UK-based Ark Data Centres from Elliott Management in a transaction that could value the business at around $5bn, potentially ranking among the largest data centre deals in 2026.
Ark operates 27 data centres across the UK and Belgium and has a joint venture with the UK government. Elliott, which first invested in Ark in 2012, is exploring an exit, although discussions remain ongoing and no deal is guaranteed.
Dalmore Capital, Apax Partners and Nordic Capital pursue Cinven-owned JLA. ( Bloomberg)
Dalmore Capital has expressed interest in acquiring UK commercial equipment supplier and services provider JLA Group from buyout firm Cinven.
Apax Partners and Nordic Capital are also pursuing a potential acquisition of JLA, joining Dalmore among the interested parties.
CVC, Cinven, Puig eye luxury fragrance maker Parfums de Marly. ( Reuters)
CVC Capital Partners, Cinven and Spanish beauty group Puig are among potential bidders for luxury fragrance brand Parfums de Marly, as owner Advent International explores a sale.
CPPIB said to explore sale of stake in Spain’s largest gas grid. ( Bloomberg)
Canada Pension Plan Investment Board is considering selling its 12% stake in Nedgia, Spain’s largest gas distribution company.
The Canadian pension fund has begun preliminary discussions with financial advisers over a potential divestment of the holding, which it acquired for €900m ($1bn) in 2018.
Ben & Jerry’s founders have been exploring deal to separate company from Magnum. ( WSJ)
Ben & Jerry’s founders Ben Cohen and Jerry Greenfield are exploring a potential deal with an executive at private equity firm KKR to separate the ice cream brand from its current owner, Magnum Ice Cream Company.
Magnum, which also owns other former Unilever ice cream brands, is opposing the proposed separation, arguing that it would increase operating costs and lead to higher product prices.
South Africa's biggest airline FlySafair cleared for Harith takeover. ( Bloomberg)
Harith General Partners has secured approval from South Africa’s Competition Tribunal to acquire budget airline FlySafair, clearing the way for one of the country’s most significant aviation transactions in recent years.
The deal will transfer control of South Africa’s market-leading carrier to the infrastructure investor as it seeks to expand its presence across the transport sector.
Kenya’s Quickmart IPO draws two more cornerstone investors. ( Bloomberg)
Quickmart has secured applications from two additional cornerstone investors for its Nairobi Securities Exchange IPO, bringing the total number of cornerstone backers to four.
RWC Asset Management, part of Redwheel Group, has applied for about KES1.3bn ($10m) of shares, equivalent to roughly 4.3% of Quickmart’s post-listing share capital. The deal is part of the supermarket chain’s ongoing IPO process.
Swiss drug developer Windward Bio files for US IPO. ( Reuters)
Swiss biotechnology company Windward Bio has filed for a US IPO, seeking to capitalise on renewed investor interest in biotechnology listings.
The company has secured up to $365m from investors including OrbiMed, Novo Holdings, Omega Funds and Blue Owl Healthcare Opportunities. Jefferies, TD Cowen, Piper Sandler and UBS Investment Bank are acting as underwriters for the offering.
Advent raises $30bn for latest buyout, mid-market funds. ( Reuters)
Advent International has raised $30bn across its latest private equity funds, including $27bn for its flagship Global Private Equity XI fund and more than $3bn for a new mid-market strategy.
The flagship fund will primarily target investments in Europe and North America, while the mid-market strategy will invest $100m–$350m in companies valued at up to $1.25bn.
APAC
CPE Fund, an alternative asset manager, agreed to acquire an 81% stake in the Chinese business of A. O. Smith, a manufacturer of residential and commercial water heaters and boilers, at a $400m valuation, according to press releases.
A. O. Smith is advised by Goldman Sachs and Latham & Watkins, according to press releases.
L Catterton, a private equity firm, completed the investment in Glance, a consumer technology company, according to press releases. Financial terms were not disclosed.
National Growth Fund of Korea, a South Korea-based government-backed investment fund, led a $620m Series D round in FuriosaAI, an AI semiconductor company, with participation from QUDA Capital Partners, Cisco Investments, NeoFort Holding, Jericho Capital, Worldline Capital, Export-Import Bank of Korea, UAMCO, Hanwha Asset Management, Korea Development Bank, NAVER Ventures, DSC Investment, KDB Capital, Nextrans, Kakao Investment, according to press releases.
Warburg Pincus sweetens Ingenia offer, ramps up bidding war. ( Bloomberg)
Warburg Pincus has increased its takeover offer for Australian retirement living and holiday park operator Ingenia Communities to AUD5.50 ($3.86) per share, valuing the company at around AUD2.2bn ($1.6bn).
The revised all-cash bid exceeds a competing offer from AVID Property Group by AUD0.10 ($0.07) per stapled security, intensifying the takeover contest.
IDG leads race for ASMPT’s SMT unit valued at over $1bn. ( Reuters)
IDG Capital has emerged as the most advanced bidder for ASMPT’s surface-mount technology business, with a deal potentially valuing the unit at more than $1bn. ASMPT is seeking about $1.5bn, although prospective buyers may fall short of that target, and an agreement could be reached in the coming weeks.
FountainVest Partners and Triton Partners have also shown interest in the business, which supplies equipment and software used in electronics assembly for end markets including AI servers, optical transceivers and electric vehicles. ASMPT began reviewing strategic options for the unit in January as it looks to sharpen its focus on semiconductor solutions and chip packaging.
Danantara bids for stake in Indonesian stock exchange. ( Reuters)
Indonesia’s sovereign wealth fund Danantara has submitted a bid to acquire a stake in the Indonesia Stock Exchange as the bourse prepares to transition into a shareholder-owned, for-profit company.
Danantara could acquire a stake of around 40%, while IDX continues to consider other potential investors. The exchange plans to issue new shares as part of the restructuring, with an IPO expected at a later stage.
Blackstone opens new office in Bengaluru, deepening presence in India. ( Press Release)
Blackstone has opened its second office in India, establishing a Global Capability Center in Bengaluru to strengthen its corporate and operational functions globally.
The new office will be overseen by Senior Managing Director Susan Yung, while Blackstone’s investment professionals will remain based in Mumbai. The expansion reinforces the firm’s long-term commitment to India, where it has operated for 20 years.
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