Core Insights - Bain Capital's Special Situations division has made an initial bid for Costa Coffee, a café chain owned by The Coca-Cola Company [1][2] - Costa Coffee was founded in London in 1971 by brothers Bruno and Sergio Costa and has grown to have a significant global presence [3][6] - The café chain has faced financial challenges due to the Covid-19 pandemic, reporting an annual loss of £13.8 million and revenues of £1.2 billion in 2023 [4][8] Bain Capital's Interest - Bain Capital's Special Situations unit has previously invested in other food and beverage establishments, indicating a strategic interest in the sector [2][5] - TDR Capital has also shown interest in acquiring Costa Coffee, suggesting competitive bidding for the café chain [2] Costa Coffee's Operations - Costa Coffee operates over 2,700 stores in the UK and Ireland and has expanded to more than 1,300 locations in other global markets [3] - The chain was acquired by The Coca-Cola Company in 2018 for approximately £3.9 billion, equivalent to about US$5.1 billion at that time [1]

Core Insights - Galapagos, a Belgian biotechnology company, has experienced significant volatility over the past decade, particularly following a major partnership with Gilead Sciences in 2015, which was expanded in 2019 with a $5.1 billion deal [3][4] - The company's American depositary receipts (ADRs) saw a dramatic decline from a peak of over $274 in February 2020 to below $23 in February 2025, although recent restructuring efforts have led to a recovery, with ADRs trading around $35 [4] - As part of its restructuring, Galapagos announced plans to split into two publicly traded companies, retaining the Galapagos name for its cell therapy unit and appointing Henry Gosebruch as CEO of the spinout [5] Company Developments - In May 2023, Galapagos indicated a potential change in its restructuring plan, and by July, it was considering a sale of its cell therapy business [6] - The company has reported interest from a "limited number" of potential buyers for its cell therapy business, primarily consisting of financial investors, and is currently engaged in due diligence with these parties [8] - Fully-financed, binding offers for the cell therapy business are expected within weeks, with a decision on whether to divest or pursue alternative actions to be announced by November 5, coinciding with the release of third-quarter financial results [8]

Core Viewpoint - Ageas has successfully completed the acquisition of Esure Group for approximately £1.3 billion ($1.7 billion), enhancing its position in the UK personal lines insurance market [1][5]. Group 1: Acquisition Details - The acquisition of Esure was finalized after receiving full regulatory approval, and Esure will operate as a separate entity within Ageas UK, maintaining its existing brands [1]. - The deal creates a balanced distribution model across various channels, including direct-to-customer, price comparison websites, brokers, and partnerships [2]. Group 2: Leadership Changes - Ant Middle, CEO of Ageas UK, will lead the combined company, while Esure's current CEO and CFO will step down [2]. - Peter Martin-Simon, former chief commercial officer of Esure, will be appointed as CEO, reporting to Ant Middle, and Alistair Smith will become the new CFO [3]. Group 3: Strategic Vision - Ageas aims to become one of the top three personal lines insurers in the UK, with a strong focus on motor and home insurance [4]. - The acquisition aligns with Ageas's strategy to strengthen its presence in the UK market and pursue growth in key regions for long-term value [5].

Company Overview - Dhoot Transmission Ltd. is an automotive-parts manufacturer backed by Bain Capital, with a 49% stake held by Bain after an investment in January [2][5] - Founded in 1999 and based in Maharashtra, India, Dhoot produces electronic sensors, automotive switches, cords, and cables for various vehicles and appliances [2][5] - The company operates manufacturing plants not only in India but also in the UK, Slovakia, Thailand, Japan, and South Korea [2][5] IPO Details - Dhoot Transmission Ltd. is preparing for an initial public offering (IPO) in Mumbai, expected to raise approximately $250 million [1][5] - The IPO is likely to include a fresh issue of shares and secondary sales by existing investors, with a potential valuation of up to $1.5 billion [1][5] - The company has appointed four banks, including Axis Bank Ltd. and Kotak Mahindra Bank Ltd., to facilitate the IPO [5] Market Context - Over $10 billion has been raised in Indian IPOs this year, marking a 16% increase compared to the same period in 2024 [5] - Notable IPOs this year include HDB Financial Services Ltd. and Hexaware Technologies Ltd., each raising over $1 billion [5]

Global private investment company Bain Capital has invested in French boutique hotel group Les Hôtels de Paris, as part of its strategy to expand in the European hospitality sector. The refinancing involved a subscription to super senior bonds totalling roughly €135m ($158.86m). The investment took place as part of a combined restructuring plan for Les Hôtels de Paris, which received approval from the Paris Commercial Court on 11 July 2025. The restructuring plan includes both a reorganisation compone ...

Core Insights - KKR & Co is holding its first board meeting in Asia in Tokyo, highlighting Japan's significance for the firm [1] - Japan has become KKR's largest market in Asia, with investments totaling over $20 billion, accounting for 36% of its total fair value in the region [3] Investment Activity - KKR has been consistently investing in Japan for nearly two decades, with private equity-backed deals reaching $29 billion in the first three quarters of 2025, a 150% increase year-on-year [2] - Recent acquisitions include Hoken Minaoshi Hompo Group and Fuji Soft for $4.1 billion, along with a partnership to acquire Topcon for $2.3 billion [3][4] Market Context - The dealmaking boom in Japan is driven by corporate governance reforms, low interest rates, and heightened investor interest [2] - KKR's sale of a controlling stake in the Seiyu supermarket chain for $2.55 billion in March reflects successful investment returns [4] Board Composition - KKR's board includes notable figures such as Evan Spiegel, Patricia Russo, and Robert Scully, indicating a diverse leadership [5]

Core Insights - Bank of America has appointed Geoff Iles and Lukas Poensgen as co-heads of mergers and acquisitions in Europe, the Middle East, and Africa [1][2] - The appointments come as EMEA dealmaking shows signs of revival, with transaction values increasing by 11% this year to approximately $950 billion [3] Leadership Changes - Geoff Iles has been with Bank of America since 2003 and has led UK M&A for the past seven years; he will be based in London [1][2] - Lukas Poensgen joined the bank in 2010 and has been leading M&A in Germany, Austria, and Switzerland; he will be based in Frankfurt [1][2] Market Context - Bank of America ranks sixth among advisers in the EMEA region with a market share of 9.7% [3] - The increase in deal value indicates a potential recovery in the M&A market, which could present new opportunities for investment [3] Notable Transactions - Iles advised on Centamin Plc's £1.9 billion ($2.6 billion) sale to Anglogold Ashanti Plc and worked on International Paper Co.'s acquisition of DS Smith Plc [4] - Poensgen was involved in PAI Partners' sale of Apleona Group GmbH to Bain Capital, valuing the company at around €4 billion ($4.7 billion), and the sale of a €2 billion stake in IFCO to Stonepeak Partners [5]

Core Viewpoint - Dorf Ketal is in advanced negotiations to acquire Italmatch Chemicals SpA for $1.6 billion, marking its largest acquisition to date and reflecting a consolidation trend in the specialty chemicals industry [14][15]. Company Overview - Dorf Ketal, founded in 1992, is a leading manufacturer and supplier of specialty chemicals, focusing on the hydrocarbons chemicals value chain, including oil and gas exploration, refining, and petrochemicals [14][15]. - The company reported a domestic revenue of ₹5,479 crore in FY24, with revenue for the first half of FY25 reaching ₹2,961.3 crore [14][15]. Acquisition Rationale - The acquisition of Italmatch is aimed at diversifying into adjacent markets and expanding the product and service offerings [5][15]. - Italmatch operates in four key segments: water and oil treatment, lubricants, flame retardants and plastic additives, performance products, and personal care, which aligns with Dorf Ketal's strategic goals [5][15]. Financial Performance - Italmatch reported FY24 revenue of €686 million, with an 8% increase in sales volumes year-over-year. Adjusted EBITDA rose 17% from €115 million to €134 million, and contribution margin increased by 10% to €276 million [8][15]. - Italmatch has maintained a stable EBITDA margin of 20-21% despite challenges in the global chemicals market [10][15]. Strategic Growth - Dorf Ketal has a history of growth through acquisitions, having made at least a dozen since 2003, enhancing its R&D capabilities and product knowledge [7][10]. - The company has expanded its footprint to Latin America, focusing on sustainable chemistries derived from plant-based sources [7][15]. Market Context - The global specialty chemicals market has grown from $1.03 trillion in 2021 to $1.14 trillion in 2023, with projections to reach $1.43 trillion by 2028, driven by demand from various end-use industries [13][15]. - The ongoing challenges in the chemical sector, particularly in Europe, may lead to more favorable pricing for buyers in the current market environment [13][15].

Registration No. 333-290126 Table of Contents As filed with the U.S. Securities and Exchange Commission on September 17, 2025. (State or Other Jurisdiction of Incorporation or Organization) Cayman Islands 6770 98-1853296 (Primary Standard Industrial Classification Code Number) (I.R.S. Employer Identification Number) 200 Clarendon Street Boston, Massachusetts 02116 Tel: +1 (617) 516-2000 (Address, Including Zip Code, and Telephone Number, Including Area Code, of Registrant's Principal Executive Offices) UNIT ...

Bankers have lined up around €600 million ($710 million) of debt financing to back Bain Capital’s acquisition of Dutch technology services company HSO https://t.co/crqJYP4atm ...