The deal landscape roared with high-stakes activity, led by cybersecurity and AI. Palo Alto Networks’ $25B acquisition of CyberArk set a high bar for M&A, while Ramp ($500M) and Writer ($200M) fueled VC enthusiasm for enterprise fintech and AI. Private equity saw KKR and Blackstone dominate with multi-billion-dollar bets in healthcare and energy infra. Figma’s 350% IPO debut at $65B signaled a thawing public market, and debt markets powered AI and infrastructure with Meta’s $29B data center financing. Cross-border industrials and biotech deals point to a dynamic recalibration ahead.

AI & Enterprise Tech

• Ramp raised $500M Series E-2 at a $22.5B valuation led by ICONIQ for its financial operations platform (Ramp).

• Observe, an observability platform, raised $156M Series C led by Sutter Hill Ventures (PRNewswire).

• fal, an AI infrastructure startup, raised $125M Series C at $1.5B valuation led by Meritech (Businesswire).

• Prophet Security, a security platform, raised $30M Series A led by Accel (Businesswire).

• Runloop, an AI coding agent infrastructure platform, raised $7M seed led by The General Partnership (Yahoo Finance).

Fintech & Operations

• Motive Technologies, a fleet tracking startup, raised $150M led by Kleiner Perkins ahead of a potential IPO (Bloomberg).

• Oxide, an on-premise cloud computing startup, raised $100M Series B led by USIT (Futuriom).

• GeoWealth, a turnkey asset management platform, raised $38M Series C led by Apollo (WealthManagement).

HealthTech & Bio

• Chai Discovery, a biotech startup using computational models, raised $70M Series A led by Menlo Ventures (Businesswire).

• Positive Development, an autism therapy startup, raised $51.5M Series C led by aMoon (The Business Journal).

• C8 Health, a healthcare practices implementation platform, raised $12M Series A led by Team8 (PRNewswire).

Tech & Software

• Thoma Bravo acquired a stake in Trading Technologies at over $1B valuation for its derivatives trading software (Thoma Bravo).

• New Mountain Capital in talks to acquire 40% of accounting firm Wipfli at over $1B valuation (Wipfli).

• Contentsquare, backed by Sixth Street, acquired Loris AI, a conversation intelligence platform (Contentsquare).

• Versaterm, backed by Permira, acquired DroneSense, a drone software developer for public safety (Permira).

Healthcare & Pharma

• KKR acquired a majority stake in HealthCare Royalty Partners, a $3B AUM biopharma royalty firm (Businesswire).

• KKR-backed IVI RMA Global acquired Gulf Capital’s stake in its Middle Eastern fertility business (Bloomberg).

Industrials & Infrastructure

• Blackstone emerged as frontrunner to buy Enverus from Hellman & Friedman for $6B (Reuters).

• MPLX to acquire Northwind Midstream from Five Point Infrastructure for $2.4B (MPLX).

• Bain Capital and KKR eyeing bids for Sapporo’s real estate unit, potentially fetching $2.7B (Reuters).

• EQT lead bidder for a UK LNG terminal from National Grid for $2.7B (Energy Connects).

• Glencore JV Aquarius Energy acquired 37% of MOGS Saldanha, Africa’s largest oil storage site (Bloomberg).

• Shamrock Capital acquired Penta Group, a stakeholder management firm, from Falfurrias (Shamrock Capital).

🏢 Corporates

Cybersecurity & Tech M&A

• Palo Alto Networks to acquire CyberArk for $25B in a cash-and-stock deal at a 26% premium (Palo Alto Networks).

• JD.com nearing $2.5B takeover of German electronics retailer Ceconomy (MSN).

• Leonardo to acquire IVECO’s defense business for $1.95B (Iveco).

• Salesforce and ServiceNow in talks to invest $1.5B in Genesys Cloud Services (CXM Today).

Industrials & Energy

• Schneider Electric to buy 35% stake in its India JV from Temasek for $6.4B in cash (The Economic Times).

• Tata Motors to acquire Italian truck maker IVECO for $4.3B (Reuters).

• Brookfield Wealth Solutions to acquire UK insurer Just Group for $3.2B at a 75% premium (Reuters).

• South Africa launched a $22B grid expansion project bidding process (AInvest).

Other Strategic Moves

• WisdomTree acquired Ceres Partners, a $1.8B AUM farmland specialist, for $500M (WisdomTree).

• CorMedix to acquire Melinta Therapeutics from Deerfield in a $300M cash-and-stock deal (CoreMedix).

• Ripple to buy stablecoin infrastructure firm Rail for $200M (Reuters).

📈 IPOs, Direct Listings, & SPAC’s

• Figma surged 250% in its trading debut, hitting a $65B market cap after a $1.2B IPO (CNBC).

• SK Group seeks $5.8B via share sales to restructure energy units (The Edge Malaysia).

• Jio Financial Services plans $1.8B share sale to founders (ExecSum).

• Black Rock Coffee Bar confidentially filed for a US IPO, potentially at $1B+ valuation (Reuters).

• Czechoslovak Group weighing an IPO at over $35B valuation (Tech In Asia).

• Firefly surged 55% in its debut, raising $868M for a $9.8B valuation (Yahoo Finance).

• Heartflow raised $317M in its US IPO (AInvest).

💰 Debt & Structured Finance

• Meta secured $29B financing led by PIMCO and Blue Owl for Louisiana data center expansion (Bloomberg).

• CoreWeave raised $2.6B in debt for its OpenAI agreement (AInvest).

• Apollo increased a $5.4B NAV loan to SoftBank (IndexBox).

• Southern Water raising $993M via senior secured bond, largest pound corporate debt deal in 18 months (ExecSum).

• Ivory Coast in talks for a $916M syndicated loan with Standard Chartered and SocGen (ExecSum).

• RRJ Capital and Deutsche Bank to loan $550M to Bohai Leasing for refinancing (ExecSum).

• Indonesia raised $522M in its first Australian dollar-denominated Kangaroo bond (ExecSum).

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