TTAM Research Institute completes the acquisition of 23andMe for $305m.

Read on...

Scroll down to read deal descriptions. Your suggestions and comments support the democratisation of M&A data. If you'd like to contribute to the future editions, drop us a line.

AMERICAS

Northleaf and AVALT to acquire WASH from EQT.

Northleaf and AVALT, the private equity firms, agreed to acquire WASH, a North American route-based laundry infrastructure services company, from EQT, a private equity firm, according to press releases. Financial terms were not disclosed.

Northleaf and AVALT are advised by TD Securities and Kirkland & Ellis. Debt financing was provided by TD Securities. Northleaf is also advised by Prosek Partners. WASH is advised by Bank of America, Rothschild & Co and Weil Gotshal and Manges, according to press releases.

Waters to merge with BD's Biosciences & Diagnostic Solutions business in a $17.5bn deal.

Waters, an analytical laboratory instrument manufacturing company, agreed to merge with BD's Biosciences & Diagnostic Solutions business, a business of Becton, Dickinson and Company, a multinational medical technology company, in a $17.5bn deal, according to press releases.

Waters is advised by Barclays and Kirkland & Ellis (led by David Klein). BD is advised by Citigroup, Evercore and Wachtell Lipton Rosen & Katz, according to press releases.

TopBuild completes the acquisition of Progressive Roofing from Bow River Capital for $810m.

TopBuild, an installer and specialty distributor of insulation and related building material products, completed the acquisition of Progressive Roofing, a commercial roofing installation services provider, from Bow River Capital, a private alternative asset management company, for $810m, according to press releases.

TopBuild was advised by RBC Capital Markets and Jones Day (led by Benjamin Stulberg). Bow River was advised by Citizens Bank, Guggenheim Partners and Brownstein Hyatt Farber Schreck, according to press releases.

IonQ completes the acquisition of Capella Space for $320m.

IonQ, a commercial quantum computing and networking company, completed the acquisition of Capella Space, a signals platform for top-secret government and commercial applications, for $320m, according to press releases.

IonQ was advised by Cooley (led by Mike Lincoln) and Paul Weiss Rifkind Wharton & Garrison (led by Chelsea Darnell and Robert Kindler). Capella Space was advised by Citigroup and Freshfields Bruckhaus Deringer (led by Damien R. Zoubek, Sanjay Murti and Scott Blumenkranz), according to press releases and MergerLinks data.

The Sterling Group to acquire a majority stake in Precision Concepts International from ONCAP.

The Sterling Group, a private equity firm, agreed to acquire a majority stake in Precision Concepts International, a provider of specialty rigid packaging solutions, from ONCAP, a private equity firm, according to press releases. Financial terms were not disclosed.

The Sterling Group is advised by Evercore and Latham & Watkins. Precision Concepts International is advised by William Blair & Co and Kirkland & Ellis, according to press releases.

Apple completes a $500m investment in MP Materials.

Apple, a multinational corporation and technology company, completed a $500m investment in MP Materials, a rare-earth materials company, according to press releases.

Nortal completes the acquisition of Nearsure.

Nortal, a digital transformation company, completed the acquisition of Nearsure, a technology solutions provider, according to press releases. Financial terms were not disclosed.

Cognition to acquire Windsurf.

Cognition, an artificial intelligence company, agreed to acquire Windsurf, an AI-powered code editor and IDE, according to press releases. Financial terms were not disclosed.

SLB's ChampionX deal clears final hurdle with UK approval. (Reuters)

Britain’s Competition and Markets Authority has approved SLB's $8bn all-stock acquisition of ChampionX after the companies agreed to measures addressing competition concerns.

The acquisition, announced in April 2024, aims to boost SLB’s production systems and expand its footprint in oilfield chemicals and automation.

Sandwich chain Jersey Mike's to raise $400m in asset backed securities. (Bloomberg)

Jersey Mike's plans to issue $400m in asset-backed securities to help fund a payout to Blackstone, which acquired a majority stake in the chain earlier this year.

The debt, known as whole business securitization bonds, is backed by assets such as US trademarks and franchise fees. The bonds are expected to receive a BBB rating from both S&P Global and Kroll.

Zara founder Ortega in talks to buy $275m Miami building. (Bloomberg)

Amancio Ortega, founder of Zara and billionaire businessman, is negotiating the purchase of the Sabadell Financial Center in Miami for €235m ($275m).

His family office, Pontegadea, is in advanced discussions with sellers KKR and Parkway, though the deal is not yet finalized.

Warren Buffett comes out on top from Kraft Heinz flop. (FT)

Kraft Heinz is preparing to break up in a bid to revive its weak performance, marked by falling sales and a declining share price. Despite co-owning the company since 2015 and earning a 60% return thanks to dividends and preferred shares, Warren Buffett admits overpaying.

In contrast, regular Kraft shareholders saw only an 8% return over a decade. Analysts expect Kraft Heinz's revenue to shrink 3% this year. The breakup may attract buyers, as seen with Kellogg’s recent split.

Carlsmed announces launch of IPO. (Press Release)

Carlsmed, a medtech company focused on AI-driven personalized spine surgery, has officially launched its US IPO, offering 6.7m shares of common stock.

Underwriters have a 30-day option to buy up to an additional 1m shares. The expected price range for the offering is $14 to $16 per share, before underwriting discounts.

Crypto asset manager Grayscale files confidentially for US IPO. (Bloomberg)

Grayscale Investments has confidentially submitted paperwork for a US initial public offering, aiming to enter public markets amid Bitcoin's surge to all-time highs.

The crypto asset manager filed a draft Form S-1 with the SEC but has not yet disclosed how many shares it plans to offer or the expected price range.

Pontem Energy Capital closes its second private equity fund. (Press Release)

Pontem Energy Capital has announced the first close of its second fund, Pontem Energy NonOp Fund I, which targets a final close of $250m.

The fund will focus on acquiring non-operated working interests in upstream oil, gas, and natural gas liquids assets across North America, including both producing and pre-drill wells.

EMEA

Blackstone-backed FTV Capital completes the investment in FundApps.

Blackstone-backed FTV Capital, a growth equity firm, completed the investment in FundApps, a compliance monitoring and reporting technology platform, according to press releases. Financial terms were not disclosed.

FundApps was advised by Arma Partners. FTV Capital was advised by Raymond James and Prosek Partners, according to press releases.

Ethica-backed Decorluxe Group completes the acquisition of ISSCO.

Ethica-backed Decorluxe Group, a platform for surface finishing for packaging in the perfumery, cosmetics, and wine & spirits sectors, completed the acquisition of ISSCO, a company specializing in glass decoration for cosmetics and perfumery, distinguished by its excellent quality standards, according to press releases. Financial terns were not disclosed.

ISSCO was advised by District Advisory (led by Sara Ciavorella) and Hogan Lovells (led by Luca Picone), according to press releases.

Ontario Teachers’ Pension Plan to acquire Donte Group from Advent for €1bn.

Ontario Teachers’ Pension Plan, a global investor, agreed to acquire Donte Group, a dental provider in Spain, from Advent, a private equity investor, for €1bn ($1.17bn), according to press releases.

Ontario Teachers’ Pension Plan is advised by Dedalo Comunicacion (led by Andy Hazell). Advent is advised by JP Morgan, according to press releases and MergerLinks data.

PSG-backed Zenchef to merge with CoverManager.

PSG-backed Zenchef, a provider of digital solutions for restaurants in Northern Europe, agreed to merge with CoverManager, a provider of digital solutions for restaurants in Southern Europe and LATAM, according to press releases. Financial terms were not disclosed.

Zenchef is advised by Image Sept (led by Marianne Hervé). PSG is advised by Prosek Partners, according to press releases.

PAI Partners-backed The Compleat Food Group completes the acquisition of Freshpak.

PAI Partners-backed The Compleat Food Group, a supplier of chilled foods to UK supermarket chains, completed the acquisition of Freshpak, a private-label producer of added-value egg products, according to press releases. Financial terms were not disclosed.

Freshpak was advised by DC Advisory (led by Nam Quach). The Compleat Food was advised by Food Strategy Associates, according to MergerLinks data.

DoubleDown completes the acquisition of WHOW Games for €65m.

DoubleDown, a developer and publisher of digital games on mobile and web-based platforms, completed the acquisition of WHOW Games, a developer and operator of social casino games centered on the European market, for €65m ($76m), according to press releases.

DoubleDown was advised by JCIR (led by Joseph Jaffoni), according to press releases.

PAG completes the acquisition of Turner Aviation.

PAG, a provider of maintenance, repair, and overhaul services, completed the acquisition of Turner Aviation, a provider of repair and overhaul of a wide range of avionics, components and fuel systems, according to press releases. Financial terms were not disclosed.

UniCredit attacks Italian government’s ‘illegitimate’ use of power over BPM bid. (FT)

The European Commission warned Italy that its conditions on UniCredit’s bid for Banco BPM may breach EU law, particularly rules on capital movement and ECB oversight.

Deputy PM Matteo Salvini rejected Brussels' interference, while PM Giorgia Meloni’s office promised a cooperative response. The Italian government used its “golden power” to demand, among other things, that UniCredit exit Russia by 2026.

Castlelake to purchase up to $2.5bn of Pagaya person loans. (Press Release)

Castlelake has agreed to acquire up to $2.5bn in consumer loans from AI-driven fintech firm Pagaya Technologies.

This agreement expands Pagaya's funding capacity to support faster growth of its personal loan program. It follows the initial forward flow deal with Castlelake, signed in 2024, which allocated up to $1bn in capital over 12 months.

Banks ready for €2.4bn debt package for Stonepeak's IFCO deal. (Bloomberg)

Bank of America, along with Morgan Stanley and Citigroup, is set to help arrange €2.4bn ($2.8bn) in debt financing for Stonepeak Partners' acquisition of a 50% stake in IFCO Group.

The financing will refinance €1.6bn ($1.9bn) in existing loans and provide an additional €800m ($934m) in funding for the German reusable packaging company.

Premier League club Brentford to sell stake at £400m valuation. (Sky News)

Brentford FC owner Matthew Benham is set to sell a minority stake in the club to investors including Gary Lubner, valuing the team at around £400m ($538m).

Up to 25% of the club may be sold, with an announcement expected soon. The deal highlights continued interest from wealthy investors in Premier League teams.

Burnley FC owners strike deal with Chinese toy firm for Espanyol. (Bloomberg)

Burnley FC's owners have partnered with Rastar Group, the Chinese company behind RCD Espanyol, to form a new multi-club ownership model.

Rastar has taken a minority stake in Velocity Sport, Burnley's holding company, bringing both clubs under a shared structure.

Thames Water braces for state rescue if creditor talks fail. (Bloomberg)

Thames Water, the UK’s largest water utility, signaled that ongoing efforts to secure a funding and restructuring deal with creditors and regulators may fail.

The company cited “material uncertainty” about reaching an agreement, raising the possibility of temporary nationalization. Any decision is likely to be delayed during the UK parliament’s summer break.

Rio Tinto appoints Simon Trott as CEO. (Press Release)

Rio Tinto has appointed Simon Trott, currently head of its iron ore division, to succeed Jakob Stausholm as CEO starting 25 August 2025.

With 25 years of experience across various commodities and regions, Trott is known for driving strong operational results and fostering a values-driven, stakeholder-focused culture.

APAC

Geely sweetens bid to take EV maker Zeekr private.
(Press Release)

Geely Automobile has revised its proposal to fully acquire Zeekr Intelligent Technology, the premium EV unit it helped create, by offering to purchase all remaining shares it doesn’t already own. The move follows a formal merger agreement between the two companies, marking a key step in Geely’s efforts to consolidate its electric vehicle operations, according to press releases.

The updated bid values each share at $2.68, or $26.87 per American depositary share, and supports founder Li Shufu’s broader strategy to streamline Geely’s business empire.

Geely is advised by Citigroup and Latham & Watkins, according to press releases.

Indira IVF to acquire Banker IVF & Women’s Hospital.

Indira IVF, a chain of specialty fertility clinics, agreed to acquire Banker IVF & Women’s Hospital, a fertility clinic, according to press releases. Financial terms were not disclosed.

Banker IVF is advised by J. Sagar Associates (led by Bijal H. Chhatrapati), according to MergerLinks data.

SMFG considers boosting Yes Bank investment by $1.1bn. (Bloomberg)

Sumitomo Mitsui Financial Group is weighing a new $1.1bn investment in India's Yes Bank, building on its earlier stake acquired two months ago.

The Japanese banking giant aims to purchase around 5% of Yes Bank shares from minority investors, including Carlyle Group. Additionally, SMFG is considering buying approximately $680m in convertible bonds issued by the bank to support its expansion efforts.

Nissan plans to transfer production from Oppama Plant to Nissan Motor Kyushu. (Press Release)

As part of its global restructuring plan, Nissan Motor will end vehicle production at its Oppama Plant by the end of fiscal year 2027. Production of current and future models will be moved to its Kyushu facility in Fukuoka Prefecture.

This change only affects vehicle manufacturing at the Oppama site. Other operations in the district, including research, testing, and shipping facilities, will continue as usual.

Nvidia wins OK to sell AI chip to China again after CEO meets Trump. (WSJ)

Nvidia will restart sales of its H20 chip to China after the Trump administration agreed to grant export licenses, reversing earlier restrictions aimed at curbing China’s tech advancements.

The move could recover billions in lost revenue for Nvidia and sparked stock gains across US and Chinese tech firms. It reflects a broader US-China trade thaw, tied to negotiations over critical exports like rare earths.

Indira IVF said to revive India IPO that may raise $408m. (Bloomberg)

Indira IVF Hospital is reviving plans for an IPO in India, aiming to raise around INR35bn ($408m).

Backed by private equity firm EQT, the company is expected to file its draft prospectus later this month. The offering will be a secondary sale, with existing shareholders selling their stakes, no new shares will be issued.

Executive Centre is said to seek $300m for India IPO. (Bloomberg)

Flexible workspace provider The Executive Centre is preparing for an IPO in Mumbai, aiming to raise around INR26bn ($303m).

To support the listing, the company has appointed Kotak Mahindra Capital and ICICI Securities. It plans to submit its draft red herring prospectus in the near future, capitalizing on growing demand for office space in India.

Daily Review

Connect the World of Dealmakers