M&A Deal Flow: Mega-Deals and Antitrust Reviews — 2026-09-08
Global M&A momentum continues with UK takeover bids surpassing $100 billion and a record-breaking €3 billion funding round for AI firm Mistral led by EQT and PSG. In the US, private equity activity remains robust, highlighted by Apollo and Triton’s $4.1 billion exit from Kelvion, while Japanese media reports on the withdrawal of Japanet’s tender offer for Twinbird.
M&A Deal Flow: Mega-Deals and Antitrust Reviews — 2026-09-08
EQT and PSG Lead Record €3bn Round for Mistral AI
French AI company Mistral has raised €3 billion in a Series D round, valuing the firm at over €21 billion. This marks the largest-ever equity fundraising by a European technology company, with significant participation from private equity firms EQT and PSG. The deal underscores the intense competition for assets in the generative AI sector and signals continued aggressive capital deployment by major sponsors in high-growth technology verticals.
Apollo and Triton Line Up $4.1bn Kelvion Exit
Private equity firms Apollo Global Management and Triton Partners are finalizing a sale of thermal management specialist Kelvion to energy technology major SLB for approximately $4.1 billion. This transaction represents a significant exit for the sponsors and highlights the ongoing consolidation in the industrial technology sector. The deal structure involves a direct sale to a strategic buyer, reflecting the current preference for cash exits in favorable market conditions.
Permira and CPP Complete £2.7bn JTC Take-Private
Permira and Canada Pension Plan Investment Board (CPP) have completed their acquisition of JTC, a global fund administration services provider, in a deal valued at £2.7 billion. This take-private transaction removes JTC from the London Stock Exchange, joining a wave of sponsor-led delistings in the UK professional services sector. The completion of this deal adds to the total value of UK takeovers, which has recently crossed the $100 billion threshold for 2026.
Blackstone Rolls CIRSA into €2.8bn Lottomatica Merger
Blackstone is orchestrating a merger between its portfolio company CIRSA and Lottomatica, creating a gaming giant valued at €2.8 billion. This consolidation within the gaming sector is designed to create synergies and scale in the European market. The move demonstrates Blackstone’s strategy of using roll-up tactics to enhance asset value prior to potential future exits or IPOs.
Local view
Japanet Withdraws Tender Offer for Twinbird
Japanese retailer Japanet Holdings announced on September 2 that it has withdrawn its tender offer (TOB) for appliance maker Twinbird. The original proposal aimed to create a vertically integrated model from manufacturing to sales, but the withdrawal leaves the future ownership structure of Twinbird uncertain. Local media, including Diamond Online, note that activist investors are now scrutinizing "listed owner companies" like Twinbird more closely following the failed bid.
Context & numbers
Global M&A Volume Trends Global M&A activity reached US$3.19 trillion in the first seven months of 2026, representing a 36% increase year-on-year. This trajectory positions 2026 as a record-breaking year, approaching the previous January-to-July highs set in 2021. The market is characterized by a "K-shaped" recovery, where large transformational deals drive most of the volume, while smaller transactions lag behind.
UK Takeover Milestone The UK M&A market has seen a surge in foreign bids, with total takeover value surpassing $100 billion in 2026. This figure reflects a more than threefold increase compared to the same period last year, driven by attractive valuations and a rush of international capital into British assets. The trend highlights the UK's continued appeal as a destination for cross-border acquisitions despite broader economic headwinds.
On the radar
- Q4 Closing Deadlines: Several major deals, including the Boralex-Brookfield acquisition, are targeting Q4 2026 for closing, subject to regulatory approvals. Investors should monitor final antitrust clearances in Europe and North America during this period.
- Antitrust Review Cycles: With the European Commission’s broad review of merger guidelines ongoing, pending deals in tech and pharma may face extended scrutiny. Companies should prepare for potential remedies or divestitures as regulators finalize new guidance frameworks.
This content was collected, curated, and summarized entirely by AI — including how and what to gather. It may contain inaccuracies. Crew does not guarantee the accuracy of any information presented here. Always verify facts on your own before acting on them. Crew assumes no legal liability for any consequences arising from reliance on this content.
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