Uniti Group completes the merger with Windstream Holdings II in a $13.4bn deal.

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

Acuren completes the merger with NV5 Global in a $1.7bn deal.

Acuren, a provider of asset integrity and TICC services, completed the merger with NV5 Global, a company specializing in engineering, testing, and geospatial consulting for infrastructure and building systems, in a $1.7bn deal, according to press releases.

NV5 Global was advised by ROTH Capital Partners (led by Byron Roth), Robert W Baird, Cooley (led by Ben Beerle and Sarah Lightdale) and Loeb & Loeb (led by Mitchell Nussbaum). Acuren was advised by Jefferies & Company (led by Justin Friesen and Matt Musa), Cleary Gottlieb Steen & Hamilton, Greenberg Traurig (led by Alan I. Annex) and ICR (led by Rodny Nacier). Jefferies & Company was advised by Latham & Watkins (led by Kelly E. Gelfand Egers and Jesse Sheff), according to press releases and MergerLinks data.

CoreWeave’s $9bn takeover of Core Scientific faces revolt from top shareholders. (FT)

CoreWeave’s proposed $9bn acquisition of data centre operator Core Scientific is facing pushback from some of the target company’s top shareholders, who argue the terms may undervalue the business. Several major shareholders are reportedly preparing to vote against the deal unless revised terms are presented in the coming weeks.

Core Scientific is advised by Moelis & Co (led by Brad Davis), PJT Partners (led by Avinash Patel), Wachtell Lipton Rosen & Katz (led by David A. Katz, Karessa Cain and Kyle M. Diamond) and Joele Frank (led by Joseph Sala). Financial advisors are advised by Paul Weiss Rifkind Wharton & Garrison (led by Jeffrey D. Marell and Chelsea Darnell). CoreWeave is advised by Goldman Sachs (led by Ryan Limaye), Davis Polk & Wardwell (led by Michael Gilson) and Kirkland & Ellis (led by David Feirstein), according to press releases and MergerLinks data.

Alcon to acquire STAAR Surgical for $1.5bn.

Alcon, a manufacturer of eye care products, offered to acquire STAAR Surgical, a manufacturer of implantable lenses and delivery systems for the eye, for $1.5bn, according to press releases.

Alcon is advised by Morgan Stanley and Gibson Dunn & Crutcher. STAAR Surgical is advised by Citigroup, Joele Frank (led by Eric Brielmann and Lucas Pers) and Wachtell Lipton Rosen & Katz (led by Karessa Cain and Michael P.E. Dooley), according to press releases and MergerLinks data.

Zebra Technologies to acquire Elo for $1.3bn.

Zebra Technologies, an American mobile computing company specializing in digitizing and automating frontline workflows, agreed to acquire Elo, for $1.3bn, according to press releases.

Zebra Technologies is advised by Morgan Stanley, Kirkland & Ellis (led by Alix Simnock and Laura Sullivan) and Joele Frank (led by Andrea Rose). Elo is advised by Moelis & Co and Gibson Dunn & Crutcher, according to press releases and MergerLinks data.

Vista-backed Cloud Software Group to acquire Arctera from Carlyle.

Vista-backed Cloud Software Group, a software provider, agreed to acquire Arctera, a global data management company, from Carlyle, an investment firm, according to press releases. Financial terms were not disclosed.

Cloud Software Group is advised by Skadden Arps Slate Meagher & Flom and Joele Frank (led by Haley Salas and Kelly Sullivan). Arctera is advised by Citigroup and Alston & Bird, according to press releases.

BDT & MSD Partners completes the acquisition of a majority stake in Summit Companies from BlackRock.

BDT & MSD Partners, a merchant bank built to serve the distinct needs of founders and family business owners, completed the acquisition of a majority stake in Summit Companies, a provider of fire and life safety services, from BlackRock, an investment company, according to press releases. Financial terms were not disclosed.

Summit Companies was advised by JP Morgan, Jefferies & Company and Simpson Thacher & Bartlett. BDT & MSD Partners was advised by Davis Polk & Wardwell (led by Evan Rosen), according to press releases and MergerLinks data.

Brookfield to acquire a 19.7% stake in Duke Energy Florida from Duke Energy for $6bn.

Brookfield, an infrastructure investor, agreed to acquire a 19.7% stake in Duke Energy Florida from Duke Energy, an electric power and natural gas holding company, for $6bn, according to press releases.

Brookfield is advised by RBC Capital Markets and Kirkland & Ellis (led by Brittany A. Sakowitz and Kim Hicks). Duke Energy is advised by JP Morgan and Skadden Arps Slate Meagher & Flom, according to press releases.

Audax and Parthenon completes the investment in Elevate.

Audax and Parthenon, the private equity firms, completed the investment in Elevate, a provider of front-end eligibility and enrollment and back-end revenue cycle management, according to press releases. Financial terms were not disclosed.

Elevate was advised by Robert W Baird and Goodwin Procter. Audax and Parthenon was advised by Kirkland & Ellis, according to press releases.

Quest Diagnostics completes the acquisition of select laboratory assets from Fresenius Medical Care.

Quest Diagnostics, a provider of diagnostic information services, completed the acquisition of select laboratory assets from Fresenius Medical Care, a provider of products and services for individuals with renal disease, according to press releases. Financial terms were not disclosed.

Quest Diagnostics was advised by Dechert (led by Michael Darby and Gurbir Sandhu). Fresenius Medical Care was advised by Cleary Gottlieb Steen & Hamilton (led by Matthew P. Salerno), according to press releases and MergerLinks data.

The Andersons completes the acquisition of the remaining 49.9% stake in TAMH from Marathon for $425m.

The Andersons, an American agribusiness, completed the acquisition of the remaining 49.9% stake in TAMH, an operator of four ethanol production plants, from Marathon, an American petroleum refining, marketing and transportation company, for $425m, according to press releases.

The Andersons was advised by Goldman Sachs, according to press releases.

Martin Marietta completes the acquisition of Premier Magnesia.

Martin Marietta, a supplier of building materials, completed the acquisition of Premier Magnesia, a mining company, according to press releases. Financial terms were not disclosed.

Martin Marietta was advised by Cravath Swaine & Moore (led by Matthew G. Jones), according to MergerLinks data.

EVIDENT to acquire Pramana.

EVIDENT, a laboratory equipment and consumables manufacturing company, agreed to acquire Pramana, a manufacturer of digital pathology solutions, according to press releases. Financial terms were not disclosed.

Pramana is advised by UBS, according to MergerLinks data.

Delta Capita completes the acquisition of Report Hub from DTCC.

Delta Capita, a global capital markets managed services, technology and consulting provider, completed the acquisition of Report Hub from DTCC, an American post-trade financial services company, according to press releases. Financial terms were not disclosed.

Genstar explores $5bn sale of automotive software maker OEConnection. (Reuters)

Genstar Capital is preparing to sell OEConnection, the automotive software firm it co-owns with Ford and General Motors, targeting a valuation of $5bn, including debt.

Evercore is advising on the sale, expected to launch later this year. OEConnection provides systems for OEM parts distribution and generates about $400m in revenue and $200m in EBITDA.

Teneo valued at $2.3bn after Liechtenstein’s LGT invests. (Bloomberg)

LGT Capital Partners, a fund supported by Liechtenstein's Royal family, is acquiring a minority stake in New York-based communications and consulting firm Teneo, giving the company an estimated valuation of $2.3bn.

While the exact investment in Teneo was not disclosed, the deal marks a notable rise in the New York-based company’s acquisition-driven valuation.

Petronas said to seek $1bn for Rio oil field stake sale. (Bloomberg)

Malaysia’s Petroliam Nasional Berhad is collaborating with Bank of America to explore selling its 50% interest in Brazil’s Tartaruga Verde oil field.

The company is seeking roughly $1bn for the stake, though talks are still preliminary and a deal is not guaranteed.

Owner of Price Chopper and Tops Friendly Markets explores sale. (Reuters)

Northeast Grocery, the parent of Price Chopper and Tops Friendly Markets, is exploring a potential sale with UBS, drawing interest from private equity firms and other grocers.

The Schenectady-based company, formed in 2021 through the merger of the two regional chains, operates nearly 300 stores across six states and could be valued at over $1bn, including debt.

Tripadvisor holder Palliser urges strategic review. (Bloomberg)

London-based Palliser Capital is pressuring Tripadvisor to conduct a strategic review of the company and consider a sale.

The investment firm is arguing that the company’s core Tripadvisor.com platform is dragging down performance and diminishing shareholder value, adding to existing activist investor scrutiny.

Figma sheds $11bn in market value days after blockbuster IPO. (Reuters)

Figma’s shares tumbled 23% on Monday as early investors took profits, easing the hype that followed its blockbuster IPO.

The stock, which debuted Thursday at $33 and surged to $115.50 for a $56.3bn valuation, hit $92.75, cutting its market value to about $45.2bn. Despite the pullback, interest in the cloud-based design platform remains strong.

Firefly Aerospace raises IPO target to $697m. (Bloomberg)

Firefly Aerospace has raised the potential size of its IPO to as much as $697m.

The Texas-based spacecraft and launch vehicle maker now plans to sell 16.2m shares at $41 to $43 each, up from its earlier target range of $35 to $39.

Eric and Trump Jr-backed manufacturing SPAC files for $300m US IPO. (SEC Filing)

New America Acquisition I Corp, a SPAC backed by Eric and Donald Trump Jr., has filed for a US IPO to raise up to $300m.

The Trump brothers are expanding a string of business ventures spanning crypto, finance, real estate, and telecom. Media executive Kevin McGurn will lead the company, while Dominari Securities - partly owned by the brothers- is underwriting the offering.

Figure Technology Solutions announces confidential submission for IPO. (Press Release)

Figure Technology Solutions, a blockchain-based lending firm, has confidentially filed for an IPO, joining the wave of crypto-related companies moving toward public listings.

The listing is expected in 2025. However, the details on the number of shares and pricing are not yet determined.

Harley-Davidson appoints Artie Starrs as president and CEO. (Press Release)

Harley-Davidson has named Artie Starrs as its new president and CEO, effective October 1, 2025, succeeding Jochen Zeitz.

Starrs, formerly CEO of Topgolf International, led the brand’s global expansion to over 100 venues, boosted annual revenue from $1.1bn to $1.8bn, and drove international growth into five new countries.

Goldman names Ratesic as vice chairman of consumer retail group. (Reuters)

Goldman Sachs has appointed Marko Ratesic, a current COO of the financial and strategic investors group in the Americas, as vice chairman of its consumer retail investment banking group.

The promotion comes as Goldman handles major consumer and retail deals, such as Mars' $36bn Kellanova purchase or Sycamore Partners' Walgreens Boots Alliance acquisition.

EMEA

KKR trumps Advent in Spectris takeover battle with £4.8bn bid. (FT)

KKR has taken the lead in the takeover battle for Spectris after increasing its offer to just over £4.8bn ($6.38bn), prompting the UK-based scientific instruments maker to back the revised bid over a rival proposal from Advent International.

Spectris is advised by Bank of America (led by James Robertson), Barclays (led by Neal West), Goldman Sachs (led by Anthony Gutman), Rothschild & Co (led by Nick Ivey), Slaughter & May (led by Victoria MacDuff and Harry Hecht) and Teneo (led by Martin Robinson). Advent is advised by Morgan Stanley (led by Anthony Zammit), PJT Partners (led by Gwen Billon and Orlando Knauss), Cleary Gottlieb Steen & Hamilton (led by Nick Rumsby), Freshfields Bruckhaus Deringer (led by David Sonter), Weil Gotshal and Manges (led by Jonathan Wood) and Headland Consultancy (led by Matt Denham and Susanna Voyle). Morgan Stanley is advised by Norton Rose Fulbright (led by Paul Whitelock). KKR is advised by JP Morgan and Simpson Thacher & Bartlett (led by Etienne Renaudeau), according to press releases and MergerLinks data.

AURELIUS to acquire FIAMM Energy from Resonac Corporation.

AURELIUS, an investor, agreed to acquire FIAMM Energy, a manufacturer of energy storage solutions and advanced battery technologies, from Resonac Corporation, a chemical company producing chemical products and industrial materials, according to press releases. Financial terms were not disclosed.

AURELIUS is advised by Boston Consulting Group, ERM Group, DC Advisory, Ernst & Young, Advant NCTM and Haver Mailänder. Resonac is advised by Ernst & Young, Houlihan Lokey, BonelliErede and Nishimura & Asahi, according to press releases.

US WorldMeds completes the acquisition of four cell therapy assets from Adaptimmune for $55m.

US WorldMeds, a pharmaceutical company, completed the acquisition of four cell therapy assets from Adaptimmune, a biopharmaceutical company that develops T cell therapies against cancer, for $55m, according to press releases.

US WorldMeds was advised by Gibson Dunn & Crutcher. Debt financing was provided by Athyrium Capital Management and Oaktree Capital Management. Debt providers were advised by Sullivan & Cromwell. Adaptimmune was advised by TD Cowen and Ropes & Gray (led by Jackie Cohen, Aileen Kim and David McIntosh), according to press releases.

Destinus completes the acquisition of Daedalean for $225m.

Destinus, a private European aerospace company, completed the acquisition of Daedalean, a pioneer in safety-critical, certifiable AI avionics software, for $225m, according to press releases.

Destinus was advised by Rothschild & Co, Hogan Lovells and Walder Wyss, according to press releases.

GIC to acquire a 25% stake in MasOrange and Vodafone Spain from Zegona.

GIC, a global investment firm, agreed to acquire a 25% stake in MasOrange, a provider of fixed, mobile and TV services for residential and business customers across Spain, and Vodafone Spain, a national provider of fixed, mobile and TV services in Spain, from Zegona, a company that engages in investing in the telecommunications, media, and technology businesses in Europe, according to press releases.

GIC is advised by Nomura. Zegona is advised by Sodali & Co (led by Elly Williamson), according to press releases and MergerLinks data.

StepStone and Greykite to acquire Vitalia Home from CVC for €900m.

StepStone, a recruitment platform, and Greykite, a real estate investment firm, agreed to acquire Vitalia Home, a retirement home, from CVC, a private equity company, for €900m ($1bn), according to press releases.

CVC is advised by Cuatrecasas Goncalves Pereira (led by Javier Martí-Fluxá), according to MergerLinks data.

Carlyle completes the investment in Ingentis.

Carlyle, an investment firm, completed the investment in Ingentis, a provider of org charting, org design and org analytics software, according to press releases. Financial terms were not disclosed.

Ingentis was advised by Robert W Baird (led by Marco Krass), according to MergerLinks data.

Naver to acquire Wallapop.

Naver, a search engine and e-commerce platform providing fintech, digital content, and cloud services, agreed to acquire Wallapop, an app for buying and selling secondhand products, according to press releases. Financial terms were not disclosed.

Wallapop is advised by JP Morgan, according to MergerLinks data.

Masdar, NBIM said to be shortlisted in Iberdrola portfolio sale. (Bloomberg)

Masdar, Norway’s Norges Bank Investment Management, and Australia’s Fortescue have been shortlisted to acquire a stake in Iberdrola's Spanish solar portfolio.

The utility is selling 49% of its 1-gigawatt Proyecto Julieta portfolio, with a targeted valuation of at least €900m ($1bn).

Nedbank to sell Ecobank stake as it resets Africa strategy. (Bloomberg)

Nedbank intends to divest its 21.2% stake in Togo-based Ecobank Transnational as it shifts its focus to operations in Southern and East Africa.

The sale will conclude a 17-year partnership that allowed the South African bank to extend its presence across the continent.

Spanish Naturgy sells 5.5% stake to support shares' liquidity. (Press Release)

Naturgy, a Spanish multinational energy group, has decided to sell a 5.5% stake in the company to boost share liquidity, raise the company’s free float, and support inclusion in major stock indices.

The company has placed 19m shares, representing approximately 2% stake, for €500m ($578m), through an accelerated bookbuild offering. It has also agreed to sell 34m shares corresponding to 3.5% of company’s share capital stake to an international financial entity.

Abu Dhabi’s MGX weighs raising billions for AI investment fund. (Bloomberg)

Abu Dhabi-based MGX is exploring raising billions in external capital to accelerate its artificial intelligence investments.

The company plans to establish a fund focused on AI infrastructure and could raise up to $25bn, positioning it among the largest vehicles of its type globally.

APAC

Questas to acquire Custom Fluidpower from Helios Technologies for AUD83m.

Questas, a provider of a diverse range of hydraulic, irrigation, pump and engine solutions, agreed to acquire Custom Fluidpower, a company that offers a wide range of hydraulic products and services, from Helios Technologies, a provider of highly engineered motion control and electronic controls technology, for AUD83m ($54m), according to press releases.

Helios Technologies is advised by Squire Patton Boggs and Alliance Advisors (led by Deborah K. Pawlowski), according to press releases.

CapitaLand to acquire the remaining 55% stake in Glory Office for $817m.

CapitaLand, a global real asset manager, agreed to acquire the remaining 55% stake in Glory Office, a prime office tower, for $817m, according to press releases.

Blackstone to buy Japanese staffing company TechnoPro for $3.4bn. (Nikkei Asia)

Blackstone intends to acquire TechnoPro, a Japanese engineering professionals staffing company, for roughly JPY500bn ($3.4bn).

TechnoPro confirmed it is reviewing Blackstone’s privatization proposal as a potential way to boost shareholder value but said no final decision has been made.

TPG Telecom to use $3bn from asset sale to repay debt and improve liquidity. (Press Release)

Australia’s TPG Telecom will use AUD4.7bn ($3bn) from selling its fibre and fixed network assets to cut debt and reward shareholders aiming to strengthen its balance sheet and maintain its ASX200 index position.

The company plans to return up to AUD3bn ($1.9bn) to investors, allow minority shareholders to reinvest the capital reduction to lift its free float from 23% to 30%, and repay up to AUD2.4bn ($1.6bn) in bank borrowings.

Daily Review

Connect the World of Dealmakers