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AMERICAS

Thoma Bravo completes the acquisition of PROS Holdings for $1.4bn.

Thoma Bravo, a software investment firm, completed the acquisition of PROS Holdings, a provider of AI-powered SaaS pricing and selling solutions, for $1.4bn, according to press releases.

PROS Holdings was advised by Qatalyst Partners, DLA Piper (led by John J. Gilluly III), FTI Consulting, Joele Frank (led by Aura Reinhard). Qatalyst Partners was advised by Cooley (led by Jamie Leigh). Thoma Bravo was advised by Evercore, Kirkland & Ellis (led by Cole Parker), FGS Global (led by Liz Micci). Debt providers were advised by Paul Hastings (led by Jennifer Yount), according to press releases.

Mirum Pharmaceuticals to acquire Bluejay Therapeutics for $820m.

Mirum Pharmaceuticals, a rare disease company, agreed to acquire Bluejay Therapeutics, a privately held biotechnology company focused on viral and liver diseases, for $820m, according to press releases.

Bluejay Therapeutics is advised by Centerview Partners, JP Morgan, Cooley and Latham & Watkins (led by Mark Roeder). Mirum Pharmaceuticals is advised by Cantor Fitzgerald, Citizens Bank, Leerink Partners, Morgan Stanley and Raymond James, according to press releases.

Rio2 to acquire a 99.1% stake in Condestable mine from Southern Peaks Mining for $217m.

Rio2, a mining company with a focus on development and mining operations, agreed to acquire a 99.1% stake in Condestable mine from GNRI-backed Southern Peaks Mining, a private business, for $217m, according to press releases.

Rio2 is advised by Edgehill Advisory, Blake Cassels & Graydon, DLA Piper, Dentons and McMillan. Southern Peaks Mining is advised by BMO Capital Markets and Stikeman Elliott, according to press releases.

Oaktree Capital completes the acquisition of Superior Industries International for $559.3m.

Oaktree Capital, an investment manager specializing in alternative investments, completed the acquisition of Superior Industries International, an aluminum wheel suppliers for $559.3m, according to press releases.

Oaktree Capital was advised by Jon F Weber & Co, Riveron and Paul Weiss Rifkind Wharton & Garrison (led by Brian Hermann). Superior Industries was advised by Alvarez & Marsal, Lazard and Weil Gotshal and Manges (led by Amanda Fenster), according to MergerLinks data and press releases.

Montagu and Kohlberg to acquire Teleflex Medical OEM from Teleflex for $1.5bn.

Montagu and Kohlberg, private equity firms, agreed to acquire Teleflex Medical OEM, a manufacturer specializing in the design and development of medical devices, from Teleflex, a provider of medical technology products, for $1.5bn, according to press releases.

Bidders are advised by Raymond James, Kirkland & Ellis and Ropes & Gray. Montagu is advised by Greenbrook (led by James Madsen). Kohlberg is advised by Gasthalter & Co (led by Amanda Shpiner), according to press releases.

The Toro Company completes the acquisition of Tornado Infrastructure Equipment for CAD279.3m.

The Toro Company, an American company that specialises in designing, manufacturing, and marketing outdoor equipment, completed the acquisition of Tornado Infrastructure Equipment, a company that specialises in the design, fabrication, and manufacturing of hydrovac trucks in North America, for CAD279.3m ($202m), according to press releases.

The Toro Company was advised by McCarthy Tetrault. Tornado Infrastructure Equipment was advised by Origin Merchant Partners, Stifel (led by Gary Skene), Stikeman Elliott (led by Michael Burkett) and Laurel Hill, according to MergerLinks data and press releases.

New State completes the acquisition of a majority stake in Harrell-Fish.

New State, a private investment firm, completed the acquisition of a majority stake in Harrell-Fish, a full-service mechanical contractor, according to press releases. Financial terms were not disclosed.

New State was advised by Harris Williams & Co, Morgan Lewis & Bockius and Lambert & Co (led by Joanne Lessner). Harrell-Fish was advised by GLC Advisors and Holland & Hart, according to press releases.

Airbus completes the acquisition of Airbus production assets from Spirit AeroSystems for $439m.

Airbus, an aerospace and defense company, completed the acquisition of the Airbus production assets from Spirit AeroSystems, a manufacturer of aerostructures for commercial airplanes for $439m, according to press releases.

Airbus was advised by Jefferies & Company and Davis Polk & Wardwell (led by William H. Aaronson). Spirit AeroSystems was advised by Morgan Stanley and Skadden Arps Slate Meagher & Flom (led by Shilpi Gupta), according to press releases and MergerLinks data.

Mastercard completes the investment in the cross-border business of Corpay for $300m.

Mastercard, a multinational payment card services corporation, completed the investment in the cross-border business of Corpay, a corporate payments company, for $300m, according to press releases.

Mastercard was advised by Citigroup and Matheson. Corpay was advised by Jones Day (led by Patrick Baldwin) and Goldman Sachs, according to MergerLinks data and press releases.

Jefferies to acquire a 50% Interest in Hildene Capital Management.

Jefferies, a full-service investment banking and capital markets firms, agreed to acquire a 50% Interest in Hildene Capital Management, an alternative asset manager, according to press releases. Financial terms were not disclosed.

Hildene Capital is advised by Kirkland & Ellis (led by Emma E. Lange-Novak) and Prosek Partners. Jefferies is advised by Jefferies & Company and Sidley Austin (led by Benson R. Cohen), according to press releases.

Bessemer completes the acquisition of Xanitos from Angeles.

Bessemer, a venture capital firm, completed the acquisition of Xanitos, a provider of hospital housekeeping and patient support services, from Angeles, a private investment firm, according to press releases. Financial terms were not disclosed.

Vendors were advised by Solomon Partners and Simpson Thacher & Bartlett, according to press releases.

BlackRock-backed GIP to acquire a 49% stake in WAIO inland power network of BHP for $2bn.

BlackRock-backed GIP, an infrastructure investment fund, agreed to acquire a 49% stake in WAIO inland power network of BHP, a mining company, for $2bn, according to press releases.

Netflix shares fall on rising concerns over Warner Bros. bid. (Bloomberg)

Netflix shares dropped nearly 5% as investor concerns deepened over its proposed $72bn bid for Warner Bros. Discovery, adding to a slide of more than 20% since late October. The market fears Netflix may need to raise its offer or face regulatory complications.

The pressure increased after Paramount Skydance launched a $108bn hostile bid for Warner Bros., while President Donald Trump suggested Netflix’s plan “could be a problem,” further weighing on sentiment.

Mubadala and Mastercard explore rescue deal for Brazil’s Will Bank. (Bloomberg)

Mubadala is in talks to take control of Will Bank through a capital injection, with Mastercard also involved in the discussions. Brazil’s deposit-guarantee fund FGC is weighing a loan to the fintech that could later convert into equity.

The transaction would hand Mubadala majority ownership as part of a broader plan to stabilise the business, which has been under financial strain and seeking new funding options.

SoftBank, Nvidia in talks to back Skild AI at $14bn valuation. (DealStreetAsia)

SoftBank and Nvidia are in discussions to invest over $1bn in Skild AI in a new funding round that could value the robotics foundation model developer at about $14bn. The negotiations follow rapid growth for the company and come as interest in AI infrastructure accelerates.

A successful raise would nearly triple Skild’s valuation from the $4.7bn achieved in its $500m Series B earlier this year, which included Nvidia, LG’s venture arm and Samsung among its investors.

Shell seeks partner for Brazil offshore project. (Bloomberg)

Shell is looking to sell a 20% stake in a Brazilian offshore oilfield cluster to help fund its development. The company wants to bring in a partner while continuing to operate the project.

Shell agreed earlier this year to acquire TotalEnergies’ stake in the cluster through an asset swap and is now aiming to raise capital as it advances the multibillion-dollar plan.

Medline targets up to $5.37bn in major US IPO. (Bloomberg)

Medline aims to raise as much as $5.37bn in a US IPO, positioning the deal as one of the largest private equity–backed listings. The company plans to sell 179m shares priced between $26 and $30.

Backed by Blackstone, Carlyle and Hellman & Friedman, Medline has secured $2.35bn in cornerstone commitments as it prepares for one of the year’s biggest market debuts.

EquipmentShare files for US IPO. (Reuters)

EquipmentShare.com has filed for an initial public offering in the US as it looks to enter the public markets. The construction equipment rental firm is moving ahead with its listing plan amid renewed issuance momentum.

The filing comes as the US IPO market prepares for a year-end pick-up, with companies aiming to tap a short issuance window before activity slows for the holidays.

EMEA

Altor to acquire a majority stake in Evac from Bridgepoint.

Altor, a private equity firm, agreed to acquire a majority stake in Evac, a global leader in integrated water and waste management systems for marine and land-based use-cases, from Bridgepoint, a mid-market investor, according to press releases. Financial terms were not disclosed.

Altor is advised by DNB Carnegie Investment Bank and Krogerus. Bridgepoint is advised by Avance, according to press releases and MergerLinks data.

Solum Partners completes the acquisition of a 57.73% stake in Greenyard for €220m.

Solum Partners, a holding company, completed the acquisition of a 57.73% stake in Greenyard, a frozen foods packaging and selling company, for €220m ($244m), according to press releases.

Greenyard was advised by A&O Shearman and Freshfields Bruckhaus Deringer (led by Thomas Janssens), according to MergerLinks data and press releases.

PAI Partners to acquire Innovad Group from IK Partners.

PAI Partners, a pre-eminent private equity firm, agreed to acquire Innovad Group, a global specialty animal feed additives player, from IK Partners, a mid-market private equity firm, according to press releases. Financial terms were not disclosed.

PAI Partners is advised by Ropes & Gray (led by Fabrice Cohen), according to press releases.

Putin clears potential deals involving Rosneft–Shell stake in Caspian Pipeline. (Reuters)

President Vladimir Putin has issued a decree authorising potential transactions involving Rosneft and Shell’s joint-venture stake in the Caspian Pipeline Consortium, the main export route for Kazakh oil.

The decree permits ownership changes within Rosneft-Shell Caspian Ventures Limited, which holds a stake in the CPC, though no further details on parties or timing were provided.

Activist Ananym Capital builds stake in Siemens Energy. (FT)

Ananym Capital, co-founded by Charlie Penner of Engine No. 1 Exxon campaign fame, has built a stake in Siemens Energy and is urging the company to spin off its wind business. The push comes two years after the division required a government-backed rescue.

The activist fund, launched last year and managing about $300m, has begun a campaign aimed at reshaping Siemens Energy’s structure and separating its underperforming wind unit.

Adnoc leads talks to buy Russia’s stake in Serbia’s NIS. (FT)

Adnoc has emerged as the frontrunner to acquire Russia’s controlling stake in Serbian Oil Industry, operator of the Pančevo refinery, as Serbia seeks movement on ownership stalled by US sanctions.

NIS is also speaking with other bidders, including Hungary’s MOL. The company reported $4.7bn in assets for 2024, with about $2.6bn tied to the Russian-held stake.

Magnum lists at €7.8bn valuation amid muted investor response. (Reuters)

Magnum Ice Cream Company debuted in Amsterdam with a €7.8bn ($9.1bn) valuation, below expectations as some investors questioned demand for its sugar-heavy products in a more health-conscious market.

Shares traded around €12.80 ($14.9) on the first day, weighed down by index fund exits following the long-awaited spinoff from former parent Unilever.

Brookfield and QIA launch $20bn AI infrastructure venture. (Bloomberg)

Brookfield Asset Management and Qatar Investment Authority have created a $20bn venture focused on artificial-intelligence infrastructure, reflecting rising regional competition to build AI capacity.

The partnership involves QIA’s new subsidiary, Qai. The venture will invest in AI infrastructure projects in Qatar and select global markets.

Hermes family office launches new investment vehicle. (Bloomberg)

Krefeld, the Hermes family office, has set up Breithorn Holding to manage funds and assets as it broadens its activities beyond the family’s luxury empire. The new entity expands the group’s structure for future investments.

Charles-Henri Chaliac, who leads Krefeld, will also serve as Breithorn’s CEO, signalling a more formalised approach to building the family’s portfolio.

APAC

Taishin Financial completes the merger with Shin Kong Financial in a TWD222.4bn deal.

Taishin Financial, a financial services company, completed the merger with Shin Kong Financial, a financing holding company in a TWD222.4bn ($7bn) deal, according to press releases.

Taishin Financial was advised by Ernst & Young and UBS, according to press releases.

Bain weighs sale of Tanabe Pharma’s non-Japan assets. (Bloomberg)

Bain Capital is exploring a sale of Tanabe Pharma’s assets outside Japan, with early estimates valuing the portfolio at $400m–$500m. The firm has engaged an adviser as it prepares for a potential process that could launch next year.

The assets are expected to draw interest from other private equity firms and industry buyers as Bain reviews strategic options for the business.

CGIC pushes Nittetsu Mining to sell assets and repurchase shares. (Bloomberg)

Investor Continental General Insurance has urged Nittetsu Mining to dispose of real estate and other non-core assets and use the proceeds for share buybacks. In a letter to the board, Executive Chairman Michael Gorzynski said the firm may seek board changes if its proposals are ignored.

Gorzynski criticised what he described as mismanagement and excessive capital, arguing the company has been too slow to act on shareholder concerns and cannot afford further delays.

Swiggy launches $1.1bn share sale a year after IPO. (Bloomberg)

Swiggy has opened a new institutional share sale to raise up to INR100bn ($1.1bn), setting a floor price of INR390.51 ($4.33) per share, slightly below the previous close. Investors are being offered a 5% discount to the floor price as the sale begins.

The raise comes amid rapid expansion of India’s quick-commerce sector, where local players are competing with Amazon and Walmart-backed Flipkart to build dense warehouse and delivery networks.

RMZ considers $1bn IPO to fund next growth phase. (Bloomberg)

RMZ, one of India’s largest property developers, is evaluating an IPO that could raise up to $1bn as it explores options to support future expansion. The deal would rank among the country’s biggest real estate listings.

The Bengaluru-based firm has begun early talks with banks about a potential offering, with a launch likely sometime next year as RMZ assesses market conditions.

Insilico Medicine targets Hong Kong listing to raise about $300m. (Bloomberg)

Insilico Medicine plans to pursue a Hong Kong IPO in the coming weeks, concluding a multi-year effort to enter the public markets. The AI-driven drug discovery company is preparing to raise around $300m through the offering.

The firm uses generative AI to support drug development and is now moving ahead with its listing plans after several years of preparation.

HashKey targets up to $215m in Hong Kong IPO. (Bloomberg)

HashKey, operator of Hong Kong’s largest licensed crypto exchange, aims to raise up to HKD1.67bn ($215m) through an IPO. The offering comprises 240.6m shares priced between HKD5.95 ($0.76) and HKD6.95 ($0.89), implying a valuation of about HKD19bn ($2.44) at the top end.

Books are open for a multi-day period ahead of trading, which is scheduled to start on December 17.

Japan IPOs hit seven-year fundraising high. (Bloomberg)

Japanese listings in 2025 raised about ¥1.2tn ($7.7bn), the strongest IPO fundraising year since 2018, supported by billion-dollar deals from JX Advanced Metals and SBI Shinsei Bank. The surge reflects renewed momentum in Asia’s equity markets.

Investor demand was particularly strong for names such as Human Made and Orion Breweries, with some offerings more than 60 times oversubscribed.

Hong Kong regulators rebuke banks over poor IPO filings. (Bloomberg)

Hong Kong’s market watchdog and stock exchange have criticised banks for submitting incomplete and substandard IPO applications as listings pick up. A letter sent to sponsors warned that the declining quality of filings has become a regulatory concern.

Officials urged banks to improve due-diligence standards and tighten practices to restore confidence in the city’s listing process.

Goldman Sachs appoints new Japan M&A co-heads. (Bloomberg)

Goldman Sachs has named Satoshi Yamagata and Masateru Takechi as co-heads of its Japan M&A advisory business as the bank steps up its dealmaking efforts in the country. The move marks a leadership refresh in its Tokyo unit.

Yoshihiko Yano will become M&A chair at the Japanese securities arm while continuing as APAC M&A joint chief and co-head of Japan investment banking.

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