Lockheed Martin has emerged as the frontrunner to acquire Advent International-owned Ultra Maritime in a deal worth around $3.5bn, according to a report by the Financial Times.

Gymshark founder and chief executive Ben Francis is in talks to buy back part of the stake he sold to General Atlantic, as he looks to increase his control of the UK fitness apparel business, according to a report by the Financial Times.

Global dealmaking reached a record $2.8tn in the first half of the year, driven by a surge in mega takeovers as companies pursued strategic acquisitions despite geopolitical uncertainty and market volatility, according to a report by the FT.

Australian supermarket group Coles has confirmed it is in talks to acquire Greencross Pet Wellness from US private equity firm TPG, according to a report by Reuters.

Perpetual has rejected a takeover proposal from Windflower, a company indirectly controlled by Swedish private equity firm EQT, which valued the Australian fund manager at around AUD2.5bn ($1.7bn), according to a report by Bloomberg.

Brookfield Asset Management expects contracts combining clean energy generation with battery storage to increasingly replace standalone solar and wind deals, as corporate power buyers seek more reliable supply and protection against price volatility, according to a report by Bloomberg.

Bridgepoint has agreed to acquire Kayne Anderson’s real estate business in a deal valued at around $1.4bn, as the firm looks to diversify its earnings and expand its international footprint, according to a report by Reuters.