Today's Private Equity Pulse
DOJ clears $111bn Paramount‑Skydance and Warner Bros Discovery merger
The U.S. Department of Justice approved the $111 billion merger of Paramount Skydance and Warner Bros Discovery, clearing a major antitrust hurdle. The deal is expected to generate $6 billion in synergies, though it still faces a UK competition investigation.
Also developing:
By the numbers: Qualitas expands into Europe with Starz acquisition
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 limited‑partner demand for Brookfield’s diversified, multi‑asset platform. Achieving the full target will position Brookfield to pursue larger, more complex transactions across its global investment portfolio.
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...
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...
Technology Is Helping PE Investors Tap Into Sports Fandoms, Says Dynasty Equity’s Don Cornwell; Why Dealmakers Should Never Skip an...
Dynasty Equity CEO Don Cornwell says technology is reshaping private‑equity investment in the sports ecosystem. Advanced data analytics, digital ticketing and fan‑engagement platforms let investors monetize fandoms more precisely than ever. Cornwell highlights that Dynasty’s portfolio—from franchise ownership to league‑adjacent...
Apollo Is Buying Two Trade Show Companies and Merging Them in a $1.5 Billion Deal
Apollo Global Management announced a $1.5 billion acquisition of trade‑show operators Emerald Holding and Questex, merging them into a single B2B events platform. Emerald shareholders will receive $5.03 per share, a 42.1% premium, while the price for Questex remains undisclosed. The...
Mayfair Equity Partners to Sell OVO Retail Energy Business to EON
Mayfair Equity Partners has agreed to sell its OVO retail energy business to German utility E.ON. The transaction includes OVO's operating company, its approximately 1.5 million UK residential customers, and the OVO brand name. While the financial terms were not disclosed,...
H&K Services B.V. Acquired by Svanehoj
Svanehoj, the Danish marine pump specialist, acquired Dutch firm H&K Services B.V. on May 1, 2026, expanding its marine service and aftersales footprint in the Benelux region. H&K will operate under the Svanehoj EPS brand from its Stellendam workshop, located near the...
Blackstone to Acquire Skroutz in $74 Million Deal
Blackstone’s private‑equity funds have signed a definitive agreement to buy a majority stake in Greece’s leading online marketplace Skroutz for an enterprise value of €635 million (about $747 million). Skroutz, founded in 2005, hosts over 26 million products from roughly 9,000 merchants and...
Caesars to Operate Westgate SuperBook, Consolidating Vegas Sports‑Betting
Caesars Entertainment announced it will assume operational control of the Westgate SuperBook sportsbook, pending regulatory approval and slated for completion before the upcoming football season. The move folds one of Las Vegas’s most storied independent books into Caesars’ growing sportsbook...
Kansas Veterans Hit by Oracle‑Cerner EHR Rollout, $33 B VA Cost Overruns
Oracle’s management of the Department of Veterans Affairs’ $10 billion electronic health record contract, inherited from its 2022 $28.4 billion acquisition of Cerner, has led to cost estimates exceeding $33 billion and service disruptions for Kansas veterans. The fallout includes more than 500...
Stabilus SE Sells Fabreeka and Tech Products to VMC Group for $92 M, Keeps FY26 Outlook
Stabilus SE announced the sale of its Fabreeka and Tech Products subsidiaries to VMC Group for about $92 million, with closing expected in Q3 of fiscal 2026. Proceeds will be used to reduce debt and strengthen the balance sheet, and the...
Sony Strikes Almost $4bn Deal to Buy Blackstone’s Portfolio of Music Rights
Sony Music Publishing agreed to acquire Blackstone’s music‑rights portfolio for close to $4 billion, marking one of the largest deals in the entertainment‑rights market. The transaction includes a catalog of roughly 100,000 songs that generate around $300 million in annual royalties. The...
Providence Equity-Backed 365 Retail Markets Acquires Retail Tech Firm Cantaloupe
Providence Equity‑backed 365 Retail Markets announced the acquisition of Cantaloupe, a retail‑technology provider headquartered in Troy, Michigan. The deal adds Cantaloupe’s software suite to 365’s existing portfolio of point‑of‑sale and inventory solutions. While financial terms were not disclosed, the move...
Apollo Funds to Acquire Emerald and Questex, Combine Companies
Apollo’s private‑equity funds have agreed to acquire Emerald Holding in an all‑cash deal valuing the company at roughly $1.5 billion, with shareholders receiving $5.03 per share, a 42.1% premium. The transaction also brings Questex into the fold, though its purchase price...
Private Equity Lashes Out at New Research on Carried Interest
The Treasury’s new analysis estimates that reclassifying carried interest as ordinary income could add about $200 billion in annual tax revenue. Private‑equity and venture‑capital firms have launched a coordinated backlash, arguing the change would undermine incentives for long‑term investment. Lawmakers on...
Mundane Businesses Can Become Multi‑billion Roll‑up Successes
Did you know that Chicago accountant Larry Gies bought his first company by maxing out 10 credit cards and borrowing $50,000 from a high school friend? He eventually built Madison Industries into a platform generating more than $5B in revenue by...
Blue Owl Trims Software Sector Exposure
Alternative asset manager Blue Owl Capital is cutting its software exposure in its flagship private credit vehicle, dropping the share of software assets from 19% to 16% in the first quarter. The reduction reflects natural loan repayments and a deliberate...
Acquisition Breaks the Revenue Ceiling and Expands Growth
the single unit ceiling is real: – revenue plateaus at a point – growth requires more personal effort – margins face consistent pressure – exit options remain limited acquisition is one way to address the ceiling structurally
Side Letter: Stress Test
The latest Side Letter briefing notes that the mid‑market private‑equity sector remains broadly resilient, though isolated stress points persist. Carlyle highlighted its robust liquidity position, emphasizing ample cash buffers and credit lines. KKR attributed a recent 15‑times return on an...
Build Early Rapport with Sector‑Savvy Lenders
the lender relationship: – understand criteria early – clarify sector appetite – establish rapport before needing – present with preparation lenders who know your sector are valuable partners
Investor Intentions: DBJ Asset Management Actively Pursues New GP Partnerships
DBJ Asset Management (DBJAM) announced it will expand its private‑equity exposure in 2026, actively courting new general‑partner (GP) relationships. The initiative is part of a broader push to diversify the firm’s portfolio and capture higher‑return opportunities in private markets. DBJAM...
Sango Capital Closes $120m Secondary Transaction
Sango Capital closed a secondary transaction acquiring over $120 million net asset value across four African funds from an institutional investor rebalancing its global portfolio. The deal was financed with Sango’s own capital and additional commitments from commercial investors, including first‑time...
Why Hailey Bieber Refused to Sell Rhode for Less than $1 Billion
Hailey Bieber sold her skin‑care label Rhode to e.l.f. Beauty for $1 billion in May 2025, a price she set as a non‑negotiable goal. The deal, concluded just three years after Rhode’s launch, keeps Bieber on board as founder, Chief Creative Officer,...
Diversify via Acquisition to Spread Business Risks
the consequence of staying at one business: – one income stream – one bad year from real trouble – one buyer at exit – modest multiple – their terms acquisition distributes every one of those risks
Constellation Software Embraces Large Partial Equity Investments
Constellation Software on taking partial equity stakes instead of outright acquistions: "So I think if we had the opportunity to invest a large amount of capital in a great business, over the long term, we are absolutely willing to do...
JinkoSolar Sells 75% Majority Stake in US Manufacturing Business
JinkoSolar has sold a 75.1% stake in its U.S. manufacturing arm, Jinko Solar (US) Industries, to private‑equity firm FH Capital while retaining a 24.9% minority interest. The Jacksonville, Florida plant currently produces 2 GW of solar modules and is slated for...
Legora Buys Graceview, Adding AI‑Powered Regulatory Monitoring
Legora has acquired Australian regulatory‑tech startup Graceview, integrating its real‑time monitoring engine into Legora’s collaborative legal platform. The deal, announced alongside a $50 million Series D extension that lifted Legora’s valuation to $5.6 billion, aims to give law firms and corporate legal departments...
High-Profile Virginia Winery to Be Acquired by Start-Up
Veritas Legacy Partners LLC, a newly formed investment vehicle led by health‑tech architect Kurt Wassenaar and real‑estate investor Eric Trebour, will acquire Veritas Vineyards & Winery in Nelson County, Virginia, with closing expected in early summer 2026. The winery’s British...
Amex Global Business Travel: The World’s First AI Take Private with Long Lake CEO Alexander Taubman
Long Lake CEO Alexander Taubman discusses the company’s groundbreaking AI‑driven take‑private of Amex Global Business Travel for $6.3 billion, positioning it as possibly the world’s first AI‑powered roll‑up. He explains how Long Lake’s Nexus platform, a shared AI infrastructure, automates workflows,...
M&G Spies Opportunities at Borders of Europe’s Defence Push
M&G’s private‑markets chief Emmanuel Deblanc says private equity can help Europe meet its defence ambitions by funding energy‑resilience projects, accelerating tech development and repurposing existing factories for defence production. He argues that capital‑rich investors are uniquely positioned to bridge gaps...
InsideArbitrage Event Driven Monitor – May 11, 2026
The May 11 InsideArbitrage roundup highlights several high‑profile merger arbitrage moves, including Two Harbors raising its cash offer to $12 per share for CrossCountry Mortgage and SkyWater shareholders approving a merger with quantum‑computing firm IonQ. Deal completions this week feature General...
Ooh Media Auction Lifts the Unmade Index
Ooh Media announced a second takeover offer from private‑infrastructure investor I Squared Capital, valuing the company at roughly $508 million USD. The bid lifted Ooh Media’s share price 7.14% to $1.35, pushing its market capitalisation to about $470 million USD, the first...
Coller Emerges as Sole Lead on Verdane’s €600m-Plus Multi-Asset CV
Coller Capital has been appointed the sole lead investor for Verdane’s multi‑asset continuation vehicle, which targets more than €600 million (approximately $650 million) of assets. The transaction is co‑underwritten by StepStone, adding further capital support. Included in the portfolio is the Arrive...
AI M&A Surges as Software Captures Nearly Three-Quarters of North American Deals
Artificial intelligence‑related mergers and acquisitions in North America surged to a record 1,634 deals between 2021 and 2025, with 2025 alone seeing 589 transactions—a 57% year‑over‑year jump. AI’s share of total M&A climbed from roughly 2% in 2021‑2022 to over...
Lachy Groom’s Investment Vehicle Leads $20M Investment in Indian Home Services Startup Pronto
Australian entrepreneur Lachy Groom’s family office led a $20 million extension of Pronto’s Series B round, bringing total financing to $45 million and doubling the Bengaluru‑based home‑services platform’s valuation to $200 million. The new capital will fund geographic expansion and the rollout of additional...
ASC Gains £85m Efficiency Boost, MKS Steps In
#ASC a major £85m positive from greater operating efficiency*…also interesting to see #MKS as the buyer *lower sales too perhaps? https://t.co/fmC3EM0ASc
Bowlero's Bowling‑alley Consolidation Tests New Antitrust Era
The monopoly round-up is out. I profiled a nasty private equity rolling up of bowling alleys called Bowlero, and the Lina Khan generation of antitrust lawyers trying to stop them in their tracks. As goes bowling, so goes America. https://t.co/PG7s8m1qwd
RWI: Who Pays the Premium & Retention?
Gallagher’s latest RWI market study shows a clear shift in premium responsibility from sellers to buyers since 2018. By 2021 split‑premium deals vanished, and buyers now shoulder most premiums, with sellers paying only about 17 % of policies in 2025. The...
China’s Zhaojin Mining Eyes Overseas Gold Assets as M&A Heats Up
China’s Zhaojin Mining Industry Co., a leading Shandong‑based gold producer, is actively seeking overseas acquisitions. Chief Investment Officer Xu Jianzhuo said the firm is targeting gold mines in West Africa—specifically Côte Ivoire, Ghana and Guinea—where European and U.S. miners are pulling...
Nvidia Deploys $40 B in AI Equity Stakes, Led by $30 B OpenAI Investment
Nvidia announced a $40 billion equity program for 2026, front‑loaded by a $30 billion stake in OpenAI. The remaining $10 billion spreads across firms like CoreWeave, Nebius, Corning and IREN, tying GPU supply to downstream AI services and sparking debate over vertical integration.
James Packer Takes Stake in OnlyFans
Australian media heir James Packer, through his vehicle Consolidated Press Holdings and U.S. firm Architect Capital, acquired a 16% minority stake in OnlyFans' parent Fenix International for A$739 million (about US$535 million). The transaction values the platform at roughly A$4.3 billion, or US$2.9 billion,...
Allied Industrial Partners Takes Majority Stake in Trinity Industrial
Allied Industrial Partners announced a majority investment in Trinity Industrial, a Louisiana‑based equipment rental and specialty services platform serving utility, industrial and energy customers across the Gulf Coast. Financial terms were not disclosed, but the deal adds to Allied’s more...
UBS Launches Machine‑learning Merger‑arb QIS with First Private
UBS is adding a merger‑arbitrage quantitative investment strategy (QIS) to its product suite, using machine‑learning models built on a 30‑year transaction database from German asset manager First Private. The systematic index will be delivered to institutional clients via swap contracts,...
Bullish to Acquire Equiniti for $4.2 Billion, Building Tokenized Securities Infrastructure
Bullish (NYSE:BLSH) announced a $4.2 billion acquisition of Equiniti, a transfer‑agent serving over 2,500 public issuers. The deal, closing in January 2027, merges Bullish’s blockchain platform with Equiniti’s issuer network, positioning the combined firm to accelerate tokenized securities adoption.
The Bidding War Begins as Ooh Media Receives Second Takeover Offer
Australian outdoor advertising firm Ooh Media has received a second, higher takeover bid from infrastructure investor I Squared Capital, offering $1.45 per share and valuing the company at roughly $508 million USD, up from private equity firm Pacific Equity Partners’ $1.40...
Western Midstream to Acquire Brazos Delaware Assets for $1.6 Billion
Western Midstream Partners LP agreed to buy Brazos Delaware II LLC for roughly $1.6 billion, splitting the price between $800 million in cash and $800 million in stock. The deal, slated to close late Q2, expands Western’s Delaware Basin footprint by 49% and...
Start Slow, Find Fit, Then Accelerate Acquisitions
When you study the serial acquirers model and those who’ve invested in this model for decades, you see that companies that completed 1-2 acquisitions per year in the early years tended to outperform those that pursued a faster pace, such...
Mobile Home Residents See Rents Soar Under New Corporate Owners
Private‑equity firms and large investors are buying manufactured‑housing communities and sharply raising lot rents, as illustrated by Smoky Palms North in Clinton, Tenn., where rents jumped from $275 to $650. Across the nation, institutional owners now account for roughly 23%...
Bain Capital Provides $225 Million Credit Facility to Kids2
Bain Capital’s Private Credit Group acted as sole lender and administrative agent for a $225 million senior credit facility to Kids2, the Atlanta‑based infant‑product platform. The financing is earmarked for continued growth, category expansion and deeper global reach, highlighting private‑credit’s role...
GI Partners Launches Rose BioSolutions After Acquiring Charles River Labs' CDMO and Cell Solutions
GI Partners has completed the purchase of Charles River Laboratories' Contract Development and Manufacturing Organization (CDMO) and Cell Solutions businesses, creating the standalone company Rose BioSolutions. The new firm will offer integrated cell and gene therapy services across four U.S....