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
Latimore, Jindal Steel Shortlisted as Whyalla Bidders
Australian coal magnate Matt Latimore’s M Resources and India’s Jindal Steel have been shortlisted as the two preferred bidders for the distressed Whyalla Steelworks. The plant, Australia’s sole integrated steel producer, has been idle amid financial strain, and Bluescope Steel retains a right of last offer. The shortlist follows a competitive process aimed at reviving the facility and preserving regional jobs. A successful transaction could reshape the domestic steel supply chain.
Gas-Based Hydrogen Hopeful Among Shortlisted “Low-Emission” Proposals for Troubled Whyalla Steelworks
Australia’s Whyalla steelworks and the nation’s only manganese smelter are nearing new ownership after a competitive shortlist was announced. M Resources, backed by Hazer Group’s low‑emission hydrogen technology, and India’s Jindal Steel emerged as the two final bidders, while BlueScope...
Apollo’s $3 Billion Fund Sale:
Apollo Global Management is in talks to sell its listed BDC, MidCap Financial Investment Corp., for roughly $3 billion. The potential transaction underscores a broader shift as private‑credit firms use the secondary market for strategic balance‑sheet and liquidity management rather than...
BlackRock ‘Sees Merit’ in More Large-Scale Mining M&A
BlackRock’s portfolio manager Olivia Markham said the firm supports further consolidation among large miners, arguing that bigger, liquid companies attract generalist investors and can fund complex projects. Recent talks between Glencore and Rio Tinto on a potential $240 billion merger fell...
Anthropic Acquires Fractional AI to Challenge Palantir in Enterprise SaaS
Anthropic announced the acquisition of Fractional AI, a developer of generative AI enterprise applications, to launch its own consulting division. The move signals a shift from pure model licensing to end‑to‑end AI deployment, directly targeting Palantir's hybrid SaaS‑consulting model.
Pasqal Moves Toward Nasdaq Listing Through Bleichroeder SPAC Deal
Pasqal Holding SAS announced a Form F‑4 filing to merge with Bleichroeder Acquisition Corp. II, a Nasdaq‑listed SPAC. The transaction values Pasqal at roughly $2 billion pre‑money and would deliver about $500 million in gross proceeds once closed. Pasqal, a leader in neutral‑atom quantum...
Destination XL Board Unanimously Rejects Bid From Zodiac Partners
Destination XL’s board unanimously rejected Zodiac Partners II’s all‑cash tender offer of 82 cents per share, a $46 million deal that represented a 26% premium to the prior close. The board cited the offer’s heavy financing conditions and lack of committed equity as...
Behind the Scenes of the GHO and CBC Healthcare Merger
GHO and CBC announced a merger that will create the world’s largest healthcare private‑equity investor. The combined entity will pool billions of dollars in capital, linking deal flow from Western markets with fast‑growing opportunities in Asia. Co‑chief executives say the...
Most Large Apartment Buildings Funded by Private Equity
Laughed out loud when I read this. It's probably closer to 90% than 13%, especially if narrowing to larger apartment buildings. These buildings cost 8 to 9 figures. Who is buying that if not "private equity"? And how are REITs and...
How Serial Acquirers Build Moats and Drive 10x Growth
This and more in the episode below: - 10x growth in last 5 years - The goal is to raise prices as much as possible - Buying a MOAT and companies with a brand - What makes these serial acquirers so unique? - Post-acquisition...
Covenant Trends – 5/25/2026
Covenant Trends released its May 25 2026 data set detailing how companies allocate synergies and cost‑saving initiatives as EBITDA addbacks across different time horizons. The accompanying chart visualizes the distribution of short‑term, medium‑term and long‑term addbacks, and the full spreadsheet is available...
The $130 Billion Acquisition of Dominion Energy – The Special Situations Report Episode 68
NextEra Energy announced a $130 billion acquisition of Dominion Energy, marking the largest deal of 2026. The transaction merges NextEra’s expansive renewable portfolio with Dominion’s natural‑gas and nuclear assets, creating a utility powerhouse. The deal is slated to close in 2027...
New Mountain-Backed Swoop Snaps up Prescription Management Platform Nimble
Swoop, a healthcare engagement platform backed by New Mountain Capital, announced the acquisition of Nimble, a prescription‑management solution. The deal, terms undisclosed, adds Rx‑refill automation and EHR integration to Swoop’s suite. By merging Nimble’s technology, Swoop aims to broaden its...
Consumers Energy Moves to Sell 13 Michigan Dams to Maryland PE Firm for $13 Million
Consumers Energy has filed to sell 13 hydroelectric dams across Michigan to Hull Street Energy’s subsidiary Confluence Hydro for $13 million, pairing the deal with a 30‑year power purchase agreement at $160/MWh. Supporters say the transaction preserves aging infrastructure, while critics...
Swoop Gets Nimble
Swoop, the healthcare‑marketing firm majority‑owned by New Mountain Capital, has acquired Nimble, a prescription‑management platform that serves more than 16 million customers in independent pharmacies across all 50 states. The deal expands Swoop’s offering from patient‑engagement to prescription fulfillment, allowing life‑science...
Permira's $2.4B Sale Yields Modest 39% ROI
Permira just sold I-MED #Radiology Network for $2.4B after acquiring it for approx. $1B in 2018. The article states a “39% return on investment” Doesn’t look like an exciting number after an 8-year holding period… Am I missing something..? 🤔 https://t.co/84noJx25RP
Antonio Gracias Could Pocket Up to $140 B From SpaceX IPO, Raising PE Stakes in Mega‑Tech Listings
Valor Equity Partners founder Antonio Gracias holds roughly 7.3% of SpaceX, a stake that Bloomberg and Reuters value at $90 billion on a $1.75 trillion price and $140 billion on a $2 trillion price. The potential windfall underscores how private‑equity firms are positioning themselves...
Oakley Capital to Acquire Majority Stake in XTEL for Up to £33 Million ($42 M)
Oakley Capital Fund VI is set to invest up to £33 million (about $42 million) for a majority stake in XTEL, the revenue‑management and trade‑promotion software provider to over 400 global consumer‑goods brands. The deal underscores private‑equity’s growing appetite for data‑intensive SaaS...
Apollo Makes £1.5bn Approach for UK Industrials Group Bodycote
Apollo Global Management has reportedly made a £1.5 billion (~$1.9 billion) approach to acquire UK industrial services firm Bodycote, valuing the company at roughly £4.5 billion (~$5.7 billion). At the same time, South Korea is tightening oversight of overseas private‑credit exposure, while the UK...
Vireo Growth Announces Intention to Acquire Organic Supplier Bridgewell Agribusiness for US$40M
Vireo Growth Inc. announced its intention to acquire Bridgewell Agribusiness LLC, a supplier of organic and non‑GMO food ingredients, for a $40 million base price that translates to an estimated $10.26 million net after assuming $30 million of Bridgewell debt. The purchase will...
Digest: Uber Still Keen on Delivery Hero?
Uber’s board is weighing a higher offer for Delivery Hero after its initial €38‑a‑share proposal—roughly $41 per share—was rebuffed. A revised bid would push the target valuation past €11.5 bn, about $12.5 bn, positioning Uber as the dominant player in Europe’s fragmented food‑delivery...
Lantheus Weighs Potential Sale with $7B Valuation
Lantheus Holdings, a leading radiopharmaceutical developer, is reportedly entertaining a sale that could fetch a valuation close to $7 billion. Bloomberg cited sources saying Curium Pharma, a nuclear‑medicine specialist owned by CapVest Partners, is the primary suitor. Both companies have declined...
MUFG Explores Options for Stake in Indonesia’s Danamon Including Take-Private Deal: Sources
MUFG is evaluating options for its 92.5% stake in Indonesia's Bank Danamon, including a take‑private or a partial sale to boost the public float required by new regulations. Danamon is valued at roughly 47 trillion rupiah (about $3.1 bn) and holds assets...
Private Equity Chases the Data Center Supercycle:
Private‑equity giants are targeting data centers as the physical foundation of the AI economy, treating the assets as core infrastructure rather than niche real estate. AI workloads demand massive compute density, creating a supply‑side squeeze on power‑connected, hyperscale sites. Firms...
Done.ai Board Launches Review of Sale, IPO and Co‑Investment Options
Done.ai Group AB’s board has opened a formal review of strategic alternatives, including a sale, co‑investment or public offering, as the company targets 1 billion Swedish kronor ($110 million) in revenue by 2028. The move will likely draw investment‑bank advisors to structure...
Modine Spins Off $1B Performance Technologies Unit as Climate Solutions Revenue Jumps 51% in Q3
Modine (MOD) disclosed a $1 billion divestiture of its Performance Technologies segment, receiving $210 million in cash and a 40% equity stake in the new Gentherm‑combined entity. The same quarter saw Climate Solutions revenue climb 51% to drive a 31% rise in...
Anthropic Acquires Fractional AI to Challenge Palantir in Enterprise AI
Anthropic announced the acquisition of Fractional AI, a developer of generative‑AI enterprise applications, to launch its own consulting division. The deal, whose financial terms were not disclosed, is a direct challenge to Palantir’s entrenched position as the go‑to AI operating...
CVC and GBL Launch €10.73 Billion Offer to Take Recordati Private
CVC Capital Partners and Belgian investor Groupe Bruxelles Lambert have teamed up on a €10.73 billion ($12.47 billion) offer to acquire the remaining shares of Italy’s Recordati and take the drugmaker private. The bid values the company at €51.29 per share –...
DB Insurance to Acquire Fortegra for $1.65 B, First Korean Insurer Deal in the U.S.
DB Insurance announced it will complete a $1.65 billion acquisition of U.S. specialty insurer Fortegra on May 30, becoming the first Korean insurer to buy a U.S. carrier. The deal gives DB a foothold in the world’s largest non‑life insurance markets and...
Mid-Market E‑Commerce M&A Surges 340% in Q2 2026 with $12.8 B in Deals
Private equity firms and strategic buyers closed 47 mid‑market e‑commerce acquisitions totaling $12.8 billion in Q2 2026, a 340% increase from a year earlier. The wave targets profitable stores with $5‑50 million revenue and EBITDA above 12%, signaling a shift from cash‑burn...
Serial Entrepreneur Scales Compliance Firm to $80M, Launches New Fund
You may find this interesting. I talked to a serial entrepreneur and business buyer whose recent investments included a property compliance company. He was able to grow the company from $6 million in revenue to $80 million in revenue, sell it...
Centerbridge Negotiates 33% Stake in Merritt Properties Valued at $3 Billion
Centerbridge Partners is in advanced talks to acquire roughly one‑third of Merritt Properties, the industrial real‑estate arm of Neuberger Berman, in a transaction that values the platform at about $3 billion including debt. The firm has reportedly pulled ahead of several...
Commerzbank Rejects UniCredit’s €35 Bn Takeover Bid After Shareholder Rejection
Commerzbank’s board and shareholders turned down UniCredit’s €35 bn (≈$41 bn) takeover proposal, with only 0.02% of shares tendered. The rejection highlights deepening resistance to cross‑border consolidation in Europe’s banking sector.
1% Holdings Launches Roofing Collective to Boost Valuations Beyond 3‑5× EBITDA
1% Holdings announced the 2026 Roofing Collective, an acquisition and growth platform for U.S. roofing companies with $5 million‑$20 million revenue. Founder Cameron Bawden says the model will lift firms out of the typical 3‑5× EBITDA range by providing institutional systems and...
Tax Planning for Carve-Out and Take-Private Transactions: Use of Selective Section 338 And/Or 336 Elections
A vintage tax strategy using selective Section 338(g) or 336(e) elections can let a private‑equity buyer offset a built‑in gain in one subsidiary with a built‑in loss in another during a carve‑out or take‑private deal. By pushing the election down to...
Warren Demands Treasury Tighten Oversight of $2 Trillion Private‑Credit Market
Senator Elizabeth Warren sent a May 13, 2026 letter to Treasury Secretary Scott Bessent and SEC Chair Paul Atkins demanding new oversight of private‑credit lenders. The appeal targets a market that now exceeds $2 trillion and underpins much of private‑equity financing....
From $100k to $10B: Holdco Mastery Blueprint
Definitely not just a real/estate mogul... He didn't speak English until the age of 14... ended up buying 500+ companies and turning $100k into $10B. They still make over 50 add-ons a year. I did long research on him; below you'll find a...
Ex-KPMG Led Accounting Giant Stalls £1bn Sale
Ex‑KPMG veteran Warren Mead’s Sumer Group, a private‑equity‑backed consolidator of UK accounting firms, has paused a planned £1 billion ($1.27 bn) sale. The firm, which has bought more than 34 independent practices, generates roughly £300 million ($381 m) in annual revenue and employs about...
There's More to M&A Success than a Good Purchase Price
Mark Lukes warns that focusing solely on the headline purchase price can mislead sellers in M&A deals. He introduces the concept of “guardrails”—contractual terms that allocate risk, set expectations, and control how value is transferred over time. The article stresses...
Shawbrook Weighs Aldermore Bid as Firstrand Looks to Offload Challenger Bank
Shawbrook Bank, which listed on the London Stock Exchange last October, is weighing a merger with rival challenger Aldermore. Aldermore’s owner, South‑African group Firstrand, put the bank up for sale after allocating £750 m (about $950 m) to the FCA’s £9 bn motor‑finance...
Consumers Energy Moves to Sell 13 Michigan Dams to Maryland PE Firm for $13 M
Consumers Energy has filed with the Michigan Public Service Commission to sell 13 historic hydroelectric dams to Hull Street Energy’s subsidiary Confluence Hydro for $13 million. The deal includes a 30‑year power purchase agreement at $160 per megawatt‑hour, roughly double current...
Jardine Matheson to Acquire I-MED for $2.4 B, Expanding B2B Healthcare Tech Portfolio
Hong Kong‑listed Jardine Matheson Holdings agreed to buy I‑MED Radiology Network for an enterprise value of A$3.4 billion (≈US$2.4 billion). The deal gives Jardine full control of 215 diagnostic imaging clinics across Australia and New Zealand and a minority stake in AI firm...
4 Reasons JPMorgan Should Buy Revolut
JPMorgan Chase, a $850 billion market‑cap bank, could consider buying Revolut, the European neobank now valued at about $75 billion. Revolut’s technology, culture of rapid iteration, and 70‑plus million global users give it a super‑app edge that legacy banks struggle to replicate. An...
AI’s Growing NEE-D for Power Fuels $130 Billion Utility Deal – Merger Arbitrage Mondays
NextEra Energy announced a $130 billion merger with Dominion Energy, creating a combined enterprise valued at roughly $420 billion. Dominion shareholders will receive 0.8138 NextEra shares plus a $0.41 cash dividend per share, representing a 23.75% premium. The transaction gives NextEra a...
Adani, GMR Among Shortlisted Bidders for $400 Million IntelliSmart Deal
IntelliSmart Infrastructure, a joint venture of NIIF and EESL, is being sold for an equity value of about $400 million (₹3,700 crore). Four bidders – Adani Energy Solutions, GMR Smart Electricity Distribution, Genus Power Infrastructures and Partners Group – have been shortlisted...
Authentic Brands Group to Acquire Denim Icon Lee in $1.5B Deal
Authentic Brands Group (ABG) announced a definitive agreement to acquire Lee, the historic denim and workwear brand, from Kontoor Brands. The transaction, slated to close in the second half of 2026, adds a $1.5 billion revenue business to ABG’s $36 billion system‑wide...
Permira Sells I‑MED to Jardine Matheson for $3.4 Billion
London‑based buyout firm Permira has agreed to sell its European medical‑device platform I‑MED to Hong Kong‑listed conglomerate Jardine Matheson for an enterprise value of $3.4 billion. The transaction gives Jardine Matheson full ownership of the Asia‑Pacific’s largest radiology business and signals...
Parker Hannifin to Acquire CIRCOR Aerospace for $2.55 Billion
Parker Hannifin has signed a definitive agreement to buy CIRCOR Aerospace for $2.55 billion, a deal that expands its aerospace and defense capabilities. Private‑equity firm KKR, which bought CIRCOR for $1.8 billion in 2023, will retain the company’s Naval and Industrial divisions....
Qualtrics Completes $6.75 Bn Acquisition of Press Ganey Forsta, Expanding Healthcare Data Reach
Qualtrics has closed a $6.75 billion purchase of Press Ganey Forsta, instantly giving its Experience Management platform access to more than 41,000 U.S. healthcare facilities. The deal is aimed at turning patient and staff feedback into predictive insights that can improve...
Nexstar Finalizes $6.2 B Purchase of Tegna, Creating Nation’s Largest Local‑TV Group
Nexstar Media Group closed its $6.2 billion acquisition of Tegna after FCC and DOJ clearance, giving it more than 260 local broadcast stations. The merger boosts Nexstar’s negotiating power with distributors while sparking criticism over media concentration.