As of 15:02 TST, August 11, 2026. Primary review period: August 10, 2026 15:13 – August 11, 2026 15:02.

Deal flow is strong on the US side. Bernhard Capital's approximately $1 billion take-private of Bowman, Archer's acquisition of three Boeing aviation and defense subsidiaries, and Samsung SDI's buyout of GM's stake in their Indiana battery joint venture are the headline US transactions. In Canada, H&R REIT's $4.81 billion break-up involving Blackstone stands out as a significant cross-border portfolio transaction. In Turkey, Bulls Girişim signed a $7.77 million agreement for a 27.18% stake in Sekuro Plastik.

Parties: Bulls Girişim Sermayesi Yatırım Ortaklığı A.Ş.; Murat Hakan Çil; Sekuro Plastik Ambalaj Sanayi A.Ş. Sector: Plastic packaging / venture capital Stake: 27.18% Transaction value: $7.77 million Status: Share Purchase Agreement signed August 10, 2026; subject to closing conditions.

Bulls Girişim has agreed to acquire 51,000,000.50 shares of Sekuro Plastik from Murat Hakan Çil. Following closing, Sekuro is expected to pivot toward a new high-value-added business line.

Legal and commercial significance: A 27.18% block stake does not necessarily confer management control on its own. The decisive factors will be voting rights, board appointment authority, concert-party arrangements with other shareholders, and any veto rights. As the target is a publicly listed company, the transaction must be structured carefully under both standard SPA provisions and capital markets regulations.

Practice considerations: Prior to closing, key areas include change-of-control and mandatory tender offer analysis, any existing shareholders' agreement, board representation rights, related-party transaction protocols, and any corporate purpose or permit amendments required for the new business line. Given that the shares are exchange-traded, disclosure obligations and insider trading controls should form a separate closing workstream.

A significant direct Turkey–US transaction that had been overlooked in previous daily briefs.

Turkish investor: Enlila Sağlık İlaç Ar-Ge Üretim ve Laboratuvar A.Ş.; İş Girişim Sermayesi portfolio company US target: Crescenta Biosciences Inc. Sector: Biotechnology, drug development and clinical research Stake acquired: 50.1% Investment amount: $24 million Transaction structure: Majority stake acquisition via capital increase Status: Transaction closed.

Enlila has become the majority shareholder of US-based Crescenta Biosciences by investing $24 million through a capital increase, acquiring a 50.1% stake. This is one of the most concrete recent Turkish company–US biotech target transactions.

Legal and commercial significance: The use of a capital increase rather than a secondary share sale is significant: the $24 million flows primarily to fund the target's growth and R&D rather than as exit proceeds to existing shareholders. Enlila simultaneously obtains economic majority control at 50.1%.

Practice considerations: In US biotech investments, the ownership chain of patents and employee/founder inventions, licenses, clinical research data, FDA processes, and technology transfer agreements with research universities are the core due diligence areas. The shareholders' agreement should address reserved matters, future financing rounds, dilution protection, founder/key scientist retention, IP assignment, drag/tag rights, and exit mechanisms in detail. Depending on the nature of the target's technology, a separate review under US foreign investment and national security regulations may also be warranted.

Parties: Bernhard Capital Partners and Bowman Consulting Group Ltd. Sector: Engineering, infrastructure consulting and program management Enterprise value: Approximately $1 billion Price: $43.00 per share in cash Premium: Approximately 58% over the unaffected closing price on August 7 Transaction type: Take-private Expected closing: Q4 2026 or Q1 2027.

Bowman will be acquired entirely in cash by Bernhard Capital and delisted from Nasdaq upon closing. The agreement includes a 35-day go-shop period; Bowman may solicit alternative proposals through September 13, 2026, with provisions allowing the board to accept a "superior proposal."

Legal and commercial significance: This transaction illustrates that private equity is consolidating not only the physical assets of US infrastructure investment but also the engineering and program management platforms that service those projects. The 58% premium and go-shop mechanism are strong elements designed to reduce the target board's fiduciary-duty risk in the sale process.

Practice considerations: Full documentation of the go-shop process, superior proposal/fiduciary-out provisions, and the termination fee mechanism are critical. For Bowman, due diligence should center on public infrastructure contracts, professional engineering licenses, project error and professional liability files, clients' change-of-control rights, and retention of key engineers.

Acquirer: Archer Aviation Inc. Seller: The Boeing Company Entities being transferred: Wisk Aero, Insitu and SkyGrid Sector: Aviation, eVTOL, defense drones, AI and autonomous flight Cash transaction value: Undisclosed Consideration: Boeing will receive approximately 19.75% of Archer's Class A shares prior to closing and will gain the right to appoint one board member. Expected closing: By end of 2026.

Archer will acquire Boeing's autonomous electric aircraft developer Wisk, defense drone company Insitu, and airspace software company SkyGrid. Boeing and Archer will also enter into a technology sharing agreement under which Boeing will retain access to Wisk's core autonomous flight technology. Insitu's annual revenue is reported to exceed $200 million.

Legal and commercial significance: The transaction is a combination of triple carve-out, strategic equity investment, and technology license/collaboration rather than a straightforward cash acquisition. Archer adds a revenue-generating defense drone platform alongside its early-stage eVTOL operations, while Boeing becomes a significant minority shareholder of Archer economically.

Practice considerations: IP will be the most critical contractual area: which portion of Wisk's autonomous technology transfers exclusively to Archer, which technology Boeing may use in which fields, and who owns future jointly developed IP must be clearly defined. For Insitu, US defense contracts, security clearances, export controls, and government-contract novation processes; for Wisk, the FAA certification process must each be managed separately. Given Boeing's 19.75% stake and board seat, a corporate governance protocol addressing information sharing and competing activities will also be important.

Acquirer: Kyndryl Holdings Inc. Target: Healthcare IT Leaders LLC Sector: Health technology, enterprise IT, health system software and AI Transaction value: Undisclosed Expected closing: Kyndryl's fiscal Q2 2027.

Kyndryl has agreed to acquire Healthcare IT Leaders, which provides consulting and application-managed-services to US hospitals and health systems. Kyndryl aims to combine its infrastructure and AI capabilities with the target's expertise in clinical, operational, and workforce applications on a single platform.

Legal and commercial significance: The transaction moves Kyndryl from a traditional IT infrastructure outsourcing provider toward a vertical platform capable of serving health institutions across the application layer and AI transformation. Given the high regulatory density of the healthcare sector, the quality of acquired customer contracts may matter more than revenue size alone.

Practice considerations: HIPAA, Business Associate Agreements, PHI/patient data protection, cybersecurity, EHR systems, third-party software licenses, and assignment provisions in customer contracts are the core review areas. Following closing, separate governance standards for data access rights and AI use during migration of customer data to Kyndryl infrastructure should be established.

Parties: Nasdaq-listed SAIHEAT Limited and US-based Canopy Wave Inc. Sector: AI inference, GPU cloud and data center infrastructure Transaction type: Share-for-share merger Reference valuations: Canopy Wave $60 million, SAIHEAT $40 million pre-money equity value Concurrent financing: Approximately $4.5 million private placement Expected closing: End of 2026.

Following the merger, Canopy Wave will become a wholly owned subsidiary of SAIHEAT; the listed company will be renamed Canopy Wave Holdings Inc. with Nasdaq ticker CWAV. Former Canopy Wave shareholders are expected to hold approximately 54.19% economic interest and 78.44% voting rights in the combined company. Management will also pass to Canopy Wave founders.

Legal and commercial significance: Although SAIHEAT is the legal acquirer, the transaction has the economic characteristics of a reverse merger given that Canopy shareholders will obtain economic majority and very strong voting control and take over management. This provides a private AI company with access to a public company infrastructure.

Practice considerations: Nasdaq initial-listing approval, SAIHEAT shareholder approval, and completion of the $4.5 million private placement are interdependent closing conditions. Given the 78.44% voting control, minority shareholder protections, related-party transactions, independent board composition, and future capital raises must be clearly designed. GPU leasing agreements, AI customer data, cybersecurity, and export controls will be the core areas of technology due diligence.

Parties: Samsung SDI and General Motors Target: SDI-GM Synergy Cells Holdings Sector: EV batteries and energy storage systems GM stake to be transferred: 49.99% Transaction value: Undisclosed New structure: Samsung SDI will hold 100%.

Samsung SDI has announced it will acquire GM's 49.99% stake in their Indiana battery joint venture, ending the partnership. The JV was originally established with an annual production capacity of 27 GWh and a 2027 mass production target. Samsung plans to serve the rapidly growing energy storage system (ESS) market — beyond EVs — from the facility it will fully control. GM and Samsung will continue technology collaboration on next-generation prismatic batteries despite the end of the equity partnership.

Legal and commercial significance: This is not a simple liquidation of a failed JV; it represents a conversion from joint control to sole control and a partial reorientation of the investment thesis from EV to ESS. Notably, the strategic R&D relationship is being preserved even as the equity partnership ends.

Practice considerations: Termination of the JV Agreement, future use rights of IP provided by GM or jointly developed, construction contracts, supplier orders, employees, and land rights must be separated. Whether changes in ownership or intended use of the facility trigger clawback provisions in federal or state incentives received for the facility should be examined separately. The foreground/background IP distinction in the continuing technology development agreement with GM will be particularly critical.

Target: Canada-based H&R Real Estate Investment Trust Parties: GO Residential REIT; Blackstone; PSP Investments; Crestpoint and other investors Sector: Real estate and REIT Total transaction value: Approximately CAD 6.7 billion / USD 4.81 billion Transaction type: Break-up / partial portfolio transfer and restructuring Expected closing: Q4 2026.

Rather than being sold to a single buyer, H&R will be broken up with different portions of its portfolio transferred to different investors. GO Residential will acquire H&R's US residential portfolio; a group including Blackstone, PSP, Crestpoint, and CEO-affiliated investors will acquire the remaining assets. The transaction values H&R at CAD 12.01 per unit, representing approximately a 14.5% premium to the prior closing price. The 27 properties to be acquired by GO Residential are valued at approximately $2.8 billion.

Legal and commercial significance: This is a portfolio break-up transaction rather than a classic share deal. Distributing different asset groups of a company to the most economically appropriate buyers separately is an important M&A technique for eliminating the "conglomerate discount" in holding/REIT value.

Practice considerations: A detailed allocation schedule showing which debts, mortgages, lease agreements, joint venture interests, and third-party consents transfer to which buyer must be prepared for each property. Debt assumptions, transfer taxes, REIT tax status, shared services agreements, and whether closings are interdependent must also be addressed. Given the multi-investor structure within the Blackstone consortium, governance and capital call obligations should be tied to a separate investor agreement.

On the Turkey side, the most concrete new transaction today is Bulls–Sekuro's 27.18% block stake investment. In the Turkey–US corridor, the notable direct transaction of recent weeks is Enlila–Crescenta: a Turkish investor has obtained majority control of a US biotech company through a $24 million capital investment.

On the US side, three legal themes are emerging: the go-shop and fiduciary-out in the Bowman transaction, the carve-out plus strategic minority investment plus IP collaboration in Archer–Boeing, and the JV exit and transition to sole control in Samsung SDI–GM. The H&R transaction provides a current large-scale example of breaking up a company's assets to different buyers rather than a single-piece sale.