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
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.
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News (w/e 8/1/26)
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.
Deals
Apollo won easyJet by 25p, after Castlelake spent ten weeks setting the price.
The board called 625p an attempt to buy the airline on the cheap. The winning number was 715p, and the firm that found it is not the one paying it.