Worthington Steel completes the acquisition of a 62% stake in Kloeckner & Co at an enterprise value of $2.4bn.

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

PSG completes the investment in Dockwa.

PSG, a growth equity firm, completed the investment in Dockwa, a marina management platform and boater marketplace, according to press releases. Financial terms were not disclosed.

PSG was advised by Ernst & Young, Weil Gotshal and Manges, Crosslake Technologies and Prosek Partners (led by Jackie (Schofield) Ryan). Dockwa was advised by AGC Partners, DLA Piper, Sterlington and Prosek Partners, according to press releases.

AD Ports to acquire a majority stake in Corredor Logística e Infraestrutura from Macquarie Asset Management and IG4 for $835m.

AD Ports, the exclusive developer and regulator of ports and related infrastructure in Abu Dhabi, agreed to acquire a majority stake in Corredor Logística e Infraestrutura, a Brazilian independent port logistics and infrastructure operator, from Macquarie Asset Management and IG4 Capital, the asset management firms, for $835m, according to press releases.

AD Ports is advised by BTG Pactual and Machado Meyer Sendacz e Opice Advogados. Macquarie Asset Management is advised by Citigroup and Lefosse Advogados. IG4 Capital is advised by Citigroup and Pinheiro Neto, according to press releases.

Rallybio to merge with Avenzo Therapeutics.

Rallybio, a clinical-stage biotechnology company focused on developing therapies for severe and rare diseases, agreed to merge with Avenzo Therapeutics, a clinical-stage biotechnology company focused on developing next-generation oncology therapies, according to press releases. Financial terms were not disclosed.

Rallybio is advised by Citizens M&A, Evercore and Ropes & Gray. Avenzo Therapeutics is advised by Leerink Partners and Cooley, according to press releases.

Everest Infrastructure Partners completes the acquisition of the US tower portfolio of ATN International for up to $297m.

Everest Infrastructure Partners, an infrastructure fund, completed the acquisition of the US tower portfolio of ATN International, a company that operates and manages telecommunications infrastructure and delivers broadband and voice services, for up to $297m, according to press releases.

ATN International was advised by Rothschild & Co (led by Jonathan Herbst), Lape Mansfield Nakasian & Gibson, Sharon Merrill Advisors and Three Part Advisors (led by Joe Noyons and Kelley Buchhorn), according to press releases, and MergerLinks data.

Wellington Management to acquire Hartford Funds from The Hartford for $1.9bn.

Wellington Management, a global investment management firm, agreed to acquire Hartford Funds, a provider of investment solutions for the wealth management market, from The Hartford, a major American insurance and financial services company, for $1.9bn, according to press releases.

Wellington Management is advised by JP Morgan and Paul Weiss Rifkind Wharton & Garrison. The Hartford is advised by Goldman Sachs and Weil Gotshal and Manges, according to press releases.

ResMed completes the acquisition of Noctrix Health for $340m.

ResMed, a global medical technology company that develops and manufactures cloud-connected devices and software for diagnosing and treating medical disorders, completed the acquisition of Noctrix Health, a medical device company developing wearable therapeutics designed to treat chronic neurological disorders, for $340m, according to press releases.

Angelini Ventures was advised by MEDiSTRAVA Consulting and SEC Newgate, according to press releases.

Mariner completes the acquisition of Wealth Conscious Management.

Mariner, a financial services and wealth advisory firm, completed the acquisition of Wealth Conscious Management, a full-service, independent wealth management firm, according to press releases. Financial terms were not disclosed.

Mariner was advised by Hot Paper Lantern, according to press releases.

137 Ventures and BANNER VC led a $500m Series D round in Impulse Space

137 Ventures and BANNER VC, the venture capital firms, led a $500m Series D round in Impulse Space, a startup developing in-space transportation technology and services for satellites that fly to low earth orbit but then need to reach other orbits, with participation from Founder’s Fund, Lux Capital, and Linse Capital, according to press releases.

Infinite Capital and Ribbit Capital led a $300m Series C round in Mach Industries.

Infinite Capital and Ribbit Capital, the venture capital firms, led a $300m Series C round in Mach Industries, a defense technology company building autonomous drones, loitering munitions, and hydrogen-powered defense platforms, with participation from Bedrock Capital, Sequoia Capital, and Khosla Ventures, according to press releases.

Paramount seeks EU green light for $110bn Warner Deal. (Bloomberg)

Paramount Skydance has submitted a filing to the European Commission seeking approval for its proposed $110bn acquisition of Warner Bros. Discovery.

The EU regulator has set an initial deadline of July 7 to decide on the transaction, which would combine a broad portfolio of film studios, television networks and streaming assets under a single group.

Alphabet $80bn equity sale set to break fundraising record. (Bloomberg)

Alphabet is carrying out an $80bn equity raise to fund investments in artificial‑intelligence infrastructure, a transaction that is expected to rank as the largest equity capital markets deal on record.

The offering, which includes common stock as well as equity‑linked securities, is set to surpass previous records, including Petrobras’s roughly $70bn share sale in 2010.

Brightline fields bankruptcy-loan bids while hoping for a suitor. (Bloomberg)

Brightline is evaluating financing options from existing creditors after failing to secure a buyer for the Florida passenger rail business following a recent sales process.

The company is considering competing proposals from groups of municipal and corporate bondholders that would provide funding to support operations during a restructuring. The financing could result in lenders taking ownership of the business as part of the court‑led process.

Vedanta unit targets IPO in New York to fund Zambia copper mines. (Bloomberg)

A Vedanta Resources unit has applied for a US listing as part of efforts to raise capital for its Zambian copper mining operations.

CopperTech Metals was established to support financing for the Konkola Copper Mines business following Vedanta’s recovery of control over its 80% stake. The company has also committed to provide funding to support development at the asset.

BMO taps Blaesing for new job in charge of key industry groups. (Bloomberg)

Bank of Montreal is creating a new role within its US commercial banking division focused on serving core industry groups.

Catherine Blaesing has been appointed to lead the function as head of industry verticals alongside her existing role as co‑head of global corporate banking within BMO Capital Markets. The initiative will target sectors including food and beverage, technology and media.

EMEA

Sixth Street completes over $1bn investment in Kpler.

Sixth Street, a global investment firm, completed over $1bn investment in Kpler, a global data, analytics and software company, according to press releases.

Sixth Street was advised by Moelis & Co and Milbank. Kpler was advised by Evercore and Goodwin Procter, according to press releases.

Hellman & Friedman to acquire Hyve Group from Providence Equity Partners and Searchlight Capital Partners.

Hellman & Friedman, a private equity firm, agreed to acquire Hyve Group, a major global B2B events company, from Providence Equity Partners, and Searchlight Capital Partners, the private equity firms, according to press releases. Financial terms were not disclosed.

Hellman & Friedman is advised by RAN Advisory. Hyve Group, Providence Equity Partners and Searchlight Capital Partners are advised by JP Morgan and LionTree Advisors, according to press releases.

Framatome completes the acquisition of the French valves operations of First Reserve-backed Trillium Flow Technologies.

Framatome, a major French nuclear reactor business, completed the acquisition of the French valves operations of First Reserve-backed Trillium Flow Technologies, a manufacturer of mission-critical pumps, valves, actuators and steam turbines, according to press releases. Financial terms were not disclosed.

First Reserve and Trillium Flow Technologies were advised by JP Morgan, Freshfields and Joele Frank (led by Erik Carlson and Madeline Jones), according to press releases.

Howdens to acquire DIY Kitchens for £390m.

Howdens, a UK-based trade supplier of kitchens, appliances and joinery products, agreed to acquire DIY Kitchens, a family-run UK kitchen manufacturer and online-only kitchen retailer, for £390m, according to press releases.

Howdens is advised by Teneo (led by Martin Robinson and Kate Somerville), according to press releases.

Triton Partners to acquire Flender from Carlyle.

Triton Partners, a European private equity firm, agreed to acquire Flender, a global drive systems manufacturer specializing in gearboxes, couplings and generators, from Carlyle, a global private equity and alternative asset management firm, according to press releases. Financial terms were not disclosed.

Nestlé to acquire the remaining 50.05% stake in yfood Labs.

Nestlé, a Switzerland-based multinational food and drink processing conglomerate corporation, agreed to acquire the remaining 50.05% stake in yfood Labs, a German food-tech company that specializes in smart food and meal-replacement products, such as ready-to-drink shakes, powders, and snack bars, according to press releases. Financial terms were not disclosed.

PSG Equity and Verto-backed CHR Group completes the acquisition of Rmoni and ANDY.

PSG Equity and Verto-backed CHR Group, a French company specializing in digital solutions for professionals in the hospitality and foodservice industries, completed the acquisition of Rmoni, a Dutch-Belgian company that develops digital quality management solutions, and ANDY, a Spain-based developer of a digital assistant designed to manage and digitize food service and hospitality operations, according to press releases. Financial terms were not disclosed.

Prosus gets until October 11 for Delivery Hero sale after Uber bid. (Bloomberg)

The European Commission is preparing to extend a deadline requiring Prosus to reduce its stake in Delivery Hero to October as part of conditions tied to its acquisition of Just Eat Takeaway.com.

The extension would give Prosus additional time beyond the previous mid‑August deadline to comply with the divestment requirement, which was imposed to address competition concerns.

BP held talks to sell North Sea assets to Ithaca for £2bn. (FT)

BP held advanced talks to sell its UK North Sea assets to Ithaca Energy in a deal valued at around £2bn ($2.6bn), as the oil major continues to reshape its portfolio under new CEO Meg O’Neill. The discussions have recently stalled.

BP is continuing to explore a transaction and may engage with alternative buyers as part of a broader $20bn divestment program by 2027. The potential sale comes amid ongoing consolidation in the North Sea and reflects BP’s strategy to focus on core operations while reducing its asset base.

Legoland owner’s junk bonds slide amid refinancing pressure. (Bloomberg)

Merlin Entertainments is facing pressure from weaker consumer demand, which is weighing on its balance sheet as it seeks to refinance more than $800m of high‑yield debt.

The Blackstone‑backed theme park operator reported an underlying loss in the first quarter, with rising costs, interest expenses and geopolitical factors contributing to a decline in bond prices toward distressed levels.

Putin allows TotalEnergies to sell 10% stake in Arctic LNG 2. (Bloomberg)

TotalEnergies has received approval from Russian authorities to sell its stake in the Arctic LNG 2 project, allowing the company to exit an investment impacted by international sanctions.

The French energy group will transfer its 10% stake to NordLine, a subsidiary of Novatek, which holds a majority interest in the project. Financial terms of the transaction have not been disclosed.

French media giant Canal+ gains in South Africa Bourse debut. (Bloomberg)

Canal+ rose in its debut on the Johannesburg Stock Exchange as the secondary listing of the French media group followed the completion of its acquisition of African pay‑TV operator MultiChoice.

The shares traded at 58.50 rand in early dealings, above the reference price linked to its London listing. Canal+ is valued at about £2.5bn ($3.4bn) following the transaction.

APAC

Australia approves Ampol's $789m acquisition of EG Australia. (Reuters)

Australia’s competition regulator has approved Ampol’s AUD1.1bn ($789m) acquisition of EG Australia, the local arm of UK‑based EG Group, subject to conditions.

The approval requires Ampol to divest 41 retail fuel sites to address competition concerns raised during the review.

SoftBank among bidders for Blackstone’s Japan payment firm. (Bloomberg)

Blackstone is exploring a potential sale of payments services provider SP.LINKS, seeking to exit the investment just over two years after its acquisition.

A bidding process is under way, with SoftBank among the parties that have advanced to the second round. Other prospective bidders include financial investors as the sale process progresses.

Nippon Life to invest $10bn in Blackstone private credit strategies. (DealStreetAsia)

Nippon Life Insurance is expanding its presence in private credit through new investment strategies in collaboration with Blackstone.

The initiative focuses on allocating capital to private credit assets as institutional investors increase exposure to alternative income‑generating investments.

DeepSeek close to sealing $7bn funding in historic AI deal. (Bloomberg)

DeepSeek is close to securing a funding round of about CNY50bn ($7.4bn), backed by a group of investors including Tencent Holdings and Contemporary Amperex Technology.

The financing also includes participation from the company’s founder and a state‑backed artificial‑intelligence investment fund. Terms are being finalized as investors formalize commitments to the transaction.

BYD-backed robotics firm PaXini is said to explore Hong Kong IPO. (Bloomberg)

PaXini Tech, a developer of dexterous robotic hands and humanoid robots, is considering an initial public offering in Hong Kong.

The company, backed by BYD and JD.com, is working with banks on the potential listing and may file for the offering in the coming months as it evaluates investor demand.

Dubai-based Apparel Group said to explore IPO for India business. (Bloomberg)

Apparel Group, a Dubai‑based fashion and lifestyle retailer, is considering an initial public offering for its Indian subsidiary in Mumbai.

The company is evaluating a potential listing as it explores options to access capital markets in India.

Megaport to raise $594m in Australia to fund AI expansion. (Bloomberg)

Megaport is seeking to raise AUD827.3m ($594m) through an equity offering to support the development of artificial‑intelligence infrastructure and fund new customer contracts.

The company is offering new shares at AUD14.30 each, representing a discount of about 13.9% to the previous closing price. Proceeds will be used to support existing and new AI infrastructure agreements, including contracts valued at AUD458.9m, and to establish a graphics‑processing‑unit capacity pool.

China picks state firm to help coordinate mining deals abroad. (Bloomberg)

China has designated a new state investment vehicle to coordinate overseas metals and mining transactions as it seeks to secure strategic resources amid rising geopolitical risks.

The initiative involves increased oversight from the National Development and Reform Commission, with Guangyan International Investment Co. supporting compliance, financing and planning for outbound investments across the sector.

Daily Review

Connect the World of Dealmakers