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
Pine Labs Pays $10.5 M for Shopflo to Add D2C Checkout Tech
Pine Labs has agreed to buy 100% of Shopflo for up to ₹88 crore ($10.5 million) in an all‑cash deal that will close within three months. The acquisition adds a proven D2C checkout solution to Pine Labs’ payments suite, aiming to boost conversion rates for merchants and deepen its foothold in India’s fast‑growing e‑commerce ecosystem.
L2 Aviation Acquires Advance Aero to Accelerate Vertical Integration in Aerospace
L2 Aviation announced the acquisition of Indiana‑based Advance Aero, bringing aerospace‑grade machining and sheet‑metal fabrication under its umbrella. The deal is designed to tighten supply‑chain control, shorten lead times and expand L2’s turnkey aircraft modification platform.
Indian IT Firms Spend $4 Bn on AI, Cloud Acquisitions in H2 FY26
Indian IT services giants have announced more than $4 bn in acquisitions across ten deals in the second half of FY26, targeting AI, cloud and specialist capabilities. Deals include TCS’s $700 m purchase of Coastal Cloud and Wipro’s $375 m acquisition of Mindsprint,...
Industry Reset Fuels Independent Studios as 4,000 Creatives Oppose Merger Wave
A sector‑wide review shows the entertainment industry shifting from costly streaming wars to profitability, with ad‑supported content now capturing 63.8% of TV viewing. At the same time, more than 4,000 actors, directors, screenwriters and producers have signed an open letter...
EQT’s Asian Portfolio Spans SaaS to Healthcare
What companies has EQT acquired in the past? - Fortnox (accounting SaaS and a peer to freee) - Nord Anglia Education (education) - Benesse (Japan nursing care) - Fujitec (elevators) - Indostar Home Finance (consumer finance) - Indira IVF (healthcare)
Occidental Completes OxyChem Divestiture, Exiting Chemicals Business
Occidental Petroleum announced the completion of its sale of the OxyChem chemicals unit to a private‑equity consortium, ending its involvement in the chemicals sector. The transaction, whose financial terms were not disclosed, underscores a broader shift toward focused portfolios and...
QXO Targets $30 B Builders FirstSource Deal Amid Lumber Industry Consolidation
QXO, the Brad Jacobs‑led investment vehicle, has signaled interest in buying Builders FirstSource, the $22 billion lumber giant that supplies structural timber to roughly one in three new U.S. homes. Analysts estimate the transaction could be worth about $30 billion, marking a...
SPI Digital Health’s Phare Health Joins R1 RCM, Expanding AI‑Driven Billing Solutions
SPI Digital Health’s Phare Health, a revenue cycle management automation startup, has been acquired by R1 RCM, the $9 billion‑valued RCM provider. The deal, whose terms were not disclosed, follows Phare Health’s $2.5 million pre‑seed raise two years ago and will embed...
Q1 2026 WorkTech M&A and Investment Activity
Venero Capital Advisors’ Q1 2026 WorkTech market update shows a sharp uptick in merger‑and‑acquisition activity, with deal volume climbing 35% year‑over‑year to roughly $2.8 billion. Venture capital funding gravitated toward AI‑enabled HR platforms, which captured about 60% of the quarter’s investment dollars....
AOL Guides Aspiring Writers Through 2026 Publishing Hurdles
AOL’s “From Pitch to Publication” series reports that just over 2,000 fiction writers landed deals in 2025 and explains why consolidation, fewer editorial chairs and auction‑driven bidding are reshaping the odds for 2026 hopefuls. The guide offers practical steps and...
KeyCorp Acquires Clearwater UK to Boost Middle‑Market M&A in Western Europe
KeyCorp signed a definitive agreement to buy Clearwater Corporate Finance LLP, known as Clearwater UK, extending its middle‑market M&A platform into Western Europe. The deal, pending UK FCA approval, is slated to close in the second half of 2026 and...
Adyen to Acquire Talon.One for €750 Million, Boosting Loyalty Capabilities
Amsterdam‑based payments giant Adyen agreed to buy Berlin‑based loyalty‑tech firm Talon.One for €750 million ($810 million). The acquisition, slated to close in the second half of 2026, adds real‑time promotion and identity tools to Adyen’s unified commerce platform and marks the fintech’s...
TekStream Acquires ImagineX to Bolster Proactive Threat‑Intelligence Services
TekStream has completed the acquisition of ImagineX’s cyber division, merging managed detection and response with governance, risk and compliance services. The deal targets heavily regulated sectors and aims to give CIOs a unified, real‑time defense platform.
SpaceX Inks $60 B Partnership with AI Coding Startup Cursor
SpaceX announced a two‑part $60 billion deal with AI coding platform Cursor, paying $10 billion up front and reserving the option to acquire the startup later this year. The partnership pairs Cursor's code‑generation engine with SpaceX's massive H100‑class supercomputing fleet, signaling a...
Magazine Covers Lag; Direct Deals Become New ETA Norm
The magazine cover indicator? The old contrarian tell: by the time a trade is on the cover of Time or Forbes, it's already crowded. At least be aware of the signals... Last 48 hours on X: chatter out of an SMB conference...
Paramount‑Skydance Wins Shareholder Vote and FCC Backing for $111 B Warner Bros. Deal
Paramount‑Skydance’s $111 billion acquisition of Warner Bros. Discovery has cleared two critical obstacles: shareholder approval and an endorsement from FCC Chairman Brendan Carr. The deal would combine Paramount’s CBS, Nickelodeon and Comedy Central with Warner’s film studios, streaming platforms and CNN,...
EQT Closes $15.6 B Asia Buyout Fund, Region’s Largest Private‑Equity Raise
Sweden‑based EQT AB completed fundraising for its Asia‑focused buyout vehicle, BPEA Private Equity Fund IX, securing $15.6 bn from more than 75 new investors. The fund, the largest private‑equity raise ever in Asia, will target control deals in technology, healthcare and...
But Siriusly: IHeartMedia Merger Rumors Fuel Potential Possibilities
Unconfirmed reports suggest Irving Azoff is exploring a merger between SiriusXM and iHeartMedia, aiming to create a dominant audio conglomerate. Both companies have seen strong podcast growth—iHeart’s podcast revenue rose 25.6% to $563.7 million, while SiriusXM’s podcast business jumped 41%—but their...
Apollo Sells $9 B CRE Loan Portfolio to Athene, Shifting Strategy
Apollo Commercial Real Estate Finance (ARI) completed a $9 billion sale of its commercial‑mortgage loan portfolio to Athene Holding Ltd. on April 24, 2026, after shareholder approval. The deal is a strategic pivot designed to shore up liquidity, reduce exposure to...
Sri Lanka Seeks Investors for White-Elephant Chinese-Built Mattala Airport After Indo-Russian Deal Collapses
Sri Lanka has reopened the search for investors to take over Mattala Rajapaksa International Airport after a 30‑year lease with an Indo‑Russian joint venture fell through. The airport, financed by Chinese loans and opened in 2013, has never attracted regular...
Porsche Sells Bugatti Rimac Stake to HOF‑BlueFive Consortium in $1B‑plus Deal
Porsche agreed to sell its 45% share in Bugatti Rimac and its 20.6% holding in Rimac Group to a consortium led by New York‑based HOF Capital, with Abu Dhabi‑based BlueFive Capital as the largest investor. Valuations suggest the transaction exceeds...
CIBRA Capital Places $21 Million Merger‑Arbitrage Bet on Amicus Therapeutics Ahead of BioMarin Deal
CIBRA Capital Ltd disclosed a $21.17 million purchase of 1,476,861 Amicus Therapeutics shares, raising its stake to 11.78% of the fund’s assets. The trade is a classic merger‑arbitrage play on BioMarin Pharmaceutical’s pending $14.50‑per‑share cash offer for Amicus. Analysts see the...
Cohere to Acquire Aleph Alpha in $20 B Deal, Backed by $600 M Schwarz Group Funding
Cohere announced a deal to acquire Germany’s Aleph Alpha, forming a transatlantic sovereign AI entity valued at roughly $20 billion. The transaction is backed by €500 million (≈$600 million) in structured financing from Schwarz Group, which will also lead Cohere’s upcoming Series E round.
Bawag's $1.75 Bn Bid for PTSB Sparks Shareholder Revolt and Price‑collapse Fears
Austria's Bawag Group has put forward a €1.6 billion ($1.75 billion) takeover offer for Ireland's Permanent TSB. While the Irish government, holding 57% of PTSB, pledges to vote in favour, research firms label the bid derisory and minority shareholders warn a blocked...
CP Milk & Food Products in Early Talks to Sell up to 15% at ₹3,000 Crore Valuation
CP Milk & Food Products, a Lucknow‑based dairy, is in early talks to sell a 10‑15% stake to private‑equity investors, valuing the firm at ₹2,500‑3,000 crore (approximately $300‑$360 million). This would be the company’s first external capital raise, reflecting a broader trend...
WH Smith Successor Delays ‘Aggressive’ Restructuring Which Will Shut Stores
Modella Capital, the private‑equity firm that bought 480 former WH Smith high‑street stores for £40 million (about $51 million), has postponed its aggressive restructuring plan for the rebranded TG Jones chain. The delayed proposal could involve a “cram‑down” court‑approved process that would shutter up...
Trump Administration Mulls Purchase of Spirit Airlines for Military Transport
The Trump administration confirmed it is exploring a plan to bail out or buy Spirit Airlines, aiming to tap the carrier’s fleet for defense logistics. Officials say the move could augment airlift capability, but legal and policy hurdles remain.
Elon Musk's $44 B Deal to Acquire Twitter Finalized
#ThisDayInTechHistory. April 25, 2022. Elon Musk's $44 billion offer for Twitter was accepted. (ABC News) #SocialMedia #Internet #History @ElonMusk https://t.co/y1BdWvkC1e
Calico IIM Acquires UK ECM Pioneer FileStream in Cross‑Border Deal
European private‑equity group Calico IIM announced the acquisition of UK‑based enterprise content management provider FileStream. The deal marks Calico IIM's first entry into the UK market and signals growing private‑equity appetite for mature software infrastructure assets.
Blackstone Logs $68.5 B Q1 Inflows, Credits AI Infrastructure for Outsized Returns
Blackstone announced $68.5 billion of capital inflows in the first quarter of 2026, a figure only slightly below the prior quarter’s $71.5 billion. The firm attributed the strong performance to its AI‑focused infrastructure portfolio, which posted a 7.8% gross return, while investors...
Dental Care Alliance Cuts $1.1B Debt, Secures $95M Capital to Fuel Growth
Dental Care Alliance (DCA) announced a strategic financing deal that slashes more than $1.1 billion of debt, injects $95 million of fresh capital and pushes its debt maturities out to 2031. The transaction, negotiated with its existing lender group, is designed to...
One Restructure, Three‑fold Exit Multiple Boost
triple your exit multiple using one restructure: single business: – 3–4x EBITDA – one buyer – their terms holdco with 23 acquisitions: – 10–12x EBITDA – PE firms competing – your terms same earnings one restructure 3x the outcome
Acquire a Business with Zero Cash Using Vendor Finance
double your business overnight without spending a dollar: – find retiring owner in your sector – structure 100% vendor finance – business pays for itself – personal capital: $0
SE Asia PE Deal Value Falls to $14.3bn As Exits Remain Constrained: Bain
Southeast Asia’s private‑equity market contracted in 2025, with total deal value dropping about 10% year‑on‑year to $14.3 billion across 84 transactions, according to Bain & Company’s 2026 report. Singapore remained the dominant hub, accounting for $7 billion of activity, while Malaysia stood...
IKS Health to Acquire TruBridge for $557 Million, Expanding Rural‑Health Footprint
IKS Health, a private‑equity‑backed healthcare operator, disclosed a $557 million acquisition of TruBridge, a rural‑health network. The transaction will be financed with a $670 million five‑year loan and is projected to be EPS‑accretive by fiscal year 2027, marking IKS’s largest deal to...
SoundHound AI to Acquire LivePerson in $43 M All‑Stock Deal, Targeting $500 M Revenue Upside
SoundHound AI disclosed an all‑stock acquisition of LivePerson valued at $43 million, a 22% premium, with an enterprise value of $250 million. The deal promises a data‑rich omnichannel AI platform and a projected $500 million revenue opportunity, while analysts keep an Outperform rating...
Collective Acquires Open Ledger to Own AI‑Driven Bookkeeping Core
Collective has agreed to acquire Open Ledger, an API‑first accounting startup, to bring native AI‑driven ledger technology in‑house. The deal, whose financial terms were not disclosed, positions Collective to offer a fully automated back‑office stack for America’s 30 million solopreneurs.
Assessing the Roche Acquisition of SAGA Diagnostics and the Future of Molecular Residual Disease Monitoring
Roche has agreed to acquire Sweden‑based SAGA Diagnostics for up to $595 million, adding the ultra‑sensitive Pathlight™ MRD platform to its Foundation Medicine portfolio. Pathlight tracks tumor‑specific structural variants in circulating DNA, achieving sub‑one‑part‑per‑million detection limits and a 13.7‑month lead time...
IHeartMedia and SiriusXM Enter Early Merger Talks Ahead of SiriusXM Q1 Earnings
iHeartMedia and SiriusXM have begun preliminary talks about a possible merger, combining the nation’s largest terrestrial radio network with the leading satellite service. The talks come as SiriusXM readies its first‑quarter 2026 earnings release, underscoring a pivotal moment for the...
SiriusXM and iHeartMedia Might Be the Next Media Leviathans to Absorb Each Other
SiriusXM and iHeartMedia are reportedly exploring a merger that would combine the nation’s largest satellite and broadcast radio operators. Sources cited by The Hollywood Reporter say investment firms led by Irving Azoff and Apollo Global Management could facilitate the deal....
Adams Street Partners Closes $2.5 B Sixth Co‑Investment Fund, Boosting PE Capital
Adams Street Partners announced the close of its sixth co‑investment fund, securing $2.5 billion in commitments from a global investor base. The fund brings the firm’s co‑investment assets to $7.2 billion and reinforces its employee‑owned model as it expands its private‑equity and...
AtlasClear Signs LOI to Acquire Ark Financial, Adding $45M Revenue Platform
AtlasClear Holdings (NYSE American: ATCH) entered a letter of intent to acquire Ark Financial Services and its subsidiary Dawson James Securities. The deal, payable in cash and stock, will be closed in two steps and is expected to lift the...
System C: Potential Acquirers
CVC Capital Partners is selling System C Healthcare, a UK health‑tech platform, via Arma Partners. The company, now valued at roughly £800 million ($1.0 billion) after growing EBITDA from £12 million to £46 million ($58 million) and revenue to £130 million ($165 million), combines acute‑hospital EPRs with...
Kedaara Picks up 5% in Axis Finance for Rs750 Crore, Sets Benchmark for IPO-Headed NBFC
Axis Finance, the NBFC arm of Axis Bank, secured ₹750 crore (≈$90 million) from Kedaara Capital for a 5.08% stake, valuing the lender at roughly ₹14,764 crore (≈$1.8 billion). The deal follows a ₹1,500 crore (≈$181 million) rights issue, taking total fresh capital to ₹2,250 crore (≈$271 million)...
Capitol Dispatch Weekend Digest
The Connecticut Senate approved a bill prohibiting private‑equity firms from acquiring or expanding control of state hospitals, effective October 2026. Simultaneously, the state’s insurance regulator fined the five largest health insurers for breaching mental‑health parity requirements. The state agricultural lab...
Turn Due Diligence Findings Into Price‑Cut Leverage
the cold blooded approach to due diligence: finding 1: owner add-backs → reprice finding 2: declining margins → restructure finding 3: key person risk → earn-out finding 4: customer concentration → discount every problem: a negotiating tool every finding: a price reduction never skip it never be emotional about it
SPAC IPO Terms Tracker: April 24, 2026
The SPAC Insider weekly tracker for the week ending April 24, 2026 compiles the latest initial public offering terms for special purpose acquisition companies. It lists pricing ranges, target capital raises, sponsor profiles, and redemption rates for each announced SPAC. The data...
Deal with Certainty: Decisive, Cold, Never Flinching
being masculine in M&A: not: – apologising for your offer – softening your structure – backing down from your price – accepting bad terms to close being: – decisive on the NBIO – direct in the LOI – cold in due diligence – willing to walk the deal respects certainty not flexibility the...
AI‑savvy Firms Drive M&A Surge Amid Volume Slump
M&A is surging this yr, but it’s very specific activity. From RBC’s Vito Sperduto: "The U.S. market is up 43% YTD, but deal volume is down 30%. This isn't just a rebound; it's a consolidation of power by those who...
PE's SaaS Cash‑flow Predictability Now in Question
Good primer from @DavidSacks on private equity ownership of SaaS (software) firms based on cash flows whose predictability used to be certain but now is in question. A topic which @maxwiethe have been covering a lot on our show on...