Phoenix backs virtual school; Kindred Ventures leads Architect Labs seed round

Deal Wrap is updated as of 3 p.m. ET.

- Phoenix Equity Partners Ltd. invested in UK-based online school Minerva's Virtual Academy Ltd.

- Magnesium Capital LLP reached a deal to sell Cyberhawk, a UK-based provider of drone-based inspection and visual data management software, to Ondas Inc. for about $125 million. Lincoln International LLP served as financial adviser to Cyberhawk shareholders, while Reed Smith LLP acted as legal adviser to Cyberhawk and Magnesium Capital.

- Brookfield Business Corp. will sell Multiplex Global Ltd., a UK-based construction company, to Obayashi Corp. in a $650 million deal that includes about $530 million in cash proceeds at closing and an earnout based on future business performance.

- Kindred Ventures LLC led a $24 million seed funding round for Architect Labs, a foundational lab that seeks to accelerate custom silicon development. Investors including TQ Ventures, Race Capital and Together Fund also joined the round.

Disclaimer: This content may be AI-assisted and is composed, reviewed, edited and approved by a human at S&P Global.

For more private equity deals, read our latest In Play report, which looks at potential private equity-backed M&A, including rumored transactions, each week.