Today's Private Equity Pulse
Blackstone closes record $13.1B Asia private‑equity fund
Blackstone announced the closing of its third Asia private‑equity vehicle, Blackstone Capital Partners Asia III, at $13.1 billion, surpassing its $10 billion target and more than doubling the capital of its predecessor. The fund is the firm’s largest Asia‑focused raise and Blackstone has deployed over $7 billion across 12 deals in the region in the past two years.
Also developing:
By the numbers: Metatron Private Equity acquires Green Circuits Inc.
Private‑Equity Firms Own One‑Eighth of U.S. Apartments, Up 50% Since 2021
A Private Equity Stakeholder Project report finds private‑equity firms now control roughly 3 million U.S. apartment units, or one‑eighth of the market, a 50 percent jump since 2021. The surge, led by firms such as Blackstone, is linked to higher rents, evictions and growing policy scrutiny.
Uber Takes 19.5% Stake in Delivery Hero, Sparking Takeover Talk
Uber disclosed a 19.5% equity stake in German food‑delivery platform Delivery Hero, plus an additional 5.6% via options. The move, facilitated by Morgan Stanley traders, has analysts debating whether it signals a full‑scale takeover, potentially reshaping the competitive dynamics of...
Activision Blizzard Shareholders Settle $250M Lawsuit, Clearing Microsoft Deal Hurdle
Activision Blizzard shareholders, led by Swedish pension fund Sjunde AP‑Fonden, approved a $250 million settlement that ends a class‑action lawsuit alleging the Microsoft takeover undervalued the company. The deal removes a lingering legal cloud ahead of Microsoft’s $68 billion bid to integrate...
IMAX Mulls Sale as Shares Jump 15%, Sparking Buyer Interest
IMAX Corp. is reportedly exploring a sale, prompting its shares to surge more than 15% to $37.50. The Wall Street Journal says the company is holding preliminary talks with entertainment‑focused investors, a move that could reshape the premium‑screen market.
The Tech M&A Market Isn’t Frozen — It’s Jammed
The tech M&A market is not dormant but gridlocked by a mix of macro volatility, valuation mismatches, regulatory friction, and AI‑driven uncertainty. Rising, erratic interest rates have squeezed financing for large software deals, while sellers cling to 2021‑era multiples, widening...
Uber Explores Delivery Hero Takeover to Fight DoorDash Globally: Sources
Uber is weighing a full takeover of Germany‑based Delivery Hero after raising its stake to 19.5% and securing 5.6% of options. The move, facilitated by Morgan Stanley’s derivative‑based buying, aims to give Uber a stronger foothold in more than 60 markets where...
Leonard Green Takes Mister Car Wash Private in $3.1 Billion Deal, Nasdaq Listing Ends
Leonard Green & Partners completed a $3.1 billion cash acquisition of Mister Car Wash, converting each public share into a $7 claim and removing the company from Nasdaq. The deal, which values the 549‑store chain at a 29% premium, marks a...
FedEx Leads $9 Billion Leveraged Buyout of InPost, Deal Runs May 26‑July 27
FedEx, together with Advent International and other InPost shareholders, announced a EUR7.8 billion ($9 billion) leveraged buyout offer for InPost. The offer period runs from May 26 to July 27, with key regulatory clearances already secured and the remaining reviews slated for the second...
Parker‑Hannifin to Buy KKR‑Owned Circor Aerospace for $2.55 B
Parker‑Hannifin announced a definitive agreement to purchase the aerospace division of Circor International from KKR for $2.55 billion. The cash‑free, debt‑free transaction values Circor Aerospace at roughly 22.7 times 2026 EBITDA and is slated to close in the second half of 2026,...
China Investor Takes over 120-Year-Old German Knitting Machine Maker
German textile equipment specialist Mayer & Cie, a 120‑year‑old maker of circular knitting machines, filed for bankruptcy and was acquired by Chinese firm Huixing Machinery. The insolvency was driven by price pressure from state‑subsidized Chinese competitors and broader macro shocks...
Pershing Square Signals Intent to Bid for Universal Music Group, Raising Catalog Valuation Questions
Bill Ackman's Pershing Square is preparing to submit a takeover bid for Universal Music Group, the world’s largest music label. The move could force a reassessment of catalog values and shift power dynamics for artists, investors, and fans.
CVC and GBL Unveil €10.7 Bn Take‑Private Offer for Recordati
CVC Capital Partners and Groupe Bruxelles Lambert have submitted a €51.29‑per‑share, €10.7 bn all‑cash tender offer to acquire Recordati SpA and delist it from Euronext Milan. Backed by sovereign‑wealth and pension investors, the bid carries a roughly 13% premium and hinges...
James Murdoch to Acquire New York Magazine and Vox Media for Over $300 Million
James Murdoch’s Lupa Systems is set to acquire New York magazine, the Vox editorial brand and the Vox Media Podcast Network for a price reported above $300 million. The deal, expected to close within weeks, expands Murdoch’s portfolio beyond his family’s...
IMAX Potential Suitors Include Netflix, Apple, Wedbush Says
IMAX Corp. (IMAX) is reportedly exploring a sale, prompting interest from several high‑profile potential buyers. Wedbush analysts cite streaming giant Netflix, tech powerhouse Apple, and a slate of private‑equity firms as likely suitors. The speculation sent IMAX stock up roughly...
Layered Moats Turn Boring Niches Into Billion‑Dollar Exits
Novaria Group and its $2.2B exit playbook: Make 27 acquisitions and build a roll-up platform around high-mix, low-volume, low-relevant-cost products... Add a “layer cake of protections” around process IP, explicit IP, daily discipline, and unit economics. A true moat in an aerospace and...
Publicis and LiveRamp Hit Back After Rivals Claim M&A Deal Will Harm ‘Neutrality’
Publicis Groupe announced a definitive agreement to acquire data‑collaboration platform LiveRamp for roughly $5.5 billion. The deal, which would combine Publicis’ agency network with LiveRamp’s data onboarding capabilities, has drawn criticism from rivals Omnicom and Stagwell, who argue the merger could...
Post Oak Group Reports Middle Market Emerging as the Strong Segment of 2026 M&A
Post Oak Group, named Texas' top middle‑market investment bank, says the middle market has become the strongest segment of 2026 M&A activity. A narrowing bid‑ask spread, abundant private‑equity dry powder and aggressive family‑office participation are driving a surge in deals...
AI, Automation and Robotics Drive New Value‑Creation Playbooks for Private‑Equity Firms
Private‑equity owners are accelerating AI, automation and robotics across portfolio companies to boost margins and accelerate exits. Keppel’s M1 telecom is cutting costs with AI agents, while Workday’s AI‑driven ARR nears $500 million, underscoring the sector’s new playbook.
TREX Oil & Gas Launches Acquisition Vehicle to Target Bakken Core Assets
TREX Oil & Gas announced the launch of TREX Oil and Gas I, LLC, a private acquisition vehicle aimed at buying mineral rights, royalties and producing wellbores in the Bakken formation of North Dakota and Montana. The move expands the...
Company Founders, We Love You, but Investors Need More
Private equity firms are increasingly evaluating architecture, engineering and construction companies for their ability to scale beyond a founder‑centric model. The U.S. data‑center construction market is projected to more than double, reaching roughly $211 bn by 2033, driving sector expansion. Yet...
Tender Offer for Recordati; Sobi's Gout Drug Passes Phase 3 Test
CVC Capital Partners and Groupe Bruxelles Lambert have launched a cash voluntary tender offer for Recordati, valuing the Italian specialty‑pharma group at roughly €1.5 billion. Meanwhile, Swedish biotech firm Sobi announced that its investigational gout therapy met its primary endpoint in...
Apollo Makes £1.5bn Bid for London-Listed Bodycote
Apollo Global Management has launched a £1.5 bn cash offer to acquire Bodycote, the London‑listed specialist in heat‑treatment and thermal processing. The proposal values Bodycote at roughly £1.5 bn enterprise value, implying a premium over its current market price. If accepted, the...
HVAC Roll-Up Thrives by Prioritizing Technicians Over Finance
Andrea Allegrini is one of the operators behind Lindbergh, an HVAC roll-up that has completed 14 acquisitions. What started as a niche logistics and waste-management business has evolved into a fast-growing acquisition platform doing $32 million in revenue, with 35-36% yearly...
What Can We Learn From CBIZ?
CBIZ’s acquisition of Marcum initially lifted its share price to $90, but by March 2026 the stock plunged to $26.66, a 70% decline that highlights execution risk in accounting‑firm roll‑ups. Private‑equity investors remain unperturbed, focusing on medium‑term integration rather than...
Ford Nears Sale of Valencia Plant Space to Geely for European EV Production
Ford is preparing to sell the Body 3 assembly hall at its Valencia plant to Chinese automaker Geely, freeing up unused capacity and giving Geely a foothold for European EV production. The deal would let Geely start building its Galaxy EX2...
Ecommerce Investor on Turnaround Tactics (Encore)
In this episode, Eric Bandholz talks with Maytab, co‑founder of Cardo Ventures, about how they locate, evaluate, and turn around distressed e‑commerce brands. Maytab explains their focus on businesses that can be trimmed to a manageable size—typically $15‑20 million in revenue—and...
Helloworld Nears 20% Cap, Prepares Formal Takeover Bid
$WJL.AX buyout thesis continues to escalate. Weiss (chair now) and BGH terminated the cooperation agreement. HelloWorld's director nominee was rejected for a conflict of interest. Helloworld tried to act, but has failed so far. But they did just buy more shares, now...
Change‑of‑control Clause Stalls Estée‑Lauder‑Puig Merger
Per Axios Pro's @Ryanbarwick on Estee Lauder/Puig deal breakdown: "A big hurdle was a contract issue with Charlotte Tilbury ...She had a change of control clause in her contract with Puig that allowed her to renegotiate terms of her deal. Estée...
GBL Joins CVC in €10.7bn Takeover Bid for Recordati
Private equity firm CVC, already holding 46.8% of Recordati, has teamed up with Belgian investor GBL to formalise a €51.29‑per‑share, €10.7 billion (~$11.6 billion) takeover bid for the Italian pharma group. The consortium also includes ADIA’s Luxinva, CPPIB and chairman Andrea Recordati,...
Partners Group Launches New Lower Leverage, Recurring Income PE Strategy
Partners Group has unveiled a new Total Return control‑buyout strategy that emphasizes lower leverage and recurring income streams. The fund targets mature, cash‑generating companies where earnings can be distributed to investors while preserving upside potential. By combining income focus with...
Modaxo Enters Into Agreement to Acquire the Public Transit Business From Conduent
Modaxo Inc. announced a definitive agreement to acquire Conduent Inc.'s Public Transit Business, which includes Transit Fare Management and Fleet Management Solutions. The acquisition will bring Conduent's fare collection technology—designed to boost revenue, curb fare evasion, and lower operational costs—under...
Advent, FedEx, A&R & PPF Launch €7.8bn All-Cash Offer for InPost
Advent International, together with FedEx, A&R Capital and PPF Group, has launched an all‑cash bid of €7.8 billion (about $8.5 billion) to acquire InPost, the Polish‑based parcel‑locker and last‑mile delivery specialist. The offer values InPost at a premium to its current market...
Xpeng Takes 90.1% of Erajaya’s EV Manufacturing Arm
Chinese EV maker Xpeng has acquired a 90.1% stake in PT Era Industri Otomotif (EIDO), the manufacturing arm of Indonesia’s PT Sinar Eka Selaras. The transaction, effective May 13 2026, involved Xpeng investing roughly US$8.6 million for a controlling interest, while SES retains...
Anthropic‑Backed AI Services Firm Acquires Fractional AI in Private‑Equity‑Backed Deal
An AI‑native enterprise services firm backed by Anthropic, Blackstone and Hellman & Friedman announced the acquisition of San Francisco‑based Fractional AI. The deal adds a top‑tier applied‑AI engineering team to the new company, positioning it to embed Anthropic’s Claude model across...
LIV Golf Seeks $250 Million as Saudi Funding Ends, Eyes Bankruptcy Filing
LIV Golf announced a $250 million capital raise to keep the league operating after Saudi Arabia’s Public Investment Fund withdrew its multi‑billion‑dollar backing. With cumulative losses exceeding $1.4 billion, the circuit is also preparing a U.S. Chapter 11 filing and may relocate its...
Imax Explores Possible Sale, Stock Surges
IMAX Corp. is reportedly exploring a sale, prompting its stock to surge more than 10% to $37.50. An insider confirmed the discussions are still preliminary, with no formal bids in hand. The company posted Q4 revenue of $81.4 million, beating forecasts,...
Iconic Downtown Hotel Skyscraper Changes Hands; Renovation Coming
Portman Hospitality Fund I has acquired the Westin Peachtree Plaza, Atlanta’s 73‑story, 1,073‑room hotel that has dominated the skyline for five decades. The deal, announced by developer Portman, was made with Marriott International, which will continue to manage the property...
Global Private Equity Firm Deploys CyberView to Track Cyber Risk Across Portfolio
A global private equity firm has adopted Ankura’s CyberView platform to provide continuous cyber‑risk visibility for all its portfolio companies. The case study highlights the firm’s push to embed security into value‑creation plans, though specific financial terms were not disclosed.
GHO Capital and CBC Group Unveil World’s Largest Healthcare Investment Firm
GHO Capital and CBC Group have merged their specialist healthcare platforms into a single entity, creating the world’s largest dedicated healthcare investment firm with more than 200 professionals in 13 offices. The new firm will tap the 90% of global...
TD Survey Finds Middle‑Market Dealmakers Ready for M&A but Valuation Gaps Remain
TD’s H2‑2026 survey of middle‑market financial decision‑makers reveals strong optimism—67% say conditions are improving and 64% expect more deals—while 77% flag valuation gaps as the biggest obstacle. Capital is accessible but structuring challenges persist, shaping the next wave of M&A...
Episode 104: Inside the Deal with Heriberto Garcia
In Episode 104 of the Tech M&A Podcast, Heriberto Garcia, founder and former CEO of Vialterna Comunicaciones, recounts building a Mexican telecom firm over 15 years and orchestrating its sale to a search fund. He highlights the importance of early...
Buy Select M&A-Exposed Apparel Winners Amid Brunt Deal
Brunt eyes >$1B sale/stake with JPMorgan; $300M sales, workwear gaining mainstream. Risks: valuation/execution. Trading insight: buy selective M&A-exposed apparel winners. — Viktor Kopylov, PhD, CFA. More insights: t.me/si14Kopylov
Pharma and Biotech M&As 2026 Deal Watcher
The pharma and biotech sector kicked off 2026 with a wave of high‑value mergers, building on a record‑setting 2025 that saw roughly $240 billion in deal value. Notable transactions include Angelini’s $4.1 billion acquisition of Catalyst to enter the U.S. rare‑disease market,...
Broken-Deal Fees Put Alignment in Spotlight
A new survey of private‑equity firms shows that most charge broken‑deal expenses directly to the fund, while a minority still bill portfolio companies or investors. The practice is becoming a litmus test for sponsor‑LP alignment, as LPs demand greater transparency...
Wasserman Sale Drama Escalates as Private Equity Bidders Clash Over $3‑Billion Valuation
Casey Wasserman’s attempt to sell his rebranded agency, The Team, has narrowed to three private‑equity contenders after a three‑month process. Wasserman insists the firm is worth $3.5‑$4 billion, but insiders peg a realistic price at $2.5‑$2.75 billion, fueling accusations of a bait‑and‑switch.
RA Capital Banks $75M for a Biotech SPAC
RA Capital Management launched Research Alliance III, a biotech-focused SPAC that raised $75 million by selling 7.5 million shares at $10 each and began trading on Nasdaq under the ticker RACC. The vehicle seeks to merge with a China‑based drug development and diagnostic...
Reebok Owner Acquires Lee and Plans IPO with a New “Wall Street CEO”
Authentic Brands Group (ABG), the owner of Reebok, Champion and Brooks Brothers, announced it will pursue an initial public offering within the next twelve months. Simultaneously, ABG is acquiring the denim label Lee, expanding its apparel portfolio. Founder Jamie Salter...
Octus: Private Credit & Deal Origination Insights – 5/18/2026
Private‑equity sponsors are rapidly expanding their footprint in European credit markets, with sponsor‑backed direct lending now the dominant source of new financing. A recent chart shows sponsor share climbing across direct lending, bank‑loan and high‑yield segments from 2024 through Q1 2026,...
KKR Secures $2.55 Bn Exit via Parker Hannifin Deal
KKR books $2.55bn exit on CIRCOR Aerospace in sale to Parker Hannifin Read more here: https://t.co/PYKyBWDgsm https://t.co/5iNsWrA6Ac
KKR to Sell Circor Aerospace to Parker Hannifin for $2.55bn
Private equity firm KKR announced the sale of Circor Aerospace to industrial automation leader Parker Hannifin for $2.55 billion. KKR originally bought the entire Circor group for $1.8 billion in 2023, but will retain the company's naval and industrial divisions. The transaction...