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AMERICAS

Premier stockholders overwhelmingly approve acquisition by Patient Square Capital. (Press Release)

Premier, a technology-enabled healthcare improvement company, announced that its stockholders have approved the previously announced acquisition of the company by Patient Square Capital, a healthcare-focused investment firm.

At the Special Meeting of Stockholders, approximately 99% of the votes cast supported the transaction, representing about 79% of Premier’s total outstanding common shares as of the October 21, 2025 record date.

Premier is advised by Bank of America, Goldman Sachs, Cravath Swaine & Moore (led by Daniel Cerqueira and Richard Hall), Wachtell Lipton Rosen & Katz (led by Daniel A. Neff and Meng Lu), and Joele Frank (led by Aura Reinhard and Andrew B. Siegel). Financial advisors are advised by Skadden Arps Slate Meagher & Flom (led by Christopher Barlow) and Sullivan & Cromwell (led by Stephen M. Kotran). Patient Square Capital is advised by Jefferies & Company, Perella Weinberg Partners, Santander, Kirkland & Ellis, Ropes & Gray, and Prosek Partners. Debt providers are advised by Latham & Watkins (led by Stelios Saffos and Peter J. Sluka), according to press releases and MergerLinks data.

Tokio Marine to acquire Commodity & Ingredient Hedging from Falfurrias Capital Partners.

Tokio Marine, a global insurance and risk-management group, agreed to acquire Commodity & Ingredient Hedging, a provider of technology-enabled risk management services for the agricultural economy, from Falfurrias Capital Partners, a private equity firm, according to press releases. Financial terms were not disclosed.

Commodity & Ingredient Hedging and Falfurrias Capital Partners are advised by William Blair & Co and K&L Gates. Tokio Marine is advised by Evercore and Kirkland & Ellis, according to press releases.

Thoma Bravo-backed Majesco to acquire Vitech from CVC.

Thoma Bravo-backed Majesco, a provider of in cloud-native, AI-native software for the P&C and L&AH segments, agreed to acquire Vitech, a provider of cloud-native benefits administration software, from CVC, a private equity and investment advisory firm, according to press releases. Financial terms were not disclosed.

Vitech is advised by RBC Capital Markets. Majesco and Thoma Bravo are advised by Kirkland & Ellis. CVC is advised by White & Case, according to press releases.

InterVest to acquire the operating assets and business of Flagship Credit Acceptance.

InterVest Capital Partners, a specialty finance firm, agreed to acquire the operating assets and business operations of Flagship Credit Acceptance, an auto-finance provider, according to press releases. Financial terms were not disclosed.

InterVest is advised by Piper Sandler and Willkie Farr & Gallagher. Flagship Credit Acceptance is advised by Deutsche Bank and McDermott Will & Schulte, according to press releases.

Chemtrade Logistics Income Fund completes the acquisition of Polytec for $150m.

Chemtrade Logistics Income Fund, a business company that specializes in the processing, handling, and distribution of chemicals and liquid services, completed the acquisition of Polytec, a provider of turnkey water treatment solutions, for $150m, according to press releases.

Chemtrade Logistics Income Fund was advised by BMO Capital Markets, Dorsey & Whitney, and Perez Llorca (led by Bernardo Reyes-Retana Krieger), according to press releases and MergerLinks data.

Pelican Energy Partners completes the acquisition of Hanna Cylinders.

Pelican Energy Partners, a private equity firm specializing in mid-sized oil, gas, and nuclear energy equipment and service companies, completed the acquisition of Hanna Cylinders, a manufacturer of precision-engineered hydraulic and pneumatic cylinders designed for high-performance industrial applications, according to press releases. Financial terms were not disclosed.

Pelican Energy Partners was advised by Reed Smith. Hanna was advised by Law Offices of Anthony F. Newton, according to press releases.

VRM Penzini Capital to acquire Island Finance from J.C. Flowers.

VRM Penzini Capital, a private investment firm, agreed to acquire Island Finance, a non-bank consumer financial institution, from J.C. Flowers, a private investment firm, according to press releases. Financial terms were not disclosed.

J.C. Flowers is advised by Sullivan & Cromwell (led by Mitchell S. Eitel) and Lambert & Co (led by Jennifer Hurson), according to MergerLinks data and press releases.

Integrum completes the investment in True.

Integrum, a private investment firm, completed the investment in True, a suite of products and services driving the intelligence behind talent management, according to press releases. Financial terms were not disclosed.

Integrum was advised by Simpson Thacher & Bartlett (led by Michael Chao), according to MergerLinks data.

Willdan to acquire Compass Municipal Advisors.

Willdan Group, a US-based provider of technical and consulting services, agreed to acquire Compass Municipal Advisors, an independent municipal advisory firm, according to press releases. Financial terms were not disclosed.

Axalta investor pushes to revise $17bn merger with AkzoNobel. (WSJ)

Shapiro Capital Management is pressing Axalta to restructure its planned merger with AkzoNobel, becoming the second major shareholder to challenge the terms of the $17bn deal. Artisan Partners has also criticized the structure, which gives AkzoNobel shareholders a 55% stake and Axalta holders 45%.

The concerns add pressure around the recently announced tie-up, which aims to combine the two paint makers into a single global coatings group.

Investor groups sue over price of 3G Capital’s Skechers buyout. (Reuters)

Shareholders holding millions of Skechers shares have filed appraisal actions in Delaware seeking more than the $63 per share paid in 3G Capital’s $9.4bn takeover of the footwear company. Hedge funds including AQR affiliates argue the deal undervalued the business.

The challenges aim to secure a higher payout for investors through the court process, adding legal pressure around the buyout as appraisal claims continue to build.

Nokia plans $4bn AI investment in the US. (Reuters)

Nokia said it will invest $4bn in the US to expand research, development and production focused on AI-driven network connectivity. The telecom equipment maker will allocate $3.5bn of the total to R&D initiatives.

The remaining $500m will go toward manufacturing and capital spending in states including Texas, New Jersey and Pennsylvania as the company scales its US operations.

Paramount, Comcast and Netflix submit bids for Warner Bros Discovery. (Reuters)

Warner Bros Discovery has received preliminary takeover offers from Paramount Skydance, Comcast and Netflix, marking the start of a potential sale process for the historic Hollywood studio.

The bids could trigger major consolidation in the media sector and will shape the future of assets including HBO, the Warner Bros film library and the DC Comics franchise.

Bill Ackman prepares for 2026 Pershing Square IPO. (Bloomberg)

Bill Ackman is advancing plans for an initial public offering of Pershing Square Capital Management, holding discussions with advisers and informing some investors of his intention to pursue a 2026 listing.

The move remains at a preliminary stage, and the IPO could be delayed or shelved depending on market conditions.

EMEA

Covestro and XRG secure final regulatory approval for their strategic partnership. (Press Release)

Covestro and XRG (formerly ADNOC International Limited and its subsidiaries) received final regulatory approval from the German Federal Ministry for Economic Affairs and Energy under foreign investment rules for their strategic partnership. With all closing conditions now met, the transaction is expected to close in the coming days.

Covestro is advised by Goldman Sachs (led by Christopher Droege), Macquarie Group (led by Rainer Langel), Perella Weinberg Partners (led by Dietrich Becker), Rothschild & Co (led by Martin Reitz), Clifford Chance (led by Markus Stephanblome), Linklaters (led by Ralph Wollburg and Kristina Klaaßen-Kaiser), and FGS Global (led by Simon Steiner). Financial advisors are advised by Gleiss Lutz (led by Jochen Tyrolt). ADNOC is advised by Morgan Stanley (led by Jens Maurer), Freshfields Bruckhaus Deringer, and Brunswick Group. Financial advisors are advised by Sullivan & Cromwell (led by Carsten Berrar), according to press releases and MergerLinks data.

Hammerson completes the remaining 50% stake in The Oracle from ADIA for £105m.

Hammerson, an owner and manager of prime retail and leisure anchored city destinations, completed the remaining 50% stake in The Oracle, a retail, leisure and lifestyle destination, from Abu Dhabi Investment Authority, a sovereign wealth fund, for £105m ($138m), according to press releases.

Hammerson was advised by MHP Group (led by Oliver Hughes), according to MergerLinks data and press releases.

EQT to acquire a majority stake in DESOTEC from Blackstone.

EQT, a Swedish global investment organization, agreed to acquire a majority stake in DESOTEC, a circular mobile filtration solutions provider, from Blackstone, an alternative asset manager, according to press releases. Financial terms were not disclosed.

Blackstone is advised by Simpson Thacher & Bartlett (led by Geoffrey Bailhache), according to MergerLinks data.

Mitsubishi Electric completes the acquisition of AG MELCO Elevator from Al Ghurair.

Mitsubishi Electric, a Japanese multinational electronics and electrical equipment manufacturing company, completed the acquisition of AG MELCO Elevator, an elevator company, from Al Ghurair, a private equity firm, according to press releases. Financial terms were not disclosed.

Daily Mail owner DMGT to buy the Telegraph in £500m deal. (Reuters)

DMGT said to agree to acquire The Telegraph in a £500m ($650m) transaction, creating one of the largest right-leaning media groups in the UK. The move comes after RedBird Capital Partners withdrew its competing bid.

RedBird-IMI had previously bought the Telegraph Media Group and The Spectator in 2023 before the UK government blocked foreign state investment in national newspapers. RedBird later sought approval to continue with IMI capped at a 15% stake.

British Airways owner IAG confirms interest in minority stake in TAP. (Reuters)

IAG has submitted a formal expression of interest in acquiring a minority stake in Portugal’s flag carrier TAP as part of the government’s partial privatisation process, while noting that certain conditions would need to be resolved before it commits to an investment.

The group becomes the third airline to register interest, joining Air France-KLM and Lufthansa. IAG submitted its notice to state-owned holding company Parpublica in line with the official procedure.

AIP considers sale or listing of Aluminium Dunkerque. (Reuters)

American Industrial Partners is preparing options for Aluminium Dunkerque, France’s largest aluminium plant, which may include a sale or stock market listing. Local management has informed worker representatives of the plan.

The asset was acquired by AIP four years ago after a debt default by GFG Alliance, the metals group owned by Sanjeev Gupta.

APAC

Australia blocks Cosette’s $387m takeover of Mayne Pharma. (Press Release)

Australia’s government has blocked US-based Cosette Pharmaceuticals’ $387m bid for Mayne Pharma on national security grounds, citing the need to safeguard critical medical supply chains.

Treasurer Jim Chalmers said the decision followed advice from the country’s foreign-investment regulator, noting that no workable conditions could be imposed to allow the deal to move forward.

Mayne Pharma is advised by Jefferies & Company, Arnold & Porter Kaye Scholer (led by Tracy A. Belton), Gilbert + Tobin, and Herbert Smith Freehills Kramer (led by Rodd Levy and Jason Jordan). Cosette Pharmaceuticals is advised by Santander, UBS, Corrs Chambers Westgarth (led by Sandy Mak and Russell Philip), Ropes & Gray (led by Jackie Cohen), and Kekst CNC (led by Daniel Yunger), according to press releases and MergerLinks data.

TPG and Warburg explore majority stake in Sirion Labs. (Bloomberg)

TPG Capital and Warburg Pincus are in early discussions to acquire a majority stake in Sirion Labs, a contract management software firm backed by Partners Group, in a deal expected to exceed $500m.

Talks are ongoing and additional investors may join the process as the firms assess their options for a potential transaction.

Meesho targets $6bn valuation with December India IPO. (Bloomberg)

Meesho plans to launch its IPO in early December and is seeking a valuation of about INR530bn ($6bn). The Indian e-commerce platform is backed by SoftBank and aims to raise funds as part of its next growth phase.

The company is in talks with SBI Funds Management for a pre-IPO placement that could adjust the final offering size, currently estimated at around INR60bn.

Canva signals plans for IPO within the next few years. (Bloomberg)

Canva is considering an initial public offering in the coming years as it expands its product suite, co-founder Cliff Obrecht said. The company has recently seen strong adoption of Affinity, its newly acquired design software tools.

Affinity recorded around two million downloads in the two weeks after Canva made the suite free, with paid users gaining access to integrated AI features.

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