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.
Doosan Group Nears $3.3 B Deal to Acquire 70% of SK Siltron, Expanding Into Wafer Production
Doosan Group is poised to sign a stock purchase agreement for a 70.6% stake in SK Siltron, valued at roughly $3.3 billion. The move adds front‑end wafer production to Doosan’s existing testing, packaging and materials businesses, positioning the conglomerate for the AI‑driven chip boom.
Anthropic Buys Stainless in $300M+ Deal to Own AI Agent SDKs
Anthropic announced it has acquired Stainless, the startup behind widely used SDK generators, in a deal reported to exceed $300 million. The move removes a key infrastructure provider from rivals and consolidates Claude’s agent‑connectivity stack under Anthropic’s control.
Analog Devices Eyes $1.5 Bn Cash Acquisition of AI Chipmaker Empower Semiconductor
Analog Devices, Inc. is in advanced negotiations to purchase AI‑chip specialist Empower Semiconductor for roughly $1.5 bn in cash. The deal would add Empower’s FinFast power‑management technology to ADI’s portfolio as data‑center AI spending accelerates.
Cohere Acquires Second Company with German Ties in Reliant AI
Cohere, the Toronto‑based AI scale‑up, announced the acquisition of Montreal‑Berlin biotech data startup Reliant AI to embed its pharma‑focused capabilities into Cohere’s North platform. The deal brings Reliant’s research team, proprietary biomedical datasets and domain‑optimized technology, along with existing customers...
Dow Jones CEO: Storyful Merger Will Fuel Growth to $1bn Profit
Dow Jones will integrate its News Corp‑owned video verification firm Storyful, a deal first announced when News Corp bought Storyful for about $25 million in 2013. CEO Almar Latour says the merger will accelerate the publisher’s push to deepen content, widen...
Anglo Exits Australian Steelmaking Coal for up to $3.9B
Anglo American has agreed to sell its entire Australian steelmaking coal portfolio to UK‑based Dhilmar Limited for up to $3.875 billion. The transaction values the assets at a price‑to‑last‑value breakeven of $295 per tonne, roughly 25% above current market levels. The...
Google AI Chips Get a $5bn Vote of Confidence From Blackstone
Blackstone is forming a joint venture with Google to build AI data centres powered by Google’s Tensor Processing Units (TPUs). The partnership includes a $5 billion equity commitment from Blackstone’s AI arm, BXN1, and aims to bring 500 MW of TPU compute...
Blackstone and Google to Form New Tech Company
Blackstone and Google have formed a joint venture to create a new technology company centered on sustainable infrastructure. Blackstone will provide an initial $5 billion equity commitment, while Google contributes its cloud, AI, and data‑center expertise. The partnership targets 500 MW of...
Sony Pictures Television Takes Majority Stake in 32 Flavors, Expanding Unscripted Empire
Sony Pictures Television has acquired a majority stake in 32 Flavors, the Bravo‑backed producer of reality hits such as ‘Vanderpump Rules’ and ‘The Valley.’ The deal, announced on May 18, positions Sony to deepen its unscripted lineup and tap into globally...
Blackstone and Google Launch $5 B AI Cloud Venture to Deploy Custom TPUs
Blackstone and Google announced a $5 billion joint venture to create a U.S.-based AI cloud company that will offer Google’s custom Tensor Processing Units as a compute‑as‑a‑service. The venture aims to bring 500 MW of data‑center capacity online in 2027, signaling deep...
Deal or No Deal: Has Everlane Sold Out to Fast-Fashion with Shein Alliance?
Everlane disclosed a strategic alliance with Shein, the Chinese fast‑fashion giant, to co‑produce a limited‑edition line slated for launch later this year. The partnership leverages Shein’s ultra‑efficient logistics network while promising Everlane’s hallmark transparent pricing. Critics immediately flagged the move...
Meta's $2 B Manus Deal Stalled After China Detains Executives
Meta's planned $2 billion purchase of AI startup Manus was blocked after Chinese regulators detained Manus CEO Xiao Hong and chief scientist Ji Yichao in Beijing. The move highlights rising geopolitical friction that can derail high‑value cross‑border deals.
NextEra Energy to Acquire Dominion in $400B All-Stock Deal, Shares Jump and Slip
NextEra Energy agreed to buy Dominion Energy in an all‑stock transaction valued at roughly $400 billion, creating the largest regulated U.S. utility. Dominion stock surged 14.5% in pre‑market trading while NextEra fell about 4% after the announcement. The deal, which gives...
US Group Acquires Tangent to Drive European Expansion
Exadel, a US AI and digital engineering firm backed by Sun Capital Partners, agreed to acquire UK‑based digital experience agency Tangent in a multi‑million‑pound (~$6.5 million) deal. Tangent, a 90‑person team with offices across Europe, Africa and Asia, will retain its...
PE Firm Advent Invests $150 Million for Minority Stake in Iscon Balaji Foods
Global private‑equity firm Advent International is injecting $150 million for a minority stake in Iscon Balaji Foods (IBF), one of India’s largest frozen‑potato processors. The funding is part of a $215 million round that also includes 360 ONE’s $70 million participation. Advent’s capital will finance capacity...
AI: The Next Frontier of PE Deal Risk
Private‑equity firms are moving AI from a peripheral concern to a core diligence focus, probing governance, data usage, and model reliability. The rise of "shadow AI"—undocumented employee use of generative tools—creates hidden data‑leak and IP risks that traditional cyber checks...
Expedia to Acquire CarTrawler for $350 Million, Boosting B2B Travel Services
Expedia Group is set to buy Irish B2B ground‑transportation platform CarTrawler for $350 million (€300 million). The deal deepens Expedia’s push into business‑to‑business travel services, following recent acquisitions of Tiqets and other B2B assets. Analysts see the transaction as a bid to...
Private Markets Tighten: PE Targets Advisors, Credit Valuations Scrutinized, CRE Fundraising Shifts
Private equity firms are buying wealth‑management advisors, while regulators investigate BlackRock's private‑credit BDC valuations and commercial real‑estate fundraising dries up. The tightening of capital across PE, credit and CRE signals a shift toward liquidity discipline and tighter lender terms.
NextEra Energy to Acquire Dominion for $67 B, Forming Largest U.S. Utility
NextEra Energy agreed to buy Dominion Energy in a roughly $67 billion transaction, creating a $250 billion utility that will be the largest power company in the United States. The deal gives NextEra control of the nation’s biggest data‑center customer base and...
Shibaura Machine to Acquire Moore Nanotechnology for $150 Million, Expanding Ultra‑Precision Reach
Shibaura Machine Co., Ltd. announced a $150 million acquisition of U.S. ultra‑precision equipment maker Moore Nanotechnology Systems, making the latter an indirect wholly‑owned unit. The deal adds over 1,000 precision machines and a global service network, accelerating Shibaura’s push into North...
The US Megadeal Set to Spark a Fight over the Cost of the AI Boom
Project Astra, a $420 billion merger between leading US chipmaker Nvidia and AI‑software firm OpenAI, has been announced to create a vertically integrated AI powerhouse. The deal combines Nvidia's GPU dominance with OpenAI's generative models, promising faster, cheaper AI compute for...
Everlane’s Sale to Shein Is Another Nail in the Coffin for Millennial DTC Brands
Everlane’s majority owner L Catterton sold the brand to fast‑fashion giant Shein for $100 million, a deal that clears roughly $90 million of debt. The transaction underscores the collapse of the millennial‑focused direct‑to‑consumer (DTC) wave that once dominated online apparel. Similar exits, such...
Gentrack Buys Factor for NZ$24M to Boost AI Energy Pricing Tools
Gentrack Group Ltd completed a NZ$24 million acquisition of Prospero Energy’s Factor platform on May 15, 2026. The deal adds AI‑based energy pricing software to Gentrack’s utilities portfolio and includes a NZ$10 million earn‑out tied to revenue growth, positioning the company for earnings...
Qualtrics to Buy Press Ganey Forsta for $6.75 Bn, Creating Largest AI Experience Dataset
Qualtrics is acquiring healthcare experience platform Press Ganey Forsta for $6.75 billion. The deal will merge Qualtrics' experience‑management suite with Press Ganey Forsta's data assets, creating the largest AI‑driven experiential dataset ever assembled. The move expands Qualtrics' footprint in the health‑care...
Everlane Is The Next Millennial Brand To Fall
SHEIN’s $100 million acquisition of Everlane marks the end of the latter’s independent, purpose‑driven era. The deal underscores how direct‑to‑consumer (DTC) brands that built their appeal on transparency and ethical sourcing are now struggling with soaring customer‑acquisition costs and fragile supply...
The Most Attractive Market Isn’t Always the Fastest‑growing.
Just finished a conversation with a buyer who started building a rollup in a very specific industry back in 2020. They completed 40+ acquisitions and eventually sold the platform to a well-known PE firm. What stood out was the growth rate of...
Tim Lamb Group Completes Sale of Seven Firelands Automotive Group Dealerships in Northern Ohio
Tim Lamb Group announced the completion of seven dealership sales in northern Ohio, finalizing transactions that transferred Firelands Automotive Group locations to Feldman Automotive Group, Diehl Automotive Group, and Baumann Auto Group. The last deal closed on May 5, 2026, marking Feldman’s...
Sun Capital‑Backed Exadel Acquires London Consultancy Tangent to Add AI‑Powered Experience Design
Exadel, the Tampa‑based software services firm owned by Sun Capital Partners, announced the acquisition of London‑based digital experience consultancy Tangent. While financial terms were not disclosed, the deal folds Tangent’s front‑end design capabilities into Exadel’s AI‑native engineering platform, creating a...
Deadline‑Driven Price Drop Often Alienates Sellers
Had a client recently propose the following structure: > If seller accepts my offer by this Friday, purchase price is $4.1 million > If seller accepts my offer after this Friday, purchase price is $3.9 million How do you think that would be...
NTT DATA to Acquire WinWire, Adding 1,000 Azure Engineers to Boost Enterprise AI
NTT DATA announced a definitive agreement to acquire WinWire, a Microsoft‑focused consultancy, bringing more than 1,000 Azure engineers and AI specialists into its global practice. The deal, whose financial terms were not disclosed, is aimed at accelerating NTT DATA’s enterprise‑AI...
Could New Zim Offer Start Bidding War?
ZIM Integrated Shipping Services shareholders approved a $4.2 billion takeover by Germany’s Hapag‑Lloyd and Israel’s FIMI Opportunity Funds, creating a New Zim entity that keeps 16 Israel‑flagged vessels and a government golden share under national control. A competing all‑cash offer of...
MBS Logistics to Be Acquired by AD Ports Group
AD Ports Group has signed a binding agreement to acquire German freight forwarder MBS Logistics, a company that generated €205 million (approximately $223 million) in revenue in 2025. The acquisition brings MBS’s network of 26 offices and over 450 professionals across Central...
What Goes Into M&A Valuations
The article breaks down the two primary components of CPA firm merger valuations: capital and goodwill. Capital is measured by adjusting accrual‑based equity for the fair market value of fixed assets, work‑in‑process and receivable reserves, and is typically paid in...
Shein Reportedly (and Confusingly) Acquires Everlane
Shein is set to acquire sustainable apparel brand Everlane for roughly $100 million, a deal approved by Everlane’s board. The acquisition comes as Everlane seeks to clear about $90 million in debt that has hampered growth. Private‑equity firm L Catterton, which took a...
Shein to Acquire Sustainable Brand Everlane for $100 Million
Shein has agreed to buy Everlane for roughly $100 million, a deal approved by Everlane’s board on May 16. The acquisition pits the fast‑fashion giant against a brand built on sustainability, raising questions about the future of ethical clothing.
Getty Images Secures UK Approval for $3.7 B Shutterstock Takeover
Britain’s Competition and Markets Authority approved Getty Images’ $3.7 billion purchase of Shutterstock after the parties offered to sell Shutterstock’s global editorial business. The clearance lifts a major regulatory hurdle and positions Getty as the dominant image provider in the UK,...
Publicis Groupe Buys LiveRamp for $2.2 B to Power Agentic AI in Marketing
Publicis Groupe announced a $2.2 billion acquisition of data‑connectivity platform LiveRamp, targeting the rollout of agentic AI tools across its agency network. The deal, the largest in Publicis’s recent history, is positioned to accelerate personalized, AI‑driven client campaigns.
Is Magnum Already About to Disappear From the Stock Market?
Less than six months after Unilever spun off its premium ice‑cream arm, rumors surfaced that private‑equity firms Blackstone and Clayton, Dubilier & Rice are evaluating a takeover of The Magnum Ice Cream Company. The speculation, reported by Reuters, has caught analysts...
Publicis Groupe to Acquire LiveRamp for $2.2 Bn, Boosting AI‑driven Data Co‑creation
Publicis Groupe announced a $2.2 bn all‑cash acquisition of LiveRamp, a data‑collaboration platform, to accelerate its AI‑driven marketing services. The deal, valued at $2.167 bn enterprise value with a 29.8% premium, is expected to lift Publicis’ 2027‑28 net‑revenue and EPS growth targets.
NextEra Energy to Acquire Dominion Energy for $130 Billion
NextEra Energy announced a $130 billion agreement to acquire Dominion Energy, creating one of the largest U.S. utility operators. Dominion shareholders will receive 0.8138 NextEra shares per Dominion share, a $75.98 per‑share premium of 23.75%, plus a $360 million cash payment at...
KKR Explores Potential $3bn Bay Club Sale
KKR is weighing a sale of The Bay Club Company that could fetch roughly $3 billion. The private‑equity firm has tapped Moelis & Co. and Morgan Stanley to manage the early‑stage process. Since KKR bought the West Coast premium‑membership operator in...
Everpure Completed the Acquisition of 1touch, Extending Data Management Roadmap
Everpure, the rebranded Pure Storage, announced the completion of its acquisition of 1touch, a specialist in data intelligence and orchestration. The deal expands Everpure's portfolio with AI‑driven data management tools and aligns with its roadmap to deliver fully contextual, intelligent...
Premier Inn Owner Under Pressure: Sell Now, Demands Activist Investor
U.S. hedge fund Corvex Management, which owns about 7% of Whitbread PLC, has written to the board demanding an immediate sale of the Premier Inn owner. The activist argues the company’s assets are undervalued and that Whitbread’s recent five‑year overhaul, including...
Start Small, Build Platforms, Then Acquire Luxury Giants
Imagine going from building a small and "boring" roll-up of timber companies to buying Gucci, Balenciaga and Yves Saint Laurent. True story. And the lesson in today's 5 Minutes in the Lower Middle Market is that the first business and acquisition...
Dominion‑NextEra Merger Would Top Utility Sales Rankings
Combining Dominion and NextEra would create a behemoth with the highest retail revenue and total volume of energy sales (MWh) from ratepayers among all utility conglomerates. It would trail Exelon in number of ratepayers. (Based only on electric utilities and...
Sale of Azores Airlines Set; Icelandair, Binter Interested
Portugal’s state‑owned SATA has set a definitive timeline for the privatization of Azores Airlines, with Icelandic carrier Icelandair and Spanish regional airline Binter emerging as the leading interested parties. The sale follows a series of stalled bids, EU interventions, and...
Shein Buys Everlane in US$100m Deal, Reports Claim
Chinese fast‑fashion giant Shein is reported to be acquiring US apparel brand Everlane for roughly $100 million, according to Puck News and subsequent coverage. The deal, valued at about $100 million, would bring Everlane’s sustainability‑focused lineup under Shein’s expansive e‑commerce platform. Neither...
Inside Blue Owl’s Liquidity and Monetisation Playbook
Blue Owl, the fast‑growing GP‑stakes specialist, disclosed its internal liquidity playbook in documents prepared for a limited‑partner investment committee. The firm relies on a mix of secondary sales, dividend recapitalisations and structured co‑investments to turn illiquid GP‑stake holdings into cash....
PolyPeptide Shortlists EQT and IDG Capital as Bidding Process Advances
Swiss contract drug maker PolyPeptide Group has narrowed its sale process to two private‑equity bidders, EQT AB and IDG Capital, as the auction moves to the next phase. US‑based Altaris remains engaged but has not been shortlisted. PolyPeptide, valued at...
Publicis to Acquire LiveRamp for $2.2 Billion, Boosting Data‑Driven Sales Platforms
Publicis Groupe announced a cash acquisition of LiveRamp valued at $2.2 billion, raising its total equity value to $2.546 billion. The deal, which includes $379 million of net cash, is expected to be earnings‑per‑share accretive from day one and to expand Publicis' data‑co‑creation...