Deals
Veritas won Bodycote by 25 pence, and the market wants a recount.
Two bids sat a penny apart for a month. Veritas found 25 more, and the shares now trade above the price that won.
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Deals
KKR's first core private equity bet just proved itself by ending.
Aon is paying $17 billion for USI, and KKR is calling the exit proof that its long-term holding vehicle compounds. Nine years, ninety acquisitions and two very different return numbers tell a slightly different story.
Deals
KKR explored a $10 billion exit. Apollo bought in, and KKR stayed.
Atlantic Aviation has more than doubled in value since 2021. The proof is a stake trade between two sponsors who both kept a seat.
Deals
Blackstone owned First Eagle for ten years. Genstar owned it for twelve months.
Victory Capital is paying about $7 billion for First Eagle. Blackstone and Corsair spent a decade in the same asset and were reportedly asking $4 billion. Genstar bought it last August.
Deals
Steadfast spent thirty years rolling up brokers. Its buyers just unrolled it.
A 52 per cent premium, a unanimous board, and a company divided between its buyers before the ink dried. The roll-up worked. It just isn't arriving intact.
Deals
KKR is offering UGI less than the stock was worth in 2018
A 21% premium is easy arithmetic when the reference price spent eight years falling. The board that refused to sell a division in 2024 now weighs selling the company below its old high.
Deals
Stripe and Advent are offering PayPal roughly what it was worth in 2015
The reported bid is $60.50 a share, about $53 billion. When eBay cut PayPal loose in 2015, the market said $49 billion.
Deals
In February Workday's answer was its founder. In August it might be Silver Lake.
Reuters says Silver Lake has spent months in talks over a take-private at more than $50 billion. Six months ago, Workday's answer to the same problem was paying its founder $138.8 million to fix it in public.
Deals
After thirteen years, Providence exits ATG to a buyer who never has to sell.
Providence bought ATG in 2013 promising global expansion, and sold it on Tuesday at a reported $6 billion. Thirteen years is not a hold period, it is a tenancy.
Deals
Apollo's biggest sports investment is a $2.6 billion loan to the Yankees.
The Yankees raised $2.6 billion from Apollo without selling control, four months before baseball's expected lockout. The press release calls it a partnership. The proceeds line calls it a refinancing.
Deals
Deals (w/e 8/1/26)
Blackstone, Brookfield and KKR sign a $16bn lease on Kuwait's oil pipelines. The consortium takes 49% of a joint venture leasing the usage rights to all 13 of Kuwait Oil Company's pipelines for 20.5 years, in exchange for a volume-based tariff. Kuwait keeps 51%
News
ECP raised $8.1 billion for an energy transition made of gas and nuclear.
ECP asked for $5 billion and closed on $8.1 billion. The label says energy transition; the purchases say LNG, nuclear and fuel distribution; the LPs say AI.