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
Top 3 SPAC Targets – Solar Power
After a lull, the SPAC market is refocusing on solar power. The article spotlights three private solar developers—Cypress Creek Renewables, Avantus, and ACES Africa—as top SPAC candidates. Cypress Creek runs about 3 GW of operating assets with a 15 GW pipeline; Avantus targets 24 GW of solar and 75 GWh of storage; ACES Africa manages 140 MW of generation across seven African nations. Geopolitical tension and constrained fossil‑fuel supplies are spurring investor interest in renewable‑focused SPACs.
Scandic Hotels Group Moves Closer to Dalata Deal as Leadership Overhaul Begins
Scandic Hotels Group, which has been managing Dalata’s portfolio since November, announced that Dalata’s CEO Dermot Crowley and his deputy will step down later this year as part of a post‑acquisition restructuring. Dalata was bought for €1.4 billion (approximately $1.5 billion) by...
KKR Makes $1.5 Billion Equity Investment in Vertical Bridge
Private equity giant KKR has committed a $1.5 billion equity infusion to Vertical Bridge REIT, cementing a fully funded, long‑term capital structure for the tower owner. The deal follows Vertical Bridge’s $1.9 billion cell‑tower ABS securitization, the largest in the sector, and...
Comment | Artnet-Artsy Merger: 'A Bloomberg for Art?'
Artnet and Artsy have been merged under private‑equity firm Beowolff Capital, with Artsy CEO Jeffrey Yin now running both businesses. The consolidation has already triggered staff cuts, including the closure of Artnet’s Berlin office and layoffs at Artnet News, raising...
Staying Independent: Why Your Best Clients Hope You Turn Down Private Equity
The article argues that independent CPA firms should resist private‑equity (PE) offers because their structural advantages align with client expectations. PE ownership often introduces growth mandates and cultural shifts that can erode the personalized service clients value. For many firms,...
Diversification at the Fore of Fundraising
Four newly launched secondary fund strategies made the top‑10 list of Q1 2026 fundraises, with three concentrating on single‑asset corporate‑valued (CV) investments. The strong performance reflects limited partners’ heightened appetite for diversification across niche asset classes. These debut funds collectively...
Blackstone Nearly Halfway to Target for 10th Secondaries Flagship
Blackstone’s secondaries platform surpassed the $100 billion assets‑under‑management mark in the first quarter of 2026, as announced by President and COO Jonathan Gray on the firm’s earnings call. The milestone puts the flagship tenth secondary fund roughly halfway to its $200 billion...
Middle Market Deal Terms at a Glance – April 2026
The Lead Left released SPP Capital Partners’ April 2026 middle‑market deal terms snapshot, comparing leverage ratios and pricing spreads for micro‑cap, small‑cap and mid‑cap companies against April 2025. The table highlights modest shifts—leverage levels remain broadly stable while pricing spreads...
EP 22: Ryan Eisenman on AI Meets Private Markets - Optimizing the Investor Experience and Decision-Making
In this episode, Ryan Eisenman, co‑founder and CEO of Arch, explains how private‑market investors still juggle dozens of disparate portals and paper‑heavy processes, a problem public‑market platforms have already solved. Arch’s fintech solution consolidates private equity, credit, hedge fund and...
Honeywell to Sell Warehouse Automation Business Intelligrated and Transnorm as Portfolio Overhaul Continues
Honeywell announced the sale of its Warehouse and Workflow Solutions business, which includes the Intelligrated and Transnorm brands, to private‑equity firm American Industrial Partners in an all‑cash deal. The WWS unit generated about $935 million in revenue in 2025 and will...
Kurma Partners Closes €215 Million Biofund IV to Back European BioTech Ventures From Paris
Kurma Partners announced the final close of Biofund IV at €215 million (about $232 million), a 35% increase over its €160 million (≈$173 million) predecessor. The fund, backed by pharmaceutical giant CSL, the European Investment Fund and Bpifrance, aims to make roughly twenty investments in...
Inventurus Knowledge Solutions Acquires TruBridge for $557.27 Million
Inventurus Knowledge Solutions announced an all‑cash acquisition of TruBridge for $557.27 million, pricing each share at $26.25—a 14.83% premium to the prior close. The transaction, slated to close in Q3 2026, will be funded mainly through new debt arranged by Citibank, JPMorgan...
VW Shortlists EQT, CVC, and Bain in Everllence Sale Process
Volkswagen has shortlisted private‑equity firms EQT, CVC and Bain as bidders for its Everllence unit, underscoring strong strategic interest in the automotive supplier market. Meanwhile, NorthWall Capital announced AUM exceeding €3bn (≈$3.3bn), and KSL Capital is set to reacquire Invited...
Majority of CVs See Both Tiered Carry and Dual Return Metrics – Morgan Lewis
Morgan Lewis reports that more than half of private‑equity continuation vehicles (CVs) now employ tiered carried‑interest waterfalls that trigger based on both internal rate of return (IRR) and multiple on invested capital (MOIC) thresholds. The dual‑metric structure aligns general partners’...
Goldman Sachs Backs BLP Digital with $50m Investment
Goldman Sachs Alternatives has injected $50 million into Zurich‑based BLP Digital, a startup that uses agentic AI to automate enterprise resource planning (ERP) finance workflows. The funding will accelerate BLP’s push to replace manual accounts‑payable processes with a unified AI execution...
Mountain Laurel Designs Is For Sale
Mountain Laurel Designs, the Virginia‑based ultralight gear specialist founded by Ron Bell in 2002, is now for sale as Bell prepares to retire. The owner is open to a full acquisition, majority or minority equity stakes, or a management‑to‑ownership deal...
SpaceX Mulls $60 B Offer for AI‑Coding Startup Cursor, Threatening Its $2 B Fundraise
SpaceX is reportedly preparing a $60 billion bid to acquire Cursor, the AI‑coding platform, potentially pre‑empting the startup’s slated $2 billion fundraising round. The proposal underscores the scale of AI‑focused M&A and raises questions about valuation, founder control, and the broader private‑equity...
Fixated Acquires Studio71 to Launch Global End‑to‑End Creator Platform
Fixated announced the acquisition of Studio71's North American creator business, creating a combined network of over 1,000 creators and billions of monthly video views. The deal gives Fixated a full‑stack infrastructure—from talent representation to direct‑to‑fan monetization—positioning it as the only...
Thoma Bravo to Hand Over Medallia to Creditors, Erasing $5.1 Billion Equity Stake
Thoma Bravo is nearing a deal to transfer Medallia to its creditors, eliminating $5.1 billion in equity for the firm and its co‑investors. The move caps a $6.4 billion 2021 leveraged buyout that has been crippled by stagnant growth, heavy debt and...
TMX Group to Acquire Cboe Australia and Canada in $300 Million Deal
TMX Group Limited agreed to purchase Cboe Australia and Cboe Canada from Cboe Global Markets for $300 million USD, a move that expands TMX’s global footprint and promises cost reductions for Canadian market participants. The deal, pending regulatory clearance, is set...
Goldman Sachs Alternatives Invests $50 Million in AI Finance Firm BLP Digital
Goldman Sachs' Alternatives arm has taken a $50 million stake in Swiss AI fintech BLP Digital, signaling a surge in institutional backing for AI-powered finance tools. The deal, made through a purchase of existing shares, arrives as demand for AI in...
New Primary Care Firm Mangrove Health Launches with Investment by Mako
Mangrove Health, a new primary‑care operator, was launched by seasoned healthcare leaders Elena Castañeda and Dr. Emily Maxson. The startup secured an investment from venture firm Mako, signaling confidence in its model. Mangrove aims to deliver integrated, technology‑enabled primary‑care services...
Blake Croegaert on the Ag Tech M&A Reset and 2026 Outlook
The precision‑ag M&A boom has sharply corrected as farm economics weaken and OEMs such as Deere, AGCO and CNH report 20‑30% revenue declines. Buyers now insist on profitability or sizable revenue, pushing valuations from high revenue multiples to lower earnings...
AIP to Acquire Honeywell’s Warehouse and Workflow Solutions Business in Carve-Out
American Industrial Partners (AIP) announced the acquisition of Honeywell's warehouse and workflow solutions business in a carve‑out transaction. The deal separates the logistics‑technology unit from Honeywell's broader industrial portfolio, allowing each company to focus on core strengths. While the purchase...
FTV Capital Invests in Fintech Firm Valitana
FTV Capital has announced a strategic investment in Valitana, a fintech platform that leverages artificial intelligence to streamline credit processes. The capital injection will fund accelerated product development, an expanded AI roadmap, and entry into structured‑credit segments such as commercial‑mortgage‑backed...
KKR to Invest $1.5bn in Communications Infrastructure Owner/Operator Vertical Bridge
Private equity giant KKR is investing $1.5 billion in Vertical Bridge, a U.S.-based owner and operator of communications infrastructure. The capital injection will support Vertical Bridge’s rollout of fiber, small cell and other telecom assets. Existing shareholders DigitalBridge and La Caisse...
Starling No Plans to Enter “Massively Overserved” US Retail Banking Market
Starling Bank’s CFO Declan Ferguson says the UK challenger will not launch its retail banking arm in the United States, calling the market "massively overserved." Instead, Starling will pursue a modest acquisition to secure a national banking licence and focus...
Anglo American Draws Three Bidders for Coal Sale
Anglo American is restarting the sale of its Queensland steelmaking coal assets after a $3.8 billion deal with Peabody Energy fell apart due to a mine fire. At least three parties—Stanmore Resources, Mitsubishi Corp. and Indonesia’s BUMA Internasional—are now in the...
Pantheon, Ardian Launch Private Wealth Products Dedicated to Infra
Pantheon has secured regulatory approval for its evergreen Global Infrastructure Secondaries Fund, a vehicle that will continuously raise capital to invest in infrastructure assets on the secondary market. Ardian simultaneously launched an evergreen feeder fund aimed at Australian wholesale investors,...
Japan Blocks MBK Partners' Planned Takeover of Makino Milling Over National Security Concerns
Tokyo's government has formally asked Seoul‑based MBK Partners to cancel its proposed acquisition of machine‑tool maker Makino Milling, invoking Japan's foreign investment screening law. Officials say the deal threatens the leakage of dual‑use technology critical to Japan's defense industry, and...
Legora Acquires Qura to Bolster AI Legal Research Platform
Legora, the Swedish AI‑legal software startup, announced the acquisition of Stockholm‑based Qura, a legal‑search engine, to strengthen its research capabilities. The deal, whose financial terms were not disclosed, follows Legora’s recent $100 million annual recurring revenue milestone and its push to...
McLaren CEO Zak Brown Warns Mercedes' Alpine Stake Could Jeopardize F1 Fairness
McLaren CEO Zak Brown publicly challenged Mercedes' plan to buy a 24% share in Alpine, arguing that co‑ownership creates an unfair advantage. He cited past on‑track incidents and staff moves, and warned the sport could lose credibility if two teams...
Deal Roundup: HIG Capital Agrees Celerion Sale to THL Partners, GTCR Closes Fiduciary Acquisition
HIG Capital has agreed to sell its clinical pharmacology and bioanalytical services firm Celerion to THL Partners. The transaction marks HIG’s exit from a niche health‑tech platform as it refocuses its portfolio. In a separate deal, GTCR completed its acquisition...
How the New Equity Tender Offer Exemptive Order Will Shape M&A
The SEC staff issued a new exemptive order that permits equity tender offers to close in a minimum ten‑business‑day period, shaving weeks off the traditional timeline. Law‑firm memos highlight that a sign‑to‑close window can now be as short as three...
Oura’s Strategic Acquisition of Galen AI and the Future of Personal Medical Sovereignty
On April 17, 2026 Oura Health announced the acquisition of Galen AI, a Stanford‑born startup that unifies fragmented medical records via FHIR. The deal expands Oura’s smart ring from a fitness tracker to a connected health companion that can cross‑reference...
How Monarch Collective Made WNBA History in Cleveland
Monarch Collective, the first dedicated women’s‑sports investment platform, closed a $250 million fund and announced a minority stake in the Cleveland WNBA expansion franchise, becoming the league’s inaugural private‑equity shareholder. The fund already owns stakes in three NWSL clubs and a...
Pantheon Expands Private Wealth Offering Again with Evergreen Infra Secondaries Fund
Pantheon has secured regulatory approval for its evergreen Global Infrastructure Secondaries Fund, the firm’s newest vehicle aimed at private‑wealth clients. The fund will let high‑net‑worth investors gain exposure to secondary transactions in the infrastructure sector on a continuous basis, rather...
Calabria Unifies Domestic Distribution Under House of Fine Wine Banner
Calabria Family Wine Group has consolidated its domestic trading and distribution under the House of Fine Wine banner, following its February acquisition of House of Fine Wine and The Wine Company. The unified platform merges portfolios and teams from Calabria,...
The Asset Class by Hettie O’Brien Review – the Hidden Hand of Private Equity
Hettie O’Brien’s book *The Asset Class* exposes how private‑equity firms have seized essential public‑service assets—from water utilities to care homes—by buying undervalued assets with leveraged capital. The author traces the sector’s growth to deregulation under Reagan and Thatcher and highlights...
Exclusive: Gauri Khan Family Trust to Re-Invests in Sleepy Owl
Sleepy Owl, the Indian D2C coffee brand, announced a fresh Series C2 funding round of Rs 12 crore (approximately $1.5 million). The round was led by Optiscape Network Holdings with a Rs 5 crore ($0.6 million) investment, and included contributions from Pramod Bhasin, the Gauri Khan...
John Distilleries Open to Further Stake Sale to Sazerac, Founder Says
John Distilleries, the Bengaluru‑based maker of Original Choice whisky and Paul John single‑malt, is willing to sell its founder’s remaining stake to U.S. spirits group Sazerac. Sazerac already controls about 60% of the privately held company after a series of...
Greenleaf Capital Launches Centered Partners
Greenleaf Capital Partners has launched Centered Partners, a St. Louis‑based advisory offering M&A, capital markets, insurance brokerage, and commercial real‑estate services to middle‑market firms. The new firm targets sectors such as HVAC, residential services, manufacturing, construction, and financial services, drawing...
Thoma Bravo Set to Lose $5.1B on Medallia Handoff
Private equity firm Thoma Bravo is nearing an agreement to hand over software firm Medallia to its lenders. The move will wipe out $5.1 billion in equity for Thoma Bravo and its co-investors, who bought the customer service software company...
Musk Could Acquire PayPal for $45B, Merge Into X
At $45 billion valuation - Elon Musk should just buy PayPal and integrate it into X (finally).
Leveraged Loan Insight & Analysis – 4/20/2026
Direct lenders in the United States raised less than $77 bn in the first quarter of 2026 to fund sponsor‑backed transactions. That represents a 30% drop from the fourth quarter of 2025, marking the steepest quarterly decline since 2022. The contraction...
Polygon Sold for $20M, Triggers Mass Layoffs
It's been almost a year since Polygon was sold to Valent and hit with mass layoffs as part of the deal. Adweek now reports the sale price was $20 million. https://t.co/GuKFgrZsAx
Strategic Risks Keep Tesla and SpaceX Separate for Now
From a strategic standpoint, what’s the argument for not just merging Tesla and spacex now and getting it over with?
Behrman Capital Acquires Metallizing Service Company, Expanding Aerospace Coatings Portfolio
Behrman Capital announced the acquisition of Metallizing Service Company Holdings' assets, a veteran provider of thermal spray coatings for aerospace and defense. While the deal price was not disclosed, the transaction adds a highly engineered surface‑treatment business to Behrman's seventh...
Self‑Dealing Mergers: Sabotage A to Boost B
If you controlled Company A and planned to merge it with Company B, which you also controlled, wouldn't you d9 all you could to diminish the value of Company A, by piling on enormous capex that ultimately benefits Company B,...
Athletes Join L Catterton to Accelerate Consumer Brands
News: Investment firm L Catterton and Patricof Co form partnership to pursue investment in consumer brands where athletes can drive growth. CHAMP - Champion Athlete Managing Partner - will be co owners of portfolio companies. Participating athletes ⤵️ Story to...