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AMERICAS
TJC-backed Arclin, a materials science company and manufacturer of polymer technologies, engineered products and specialized materials, completed the acquisition of Aramids business of DuPont, a provider of construction materials, fabrics, packaging materials, and solutions, for $1.8bn, according to press releases.
Leidos, a systems integrator specializing in information technology, completed the acquisition of ENTRUST, a consulting firm specializing in utility engineering, from Kohlberg, a private equity firm, for $2.4bn, according to press releases.
EagleTree Capital, an independent private equity and investment firm, completed the acquisition of The Opus Group, a global network of event management agencies, from Growth Catalyst Partners, a middle market private equity firm, according to press releases. Financial terms were not disclosed.
EagleTree Capital was advised by Jones Day, Paul Weiss Rifkind Wharton & Garrison (led by Maury Slevin, Michael Vogel and Matthew Benedetto) and FGS Global (led by Shannon O'Connor). Debt financing was provided by Monroe Capital. The Opus Group was advised by BrightTower (led by Sam Barthelme), Dickinson Wright and Kirkland & Ellis, according to press releases and MergerLinks data.
QXO, a distributor of building products, completed the acquisition of Kodiak Building Partners, a national distributor of essential building products, from Court Square Capital Partners, a New York-based private equity firm, for $2.25bn, according to press releases.
Carlyle, an American multinational private equity firm, agreed to acquire a majority stake in MAI Capital Management, a full-service wealth manager and registered investment adviser, from Galway Holdings, a financial services platform and holding company, Harvest Partners, and Oak Hill Capital, private equity firms, at a $2.8bn valuation, according to press releases.
Carlyle is advised by Simpson Thacher & Bartlett. Harvest Partners is advised by Lambert & Co (led by Jennifer Hurson). MAI Capital Management is advised by Ardea Partners, Kirkland & Ellis, and StreetCred PR (led by Jimmy Moock), according to press releases.
Court Square Capital Partners, a middle-market private equity firm, completed the acquisition of a majority stake in CallTower, an American cloud-based communications and collaboration solutions provider, from BV Investment Partners, a middle-market private equity firm, according to press releasess. Financial terms were not disclosed.
CallTower was advised by Q Advisors and Ropes & Gray. Court Square Capital Partners was advised by Dechert, Guggenheim Partners and Edelman (led by Ryan Scanlon). BV Investment Partners was advised by Chris Tofalli Public Relations (led by Chris Tofalli), according to press releases.
Antin Infrastructure Partners, a private equity firm, completed the acquisition of Sapphire Gas Solutions, a solutions-oriented company specializing in clean-burning natural gas solutions, from Apollo, an alternative investment manager, according to press releases. Financial terms were not disclosed.
Antin Infrastructure Partners was advised by TD Securities, Kirkland & Ellis and Brunswick Group (led by Tristan Roquet Montegon). Sapphire Gas Solutions and Apollo were advised by RBC Capital Markets and Vinson & Elkins, according to press releases.
TruArc Partners, a private equity firm, completed the acquisition of Matrix Adhesives Group, a manufacturer of adhesives and sealants, from Goldner Hawn, a private equity firm, according to press releases. Financial terms were not disclosed.
TruArc Partners was advised by Chemlink Partners, Davis Polk & Wardwell and ASC Advisors (led by Mary Beth Grover). Matrix Adhesives Group was advised by BMO Capital Markets and Houlihan Lokey, according to press releases.
Advent International, a private equity investor, agreed to invest in Atwell, a provider of engineering, consulting, and construction services to critical infrastructure, according to press releases. Financial terms were not disclosed.
Atwell is advised by Morrissey Goodale, Goldman Sachs and Wachtell Lipton Rosen & Katz (led by Eric Feinstein). Advent is advised by Morgan Stanley and Weil Gotshal and Manges, according to MergerLinks data and press releases.
26North, an alternative asset management firm, agreed to acquire Intermedia Intelligent Communications, a cloud communications company, from Madison Dearborn Partners, an American private equity firm, according to press releases. Financial terms were not disclosed.
Intermedia Intelligent Communications is advised by Jefferies & Company and Kirkland & Ellis. 26North is advised by JP Morgan, Stifel and DLA Piper, according to press releases.
Amazon, an American multinational technology company, NVIDIA, an American multinational technology company, and SoftBank, an investment holding company, led a $122bn investment round in OpenAI, an artificial intelligence research organization. SoftBank co-led the round alongside a16z, D. E. Shaw Ventures, MGX, TPG, and T. Rowe Price Associates, with participation from Microsoft, Altimeter, Appaloosa, ARK Invest, BlackRock, Blackstone, Coatue, D1 Capital Partners, Dragoneer, Fidelity Management & Research Company, Goanna Capital, Insight Partners, The Paragon Group, Sands Capital, Sequoia Capital, Sound Ventures, Temasek, Thrive Capital, UC Investments and Winslow Capital, according to press releases.
Inflexion, a mid-market private equity firm, investing in established high growth businesses, agreed to acquire Marioff, a global pioneer in high-pressure water mist fire suppression technology, from Sentinel Capital Partners, a private equity, according to press releases. Financial terms were not disclosed.
Sentinel Capital Partners is advised by Citigroup, JP Morgan, Kirkland & Ellis and Broadgate Consultants (led by Roland Tomforde), according to press releases.
Lone Star Funds, a private equity firm, completed the acquisition of Alliance Ground International, a North American airport services provider, from Greenbriar Equity Group and Audax Private Equity, private equity firms, according to press releases. Financial terms are not disclosed.
Lone Star Funds was advised by Evercore and Vinson & Elkins. Alliance Ground International was advised by Bank of America and Ropes & Gray, according to press releases.
TA Associates, a global private equity company focused on scaling growth in profitable companies, completed the investment in iBase-t, a provider of manufacturing execution system and quality management solutions for complex discrete manufacturing industries, according to press releases. Financial terms were not disclosed.
iBase-t was advised by Centerview Partners and Fenwick & West. TA Associates was advised by Lazard and Simpson Thacher & Bartlett, according to press releases.
Mountaingate Capital, a private equity firm, completed the acquisition of UpSwell Marketing, a vertically focused, technology‑enabled direct response marketing platform, according to press releases. Financial terms were not disclosed.
UpSwell Marketing was advised by BrightTower. Mountaingate Capital was advised by WilmerHale. Debt financing was provided by Twin Brook Capital Partners, according to press releases.
Wynnchurch Capital-backed Archer Foodservice Partners, a provider of foodservice consumables and parent entity of companies Handgards, Inno-Pak, and Fineline Settings, agreed to acquire the foodservice business of Sterno, a provider of portable food-warming and tabletop solutions, from Compass Diversified, an investment firm, according to press releases. Financial terms were not disclosed.
Wynnchurch Capital and Archer Foodservice Partners are advised by Foley & Lardner. Sterno is advised by Jefferies & Company, according to press releases and MergerLinks data.
Oak HC/FT-backed Artis BioSolutions, a San Diego-based advanced-therapies development and manufacturing company, completed the acquisition of Syngoi Technologies, a Spanish biotechnology company focused on synthetic DNA technologies for use in advanced therapies, according to press releases and MergerLinks data. Financial terms were not disclosed.
Rockpoint, a real estate private equity firm, completed the acquisition of six-building industrial portfolio in North Carolina, according to press releases. Financial terms were not disclosed.
Rockpoint was advised by Joele Frank (led by Jonathan Keehner), according to MergerLinks data and press releases.
Coalesce Capital-backed Miller Environmental Group, a provider of waste, industrial and environmental services, completed the acquisition of Haz-Mat Environmental Services, a provider of hazardous and non-hazardous waste management services, and Canco, an industrial services provider, according to press releases. Financial terms were not disclosed.
Coalesce Capital was advised by Joele Frank (led by Ed Trissel), according to press releases.
New State Capital Partners-backed Universal Plant Services, a specialist in rotating and reciprocating equipment services, completed the acquisition of Mechanical Solutions, an engineering services company, according to press releases. Financial terms were not disclosed.
Universal Plant Services was advised by Llorente Y Cuenca (led by Joanne Lessner), according to press releases.
Thompson Street Capital Partners-backed ATIS, a provider of vertical transportation inspections, consulting, and managed services, completed the acquisition of Vinspec, a provider of elevator and escalator consulting, engineering, inspection services and in-service safety examinations, according to press releases. Financial terms were not disclosed.
Thompson Street Capital Partners was advised by Gregory FCA, according to press releases.
GIC, a global institutional investor, agreed to acquire a minority stake in Envu, an environmental science solutions provider, from Cinven, a private equity firm, according to press releases. Financial terms were not disclosed.
GIC is advised by Morgan Stanley, according to MergerLinks data.
Kleiner Perkins, an American venture capital firm, led a $1.75bn Series D round in Saronic, a US-based defense technology company, with participation from Advent International, Bessemer Venture Partners, DFJ Growth, BAM Elevate, 8VC, Caffeinated Capital, Andreessen Horowitz, Elad Gil, and Franklin Templeton, according to press releases.
Collaborative Fund, a venture capital firm, led a $575m Series G funding round in WHOOP, the human performance company, with participation from 2PointZero Group, Qatar Investment Authority (QIA), Mubadala Investment Company, Abbott, Mayo Clinic, Macquarie Capital, Glade Brook, B-Flexion, IVP, Foundry, Accomplice, Affinity Partners, Promus Ventures, and Bullhound Capital, according to press releases.
Apollo nears $10bn acquisition of Atlantic Aviation from KKR. ( Bloomberg)
Apollo Global Management is close to acquiring Atlantic Aviation from KKR in a deal valuing the business at nearly $10bn.
Apollo is partnering with GIC to buy a majority stake, while KKR is expected to retain a significant minority interest.
Investors balk at terms in JP Morgan’s $7.2bn Sealed Air debt deal. ( Bloomberg)
Investors have raised concerns over certain provisions, including a clause allowing CD&R to potentially spin off Sealed Air’s food or protective packaging units. The pushback highlights ongoing scrutiny of leveraged buyout debt structures amid volatile credit‑market conditions.
Private equity targets fast food assets in Japan. ( Bloomberg)
Private equity firms are increasing investments in Japan’s fast food sector, with deals including Carlyle’s $595m acquisition of KFC Japan and Goldman Sachs’ purchase of Burger King operations.
Additional assets such as Wendy’s Japan are being explored as investors seek exposure to the market.
OpenFX raises $94m to expand stablecoin payments. ( Reuters)
OpenFX has raised $94m in a funding round led by Accel, Atomico, Lightspeed Faction and others to support its cross-border payments platform.
The startup is focusing on stablecoins to improve speed and reduce costs in foreign-exchange and remittance transactions.
Blackstone's AGS Health files for a $500m India IPO. ( Bloomberg)
AGS Health, owned by Blackstone, has confidentially filed draft papers for an initial public offering in Mumbai that could raise to $500m.
The private equity firm is working with JM Financial, Jefferies, ICICI Securities, JP Morgan, and Nomura on the proposed offering, which is expected to include a mix of primary shares and secondary stake sales by existing investors. Terms are still under discussion and may not result in a finalized transaction.
Blackstone launches hedge fund for affluent investors. ( Bloomberg)
Blackstone is launching its first hedge fund targeting high-net-worth individuals as it expands access to alternative investments.
The fund will focus on liquid strategies across credit, equities and special situations, with a portion allocated to other hedge funds.
Carlyle plans defense-focused investment fund. ( Bloomberg)
Carlyle is preparing to launch a fund targeting defense investments as governments increase military spending.
The firm has begun discussions with investors, positioning the strategy around reindustrialization and expansion of industrial capacity.
EMEA
Lupin, a global pharmaceutical company, completed the acquisition of VISUfarma, a pharmaceutical company, from GHO Capital Partners, a private equity firm, for €190m ($222m), according to press releases.
Lupin was advised by Centerview Partners, Herbert Smith Freehills Kramer (led by Alan Montgomery, Faria Ali, Augusto Santoro, Laura Orlando, Christian Johnen and Cyril Boulignat) and Stibbe. GHO Capital Partners was advised by Deloitte, Stifel (led by Charles Hoare and Neal Karnovsky), Giliberti Triscornia e Associati, QLT Law & Tax (led by Francesco D'Amora), Norton Rose Fulbright and Slaughter & May (led by Harry Bacon), according to press releases and MergerLinks data.
Apollo Global-backed Athora, a savings and retirement services group, completed the acquisition of Pension Insurance Corporation Group, a specialist insurer of UK defined benefit pension schemes, from private equity investors Reinet, ADIA, CVC and HPS Investment Partners, for £5.7bn ($7.8bn), according to press releases.
Intel, an American multinational corporation and technology company, agreed to repurchase a 49% stake in Fab 34, a semiconductor manufacturing facility, from Apollo, an American asset management firm, for $14.2bn, according to press releases.
Intel is advised by PricewaterhouseCoopers, Goldman Sachs, Eversheds Sutherland and Skadden Arps Slate Meagher & Flom (led by Christopher Bors and Sonia Nijjar). Apollo is advised by Paul Weiss Rifkind Wharton & Garrison, Kirkland & Ellis and Morgan Stanley, according to press releases and MergerLinks data.
Keensight Capital-backed aconso, a German-based software company specializing in cloud-based human resources document management, agreed to acquire Centric Germany, a specialized IT service provider, from Centric, a prominent Dutch IT services and software provider, according to press releases. Financial terms were not disclosed.
Oak Hill Capital, a private equity firm, completed the acquisition of Hunter Communications, a fiber-optic internet provider, from Grain Management, a private equity firm, according to press releases. Financial terms were not disclosed.
HICL Infrastructure, a long-term investor in infrastructure assets, agreed to acquire an additional 6.65% stake in Cross London Trains, a company established to procure and lease the rolling stock for use on the Thameslink passenger rail franchise, for £52m ($69m), according to press releases.
HICL is advised by Aztec Financial Services, Investec (led by David Yovichic), RBC Capital Markets (led by Matthew Coakes) and Brunswick Group (led by David Litterick), according to MergerLinks data and press releases.
Blackstone, a company specializing in alternative asset management, completed a $250m investment in Advanced Digital Gaming Technology, a technology platform focused on payments, compliance, and data‑intelligence solutions for regulated digital markets, according to press releases.
ADGT was advised by Morgan Lewis & Bockius. Blackstone was advised by Alaeddini & Co, Brownstein Hyatt Farber Schreck, and Kirkland & Ellis, according to press releases.
Blackstone, an American multinational private equity firm, and Colony Investment Management, a privately owned European investment manager, agreed to acquire a 30.56% stake in Essendi, a European hotel owner and operator, from Accor, a French hospitality group, for up to €975m ($1.14bn), according to press releases.
Accor is advised by Rothschild & Co and Morgan Stanley, according to MergerLinks data.
HarbourVest Partners, an investment firm, led a $170m Series C funding round in 9fin, an AI-native data and analytics platform, with participation from CPP Investments, Highland Europe, Spark Capital, Redalpine, and Seedcamp, according to press releases.
9fin was advised by Dukas Linden Public Relations (led by Shree Dhond), according to press releases.
Imaginary Ventures, a venture capital fund, led a $100m investment in Nordic Knots, a home textiles company specializing in rugs, curtains, and bedding with Scandinavian-inspired designs, with participation from Creades, IRIS Ventures, and Lauren Santo Domingo, according to press releases.
Nordic Knots was advised by Rothschild & Co (led by Marcel Gleichmann), according to MergerLinks data.
Bregal Milestone-backed Allshares, a global, Nordics-based fintech company specializing in digital equity management and incentive programs for private and public companies, completed the acquisition of Amalia, a France-based company specializing in sales commission and performance management software, according to press releases. Financial terms were not disclosed.
CVC explores divestments for Recordati after €10.9bn takeover. ( Bloomberg)
CVC Capital Partners is considering potential divestments for Recordati following its €10.9bn ($12.5bn) takeover of the Italian drugmaker.
Options include a possible sale of the company’s rare-diseases unit as the firm evaluates strategic alternatives.
AA attracts interest from EQT as it prepares for a £5bn sale. ( FT)
The AA, a major UK roadside recovery provider, has attracted early interest from potential buyers, including private equity firm EQT, as its owners explore a sale that could value the business at around £5bn ($6.6bn).
Shareholders, including TowerBrook, Warburg Pincus, and Stonepeak, have appointed Rothschild and JP Morgan to advise on the process. Discussions are at an early stage and may not result in a finalized transaction.
Nestlé advances €5bn water business stake sale. ( FT)
Nestlé has progressed the sale of a 50% stake in its water business, with bidders including CD&R, KKR and PAI advancing to the next round.
The deal could value the Perrier and San Pellegrino unit at about €5bn.
Kaefer owners study sale of company at more than €2bn value. ( Bloomberg)
The owners of Kaefer are exploring a potential sale of the German industrial‑services group that could value the business at more than €2bn ($2.3bn). The company provides engineering and support services for industrial plants across the energy and infrastructure sectors.
SMS Group and buyout firm Altor Equity Partners, which together own 50% of Kaefer, are working with Deutsche Bank on a possible disposal of their stake. Discussions are preliminary, and no decision on timing or structure has been made.
Prosus considers sale of 10% Delivery Hero stake to Aspex. ( Bloomberg)
Prosus is considering selling a roughly 10% stake in Delivery Hero to Aspex Management, potentially reshaping the company’s shareholder base.
The deal would increase Aspex’s holding to about 19% and could see it become the largest shareholder, replacing Prosus.
Blackstone in talks to acquire Senior. ( FT)
Blackstone and industrial investor Tinicum are in advanced talks to take control of UK aerospace parts supplier Senior.
The consortium could present an offer acceptable to the board in the coming weeks, though discussions remain ongoing.
Arcline exits bid for Senior as other suitors remain. ( Reuters)
Arcline Investment Management has withdrawn from buyout talks for UK aerospace supplier Senior, narrowing the field of bidders.
Other potential buyers remain in discussions as interest in defence assets grows amid rising geopolitical tensions.
Irenic builds stake in Snap, calls for changes. ( Bloomberg)
Irenic Capital Management has built a roughly 2.5% stake in Snap and is urging operational and strategic changes to improve performance.
The activist investor outlined proposals aimed at boosting valuation, with shares rising on the news despite a broader decline in 2026.
TDR, I Squared select banks for $15bn Aggreko US IPO. ( Bloomberg)
TDR Capital and I Squared Capital have selected banks including Goldman Sachs, JP Morgan and Bank of America for a US IPO of Aggreko.
The listing could take place as soon as the second half of the year and may value the power generator rental firm at about $15bn.
Visma delays London IPO to next year. ( Bloomberg)
Visma is postponing its planned London IPO to next year after earlier delays linked to weakness in technology stocks.
The Hg-backed software company had previously targeted a 2026 listing but pushed timelines amid AI-related market volatility.
APAC
Blackstone-backed Essel Propack, a provider of specialty packaging solutions, agreed to merge with Indovida, a manufacturer of PET preforms, in a $2bn deal, according to press releases.
Essel Propack is advised by BDO, Duff & Phelps, Ernst & Young and Trilegal. Indovida is advised by Goldman Sachs, Chandhiok & Mahajan and Khaitan & Co, according to press releases.
Nine Entertainment, an Australian media company, completed the acquisition of QMS Media, a digital out‑of‑home advertising provider, from Quadrant Private Equity, a Sydney-based investment firm, for AUD850m ($583m), according to press releases.
Nine Entertainment was advised by Jefferies & Company and Russell McVeagh (led by David Raudkivi), according to press releases and MergerLinks data.
The Carlyle Group, an American multinational private equity firm, agreed to acquire a majority stake in the device & module solutions business of OMRON, a Japanese electronics and automation company, in a JPY81bn ($507m) deal, according to press releases.
The Carlyle Group is advised by Brunswick Group (led by Masato Ui). OMRON is advised by Mitsubishi UFJ Morgan Stanley Securities, according to press releases and MergerLinks data.
DigitalBridge, a global digital infrastructure investment firm, and JEXI, an investment advisory company, completed the acquisition of data center assets of NEC Corporation, an information technology and electronics company, according to press releases. Financial terms were not disclosed.
DigitalBridge was advised by Joele Frank (led by Alexander Wolfsohn), according to press releases.
Japan Post Insurance, a Japanese life insurance company that offers a wide range of life insurance products, completed the acquisition of a minority stake in Hoken Minaoshi Hompo Group, a company focused on insurance distribution and customer-facing insurance advisory services in Japan, from KKR, an investment firm. Financial terms were not disclosed.
Nxtra to raise $1bn at $3.1bn valuation. ( Reuters)
Bharti Airtel-owned Nxtra Data is set to raise $1bn from investors including Alpha Wave Global, Carlyle, Anchorage Capital and its parent.
The deal reflects growing investment in data center infrastructure as India positions itself as a hub for AI development.
Blackstone plans $500m IPO of AGS Health in India. ( Bloomberg)
Blackstone is discussing a potential IPO of its AGS Health unit in Mumbai that could raise up to $500m.
The firm has begun talks with banks and is expected to appoint advisers, with the offering likely to include primary and secondary shares.
Japanese investors back $147m Africa-focused VC fund. ( Bloomberg)
Japanese companies including Mitsubishi, Sumitomo Mitsui Banking and Toyota Ventures have backed a $147m venture fund targeting African startups.
The Novastar Ventures vehicle also attracted support from SBI Holdings, Mitsui OSK Lines and JICA as interest in the region grows.
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