DCM
SoftBank Group
Retail bonds
JPY600bn
April 2025
M&A
NTT turning NTT Data Group into wholly owned subsidiary via tender offer
JPY2.4trn
May 2025
M&A / Acquisition & Leveraged Finance
Acquisition of Kereis (France) from Bridgepoint Group (UK) by Advent International (US) and associated financing
Not disclosed / €1.1bn
May 2025
Acquisition & Leveraged Finance
LBO finance in relation to KKR (US) acquisition of OSTTRA Group (UK)
$1.8bn
May 2025
M&A
Privatization of Toyota Industries via tender offer by Toyota Motor and Toyota Fudosan, and share buyback by four related group companies
Total: JPY9.9trn
June 2025
ECM
HDB Financial Services (India)
Initial Public Offering
INR125bn
June 2025
ECM
Chime Financial (US)
Initial Public Offering
$994m
June 2025
DCM
Debt Management Office (UK)
Gilt Bond
£5.5bn
June 2025
DCM
NTT Finance
USD-denominated bonds / EUR-denominated bonds
$11.3bn / €5.5bn
July 2025
ECM
KOKUSAI ELECTRIC
Follow-on Offering (ABB)
JPY90.9bn
July 2025
ECM
Anthem Biosciences
Initial Public Offering
INR34.0bn
July 2025
M&A / Acquisition & Leveraged Finance
Blackstone Group (US)’s tender offer to make TechnoPro Holdings a wholly owned subsidiary and associated finance deal
JPY475.0bn / Not disclosed
August 2025
M&A
NTT Docomo’s offer to take SBI Sumishin Net Bank private (tender offer and share buyback from SBI Holdings)
JPY239.5bn
August 2025
ECM
Orion Breweries
Initial Public Offering
JPY26.9bn
September 2025
ECM
StubHub Holdings (US)
Initial Public Offering
$800m
September 2025
DCM
Republic of Italy
Sovereign debt
€18.0bn
September 2025
DCM
ZENSHO HOLDINGS
Series 1 Bond-Type Class Shares
JPY50bn
September 2025
M&A / Acquisition & Leveraged Finance
Ontario Teachers’ Pension Plan (Canada)’s acquisition of Donte Group (Spain) from Advent International (US) and associated finance deal
€1.0bn / €620m
September 2025
M&A
Sumitomo Corp’s deal to take SCSK private
JPY881.8bn
October 2025
M&A
Gutsche Family Investments and other investors’ sale of a stake in Coca-Cola Beverages South Africa to Coca-Cola HBC (Switzerland)
$3.7bn
October 2025
M&A
Blackstone’s acquisition of a minority stake in Federal Bank (India)
INR 61bn ($706m)
October 2025
M&A
Vauban Infrastructure Partners’ acquisition of Towerlink (France) from Cellnex (Spain)
€391m
October 2025
M&A
Spin-off of Sony Financial Group by Sony Group
JPY1,038.8bn
Completed in October 2025
DCM
SoftBank Group
USD-denominated hybrid bonds / Retail bonds
$2.0bn / JPY500bn
October / November 2025
M&A / Real Estate Advisory
Sapporo Holdings’ sale of Sapporo Real Estate to KKR and PAG
JPY504.7bn
December 2025
M&A
Asahi Group’s acquisition of Diageo Kenya and a stake in UDV (Kenya) from Diageo (UK)
Total: $3.0bn
December 2025
M&A
JFE’s acquisition of a stake in Bhushan Power & Steel (India) from JSW Steel (India)
INR 157bn ($1.8bn)
December 2025
ECM
SBI Shinsei Bank
Initial Public Offering
JPY370.2bn
December 2025
ECM
Toyoda Gosei
PO
JPY115.1bn
December 2025
ECM
Medline (US)
Initial Public Offering
$7.2bn
December 2025