BlackRock and EQT led consortium agrees $33.4bn AES deal

BY Richard Summerfield

In a landmark deal in the power and utilities space, a consortium led by BlackRock’s Global Infrastructure Partners and Swedish private equity firm EQT AB have agreed to acquire US power company AES Corp for around $33.4bn, including debt.

The deal will see the consortium, which also includes the California Public Employees’ Retirement System ⁠and ​the Qatar Investment Authority, acquire AES for $15 per share in cash, representing a total equity value of $10.7bn and an enterprise value of approximately $33.4bn, including the assumption of existing debt. The transaction represents a 40.3 percent premium to AES’s 30-day volume weighted average share price prior to 8 July 2025, the last full day of trading prior to the first media report of a potential acquisition.

The transaction has been unanimously approved by AES’ board of directors and is expected to close in late 2026 or early 2027, subject to approval by AES stockholders, the receipt of applicable federal, state and foreign regulatory approvals and the satisfaction of other customary closing conditions.

In the absence of a transaction, AES said it would have had to reduce or eliminate dividend payments or make substantial ​new equity issuances. The agreement includes reciprocal termination fees. The consortium will ​pay $100m or ⁠up to about $588m, while AES will pay roughly $321m under specified terms. Upon completion, AES’ units in Indiana and Ohio will remain locally operated and managed utilities.

“Following a rigorous review of strategic options, the AES Board determined that this transaction with the Consortium maximizes value for stockholders and provides compelling cash value,” said Jay Morse, chairman of the board at AES. “We ran a robust process that included several parties and evaluated the transaction with the Company’s standalone prospects in mind. AES has a significant need for capital to support growth beyond 2027, particularly given the significant new investments in both US generation and utilities businesses. In the absence of a transaction with the Consortium, the Company would likely require a plan that includes reduction or elimination of the dividend and/or substantial new equity issuances. After extensive work and deliberation, we concluded that this transaction is in the best interest of AES stockholders.”

“Over the course of our 45-year history of powering industries and shaping the future of energy, AES has built a diverse portfolio to meet the evolving power needs of our customers and communities,” said Andrés Gluski, president and chief executive of AES. “We believe this transaction maximizes value for existing stockholders and positions the Company for long-term success as we continue delivering on our commitments to customers, communities and people. We look forward to partnering with the Consortium, which has expressed an appreciation for the value of AES’ innovation, global reach and diverse portfolio.”

“We are excited to announce our acquisition of AES, a market leader in the power generation and supply business with a long and storied history,” said Bayo Ogunlesi, chairman and chief executive officer of Global Infrastructure Partners. “AES is a leader in competitive generation, and at a time in which there is a need for significant investments in new capacity in electricity generation, transmission and distribution, especially in the United States of America, we look forward to utilizing GIP’s experience in energy infrastructure investing, as well as our operational capabilities to help accelerate AES’ commitment to serve the market needs for affordable, safe and reliable power.”

“As one of the largest energy infrastructure investors globally, we are seeing first-hand the increasing need for a secure energy supply amid expanding power demand worldwide,” said Masoud Homayoun, head of EQT Infrastructure. “EQT’s acquisition of AES will support the growth and modernization of essential energy infrastructure that underpins energy security, electrification, digitalization and resilient power systems across key markets. We look forward to working with the AES team to strengthen its operating platform, including enhancing reliability and long-term competitiveness, while supporting a responsible and sustainable energy transition.”

News: BlackRock, EQT-led group seals $33.4 billion AES deal in bet on AI power boom

OneStream acquired by Hg in $6.4bn deal

BY Fraser Tennant

In an all-cash transaction that takes the US financial software maker private only 17 months after its initial public offering, OneStream is to be acquired by buyout firm Hg for approximately $6.4bn.  

Under the terms of the definitive agreement, OneStream shareholders will receive $24 per share in cash. The per-share purchase price represents a 31 percent premium to OneStream’s closing share price on 5 January 2026.

Upon completion of the transaction, OneStream will become a privately held company and will no longer be listed or traded on any public stock exchange.

OneStream’s majority voting shareholder General Atlantic, a leading global investor, will also be a significant minority investor alongside Tidemark, a leading technology investment firm.

“This transaction marks a pivotal moment for OneStream and our vision to be the operating system for modern finance,” said Tom Shea, chief executive of OneStream. “As we build on our strong foundation of growth, we are thrilled to partner with the teams at Hg, General Atlantic and Tidemark. Through this partnership, we are able to significantly advance our artificial intelligence (AI)-first go-to-market strategy and expand our finance AI capabilities at a rapid pace.”

With over 1700 customers, including 18 percent of the Fortune 500, a strong ecosystem of go to market, implementation and development partners and 1600 employees, OneStream’s vision is to be the operating system for modern finance.

“We are excited to support Mr Shea and the OneStream team,” said Joe Jefferies, a partner at Hg. “We will seek to preserve the strong customer focus and entrepreneurial culture that have been central to their success, while bringing Hg’s deep expertise in scaling software businesses. This includes support from our AI team of over 100 specialists and supporting partnerships.”

Following closure, Mr Shea will continue to serve as chief executive of OneStream alongside the current leadership team, with the company maintaining its headquarters in Birmingham, Michigan.

The transaction, which has been unanimously approved by OneStream’s board of directors, is expected to close in the first half of 2026, subject to the receipt of required regulatory approvals and the satisfaction of other customary closing conditions.

“This transaction delivers immediate value to our shareholders and is a vote of confidence in our strategy, our talented employees and our partner ecosystem,” noted Mr Shea. “We look forward to having the ability to move faster, think bigger and deliver more for our forward-thinking finance customers.”

News: Hg Capital to buy OneStream in $6.4 billion take private deal; shares jump 28%

GE HealthCare to acquire Intelerad in $2.3bn deal

BY Richard Summerfield

GE HealthCare has announced it has agreed to acquire medical imaging software provider Intelerad in a deal worth $2.3bn, as part of wider aims to create a fully-connected, cloud-first imaging ecosystem and to triple its cloud-enabled product offering by 2028.

The deal is expected to be completed in the first half of 2026, subject to customary closing conditions and regulatory approvals. GE HealthCare intends to fund the transaction with cash on hand and proceeds from debt financing. 

“As hospital and ambulatory care providers face increased demand for imaging and rising patient volumes, they are looking to simplify and unify their workflows,” said Peter Arduini, president and chief executive of GE HealthCare. “Our acquisition of Intelerad will bring additional cloud-enabled and intelligent solutions in radiology and cardiology into our portfolio of products and extend our capabilities into outpatient networks, enabling care teams to be more efficient, improve outcomes, and deliver precision care for patients globally. As a result, we expect to accelerate our growth in SaaS products and recurring revenues as we take another evolutionary step to grow into a healthcare solutions provider.”

“Intelerad is an outstanding strategic fit and is a pioneer in cloud-based imaging software, with a strong portfolio of world-class solutions across care settings. By combining GE HealthCare’s medical device and AI competence at global scale with Intelerad’s enterprise cloud and imaging expertise, we will be even better positioned to meet the evolving needs of healthcare providers, simplify complex workflows, and drive digital innovation across the industry,” said Roland Rott, president and chief executive of imaging at GE HealthCare.  

“Joining GE HealthCare marks an exciting new chapter for Intelerad,” said Jordan Bazinsky, chief executive of Intelerad. “GE HealthCare’s global scale and extensive relationships with key decision makers across hospital systems will fuel the expansion of our connected imaging software offering.  Together, we look forward to advancing digital innovation in healthcare and delivering more integrated AI-enabled solutions that empower our customers to tackle their greatest challenges.”

The deal will see Hg Capital, Intelerad’s majority shareholder, and TA Associates, an investor in the company since 2022, fully exit their investments. During Hg’s ownership, Intelerad significantly expanded its business, growing revenue by more than 3.5 times and completing eight strategic acquisitions. The company now serves over 1500 customers worldwide, supporting more than 230 million medical exams annually and managing 8 billion medical images. Hg is estimated to have invested around $500m into Intelerad in January 2020, with unconfirmed sources placing the total value of the investment at around $650m.

According to Hector Guinness and Laura Grattan, partners at Hg, the firm’s partnership with Intelerad was “an outstanding journey of innovation, growth, and leadership in healthcare technology”.

News: Hg exits Intelerad in $2.3bn sale to GE HealthCare

KKR sells Novaria for $2.2bn

BY Richard Summerfield

Investment firm KKR is to sell Novaria Group, a leading provider of engineered aerospace components and specialty processes, to Arcline Investment Management in a transaction valued at $2.2bn, subject to customary closing conditions and regulatory approvals.

Since KKR made its initial investment in Novaria in 2020, the company has more than tripled in size, completing 13 strategic add-on acquisitions that broadened its product portfolio and enhanced its manufacturing footprint. 2025 has been a year of notable deals for Novaria. In January, the company announced it had acquired Bandy Manufacturing from JW Hill Capital in a deal involving two aerospace companies. In July, it announced its acquisition of Precision Aero Corp (PAC), a subsidiary of Precision Products Machining Group.

Today, the company serves over 3000 customers globally and employs over 1600 people across the US. Novaria’s products can be found on virtually every Boeing and Airbus commercial aircraft in service today.

“We are proud of how we built Novaria in partnership with the management team into a resilient aerospace and defense supplier that benefits its employees and customers,” said Josh Weisenbeck, a partner at KKR. “This milestone was enabled by an ownership mindset, operational excellence, and putting our people first, and we are pleased to see all employees share in the value they helped create.”

“This transaction represents the success of our long-standing partnership with KKR and the dedication of the Novaria team,” said Bryan Perkins, chief executive of Novaria Group. “Novaria’s focus on customer partnership within the aerospace industry has driven remarkable results, and this outcome is a reflection of the collective effort and commitment of our colleagues.”

“Novaria has a proven track record of identifying, acquiring and growing niche aerospace product businesses that share a common culture rooted in innovation and customer service,” said Arcline in a statement. “We’re excited to partner with Bryan and the entire Novaria team to continue executing this strategy.”

Founded in 2011 and headquartered in Fort Worth, TX, Novaria is a leading provider of niche engineered components and specialty processes that serve the aerospace and defence industries. With a mission to improve the aerospace supply chain, the company is dedicated to delivering exceptional customer service and quality to its customers. KKR acquired Novaria from Rosewood Private Investments and Tailwind Advisors through its Americas XII Fund for an undisclosed amount.

Arcline Investment Management is a growth-oriented private equity firm with over $20bn in assets under management. It seeks to build the next generation of industrial compounders – market-leading, non-disruptible industrial platforms designed to consistently grow earnings over decades.

Upon completion of the deal, all Novaria employees will receive cash payouts when the transaction closes through an employee ownership programme established during KKR’s ownership, as is customary for the firm. According to KKR, this programme boosts productivity, revenue and retention.

News: Arcline Investment Management to Acquire Novaria Group from KKR for $2.2 Billion

Thermo Fisher to acquire Clario in $9.4bn deal

BY Richard Summerfield

US life science and clinical research company Thermo Fisher Scientific has announced it is to acquire drug trial software maker Clario in a deal that values the technology group at up to $9.4bn.

Under the terms of the deal, Thermo Fisher will pay Clario’s private equity owners – Stockholm-based Nordic Capital and Luxembourg-based firm Astorg Partners – just under $8.9bn upfront in cash and an additional $525m, largely dependent on performance milestones being hit.

The deal is expected to close by the middle of 2026, subject to customary closing conditions and regulatory approvals. To fund the transaction, Thermo Fisher intends to use proceeds from debt financing and cash on hand. Upon closing, Clario will become part of Thermo Fisher’s laboratory products and biopharma services segment. Clario operates globally and has approximately 4000 employees. For the full year 2025, Clario is expected to generate approximately $1.25bn of revenue.

“Clario is an outstanding strategic fit, enabling faster, more informed drug development through differentiated technology and data intelligence solutions,” said Marc N. Casper, chairman, president and chief executive of Thermo Fisher. “At Thermo Fisher, we come to work every day thinking about how we can further advance our customers’ important work, and by adding these high-growth capabilities, we will deliver even deeper clinical insights to our customers and further accelerate the digital transformation of clinical research.”

“This strategic transaction will power the continued expansion of Clario’s differentiated digital endpoint platform and proprietary suite of AI tools,” said Chris Fikry, chief executive of Clario. “Thermo Fisher Scientific’s global scale and extensive relationships with key decision makers across large pharma and biotech will fuel expansion of our comprehensive clinical trial platform. We are certain this will benefit our clients and, ultimately, patients.”

Clario, which was founded in 2021 following the merger of health tech firms ERT and Bioclinica, is the third company acquired by Thermo Fisher this year, as the company expands its portfolio amid renewed demand from pharmaceutical firms increasing drug development and manufacturing in the US. The company has been an active acquirer of companies historically, but it has focused on smaller deals in recent years. The acquisition of Clario is Thermo Fisher’s biggest acquisition since 2021, when the Massachusetts-based group bought contract research organisation PPD in a deal worth $17.4bn.

Nordic and Astorg oversee €34bn and €23bn of assets under management respectively. Clario also counted Novo Holdings and Cinven as minority investors. In 2022, Nordic sold medical diagnostics group The Binding Site to Thermo Fisher for $2.6bn.

News: Thermo Fisher to buy clinical services provider Clario for up to $9.4 billion