Today's Private Equity Pulse

Exxon eyes $42B Woodside deal to boost LNG portfolio
ExxonMobil is in early‑stage talks to acquire Australia’s Woodside Energy in a transaction valued at about $42 billion. The move would expand Exxon’s liquefied natural gas portfolio and strengthen its presence in Asian markets, following its recent $60 billion purchase of Pioneer Natural Resources.
Also developing:
By the numbers: Qualitas acquires European lender Starz
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 clearly explain how their requests drive equity value, leaving management “deer‑in‑headlights,” and (2) neglecting quarterly exit‑readiness prep, which makes the final sale process a marathon. Brennan also points out what works well—top‑tier finance talent and robust FP&A tools that turn operators into business managers—illustrating how a disciplined data strategy and early integration committees can unlock growth, as seen in the Dutchland acquisition.

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...
Biggest Conglomerate Mergers in History (+ 2026 List)
The article lists the ten largest historic conglomerate mergers, totaling over $211 B, highlighted by Berkshire Hathaway’s $37 B purchase of Precision Castparts in 2015. It also ranks the biggest conglomerates by Q1 2026 market capitalization, with Microsoft at $3.10 T and Alphabet at...
15 Biggest M&A Failures of All Time (Updated 2026)
A new analysis ranks the 15 biggest M&A failures, which together wiped out more than $400 billion in shareholder value. The list is led by the $65 billion AOL‑Time Warner merger and includes high‑profile deals such as Daimler‑Chrysler, Sprint‑Nextel, HP‑Compaq and the...
EXEC: WS WeSports Group AB Expands Stakes in SkiCom Sweden AB and Bikelease AB
WS WeSports Group AB has increased its ownership in two specialist subsidiaries, raising its stake in SkiCom Sweden AB from 51% to 80% and acquiring 100% of Bikelease AB, which it previously held at 60%. The transactions were executed at...
NewRez Parent Rithm Capital Preps Note Offering
Rithm Capital, the parent of mortgage‑servicing firm NewRez, announced a $500 million 144A senior note offering aimed at qualified institutional buyers. The unsecured notes received a speculative‑grade B‑minus rating from S&P, one notch below the company’s issuer rating, reflecting concerns over...

“Enduring Power of Great Music” On Display as Sony Gobbles up the Former Hipgnosis Business in $4 Billion Deal
Sony Music Publishing has completed a deal to acquire the entire music‑rights portfolio of Recognition Music Group, the Blackstone‑owned successor to Hipgnosis. The transaction covers more than 45,000 songs by artists such as Beyoncé, Lady Gaga and Mariah Carey and is estimated...

Beltone VC and Citadel Exit Bosta with 75% IRR
Beltone Venture Capital and UAE‑based Citadel International exited their joint investment in Egyptian logistics startup Bosta, generating a 75% internal rate of return. The deal marks Beltone's fifth exit since its 2023 launch and the second through the Beltone‑Citadel fund....

Fuse Launches Fuse Venture Partners III, for Undisclosed Target Size
Fuse Venture Partners announced the launch of its third venture fund, Fuse Venture Partners III, without disclosing the target capital amount. The new vehicle follows two prior funds that attracted notable limited partners such as the Argyros Family Foundation and...

Cantaloupe-365 Deal Targets Fast-Growing Unattended Retail Market
The acquisition of Cantaloupe by 365 Retail Markets is now complete, merging Cantaloupe’s payment‑processing and connected‑vending expertise with 365’s self‑checkout and POS platforms. The combined firm will expand into sports venues, transit hubs, manufacturing campuses and senior‑living communities, targeting the...

Capital Calls Get an AI Overhaul
Allvue, a fund‑administration software provider, and professional services firm RSM have unveiled a new agentic AI operating model designed to overhaul capital‑call processes. The AI platform automates routine fund workflows, reduces manual data entry, and delivers more transparent communications to...
Roc Partners Launches Precision Poultry Roll‑up to Challenge KKR’s ProTen
Roc Partners announced the creation of Precision Poultry, a roll‑up platform that will acquire U.S. broiler growers to build a national competitor to KKR’s ProTen. The launch follows Roc’s exit from ProTen a year earlier and signals fresh consolidation activity...

GameStop’s Unusual and Complex Bid for eBay – The Special Situations Report Episode 66
Episode 66 of the Special Situations Report podcast dives into four headline‑making deals. The most eye‑catching is GameStop’s unexpected all‑cash bid to acquire eBay, a move that could reshape two struggling retailers. The show also examines an Italian conglomerate’s purchase...
“Twiggy” Pulling Out of Rare Earths? The Real Story Is Much Bigger.
Wyloo Metals, the private vehicle of mining magnate Andrew Forrest, has not abandoned the Yangibana rare‑earths project but has shifted from financing partner to 60% owner and operator. The firm recently sold its Neo Performance Materials shares for roughly C$165.5 million...
The Business Owner’s Succession Timeline: Planning Your Exit, Step by Step
Sequoia Financial Group outlines a multi‑year succession roadmap that starts 5–10 years before an owner’s exit and culminates in a coordinated post‑sale transition. The framework blends business valuation, tax structuring, leadership development, and estate planning to preserve value and legacy....

Cognesense Buys Pyroban, Pyropress, Ex-Tech, Petrel and Ex Solutions
Cognesense announced the acquisition of five UK‑based firms—Pyroban, Pyropress, Ex‑tech, Petrel and Ex Solutions—adding ATEX and IECEx‑certified explosion‑protection capabilities to its portfolio. The purchases integrate with existing divisions such as Varec and L&J Technologies, preserving all customer contacts, products and...

Brookfield to See ‘Largest Fundraising Year Ever’ in 2026, Says CEO Teskey
Brookfield Asset Management expects 2026 to be its largest fundraising year, according to CEO Craig Teskey. Year‑to‑date, the firm has secured $6 billion for its seventh flagship private‑equity fund, roughly half of the $12.5 billion target. The rapid capital accumulation reflects strong...

MFIC Defaults Surge; Apollo Seeks Private Buyer
MFIC defaults jumped from 3.9% to 5.3% in one quarter. Stock at 0.85x NAV. Mostly stopped new lending. Using cash from repayments to buy back stock and pay down debt. Now Apollo is trying to sell it. This is what BDCs do...

Lowball PE Bid Rejected, Expect 20%+ Upside
Highly asymmetric. One month timeline. Two PE firms lob a lowball bid. Management rejects immediately. Deal was dead on arrival, hard to believe they weren't prepared for round two. 20%+ bump likely. Only 6-10% downside. Full pitch on SSI 👇 https://t.co/QmQFVu9WoU

DBJ Asset Management Actively Pursuing New GP Partnerships
DBJ Asset Management announced it will broaden its buyout exposure in 2026 by seeking new general‑partner (GP) relationships. The firm aims to allocate additional capital to mid‑market private‑equity deals, particularly in North America. DBJ plans to co‑invest alongside GPs, targeting...