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AMERICAS

TPG Capital to invest in Smith + Howard.

TPG Capital, a global private equity firm, agreed to invest in Smith + Howard, a national tax, accounting, and advisory firm, according to press releases. Financial terms were not disclosed.

Smith + Howard is advised by Robert W Baird, William Blair & Co, Levenfeld Pearlstein and Morrison Cohen. TPG Capital is advised by Guggenheim Partners and Weil Gotshal and Manges, according to press releases.

SUNation Energy to merge with Suniva.

SUNation Energy, a provider of residential and commercial solar energy systems, agreed to merge with Suniva, a merchant manufacturer of high-efficiency monocrystalline silicon solar cells, according to press releases. Financial terms were not disclosed.

SUNation Energy is advised by Maxim Group, Rimon Law and Alliance Advisors. Suniva is advised by ROTH Capital Partners and Kilpatrick Townsend. ROTH Capital Partners is advised by Gibson Dunn & Crutcher, according to press releases.

Clearlake completes the acquisition of Pathway.

Clearlake, a private investment firm, completed the acquisition of Pathway, a provider of private market solutions, according to press releases. Financial terms are not disclosed.

Pathway was advised by UBS and O'Melveny & Myers. Clearlake was advised by Bank of America (led by Janis Vitols), Evercore and Kirkland & Ellis, according to press releases and MergerLinks data.

Bain Capital to acquire a majority stake in FDH Aero.

Bain Capital, a private investment firm, agreed to acquire a majority stake in FDH Aero, a trusted global supply chain partner for aerospace and defense. Audax Private Equity, FDH’s majority shareholder since 2017, is expected to remain a significant investor in the Company, according to press releases. Financial terms were not disclosed.

FDH Aero is advised by William Blair & Co. Audax Private Equity is advised by Gasthalter & Co. Bain Capital is advised by BMO Capital Markets, Jefferies & Company and RBC Capital Markets. Debt financing is provided by BMO Capital Markets, Jefferies & Company and RBC Capital Markets, according to press releases and MergerLinks data.

AlphaCore completes the acquisition of Elk River Wealth Management.

AlphaCore, an independent wealth advisory firm, completed the acquisition of Elk River Wealth Management, a provider of wealth management and financial advisory services, according to press releases. Financial terms were not disclosed.

Elk River Wealth Management was advised by SDR Ventures and Ireland Stapleton. AlphaCore was advised by WilmerHale and Gregory FCA, according to press releases.

Abry Partners completes an investment in KaufmanIT.

Abry Partners, a private equity firm, completed an investment in KaufmanIT, a managed IT, cybersecurity, and cloud services provider, according to press releases. Financial terms were not disclosed.

Abry Partners was advised by Massumi + Consoli and FGS Global. KaufmanIT was advised by Embarc Advisors and Brown & Streza, according to press releases.

Ignite Proteomics to acquire Aditxt for $150m.

Ignite Proteomics, a functional proteomics company, agreed to acquire Aditxt, a public company focused on developing and commercializing health innovation platforms, for $150m, according to press releases.

Ignite Proteomics is advised by Ladenburg Thalmann and Meister Seelig & Schuster, according to press releases.

CapVest-backed Second Nature Brands to acquire Tillamook Country Smoker.

CapVest-backed Second Nature Brands, a producer of premium snacks and treats, agreed to acquire Tillamook Country Smoker, a long-standing producer of high-quality beef jerky and meat sticks, according to press releases. Financial terms were not disclosed.

Second Nature Brands is advised by Solomon Partners and Reputation Inc (led by Ben Valdimarsson), according to press releases.

Cadogan Tate completes the acquisition of Fully Loaded Deliveries.

Cadogan Tate, a international specialist in luxury asset logistics, completed the acquisition of Fully Loaded Deliveries, a luxury moving, storage, and design logistics firm, according to press releases. Financial terms were not disclosed.

Cadogan Tate was advised by Dorsey & Whitney. Fully Loaded Deliveries was advised by Osborn Maledon, according to press releases.

APi Group completes the acquisition of Onyx-Fire Protection Services from Blackstone.

APi Group, a business services provider of fire and life safety, security, elevator and escalator, and specialty services, completed the acquisition of Onyx-Fire Protection Services, an inspection-first provider of fire and life safety services, from Blackstone Tactical Opportunities, a specialized investment platform, according to press releases. Financial terms were not disclosed.

APi Group was advised by Jefferies & Company. Blackstone was advised by RBC Capital Markets, according to press releases.

ANV completes the acquisition of Associated Specialty Insurance Agency.

ANV, a global insurance intermediary platform, completed the acquisition of Associated Specialty Insurance Agency, a wholesale commercial insurance agency, according to press releases. Financial terms were not disclosed.

ANV was advised by Rein4ce (led by Caitlin Haynes), according to press releases.

Godspeed Capital completes an investment in JP Donova.

Godspeed Capital, a lower middle-market Defense & Government services, solutions, and technology-focused private equity firm, completed an investment in JP Donova, provider of space infrastructure, fabrication, precision machining, and mission-critical support solutions, according to press releases. Financial terms were not disclosed.

Godspeed Capital was advised by Gasthalter & Co (led by Alex Jeffrey), according to press releases.

AXON Networks completes the acquisition of Greenwave Systems.

AXON Networks, a provider of network management software and managed Operator-as-a-Service solutions for businesses, completed the acquisition of Greenwave Systems, a provider of end-to-end software-defined mobile network solutions, according to press releases. Financial terms were not disclosed.

AXON Networks was advised by Guyer Group, according to press releases.

Temasek led a $300m Series C round in PhysicsX.

Temasek, a global investment company, led a $300m Series C round in PhysicsX, a deeptech company, with participation from M&G Investments, Intrepid Growth Partners, Applied Materials, Atomico, General Catalyst, July Fund, NGP, NVIDIA, Radius, and Siemens, according to press releases.

US Steel increases projected investment in Mon Valley operations. (Bloomberg)

US Steel said planned upgrades to its Mon Valley facilities in Pennsylvania could cost between $2bn and $2.5bn, exceeding the minimum investment commitment made by Nippon Steel as part of its acquisition of the company.

Nippon Steel initially pledged at least $1bn for the operations, with updated estimates reflecting a significantly larger modernization program.

Hiive explores secondary share sale at $780m valuation. (Bloomberg)

Hiive has held discussions with investors about a potential secondary share sale that would value the private company share-trading platform at approximately $780m.

The transaction would seek to capitalize on growing investor interest in pre-IPO companies as several large technology listings approach the public markets.

OpenAI files confidentially for US IPO. (Press Release)

OpenAI has confidentially filed for a US initial public offering as the artificial intelligence company explores a future listing.

The ChatGPT developer did not disclose the size or timing of the offering and said it remains focused on initiatives that may be easier to pursue as a private company.

Buffalo Wild Wings franchisees seek changes ahead of parent IPO. (Bloomberg)

Buffalo Wild Wings franchisees are pushing for measures to address weakening dine-in traffic as the restaurant chain’s parent company prepares for a potential IPO.

Operators are urging the company to reduce promotional discounting and increase marketing efforts focused on in-person dining after several years of emphasis on takeout and delivery services.

EMEA

Janus Henderson to acquire Rantum Capital.

Janus Henderson, an investment management company, agreed to acquire Rantum Capital, an asset manager focussing on private debt and private equity investments, according to press releases. Financial terms were not disclosed.

Rantum Capital is advised by Campbell Lutyens and Schilling Zutt & Anschuetz (SZA). Janus Henderson is advised by Skadden Arps Slate Meagher & Flom, according to press releases.

TPG Capital-backed Infomedia completes the acquisition of Veact.

TPG Capital-backed Infomedia, a provider of SaaS and DaaS solutions for the global automotive and motor service sector, completed the acquisition of Veact, a SaaS automotive marketing and customer-lifecycle platform, according to press releases. Financial terms were not disclosed.

Veact was advised by 4GC. TPG Capital and Infomedia were advised by DC Advisory (led by Justin Pursell), according to press releases.

UK opens probe into Paramount-Warner Bros deal. (Bloomberg)

The UK Competition and Markets Authority has launched an investigation into Paramount Skydance’s $110bn acquisition of Warner Bros. Discovery.

The regulator has set an initial deadline of August 7 to decide whether to clear the transaction or move to a more detailed review of the proposed combination of the two media groups.

Intesa signals readiness for Monte Paschi bidding war. (Bloomberg)

Intesa Sanpaolo chief executive Carlo Messina said the bank is prepared to respond to potential rival bids for Banca Monte dei Paschi di Siena following its offer valuing the lender at more than €30bn ($35bn).

Messina said the outcome of the process would ultimately depend on the price offered, indicating that competing proposals could emerge.

Brookfield and GIP advance in $7.5bn Kuwait pipeline stake sale. (Bloomberg)

Brookfield Asset Management and BlackRock’s Global Infrastructure Partners are among the shortlisted bidders for a stake in a Kuwaiti pipeline network in a transaction valued at approximately $7.5bn.

Kuwait Petroleum has also selected EIG Global Energy Partners, Apollo Global Management and KKR to proceed to the next round of the sale process.

PAI Partners drops out of bidding for Nestlé water business. (Bloomberg)

PAI Partners has withdrawn from the bidding process for Nestlé’s water business, which includes brands such as Perrier and S.Pellegrino.

The private equity firm had been viewed as a leading contender due to its longstanding relationship with Nestlé, including their jointly owned ice cream venture.

Revego and H1 explore merger to create $807m renewables fund. (Bloomberg)

Revego Fund Managers is considering a merger with H1 Holdings that would create one of South Africa’s largest renewable energy-focused investment funds.

The combined entity would have assets exceeding ZAR13.3bn ($807m) across 36 solar, wind, hydro and battery-storage projects located throughout southern Africa.

MGC postpones $799m Riyadh IPO. (Bloomberg)

Mutlaq Al-Ghowairi Contracting has postponed its planned Riyadh IPO, which was expected to raise up to $799m and become the first major listing in the region in 2026.

The Saudi contractor delayed the offering due to market conditions and will continue to assess the appropriate timing for a potential listing.

APAC

GLP targets $2bn of asset sales ahead of IPO. (Bloomberg)

GLP has told bondholders it aims to sell around $2bn of assets in 2026 as the logistics and infrastructure operator prepares for a potential initial public offering.

The company is also in discussions with Ares Management regarding the sale of certain international data center assets as part of the divestment program.

Bain Capital joins bidding for oOh!media. (Reuters)

Bain Capital has submitted an indicative takeover proposal for oOh!media, joining I Squared Capital and Pacific Equity Partners in a bidding contest for the Australian advertising company.

Bain's offer matches I Squared Capital’s AUD765.9m ($541m) proposal of AUD1.45($1.02) per share, while Pacific Equity Partners previously offered AUD1.40($0.99) per share.

CIMB seeks M&A opportunities in Indonesia. (Bloomberg)

CIMB Group said it is actively exploring merger and acquisition opportunities in Indonesia despite weaker investor sentiment toward Southeast Asia’s largest economy.

Chief executive Novan Amirudin said the Malaysian lender remains fully committed to Indonesia and views the market as attractive for long-term investors.

Zepto files publicly for India IPO. (Bloomberg)

Zepto has publicly filed for an initial public offering in India, taking a significant step toward a stock market listing.

The rapid-delivery company plans to raise INR80bn ($836m) through the sale of new shares, while existing investors will sell 113.5m shares in the offering.

PLDT plans REIT listing for data center business. (Bloomberg)

PLDT is seeking to raise $300m-$400m through the potential listing of a real estate investment trust backed by its data center assets.

The Philippine telecoms group’s board has approved the proposed REIT for assets held by VITRO, which operates the country’s largest data center network.

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