Deals (w/e 2/13/26)
Mubadala and TWG Take Clear Channel Outdoor Private in $6.2 Billion Deal
Clear Channel Outdoor is being taken private in a $6.2 billion all-cash deal led by Mubadala Capital in partnership with TWG Global. Announced February 9, this is one of the largest leveraged buyouts of the year so far and comes with a reported 70%+ premium to shareholders. Billboard advertising isn’t glamorous, but it’s durable — long-term municipal contracts, physical inventory scarcity, and pricing leverage when competitors can’t build new boards. The thesis isn’t innovation. It’s operational cleanup, capital structure discipline, and harvesting predictable cash flows outside public market scrutiny. Link
Blackstone and EQT Acquire Urbaser in $6.6 Billion Infrastructure Deal
Blackstone and EQT are acquiring Urbaser from Platinum Equity in a transaction valued at approximately $6.6 billion, announced February 12. Waste management is infrastructure disguised as services.....contracted revenue, regulatory barriers, and municipalities that don’t stop needing trash collected. This is sponsor-to-sponsor at scale: Platinum exits, Blackstone and EQT step in with long-duration capital, betting on environmental services as steady yield with political tailwinds. Heavy assets, steady margins, no theatrics. Link
CVC Acquires DSM-Firmenich Animal Nutrition for €2.2 Billion
CVC Capital Partners is acquiring the Animal Nutrition & Health business from DSM-Firmenich for €2.2 billion, announced February 9. DSM-Firmenich will retain a 20% stake, which tells you this is a carve-out, not a divorce. Animal nutrition sits in that quiet corner of the economy where regulatory friction, scientific formulation, and global distribution create defensible margins. CVC gets a standalone platform in an essential sector with recurring demand and limited disruption risk......a classic “unflashy but profitable” play. Link
Nuveen and Schroders Announce $13.5 Billion Asset Management Combination
Nuveen and Schroders announced a $13.5 billion strategic combination on February 12, consolidating assets across traditional and alternative platforms, including exposure to private markets via Pantheon. Technically strategic, but the market is reading it as defensive scale-building: bigger AUM, tighter cost ratios, and stronger institutional distribution before fee compression accelerates. Asset management is consolidating because mid-sized platforms don’t survive on brand alone anymore. Link
Alantra Closes €155 Million Continuation Fund for Health in Code
Alantra Private Equity closed a €155 million continuation fund on February 12 to continue backing Health in Code, a cardiovascular genetics specialist. Continuation funds aren’t exotic anymore, they’re liquidity valves when exits aren’t optimal but conviction remains high. Instead of forcing a sale, Alantra doubled down, effectively telling LPs the growth story still has runway. In this market, holding longer isn’t hesitation, it’s selective patience. Link