Advent and Cinven exploring €25bn exit of TK Elevator as Kone enters advanced discussions. If this closes, it would be one of the largest PE exits in European history and a defining test of whether strategic buyers will pay full freight in this market. The hold period on TK Elevator is now approaching six years. PE INSIGHTS
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.
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.
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.
Fee-generating assets rose €40bn in the quarter. Strip out the Coller acquisition and the gain is about €6bn.
