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Top Highlights
Torrent Pharma, an Indian pharmaceutical company, offered to acquire a 75.2% stake in JB Chemicals & Pharmaceuticals, an Indian pharmaceutical company specializing in branded formulations, for $2.3bn, according to press releases.
Torrent Pharma is advised by Axis Capital, Ernst & Young, Moelis & Co, NovaaOne and Khaitan & Co. JB Chemicals & Pharmaceuticals is advised by BDO, Goldman Sachs, ICICI Bank and AZB & Partners. KKR is advised by Kotak Investment Banking, Rothschild & Co and Shardul Amarchand Mangaldas & Co, according to press releases.
Stonepeak, an alternative investment firm, completed the acquisition of Forgital, a manufacturer of advanced forged and machine-finished components for aerospace and industrial end markets, from Carlyle, a global investment firm, for €2bn ($2.3bn), according to press releases.
The Home Depot, a home improvement retailer, offered to acquire GMS, a North American specialty building products distributor, for $5.5bn, according to press releases.
Deal Round up
AMERICAS
ERS of Texas commits $100m to CBRE IM’s Asia vehicle. ( DealStreetAsia)
EMEA
KKR leads £1.7bn race to acquire NewDay Group. ( Sky News)
B.P. Marsh completes the acquisition of an additional 2% stake in Pantheon. (Press Release)
Scottish Power and Ovo Energy explore potential merger. ( Sky News)
Cirsa targets €2.5bn valuation in major Spanish IPO. ( Bloomberg)
APAC
I Squared Capital drops HKBN takeover plans amid rival bid. ( Reuters)
NTT plans Singapore’s largest IPO in eight years with data center reit. ( Bloomberg)
Lens Technology plans $606m Hong Kong listing. ( Bloomberg)
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INVESTORS
FINANCIAL ADVISORS
LEGAL ADVISORS
PR ADVISORS
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AMERICAS
Boeing’s $8.3bn all-stock acquisition of Spirit AeroSystems is under formal review by the UK’s Competition and Markets Authority, which launched a Phase 1 investigation on June 30, 2025. The CMA is assessing whether the deal could harm competition in the aerospace supply chain. A Phase 2 probe may follow if issues are found.
Regulatory reviews in the US and EU are also underway. The CMA’s findings could delay the transaction, especially if remedies or deeper scrutiny are required. The deal is key to Boeing’s efforts to stabilize production and address safety concerns.
Parker Hannifin, a producer of hydraulic and pneumatic systems, agreed to acquire Curtis Instruments, a manufacturer of motor speed controllers, from Platinum Equity-backed Rehlko, a holding company, for $1bn, according to press releases.
Parker Hannifin is advised by Guggenheim Partners, Eversheds Sutherland and Jones Day. Rehlko is advised by Bank of America, Goldman Sachs and Gibson Dunn & Crutcher, according to press releases and MergerLinks data.
Worldwide Golf, a specialty golf retail and e-commerce company, and Capitol Hill Group, a private equity firm, agreed to acquire Big 5 Sporting Goods, a sporting goods retailer, for $113m, according to press releases.
Big 5 Sporting is advised by Moelis & Co, Latham & Watkins and ICR (led by Jeff Sonnek). Capitol Hill Group is advised by Holland & Knight, Skadden Arps Slate Meagher & Flom (led by Jeffrey Brill) and Sklar Kirsh, according to press releases and MergerLinks data.
Tortuga Resorts, a joint venture between KSL Capital Partners and Rodina, agreed to acquire the real estate portfolio of Playa Hotels & Resorts, an all-inclusive oceanfront resorts owner, from Hyatt, an American multinational hospitality company, for $2bn, according to press releases.
Tortuga Resorts is advised by Goldman Sachs and Simpson Thacher & Bartlett. Hyatt is advised by Berkadia Real Estate Advisors, BDT & MSD Partners and Latham & Watkins, according to press releases.
Advent International, a private equity firm, agreed to acquire a majority stake in LayerZero Power Systems, a provider of highly reliable power infrastructure solutions including STSs and PDUs for mission-critical data centers, according to press releases. Financial terms were not disclosed.
LayerZero Power Systems is advised by Citizens Bank and Calfee Halter & Griswold. Advent is advised by Harris Williams & Co and Weil Gotshal and Manges (led by Ramona Nee), according to press releases and MergerLinks data.
Clio, a legal technology company, agreed to acquire vLex, a developer of a legal information platform, from Oakley Capital, a mid-market private equity investor, for $1bn, according to press releases.
The Federal Trade Commission requires Alimentation Couche-Tard to divest 35 gas stations, which will be acquired by Majors Management in order to resolve antitrust concerns surrounding ACT proposed $1.57bn acquisition of 270 retail fuel outlets from grocery store chain Giant Eagle.
The consent order settles FTC charges that ACT’s deal with Giant Eagle is anticompetitive and will likely lead to higher fuel costs for consumers across Indiana, Ohio, and Pennsylvania.
Giant Eagle is advised by Centerview Partners and Weil Gotshal and Manges (led by Ramona Nee and Emily Willey).
Gordon Brothers, a financial services provider, agreed to acquire SOLIC Capital Advisors, a financial advisory and investment banking firm, according to press releases. Financial terms were not disclosed.
SOLIC Capital Advisors is advised by Houlihan Lokey. Gordon Brothers is advised by Matter Communications, according to press releases and MergerLinks data.
TransDigm, a designer, producer and supplier of highly engineered aircraft components, agreed to acquire the Simmonds business of Goodrich, an American manufacturing company, from RTX Corporation, an American multinational aerospace and defense conglomerate, for $765m, according to press releases.
CenterOak Partners, a private equity firm, completed the acquisition of NOW CFO, a provider of outsourced finance and accounting services, according to press releases. Financial terms were not disclosed.
CenterOak Partners was advised by Gregory FCA (led by Jeremy Milner), according to press releases.
ERS of Texas commits $100m to CBRE IM’s Asia vehicle. ( DealStreetAsia)
CBRE Investment Management, the $149bn arm of the eponymous advisory firm, has received a $100m commitment from the Employees Retirement System of Texas for the latest instalment of its Asia real estate fund.
CBRE forecasts commercial real estate transaction volume to rise 5-10% y-o-y in 2025, driven by growth in Singapore, Korea, Australia and Hong Kong SAR, and continued investor interest in Japan and India.
EMEA
Modella Capital, a specialist retail and consumer investment boutique, completed the acquisition of the UK high street business of WH Smith, a British retailer, for £76m ($104m), according to press releases.
WH Smith was advised by Greenhill & Co, Herbert Smith Freehills (led by Bob Moore) and Brunswick Group (led by Tim Danaher), according to press releases and MergerLinks data.
BNP Paribas, a banking and financial services provider, agreed to acquire the custody and depositary business of HSBC, a bank and financial services group, according to press releases. Financial terms were not disclosed.
BNP Paribas is advised by Clifford Chance (led by Thomas Krecek), according to press releases and MergerLinks data.
KKR leads £1.7bn race to acquire NewDay Group. ( Sky News)
The private equity firm at the center of multiple bidding wars for British companies is now leading the £1.7bn ($2.3bn) contest to acquire NewDay Group, the owner of Argos’ store-card operations.
KKR is currently the frontrunner to buy NewDay, which is owned by buyout firms Cinven and CVC Capital Partners. However, KKR is not in exclusive negotiations, and other interested parties — including Pimco, asset management giant KKR itself, and a Bain Capital-led consortium — are still in the running to acquire the company.
B.P. Marsh completes the acquisition of an additional 2% stake in Pantheon. (Press Release)
B.P. Marsh and Partners, a specialist private equity investor in early-stage financial services businesses, acquired an additional 2% shareholding in Pantheon, a specialist insurance brokerage, at an equity value of £275m ($377m).
B.P. Marsh first invested in Pantheon in June 2023, when it subscribed to a 25% shareholding in a newly established company, in partnership with Robert Dowman. Following this additional 2% investment, B.P. Marsh's total shareholding in Pantheon now stands at 39%.
B.P. Marsh was advised by Panmure Liberum, Singer Capital Market and Tavistock.
Scottish Power and Ovo Energy explore potential merger. ( Sky News)
Scottish Power, the Spanish-owned energy supplier, and its larger rival Ovo Energy have started exploratory talks about a possible merger that could result in a company serving over six million British households.
Executives from Iberdrola, the parent company of Scottish Power, and representatives from Ovo have been engaged in initial discussions in recent weeks to assess the potential for a deal.
Cirsa targets €2.5bn valuation in major Spanish IPO. ( Bloomberg)
Cirsa, the casino operator backed by Blackstone, is aiming for a valuation of €2.5bn ($3bn) in its upcoming initial public offering, positioning it to become Spain’s second-largest IPO so far this year.
The offering will include about 30.2m shares priced at €15 ($17.6) each, expected to raise around €453m ($531m). This deal would rank as Spain’s second-biggest IPO of the year.
APAC
TA Associates, a private equity firm, agreed to invest in Viridian Financial Group, an Australian diversified financial services business, according to press releases. Financial terms were not disclosed.
Viridian Financial Group is advised by Honner (led by Craig Morris), according to press releases.
AM Green, a green hydrogen and ammonia production company, agreed to acquire a 17.5% stake in Greenko, an energy transition and decarbonization solutions company, from ORIX, a diversified financial services group, for $1.3bn, according to press releases.
I Squared Capital drops HKBN takeover plans amid rival bid. ( Reuters)
US-based infrastructure investment firm I Squared Capital has decided to withdraw its plans to make a takeover offer for Hong Kong's broadband operator HKBN. This move comes as a rival bid backed by a state-owned entity emerges as the frontrunner.
I Squared already owns HGC Global Communications, another Hong Kong-based broadband provider in which China Investment holds a minority stake. However, the Miami-based firm has been unable to secure approval from the Chinese sovereign wealth fund to move forward with a formal bid for HKBN.
NTT plans Singapore’s largest IPO in eight years with data center reit. ( Bloomberg)
Japan’s NTT is planning to raise up to $812m through the listing of its data center real estate investment trust in Singapore, marking what could become the city-state’s biggest initial public offering in eight years.
NTT DC REIT is targeting a market capitalization exceeding $1bn by offering units at $1 each. Should the over-allotment option be fully exercised, the total amount raised could reach as much as $864m.
Lens Technology plans $606m Hong Kong listing. ( Bloomberg)
Lens Technology, a key supplier to Apple, is aiming to raise up to HKD4.8bn ($606m) through a listing in Hong Kong, becoming the latest Chinese firm to pursue a secondary listing in the financial hub.
The Shenzhen-listed company plans to sell 262m shares at a price range of HKD17.38 ($2.2) to HKD18.18 ($2.3) each. This pricing reflects a discount of up to 28% compared to its last closing price of CNY22.06 ($3.08) in Shenzhen. Lens Technology anticipates its shares will begin trading in Hong Kong on July 9.
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