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AMERICAS

Mitsubishi Electric completes the acquisition of Nozomi Networks.

Mitsubishi Electric, a Japanese multinational electronics and electrical equipment manufacturing company, completed the acquisition of Nozomi Networks, a provider of cybersecurity solutions, according to press releases. Financial terms were not disclosed.

Mitsubishi Electric was advised by Ernst & Young and White & Case (led by Paul Pittman). Nozomi Networks was advised by Barclays and Gunderson Dettmer Stough Villeneuve Franklin & Hachigian, according to press releases and MergerLinks data.

Spring Health to acquire Alma.

Spring Health, a mental health provider, agreed to acquire Alma, a company specializing in mental health insurance programs, according to press releases. Financial terms are not disclosed.

Spring Health is advised by JP Morgan and Cooley. Alma is advised by MTS Health Partners and Gunderson Dettmer Stough Villeneuve Franklin & Hachigian, according to press releases.

Rinchem completes the merger with Dupre Logistics.

Rinchem, a supplier specializing in chemical and gas logistics, completed the merger with Dupre Logistics, a company specializing in innovative logistics solutions, according to press releases. Financial terms were not disclosed.

Rinchem was advised by Houlihan Lokey and Paul Weiss Rifkind Wharton & Garrison (led by Eric J. Wedel), according to press releases and MergerLinks data.

Halozyme Therapeutics completes the acquisition of Surf Bio for $400m.

Halozyme Therapeutics, a biopharmaceutical company, completed the acquisition of Surf Bio, a preclinical biopharmaceutical company, for $400m, according to press releases.

Surf Bio was advised by Centerview Partners. Halozyme was advised by Teneo, according to press releases and MergerLinks data.

CMA CGM and Stonepeak to form a joint venture.

CMA CGM, a French shipping and logistics company, and Stonepeak, an alternative investment firm, agreed to form a joint venture, according to press releases.

CMA CGM is advised by H/Advisors Abernathy (led by Deven Anand), according to press releases.

Stationhead completes the merger with Mellomanic.

Stationhead, a social audio platform, completed the merger with Mellomanic, a music community platform operator, according to press releases. Financial terms were not disclosed.

Stationhead was advised by Goldman Sachs, according to press releases.

Steel Partners to acquire InMode for $580m.

Steel Partners, a diversified global holding company, offered to acquire InMode, a medical device company, for $580m, according to press releases.

Coatue Management and Index Ventures led a $250m Series D round in Decagon.

Coatue Management, a global investment manager, and Index Ventures, a venture capital firm, led a $250m Series D round in Decagon, a conversational AI platform, with participation from ChemistryVC, Definition Capital and Starwood Capital, according to press releases.

Nvidia, Microsoft, Amazon in talks to invest up to $60bn in OpenAI. (Bloomberg)

Nvidia, Microsoft and Amazon are in talks to invest as much as $60bn into OpenAI as part of a funding round that could reach $100bn. Nvidia is considering up to $30bn, Microsoft less than $10bn, and Amazon over $10bn and potentially above $20bn.

The talks remain ongoing and investment amounts may change. The round would be one of the largest ever for a technology company and would significantly expand OpenAI’s financing base beyond its existing strategic backers.

Fintech company Alkami taps adviser to explore sale. (Bloomberg)

Alkami Technology is exploring strategic options, including a potential sale, after pressure from an activist investor. The US‑based fintech has hired an adviser to assess interest from potential buyers.

Insurance platform Ethos, backers raise $200m in US IPO. (Bloomberg)

Ethos raised $200m in its US IPO after pricing shares at $19, the midpoint of its $18–$20 range. The offering included 5.1m new shares from the company.

Selling shareholders offered an additional 5.4m shares in the oversubscribed deal, making Ethos one of the latest insurance‑technology firms to go public.

York Space Systems raises $629m in upsized US IPO. (Bloomberg)

York Space Systems raised $629m in its upsized US IPO, pricing shares at $34, the top of the $30–$34 range. The company increased the deal size to 18.5m shares from the originally marketed 16m due to strong demand.

The space and defense firm’s offering was multiple times oversubscribed, signaling continued investor interest in satellite and aerospace growth stories.

PicPay prices US IPO at top in first Brazilian debut since 2021. (Bloomberg)

PicPay parent PicS, the Brazilian fintech backed by the Batista family, raised $434m in its US IPO after pricing at the top of the marketed range. The deal marks the first major US listing by a Brazilian company since 2021.

Entrata is said to work with Goldman Sachs, JP Morgan on IPO. (Bloomberg)

Entrata, a US property‑management software company backed by Silver Lake and Blackstone, is preparing an IPO with Goldman Sachs and JP Morgan as advisers. The company aims to list as early as April 2026.

The planned offering could raise around $500m. Discussions remain private, and final terms have not been set.

Jersey Mike’s is working with Morgan Stanley, JP Morgan on IPO. (Bloomberg)

Jersey Mike’s Subs, the US sandwich chain with over 3k locations, is preparing an IPO with Morgan Stanley, JP Morgan, and Jefferies. The Blackstone‑backed company aims to move forward with a listing process in 2026.

The debut could come as early as Q3, though terms and size of the offering have not yet been finalized. The company has not commented on the plans.

Hair-loss pill maker Veradermics seeks $213.6m in US IPO. (Bloomberg)

Veradermics, a US biotech focused on hair‑loss treatments, is seeking to raise up to $214m in its IPO to fund the commercialization of its hair‑regrowth pill. The company plans to sell 13.4m shares at $14–$16 each.

At the top of the range, Veradermics would be valued at about $534m based on its disclosed outstanding shares. The IPO filing was submitted to the US SEC this week.

Belgium's Agomab Therapeutics seeks up to $828.5m valuation in US IPO. (Reuters)

Belgium’s Agomab Therapeutics is seeking a valuation of up to $828m in its US IPO and plans to raise $212m by selling 12.5m ADSs at $15–$17. The company is developing treatments for Crohn’s disease and other inflammatory conditions.

Agomab reported a €45m ($54m) loss for the first nine months of 2025 and will list on Nasdaq under AGMB, with JP Morgan, Morgan Stanley and others underwriting the deal.

EMEA

International Paper to spin off its EMEA Packaging business.

International Paper, a sustainable packaging solutions company, agreed to spin off its EMEA Packaging business. Financial terms were not disclosed.

International Paper is advised by Wachtell Lipton Rosen & Katz.

The Chernin Group to invest in Goalhanger.

The Chernin Group, a private equity firm, agreed to invest in Goalhanger, a British podcast production and distribution company, according to press releases. Financial terms were not disclosed.

Goalhanger is advised by Simpson Thacher & Bartlett (led by James Campisi), according to press releases and MergerLinks data.

Pollen Street Capital to acquire Tutman.

Pollen Street Capital, an alternative investment manager, agreed to acquire Tutman, a fund services platform providing fund administration, corporate service, and transfer agency services, according to press releases. Financial terms were not disclosed.

Pollen Street is advised by Rothschild & Co, according to press releases and MergerLinks data.

Carlyle to acquire Lukoil International from Lukoil.

Carlyle, an American multinational private equity firm, agreed to acquire Lukoil International, a Vienna-based holding company that controls the international assets of the Russian oil giant, from Lukoil, an integrated oil company, according to press releases. Financial terms are not disclosed.

First Quantum said to seek buyer for Turkish copper mine. (Bloomberg)

First Quantum has launched a sale for its Çayeli copper‑zinc mine in Turkey as it works to strengthen its balance sheet. The underground operation is considered a smaller asset within the Canadian miner’s portfolio.

The mine is valued at about $400m, with talks having begun this month and remaining confidential.

Deutsche Bank is said to eye stake in life insurance firm. (Bloomberg)

Deutsche Bank and DWS are considering taking a minority stake in Frankfurter Leben, the Fosun‑controlled life‑insurance consolidator, in a move that would mark the bank’s return to the sector. The deal would involve injecting new capital into the business.

Frankfurter Leben manages about 700k policies and an investment portfolio of roughly €13bn ($15.6bn). Talks are still preliminary with no final decision made.

UK’s Schroders discussed private capital tie-ups in growth push. (Reuters)

Schroders has held high‑level talks about potential tie‑ups to accelerate growth in its private‑capital arm, Schroders Capital. Discussions included possible partnerships with France’s Wendel and UK‑listed Bridgepoint, though talks have since stalled.

The British asset manager continues to push for scale in private markets, targeting £20bn ($27.6bn) of net new business for Schroders Capital by 2027. It is also exploring partnerships with insurers as part of its strategy to expand private‑credit and infrastructure capabilities.

BOE mulls sale of Wimbledon tennis qualifying ground. (Bloomberg)

The Bank of England is considering selling the Roehampton sports grounds that host Wimbledon’s qualifying matches as part of efforts to cut costs. The BOE has hired Knight Frank to explore a freehold sale of the London site.

The property, leased to the All England Lawn Tennis Club, includes a sports centre and extensive grounds.

APAC

Alibaba-backed Cainiao to merge with Zelostech. (WSJ)

Alibaba-backed Cainiao, a logistics company, agreed to merge with Zelostech, an autonomous vehicle company. Financial terms are not disclosed.

AstraZeneca sets out $15bn China investment during Starmer visit. (Reuters)

AstraZeneca will invest $15bn in China through 2030 to expand manufacturing and R&D, announced during UK Prime Minister Keir Starmer’s visit to Beijing. It is the company’s largest commitment in the market, which represents roughly 12% of its global revenue.

The investment will strengthen capabilities in cell therapy and radioconjugates, expand multiple manufacturing sites, and lift the local workforce above 20k. It follows earlier projects including a $2.5bn Beijing R&D hub opened in 2025.

Blackstone in talks to become New World’s top shareholder. (Bloomberg)

Blackstone is in advanced talks to become the largest shareholder of Hong Kong’s New World Development, a move that could end the Cheng family’s control of the developer. The company is under financial pressure and seeking strategic support.

The deal would give Blackstone scope to help restructure New World as the developer continues asset sales to boost liquidity. Discussions remain private.

Pig breeder Muyuan Foods seeks up to $1.4bn in Hong Kong listing. (Bloomberg)

China’s Muyuan Foods has launched investor orders for a Hong Kong listing that could raise up to $1.4bn, marking the city’s largest IPO so far in 2026. The Shenzhen‑listed pork producer is offering 274m shares at up to HKD39 ($5) each.

The offer price represents at least a 23% discount to Muyuan’s latest Shenzhen close, as the Henan‑based group seeks broader capital market access through a second listing.

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