Today's Private Equity Pulse
Blackstone launches its biggest Asia private‑equity fund at $13.1 billion
Blackstone announced the closing of a $13.1 billion fund, its largest ever dedicated to Asian private‑equity investments. The fund aims to back buyouts and growth‑capital deals across the region, underscoring Blackstone’s expanding focus on Asia’s mid‑market opportunities.
Also developing:
By the numbers: Toms Capital acquires significant stake in McCormick
Jack Daniel’s Maker Brown-Forman Rejects $15 Billion Takeover Offer From Sazerac
Brown-Forman, the parent of Jack Daniel’s, turned down Sazerac’s $15 billion cash offer, equivalent to $32 per share. The bid, made by the New Orleans‑based spirits group, would have merged two of the largest U.S. whiskey producers. Brown‑Forman’s board, dominated by the founding family, said the proposal undervalued the company. The rejection leaves the market to wonder about alternative strategic options.
EBay Rejects GameStop's $56 Billion Takeover As 'Neither Credible Nor Attractive'
eBay rejected GameStop’s $56 billion takeover bid, calling it neither credible nor attractive. The board highlighted financing doubts, potential disruption to eBay’s long‑term growth and leadership concerns. eBay’s market value is roughly four times GameStop’s, and its stock has risen 201%...
Blackstone‑Owned Georgia Data Center Accused of Using 30 Million Gallons of Water
Blackstone‑owned Quality Technology Services (QTS) data‑center campus in Fayette County, Georgia, is alleged to have drawn more than 29 million gallons of water—enough to fill 44 Olympic‑size pools—without proper billing. The over‑use triggered low‑pressure complaints from nearby residents and revived scrutiny...
OpenAI Acquires Scottish AI Firm Tomoro in $4 Billion Enterprise Deployment Push
OpenAI has bought Edinburgh‑based Tomoro AI, injecting $4 billion into its newly created OpenAI Deployment Company and bringing roughly 150 deployment engineers into the fold. The deal positions OpenAI to compete more directly with enterprise‑focused rivals such as Anthropic.
Henkel to Acquire Olaplex in $2.06‑Per‑Share Cash Deal
Henkel AG announced it will acquire Olaplex Holdings Inc. in an all‑cash transaction at $2.06 per share. The deal, subject to regulatory approval, includes a $40.44 million termination fee and hinges on Olaplex’s $326.2 million cash balance and $354.8 million term‑loan debt. The...
PRTH Q1 Beats; Stock Undervalued Below 5x FCF
$PRTH just delivered strong Q1 results. Bid is clearly way too low. Without a raise, this is a steal. Revenue up 9%, adj. EBITDA up 13% YoY. FCF matches Q4 levels, confirming the new baseline. Run-rate FCF at $1.34/diluted share vs a...
Dream Finders & Beazer Homes
Dream Finders disclosed a cash offer of $25.75 per share to acquire Beazer Homes, prompting Beazer’s stock to jump from $19 to $25. The target’s management rejected the proposal, citing a book value above $40 per share. The rebuff underscores...
KKR’s $8 Billion Flora Food Carve‑Out Highlights Risks of Corporate Spin‑Outs
KKR paid €6.8 bn ($8 bn) for Unilever’s Flora Food Group in 2018, but the subsequent integration has proved difficult, casting doubt on the allure of corporate carve‑outs. The deal, once hotly contested by Apollo, Blackstone and CVC, now serves as a...
Electra AI and Iron Horse File Updated Materials Ahead of $250M SPAC Merger
Electra AI and Iron Horse Acquisition II Corp filed an updated investor presentation as they move toward a $250 million‑plus SPAC merger. The combined entity, slated to trade as AIBR, would become the world’s first publicly listed pure‑play AI battery intelligence...
Lufthansa Group Acquires Majority (90%) Stake In Italy’s ITA Airways
Lufthansa Group is exercising its option to raise its ownership of Italy’s ITA Airways from 41% to 90%, paying €325 million (about $350 million) in a deal slated for June 2026. The transaction, subject to EU and US antitrust clearance, should close...
Lido Advisors Acquires $1B Jackson Hole Capital
Lido Advisors, a Los Angeles‑based RIA with more than $42 billion in assets under management, has acquired Jackson Hole Capital Partners, a Tulsa wealth‑management firm holding over $1 billion in assets. The six‑person Jackson Hole team will join Lido as partners, bolstering its alternative‑investment capabilities....
Solo Search Funds Closing Gap, Delivering 5x+ Returns
Starting a search fund solo is a good idea. Keep reading... Solo searchers have returned an IRR of 27.4% compared to partnership returns of 40.3% in 2022. Partner search ROI was 3.8x compared to 2.9x for solo searchers in this 2022 study, an...
Long Lake Executes First AI‑Driven $6.3B Take‑Private
Long Lake did the world's first (to my knowledge) AI-driven take private of a public company -$6.3B acquisition -100 year old Amex Global Business travel -Plan to transform it with AI Spoke w CEO Alex Taubman on @NoPriorsPod about it in his first...
Austria’s Norbert Marcher Strikes Deal for EG Südbayern Slaughterhouses
Austria’s family‑owned processor Norbert Marcher has purchased a 51% stake in two EG Südbayern slaughterhouses in Bavaria, assuming sole operational and industrial control. The acquisition positions Marcher as a new entrant in the competitive German meat market while keeping existing supply...
Independent Sponsors Turn PE Gaps Into Higher Multiples
Independent sponsors are arbitrageurs of professionalization. Buy before PE-ready. Make it PE-ready. Sell to PE. Find (and know) the things that PE hates. Do the work to fix said things, and get rewarded (with a higher multiple).
Pantheon Hires CVC's TMT Europe Co-Head for GP‑led Secondaries
Pantheon hires CVC's TMT Europe co-head Leif Lindbäck for GP-led secondaries push Read more here: https://t.co/tgSo9Xoho5 https://t.co/WNPoTKEKAY
The Hidden Mistakes Killing PE Value (And How to Fix Them)
In this episode of the Rural Selection Private Equity Podcast, CFO Paul Brennan shares hard‑won lessons from steering a $250 M manufacturing business through a successful PE‑backed exit. He highlights two hidden mistakes that erode value: (1) private‑equity firms failing to...
EQT Bids JPY 3,000 per Share to Privatize Japan Firm
EQT launches tender offer to take Japan's https://t.co/Eit4nUFkvc private at JPY 3,000 per share Get the full scoop here: https://t.co/6oD8oxrahF https://t.co/8lDZUKv9ka
KKR Sells Copenhagen Residential Portfolio to Pears Global
KKR exits Copenhagen residential portfolio in sale to Pears Global Real Estate Read more here: https://t.co/anwAfHodgx https://t.co/i8UCGqcpLE
Ebay Rejects $56bn GameStop Bid as ‘neither Credible nor Attractive’
GameStop offered to acquire eBay for roughly $56 billion, but eBay’s board rejected the proposal, calling it neither credible nor attractive. The bid, which would have been the largest merger in the e‑commerce sector, was dismissed despite GameStop’s push to diversify...
BMO to Sell Transportation & Vendor Finance Units to Stonepeak, $14.5B Portfolio
BMO Financial Group signed a definitive agreement to sell its Transportation Finance and Vendor Finance businesses—together holding about $14.5 billion of loans—to alternative‑asset firm Stonepeak. The deal includes cash, an earn‑out and a 19.9% equity stake for BMO, and is slated...
Starlink AI Acquisition Corp Closes $100 Million SPAC IPO, Adding New AI Investment Vehicle
Starlink AI Acquisition Corp finalized a $100 million initial public offering, with A.G.P./Alliance Global Partners serving as sole book‑running manager. The blank‑check company will now hunt for AI‑related acquisition targets, underscoring that SPACs remain a financing option despite a cooling equity...
Advent Pushes INNIO IPO to Capture Data‑center Power Demand
Advent files INNIO for Nasdaq IPO, targeting data centre power demand for exit Read more here: https://t.co/qxY0Ct6uIH https://t.co/C3Bs9K3djH
EBay Rejects GameStop’s $55 Billion Takeover Bid
eBay rejected GameStop’s proposal to merge in a cash‑and‑stock transaction valued at roughly $55 billion, describing the offer as neither credible nor attractive. GameStop, a retailer four times smaller than eBay, unveiled the bid last week, sparking confusion over its financing...
EQT Raises Intertek Bid to $12.5bn, Ending War
EQT lifts Intertek offer to $12.5bn in fourth bid, signals end of escalation Read more here: https://t.co/yUmdVcX3hJ https://t.co/Z1nv3XwZW4
Rovio Set for Restructure After Sega Acquisition Disappoints
Sega’s $775 million acquisition of Rovio has underperformed, with the Japanese firm reporting no economic value created. Rovio’s FY2026 sales fell to €181 million (≈$213 million) and are forecast to dip further to €158 million (≈$186 million) in FY2027. The companies are restructuring, scaling back...
Lufthansa Buys Another 49 Percent of ITA
Lufthansa Group announced it will exercise its call option in June to acquire an additional 49% stake in Italy’s flag carrier ITA Airways, raising its ownership to 90%. The €325 million (~$358 million) transaction is slated for completion in the first quarter...
Blackstone’s $1 Billion “Behind-the-Meter” Play: AI Data Centers, Power Scarcity, and the New Infrastructure Arms Race:
Blackstone Tactical Opportunities and Halliburton are investing $1 billion in VoltaGrid, a fast‑growing distributed‑power firm. The deal includes a $775 million capital raise and a $225 million secondary purchase, slated to close mid‑2026. VoltaGrid will use the funds to expand behind‑the‑meter generation for...
TPG Completes $400 Million Acquisition of Optum UK, Owner of EMIS GP IT Platform
TPG closed a $400 million purchase of Optum UK on March 13, 2026, taking control of the EMIS electronic patient record system that serves over half of England’s GP practices. The deal positions the U.S. private‑equity firm at the centre of the...
Blackstone to Acquire Majority Stake in Greece’s Skroutz Marketplace From CVC
Blackstone announced it will purchase a majority stake in Skroutz, Greece’s top online marketplace, from CVC Capital Partners. The deal, whose financial terms were not disclosed, positions Blackstone to expand its digital consumer portfolio across Southeast Europe. Skroutz’s founders will...
Chiron Real Estate Buys Three DC Senior Housing Communities for $425 Million
Chiron Real Estate announced the acquisition of three senior‑housing communities in the Washington, D.C. area for $425 million, its first large‑scale move into a sector driven by aging demographics. The deal underscores growing investor appetite for senior‑living assets as the market...
Quantum Machines Acquires QHarbor, Opens Delft Office to Boost European Quantum Software
Israeli quantum‑control firm Quantum Machines has acquired Dutch startup QHarbor and opened a research office in Delft, expanding its software capabilities and European footprint. The move integrates QHarbor’s automation tools into Quantum Machines’ orchestration platform, signaling deeper consolidation in the...
Financial Due Diligence: 7 Workstreams + 50-Item Checklist
Financial due diligence (FDD) is a buy‑side review that validates earnings, cash flow, working capital and balance‑sheet health before an acquisition closes, delivering an adjusted EBITDA bridge, net working‑capital peg and risk register. The process is organized into seven workstreams—Quality...
Heytesbury Acquires Livestock Express Fleet in Major Live Export Deal
Heytesbury has acquired the Netherlands‑owned Livestock Express, taking control of its 11 purpose‑built livestock vessels, Singapore office and third‑party technical management services. The fleet transports 600,000‑750,000 head of cattle annually, underpinning northern Australia’s live‑export supply chain. Financing was provided by...
Buzzfeed Sold to Late Night Host and Media Mogul Byron Allen
Byron Allen, the CBS late‑night host and owner of Allen Media Group, has purchased a 52% majority stake in Buzzfeed for $120 million, becoming its chairman and CEO. The transaction, funded by $20 million in cash and a $100 million promissory note due...
Payward (Kraken) Acquires Reap
Payward, the parent of Kraken, agreed to acquire Hong Kong‑based payments platform Reap for up to $600 million. Reap provides a single API that links card networks, traditional banking rails and blockchain settlement, giving Payward an instant foothold in the emerging...
Dream Finders Launches $704 M All‑cash Bid for Beazer Homes, Sparking Consolidation Clash
Dream Finders Homes Inc. has submitted an unsolicited all‑cash offer worth about $704 million to acquire Beazer Homes at $25.75 per share, roughly a 40% premium. Beazer’s board rejected the proposal, calling it undervalued, while the bid fuels a broader wave...
Brookfield and GIC Close $4.8 Bn Take‑Private of Australia’s National Storage REIT
Brookfield Asset Management and Singapore’s sovereign wealth fund GIC have finalized a A$6.7 bn ($4.8 bn) cash acquisition of National Storage REIT, marking the largest take‑private of an ASX‑listed REIT. The deal gives the partners control of more than 300 self‑storage sites...
Amazon to Acquire Globalstar for $11.57 B, Adding Satellite‑Cellular Assets to Leo
Amazon announced a binding agreement to buy Globalstar for $11.57 billion, a deal that will give the e‑commerce giant direct‑to‑cellular capabilities for its Leo satellite network. The transaction, slated to close in 2027, includes cash and stock options for Globalstar shareholders...
S‑REIT Acquisitions Jump 83% in Early 2026 as New Financing Opens $4.7bn Deal Flow
Singapore REITs announced 11 acquisition deals worth more than S$6.3 billion ($4.7 billion) in the first four months of 2026, an 83% increase over the same period last year. The surge reflects easier access to capital, highlighted by CapitaLand Integrated Commercial Trust’s...
Sony Music, GIC Near $4 B Deal for Blackstone’s 45,000‑Song Catalog
Sony Music Group and Singapore sovereign wealth fund GIC are in the final stages of a $3.5‑$4 billion acquisition of Blackstone’s Recognition Music Group, a portfolio of roughly 45,000 songs. The deal, built on a joint‑venture framework launched earlier this year,...
BuzzFeed’s Stock More than Doubles as Beleaguered Media Company Gets a Lifeline
BuzzFeed’s shares surged more than 130% in after‑hours trading after the company announced that Allen Family Digital, the family office of media mogul Byron Allen, will acquire a majority stake for $120 million. The deal gives Allen’s entity roughly 52% of...
Payward Raises Capital, Fuels $2.65B Acquisition Spree, Eyes IPO
Payward, the parent company of crypto exchange @krakenfx, is raising new capital at a $20 billion valuation. The fundraising is tied to an aggressive acquisition spree. Most recently, @Payward acquired stablecoin-focused payments firm @reapglobal for $600 million and digital asset derivatives platform...
Universal Acquisition Traits: Recurring Revenue, Motivated Sellers, Fragmented Markets
the acquisition target list: – recurring contracted revenue – motivated seller available – fragmented market position – bank fundable at standard terms these characteristics appear across multiple sectors
Byron Allen Is Buying BuzzFeed, Will Become CEO
Media entrepreneur Byron Allen is acquiring a majority stake in BuzzFeed for $120 million, giving him roughly 52% ownership and the role of chairman and CEO. Founder Jonah Peretti will step down as CEO and assume a new position as president...
Rigorous Due Diligence Transforms Deal Outcomes
the due diligence process: – financials verified independently – customer concentration assessed – key person risks identified – real earnings established preparation here changes outcomes significantly
Know Deal Structures, Keep More Deals Alive
the deal structure options: – vendor finance: seller carries note – 60/40 blend: bank and seller share – rollover equity: seller stays invested – earn-out: performance tied payment understanding these means fewer deals fall over
MBK Partners to Buy Japan's Altemira for $850 Million, Expanding Asian PE Footprint
MBK Partners signed a definitive agreement to acquire 100% of Altemira Holdings from Apollo Global Management for 117.5 billion yen (≈ 1.1 trillion won, about $850 million). The deal, slated to close later this month, gives the South Korean buyout fund a foothold in...
SaaS M&A: Mirisis Says Integration, Not Valuation, Drives True Value
Operating advisor Nicholas Mirisis told a Littleton press briefing that the decisive factor in SaaS mergers is integration, not headline multiples. He warns that without a disciplined post‑deal plan, even multi‑billion‑dollar deals can fall short of expectations.
SAP Announces Dual Acquisitions of Dremio and Prior Labs to Bolster Data Lakehouse and AI Governance
SAP announced on May 4, 2026 that it will acquire Dremio, an Apache Iceberg‑native lakehouse, and Prior Labs, a Tabular Foundation Model pioneer. The moves are designed to give SAP a unified data foundation and tighter AI governance, positioning the company against...