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
Allied Industrial-Backed Liberty Waste Solutions Picks up Randolph County Garbage Services
Liberty Waste Solutions, backed by Allied Industrial, has secured the contract to provide garbage collection and recycling services for Randolph County, North Carolina. The agreement expands Liberty’s integrated waste‑management footprint beyond its existing service areas. Allied Industrial’s investment positions the company to capture additional municipal contracts in the Southeast. The new partnership is expected to generate incremental revenue and strengthen Liberty’s market presence in the region.
The No. 1 Reason M&A Deals Fail Before They Even Start
A founder of a four‑year‑old AI startup with early revenue is seeking an exit above its $40 million valuation, but the author warns that most deals fail when expectations diverge from M&A realities. Recent high‑profile AI licensing and talent acquisitions by...
Reverence Capital Partners’ Osaic Gets $2bn of New Capital Through Ares, Lexington-Led CV, Recapitalisation
Reverence Capital Partners has closed a continuation fund for its wealth‑management solutions platform Osaic, raising more than $2 billion of new capital. The financing, structured through a vehicle and a recapitalisation, was led by Ares Management and a Lexington‑partnered co‑investor group....
THL Partners Closes $6.35 B Fund X, One of 2026’s Largest PE Raises
THL Partners announced the final close of its THL Equity Fund X with $6.35 billion of investable capital, marking one of the biggest private‑equity fundraises this year. The fund, backed by a mix of pension funds, sovereign wealth funds and family...
INEOS Edge Closer to OGC Nice Sale After Price Drop
INEOS, the chemical conglomerate owned by Sir Jim Ratcliffe, is accelerating its exit from Ligue 1 club OGC Nice after the asking price of roughly €200 million (about $215 million) proved unsustainable. The club, currently 15th in the French top flight, has attracted...
Long Lake Capital to Acquire Amex GBT for $6.3 B, Boosting AI‑Driven Travel Services
Long Lake Capital announced a definitive agreement to buy American Express Global Business Travel for $6.3 billion, creating a privately held AI‑enhanced travel platform. The deal, slated to close in the second half of 2026, brings together Long Lake’s applied‑AI engine...
Energi.AI Acquires CEMAsys to Boost Data‑Driven Sustainability Consulting
Energi.AI announced the acquisition of Norway‑based sustainability advisory CEMAsys, a move that will expand its AI platform, quadruple its customer base and add advisory expertise. The deal signals a shift toward automated, decision‑grade climate data in the consulting market.
Lattice to Acquire AMI for $1.65 B, Boosting AI‑Driven Operations Platform
Lattice Semiconductor signed a definitive agreement to buy platform‑firm AMI for $1.65 billion, split between $1 billion in cash and $650 million in stock. The deal is expected to be immediately accretive to gross margin, free cash flow and non‑GAAP EPS, and to...
ServiceNow's AI Blitz: Acquires Moveworks, Veza and Armis to Supercharge HR Automation
ServiceNow announced the rapid acquisition of AI startups Moveworks, Veza and Armis, targeting tighter workflow automation for its HR Service Delivery suite. The moves come as the $94 billion‑valued firm battles a 38% year‑to‑date stock decline and seeks fresh growth beyond...
GameStop Launches $56 B Bid for eBay, Targeting a 20% Premium
GameStop, led by Ryan Cohen, has submitted an unsolicited $56 billion cash‑and‑stock offer for eBay, valuing the marketplace at about $55 billion and representing a roughly 20% premium to Friday’s close. The proposal, backed by a $20 billion debt commitment from TD Bank,...
Vodafone to Buy CK Hutchison’s Stake in VodafoneThree for $5.5 Bn, Gaining Full UK Control
Vodafone Group announced a £4.3 bn ($5.5 bn) deal to buy CK Hutchison’s 49% stake in VodafoneThree, taking 100% ownership of the UK’s largest mobile operator. The transaction values the joint venture at an implied £13.85 bn ($17.6 bn) and is slated to close...
Paladin in Discussions to Acquire Entourage Talent Associates
Paladin Artists announced it is in advanced discussions to acquire Entourage Talent Associates, formalising a partnership that began in 2021. The acquisition would create a scaled, independent booking firm positioned for growth, adding Entourage’s client base to Paladin’s roster that...
Paramount Skydance Beats Q1 Forecast, Advances Warner Bros. Discovery Deal
Paramount Skydance (PSKY) reported first‑quarter 2026 results that topped analyst forecasts, posting a 17% year‑over‑year rise in Paramount+ revenue and adding almost 2 million subscribers. The company also confirmed that the $49 billion bridge financing for its pending Warner Bros. Discovery merger...
SAP Commits $1.1 Bn to Acquire Prior Labs, Launching Europe’s Biggest Frontier AI Lab
SAP announced a definitive agreement to acquire Freiburg‑based Prior Labs, pledging more than €1 bn (about $1.1 bn) over four years to build a European frontier AI research lab. The deal targets Prior Labs’ Tabular Foundation Models, which promise enterprise‑scale accuracy without...
Building Blackstone, Backing Costco, with Tony James
In this episode, David Haber interviews Tony James, a veteran of DLJ and Blackstone, about the evolution of modern private markets and the principles behind building enduring firms. James recounts how DLJ grew from a tiny boutique to a top‑five...
EQT Raises Takeover Bid For Intertek Again
Swedish buyout group EQT has raised its takeover bid for Intertek to £58 per share, valuing the testing and certification firm at £8.93 bn (about $12.1 bn). The new offer represents a 54% premium over Intertek's April 9 closing price, improving on the...
The Current Tariff Landscape & Implications for M&A
Tariffs are no longer viewed as a short‑term hiccup but as a recurring operational and transactional risk for dealmakers, according to a recent Debevoise briefing. The firm urges acquirers to embed tariff exposure in diligence, valuation and deal structuring, including...
CV Fee Terms Converge Amid a More Competitive Market – Morgan Lewis
Morgan Lewis partner Joe Zargari told Secondaries Investor that fee structures in continuation‑vehicle (CV) transactions are moving toward industry‑wide best‑practice terms. The shift reflects heightened competition among sponsors, who now prioritize alignment and transparency over simply closing deals. As a...
Growth Partner Eyes More PE Exits Following Synergym Deal
Growth Partner, the family office of former HomeServe founder Richard Harpin, has begun ramping up divestments after selling its stake in Spanish fitness chain Synergym. The transaction met Harpin’s internal hurdle of a 2.5‑times return on invested capital, marking one...
China's TCL in Talks with Local Companies to Sell 51% in Indian Plant
Chinese TV giant TCL Electronics is negotiating to sell a 51% stake in its Indian display‑manufacturing plant. The sale is priced at $600‑800 million (approximately ₹5,708‑₹7,611 crore). Potential Indian partners include Dixon Technologies, Epack Durable, Syrma SGS Technology, Amber Enterprises and Uno...
Cohen's Half‑Cash, Half‑Stock Pitch Stumps Analysts
The memes are out for Gamestock Ryan Cohen’s infamous appearance in CNBC regarding his acquisition of EBay. For context- the CEO is trying to pursue eBay who is 4x its market capital and with under $10bn company cash and $20bn cash...
Full Asset Acquisitions Avoid Margin Drag of Royalties
Seedy is not long enough $ABVX, however I’m old enough to remember when $ABBV spent $21B to buy half of ibrutinib.
Tuesday Briefing: American Investors Show Interest in Buying OGC Nice
American investors have emerged as a potential buyer for Ligue 1 side OGC Nice, joining a European consortium in talks with current owner INEOS. INEOS, which acquired Nice for €100 million (about $109 million) in 2019, initially aimed for a €200 million (~$218 million)...
Regis and Vault Surprise with Major Merger
Gold miners Regis Resources and Vault Minerals announced a merger of equals, creating a combined enterprise valued at approximately A$10.7 billion (about $7.1 billion USD). The transaction will give the new entity a sizable cash pile, positioning it for strategic growth and...
Why the Schroder Family Sold Up
The Schroder family has divested its remaining stake in the UK‑based asset manager Schroders, selling roughly £500 million (about $640 million) of shares to institutional investors. The move follows a multi‑year plan to reduce family involvement and fund a diversified portfolio of...
Forget Earnings Season. It’s Takeover Season.
In this episode of Motley Fool Hidden Gems Investing, hosts John Quast, Rachel Warren, and guest Travis Hoyam dissect two high‑profile M&A rumors: GameStop’s audacious $56 billion bid to acquire eBay and a circulating rumor that AI leader Anthropic may buy...
UpGrad to Acquire Unacademy in $218M All‑Stock Deal, Boosting Indian EdTech Consolidation
UpGrad announced an all‑stock acquisition of rival Unacademy valued at roughly ₹2,055 crore ($218 million). The deal includes up to ₹950 crore ($114 million) of cash from Unacademy’s balance sheet and a planned ₹375 crore ($45 million) raise from Temasek and founder Ronnie Screwvala, positioning the...
SAP to Acquire Prior Labs, Investing Over €1 Billion to Build Europe’s Largest Frontier AI Lab
SAP announced a definitive agreement to purchase Prior Labs, the pioneer of tabular foundation models, and pledged over €1 billion (≈$1.08 billion) in four years to scale the unit into Europe’s largest frontier AI lab. The deal, pending regulatory clearance, positions SAP...
Hubbell to Buy NSI Industries for $3 B, Expanding Electrical Fittings Portfolio
Hubbell Incorporated agreed to purchase NSI Industries for $3 billion in cash, adding a high‑growth electrical fittings business to its Electrical Solutions segment. The deal, slated to close mid‑2026, is expected to be accretive to adjusted EPS in 2026 and supports...
SAP Acquires Dremio and Prior Labs to Build an Open‑Source Lakehouse for Enterprise AI
SAP SE said it will acquire Dremio and Prior Labs, merging Dremio’s Iceberg‑native lakehouse with SAP Business Data Cloud and committing $1.17 bn to Prior Labs’ AI research. The move aims to eliminate data fragmentation that stalls enterprise AI projects.
OppFi to Acquire BNC National Bank for $130 Million, Gaining National Charter
OppFi has agreed to purchase BNC National Bank and its parent BNCcorp for roughly $130 million, securing a national banking charter and $1.1 billion in assets. The deal broadens OppFi’s product range beyond consumer instalment loans, positioning it for growth in SBA,...
Anthropic, Blackstone, Hellman & Friedman and Goldman Sachs Launch AI Services Firm to Deploy Claude
Anthropic announced a joint venture with Blackstone, Hellman & Friedman and Goldman Sachs to create an AI‑native enterprise services firm. Backed by a consortium of alternative asset managers, the new company will embed Claude into mid‑size businesses, addressing a surge in demand for...
Meloche Group, Backed by Novacap, Buys French Aerospace Supplier Groupe Rossi Aéro
Meloche Group, with majority backing from Novacap, announced the purchase of Groupe Rossi Aéro, a Mecachrome subsidiary operating in France. The deal pushes Meloche’s revenue base above CAD 250 million (≈ US $183 million) and adds two European sites, cementing a transatlantic aerospace platform.
From Gibson’s LBO to Cohen’s eBay Juggernaut
Wesray bought Gibson’s Greetings in 1982 with $1m of capital when the company was worth $80m. No one thought it was possible and it exploded the LBO industry. I suspect Ryan Cohen lands Ebay and builds a juggernaut
THL Partners Closes $6.35 B Fund X, Marking One of 2026’s Largest Private‑Equity Raises
THL Partners announced the final close of its THL Equity Fund X with $6.35 billion of investable capital, drawing commitments from pension funds, sovereign wealth funds and family offices worldwide. The raise highlights robust appetite for middle‑market private‑equity and reinforces the...
Navigator Global Investments Pays up to $270M for 17 GP Revenue‑share Stakes
Navigator Global Investments (NGI) agreed to buy a portfolio of net revenue‑share interests in 17 alternative asset managers, with the purchase price reported between $195 million and $270 million. The deal, paired with a long‑term strategic partnership with Stable Asset Management, gives...
CRH CFO Jim Mintern Outlines $2.8B Capital Moves in Q1 2026 Earnings Call
Chief Financial Officer Jim Mintern told investors that CRH has divested three non‑core businesses for $1.9 billion, is investing roughly $900 million in nine acquisitions—including Axios Water—and is launching a $300 million share‑buyback tranche. The moves underpin a 9% revenue rise to $7.4 billion...
KKR & Co Inc (KKR) Q1 2026 Earnings Call Transcript
KKR reported record fundraising in 2025, raising $129 billion—nearly double the amount two years earlier—and has already secured over 80% of its $300 billion target for 2024‑2026. Fee-related earnings and management fees surged, with a 24% year‑over‑year increase to $1.1 billion in the...
How AI Is Reshaping PR Firm Valuations
AI is transforming public‑relations firms from labor‑based outfits into intelligence‑driven platforms, boosting profitability and scalability. Buyers—especially private‑equity sponsors—are now pricing firms on AI‑enabled productivity, recurring‑revenue services, and data‑rich insights, which lifts recasted EBITDA multiples. Firms that embed AI in repeatable...
Baldwin Reports CAC Buy, Integration Paying Off in Q1
The Baldwin Group’s $1 billion acquisition of CAC Group is ahead of schedule, delivering early revenue and cost benefits. CAC generated $38 million of new business in Q1, a 39% year‑over‑year increase, while Baldwin’s total revenue rose 29% to $532.2 million. Integration has...
Trinity and Sculptor Buy Oceanfront Resort on Florida’s Gulf Coast for $835M
Trinity Investments and Sculptor Real Estate closed an $835 million acquisition of the JW Marriott Marco Island Beach Resort on Florida’s Gulf Coast, financing the deal with a $690 million CMBS loan. The 27‑acre property includes 809 hotel rooms, two 18‑hole golf courses,...
Zero‑cash Acquisition Using Full Vendor Note and Holiday
the vanilla pop structure: – boring business found off market – vendor carries 100% as note – payment holiday: 9 months – DSCR above 1.5x – personal capital: $0
Amex to Sell Travel Unit Stake for $1.5B
American Express announced it will divest its 30% stake in Global Business Travel Group (GBTG), generating $1.5 billion from the transaction. The sale is part of a broader $6.3 billion deal that hands GBTG to Long Lake Management, backed by General Catalyst...
Small Firms Can Justifiably Acquire Larger Ones via Debt‑equity Deals
I get why people want to hate on this douchebag. But imho it's totally reasonable for a small company to buy a much much larger company with debt and equity issuance. Anyone with even a few years of...
Lone Star Funds Finalizes $0 Deal to Merge RadiciGroup and DOMO EM, Creating Tier‑1 Compounder
Lone Star Funds’ affiliate of Lone Star Fund XII completed the acquisition of RadiciGroup’s High Performance Polymers and Specialty Chemicals businesses and signed binding agreements to acquire DOMO Engineered Materials. The combined platform will operate as a global, independent tier‑1...
AI‑focused Long Lake Seals $6.3B Amex GBT Takeover
Long Lake, one of our very first AI roll ups, has agreed to acquire Amex GBT for $6.3 billion. @alextaubman had a vision to take durable franchise businesses with decades of customer trust and make them better with AI. In two years:...
Announces Bid to Acquire eBay, Refuses Questions
I’d like to announce I am bidding to acquire eBay I will take no further questions about the matter.
Carlyle Secures $5 B Credit Facility to Seed Flagship Buyout Fund
Carlyle Group Inc. has arranged a first‑of‑its‑kind $5 billion credit facility to seed its upcoming flagship buyout fund while also refinancing legacy vintages. The $8.5 billion structured deal blends bank debt, preferred equity and common equity, marking a new capital‑raising model for...
GameStop's eBay Bid Driven by CEO's Market‑cap Incentives
Why is GameStop trying to buy Ebay? A company over 4x the size. As always, follow the incentives... It's a lot easier for a CEO to be in the money on his ginormous options package if it's based mostly on market cap. https://t.co/1xDawEaAzI
Opposite Deal Waves Collide, Future Finance Will Gasp
PE deals to take public companies private, and SPACs to take private companies public, are all ramping up simultaneously. We will look back at this time in finance history with bewilderment.