Today's Private Equity Pulse
French telecom giants in exclusive talks to buy SFR for $22B
Bouygues Telecom, Iliad‑Free and Orange are in exclusive negotiations to acquire Altice France’s SFR for an estimated €20.35 billion (≈$22 billion). The consortium would split assets, with Bouygues taking the B2B unit and 42% of the purchase price, Iliad‑Free 31%, and Orange 27%.
Also developing:
Once Close Enough for an Acquisition, Stripe and Airwallex Are Now Going After Each Other
Airwallex rejected Stripe's $1.2 billion acquisition bid when it was pulling $2 million in revenue, opting to stay independent. Since then the Melbourne‑based fintech has surged to over $1.3 billion in annualized revenue, 85% year‑over‑year growth, and processes roughly $300 billion in transactions. By amassing close to 90 financial licences across 50 markets, it can hold funds locally and cut 2‑3% foreign‑exchange fees that Stripe typically charges. The two firms, once merger candidates, are now head‑to‑head as Airwallex eyes a U.S. push and Stripe expands globally, despite a valuation gap of roughly twenty‑fold.
Precision Aerospace Files Amended S‑4 for SPAC Merger with FACT II
Precision Aerospace & Defense Group, Inc. and SPAC sponsor FACT II Acquisition Corp. announced today that they have filed an amended registration statement on Form S‑4 with the SEC. The amendment updates the prospectus for the proposed business combination that...
MPE Partners and SKB Cases Acquire Nanuk, Boosting Specialty‑Case Portfolio
MPE Partners, the Morgenthaler Private Equity firm, and its portfolio company SKB Cases announced the acquisition of Nanuk Protection Equipment Inc., a Quebec‑based maker of high‑end injection‑molded protective cases. The transaction, financed by Apogem Capital, positions the combined platform to...
Bain Capital Sells Korea Zinc Stake to Meritz for $350 Million, Reshaping Shareholder Alliances
Bain Capital has sold its entire Korea Zinc stake to Meritz Securities for 514.1 billion won ($350 million), triggering a reshuffle of the contested shareholder bloc backing the smelter’s chairman. The deal comes as Hanwha Group eyes a $1.7 billion exit amid a...
UCB to Acquire Neurona Therapeutics for Up to $1.15 Billion, Boosting Epilepsy Portfolio
Belgian biopharma UCB announced a deal to buy U.S.‑based Neurona Therapeutics for up to $1.15 billion, with $650 million paid upfront and up to $500 million in milestones. The acquisition strengthens UCB’s epilepsy franchise and is expected to lift adjusted EBITDA into the...
International Paper to Buy NORPAC for $360 Million, Boosting West Coast Capacity
International Paper announced a $360 million deal to acquire North Pacific Paper Company (NORPAC) from One Rock Capital Partners. The Longview, Washington mill adds roughly one million tons of containerboard capacity and will broaden IP’s recycled packaging portfolio in the western...
Leaving Top PE for Independent Deals: High Risk, Higher Reward
How risky is it really to leave a top-paying PE firm to become an independent sponsor and buy a $2-10M EBITDA business yourself? (Think of people working at Warburg Pincus, Vista Equity, KKR, Bain, Carlyle, TPG, Hellman & Friedman, Apollo.) I read...
What Does Someone Who's Been in Private Equity Since 1981 Actually Think About Where It's Headed?
The video features a private‑equity veteran who began investing in 1981, reflecting on how the industry has transformed from a niche, low‑percentage allocation to a dominant force in capital markets. He outlines the foundational lessons learned in the early days—particularly...
The Hidden Tax Strategy Behind the Unilever–McCormick Merger
The video dissects the Unilever food‑business spin‑off that is being merged with McCormick through a reverse Morris trust (RMT), a hybrid spin‑off‑and‑merger structure that preserves tax‑free status. Professor Emily Feldman explains how the RMT forces the spun‑off unit to own...
Why Most Private Equity Firms Fail to Stand Out
The video examines why most private‑equity firms fail to stand out, especially as competition for GP‑stakes among upper‑market players intensifies. It questions the need for another middle‑market firm and stresses that differentiation is no longer optional. Key insights include the inadequacy...
HEC Academy Summer School | Mergers & Acquisitions
The HEC Academy Summer School offers an intensive M&A program in Paris, aimed at participants with solid accounting, corporate finance, and economics backgrounds, preparing them for investment banking, corporate development, and advisory roles. The curriculum blends strategy, finance, and legal negotiation,...
Pat McGrath Labs Exits Bankruptcy With a New Owner
Pat McGrath Labs has emerged from Chapter 11 after a U.S. judge approved a restructuring that places Florida‑based GDA Luma in control. The firm provided a $30 million bankruptcy financing package, while founder Pat McGrath returned as chief creative officer. The brand, once...
REPAY Confirms Receipt of Unsolicited, Non-Binding Proposal From Forager Capital Management
Repay Holdings Corp. (NASDAQ: RPAY) disclosed that it has received an unsolicited, non‑binding cash offer from shareholder Forager Capital Management to acquire all outstanding shares at $4.80 per share. The board will review the proposal with financial and legal advisors,...
Thompson Street Capital Partners Exits Data Dimensions in Deal with One Call
Thompson Street Capital Partners announced the sale of its portfolio company Data Dimensions to One Call, a technology‑enabled leader in workers' compensation services. While financial terms were not disclosed, the deal integrates Data Dimensions' EDI clearinghouse capabilities into One Call's...
HR Path Acquires Brazil's GDT Brasil to Bolster Global HR Consulting Footprint
HR Path announced the acquisition of GDT Brasil, a Brazilian management and strategy consultancy, expanding its presence to 29 countries and over 2,600 professionals. The deal deepens HR Path's service offering in change management and human‑capital strategy, building on its...
African American-Focused Radio Pair Are Sold
An asset purchase agreement has been filed to transfer ownership of two AM radio stations and their associated FM translators, both serving African American audiences. The buyer has signaled that programming will remain unchanged, preserving the stations' current format. The...
Arxis: Critical (Aerospace) Provider Flies Off
Arxis debuted on the NYSE with a 39% first‑day jump, pushing its market cap to roughly $17 billion. The company follows a TransDigm‑style roll‑up model, targeting mission‑critical aerospace components through acquisitions, pricing leverage, and operational efficiencies. Despite the lofty valuation—about 10×...
HYBE, SM, JYP, YG Form Joint Venture to Launch Global K‑Pop Festival “Phenomenon”
HYBE, SM Entertainment, JYP Entertainment and YG Entertainment have filed a joint venture with the Korea Fair Trade Commission to create a new corporation that will produce the global K‑Pop festival “Phenomenon.” Led by J.Y. Park, the venture plans a...
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European Wax Center, Inc. (EWCZ) shareholders will vote on May 7, 2026 to approve a merger with a subsidiary of Glow Midco, an affiliate of General Atlantic. If approved, each EWCZ Class A share converts to a right to receive $5.80 in cash,...