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.
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The best executive search firms are also the worst executive search firms.
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That is now half the value creation plan.
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The executive search market has its own little cartel, and at least it has the decency to wear a suit.
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Somewhere around 2019, every PE firm became "operationally focused."
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.
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Most PE strategy decks could change logos unnoticed.
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.
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Brookfield's $12.5 billion of carry has spent years almost arriving.
Brookfield's release is headlined 15% earnings growth. Consolidated net income fell 33%. Between the two sits $12.5 billion of unrealised carry, of which the firm converted $121 million after selling $40 billion of assets.
What Is a Digital Maturity Assessment?
A structured diagnostic that scores how a company uses digital channels, data and technology to generate revenue, and turns the score into a ranked, costed investment list. What it covers, what the output should be, and why most of them change nothing.
The Ice Cube Test
Sponsored by Crawford McMillan Every investment committee evaluating software right now is pricing a risk none of them has ever measured. Q2 made that expensive. Software deal value fell 65.7% year over year, per PitchBook's Q2 US PE Breakdown, not because buyers think every legacy software business
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.