Deals

Deals (w/e 3/3/26)

GIP and EQT take AES Corp private. $33.4bn enterprise value. BlackRock's infrastructure arm and EQT, backed by CalPERS and Qatar, are acquiring the Fortune 500 utility and clean energy producer at $15 per share. The deal is 100% equity-funded, which is unusual at this scale, and positions the consortium to own 11.8 GW of signed clean energy agreements with major tech companies. AES itself admitted it couldn't fund its growth pipeline without either cutting its dividend or issuing significant new equity. Private capital steps in where public markets can't, or won't, absorb the capex. This is the infrastructure play of the year so far. BLOOMBERG

Apollo hired three managing directors. Carlyle supplied one of them.

Apollo hired three managing directors, one of them from Carlyle. Advent's head of tech strategy now works at the OpenAI venture Advent helped fund.

Advent sold its last CCC shares at $7.79. GTCR will pay $7.75.

GTCR and Elliott are paying $7.75 a share for CCC. Advent sold its final stake last November at $7.79, down from a $10 SPAC-era price.

Thoma Bravo's Proofpoint pays 53 times free cash flow for Varonis

Proofpoint will pay $49.75 a share for Varonis, 52% above the June close. The multiple is 53 times free cash flow, and the first-half cash flow fell.

EQT's fee-generating assets rose €40bn in a quarter. Coller was €34bn.

Fee-generating assets rose €40bn in the quarter. Strip out the Coller acquisition and the gain is about €6bn.

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Apollo hired three managing directors. Carlyle supplied one of them.

Advent sold its last CCC shares at $7.79. GTCR will pay $7.75.

Thoma Bravo's Proofpoint pays 53 times free cash flow for Varonis

EQT's fee-generating assets rose €40bn in a quarter. Coller was €34bn.