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

EA taken private in $55bn deal

BY Richard Summerfield

Videogame giant Electronic Arts (EA) has agreed to be taken private in a $55bn leveraged buyout (LBO) by a consortium consisting of private equity firm Silver Lake, Saudi Arabia's Public Investment Fund and Jared Kushner’s Affinity Partners.

Under the terms of the agreement, the consortium will acquire 100 percent of EA, with PIF rolling over its existing 9.9 percent stake in the company. EA stockholders will receive $210 per share in cash. The purchase price represents a 25 percent premium to EA’s unaffected share price of $168.32 at market close on 25 September 2025, the last fully unaffected trading day, and a premium to EA’s unaffected all-time high of $179.01 at market close on 14 August 2025.

The deal is expected to close in the first quarter of fiscal year 2027, subject to regulatory approval. Upon completion, the deal for EA will be the biggest LBO in history and will bring an end to EA’s 36-years as a publicly traded company.

“Our creative and passionate teams at EA have delivered extraordinary experiences for hundreds of millions of fans, built some of the world’s most iconic IP, and created significant value for our business,” said Andrew Wilson, chairman & chief executive of EA. “This moment is a powerful recognition of their remarkable work. Looking ahead, we will continue to push the boundaries of entertainment, sports, and technology, unlocking new opportunities. Together with our partners, we will create transformative experiences to inspire generations to come. I am more energized than ever about the future we are building.”

“PIF is uniquely positioned in the global gaming and esports sectors, building and supporting ecosystems that connect fans, developers, and IP creators,” said Turqi Alnowaiser, deputy governor and head of international investments at PIF. “PIF has demonstrated a strong commitment to these sectors, and this partnership will help further drive EA’s long-term growth, while fueling innovation within the industry on a global scale.”

“This investment embodies Silver Lake’s mission to partner with exceptional management teams at the highest quality companies,” said Egon Durban, co-chief executive and managing partner of Silver Lake. “EA is a special company: a global leader in interactive entertainment, anchored by its premier sports franchise, with accelerating revenue growth and strong and scaling free cash flow. We are honored to invest and partner with Andrew – an extraordinary CEO who has doubled revenue, nearly tripled EBITDA, and driven a fivefold increase in market cap during his tenure. The future for EA is bright, we are going to invest heavily to grow the business and we are excited to support Andrew and the EA team as the company accelerates innovation, expands its reach worldwide, and continues to deliver incredible experiences to players and fans across generations.”

“Electronic Arts ​is ​an ​extraordinary ​company with a ​world-class ​management ​team and a bold vision ​for ​the ​future,” said ​ Jared Kushner, chief executive of Affinity Partners. “I have admired their ​ability to create iconic, lasting experiences, ​and ​as ​someone ​who ​grew up playing their ​games ​- and now enjoys them with his ​kids - I couldn’t be ​more ​excited about ​what’s ​ahead.”

“The Board carefully evaluated this opportunity and concluded it delivers compelling value for stockholders and is in the best interests of all stakeholders,” said Luis A. Ubiñas, lead independent director of EA’s board of directors. “We are pleased that this transaction delivers immediate and certain cash value to our stockholders while strengthening EA’s ability to continue building the communities and experiences that define the future of entertainment.”

EA, which was founded in 1982, has a broad portfolio of well-known hit games, ranging from its Madden and EA Sports FC franchises to first person shooting games, such as the Battlefield series.

News: ‘Battlefield’ maker Electronic Arts to go private in record $55 billion leveraged buyout

Thoma Bravo agrees $2bn Verint deal

BY Richard Summerfield

Software investment firm Thoma Bravo has agreed to acquire Verint Systems, a leader in customer experience automation, in a deal worth $2bn.

Under the terms of the deal, Verint common shareholders will receive $20.50 per share in cash - an 18 percent premium to Verint’s 10-day volume weighted average share price up to 25 June 2025, the last day prior to media reports regarding a potential sale of the company.

The transaction, which has been unanimously approved by the Verint board, is expected to close before the end of Verint’s current fiscal year, subject to customary closing conditions, including approval by Verint shareholders and the receipt of required regulatory approvals.

Upon completion of the transaction, Verint common stock will no longer be listed on any public stock exchange. Thoma Bravo intends to merge Verint with its portfolio company Calabrio, a workforce engagement management platform, which the firm says will offer an expansive portfolio to advance the critical priorities of customer experience organisations across the size and complexity spectrum. The combination will create more opportunities for companies to quickly achieve business outcomes in their interactions with customers.

“Thoma Bravo’s investment is a testament to our CX Automation category leadership,” said Dan Bodner, chief executive and chairman of Verint. “Leading brands around the world are reporting strong AI business outcomes with the Verint CX Automation Platform. We are making good progress in delivering AI-powered solutions to an early stage CX Automation market, and we recently announced that our AI Annual Recurring Revenue (ARR) now represents 50% of our total ARR. We look forward to extending our category leadership together with Thoma Bravo.”

“Verint’s market leading CX Automation platform, enterprise customer base and talented employees position it well to shape the future of customer experience with AI as part of the Thoma Bravo portfolio,” said Mike Hoffmann, a partner at Thoma Bravo. “At the closing of the transaction, Verint will join forces with Thoma Bravo portfolio company Calabrio. The opportunity to automate CX workflows with an AI-powered platform is significant, and the combined company will have the industry’s broadest CX platform arming brands of all sizes with strong AI business outcomes.”

According to a statement announcing the deal, certain shareholders and members of the Verint board have entered into voting agreements pursuant to which they have agreed, among other things, to vote their shares of Verint stock in favour of the transaction, subject to certain conditions. These shareholders currently represent approximately 14.5 percent of the voting power of Verint’s stock.

Thoma Bravo, which had about $184bn in assets under management as of 31 March, is one of the largest software-focused investors in the world. The firm has acquired or invested in more than 530 software and technology companies. In August, the firm agreed a $12bn deal to acquire human resources software provider Dayforce.

News: Thoma Bravo to buy Verint in $2 billion deal as software acquisitions ramp up

Athora to acquire PICG in £5.7bn deal

BY Fraser Tennant

In a landmark UK pension deal, pan-European savings and retirement services group Athora is to acquire specialist UK insurer Pension Insurance Corporation Group Limited (PICG) in a transaction valued at £5.7bn.

Under the terms of the definitive agreement, the acquisition – which is expected to close in early 2026, subject to customary closing conditions, including regulatory approvals from the Prudential Regulation Authority – will be funded primarily by equity as well as long term bank debt.

Backed by US alternative asset manager Apollo Global Management and Athene Holding Ltd, as well as a number of long term institutional investors, Athora has €76bn of assets under management and administration and serves approximately 2.8 million policyholders.  

As a result of the transaction, PICG will become Athora’s UK subsidiary, maintaining its long-tenured team, dedication to customer service, robust capitalisation and disciplined investment philosophy.

“We are pleased for PICG to become Athora’s first UK insurance business, maintaining its great team, brand and utmost commitment to serving its customers,” said Mike Wells, group chief executive of Athora. “The acquisition by Athora will enhance access to long-term growth capital and asset origination capabilities, enabling PIC to serve more of the UK savings and retirement market, where it has already established itself as a top three provider in pension risk transfer.”

Upon completion of the transaction, PICG will become Athora’s UK insurance business, operating under the Pension Insurance Corporation (PIC) and penguin brands.

“PIC has had an amazing growth story over the past two decades and is now one of Britain’s preeminent pension businesses,” said Tracy Blackwell, chief executive of PIC. “Athora’s investment is validation of what we have always believed: that PIC’s reputation, strategy, fortress balance sheet, purpose and, most importantly, our people, combine to make this a unique business in a huge and growing market.”

In addition, PIC is poised to benefit from broader resources, long term growth capital and enhanced asset origination capabilities, including in private investment grade credit resulting from Athora’s strategic relationship with Apollo. Together, Athora and PIC believe the combination will accelerate scaled, high-grade financing in the UK market, increasing productive investment in the economy and supporting retirement outcomes for pensioners.

Ms Blackwell concluded: “With Athora backing us through our next phase of growth as their UK insurance business, we will be able to provide more options to the trustees of defined benefit pension schemes and invest more in the UK economy and infrastructure.”

News: Apollo-backed Athora to buy Pension Insurance Corporation for $7.8 bln

Advent to acquire Spectris for £3.8bn

BY Richard Summerfield

Private equity (PE) group Advent International has agreed to buy industrial company Spectris in a £4.4bn deal, marking one of the biggest recent takeovers of a London-listed business.

The deal will see Spectris’s shareholders receive £37.63 per share in cash, including an interim dividend of 28p, which Spectris said its board was unanimously recommending as “fair and reasonable”. The offer represents a premium of almost 85 percent to the company’s share price on 6 June, the day before Advent’s interest first emerged. Advent’s offer values the group’s equity at about £3.8bn and gives it an enterprise value of £4.4bn, including debt.

The deal for Spectris comes after the company noted that it had rejected a “preliminary proposal” from PE group KKR earlier this month in favour of continuing discussions with Advent. KKR said it had been “engaging constructively” with Spectris, adding that while it had not made a new offer, it was in advanced stages of due diligence, and may still do so. KKR has urged Spectris shareholders to withhold action on Advent’s offer as it considers a formal bid.

“The Spectris management team have transformed the Spectris Group into a leading, sustainable business with high quality premium precision measurement solutions that enable customers to solve some of their greatest challenges,” said Mark Williamson, chairman of Spectris. “The Board remains confident in Spectris’ strategy and the opportunities that will be delivered over the medium term, but believes that Advent’s offer recognises the attractiveness of Spectris and represents strong and immediate cash value for shareholders at an attractive premium of 84.6 percent to the undisturbed share price. The Board believes that the offer will benefit Spectris’ stakeholders and the operational and financial resources of Advent are expected to enhance opportunities for our employees and the Company.”

“Since 2019, we have repositioned Spectris as a focused, high quality, compound growth business with advantaged positions in attractive end markets,” said Andrew Heath, chief executive of Spectris. “I would like to recognise the exceptional contribution of my colleagues - their talent, insight and commitment continues to drive our success. The next chapter of Spectris’ development will further fuel their ambition and provide new opportunities.

“Advent's offer recognises the quality of Spectris, our talented people, and our strong growth prospects,” he continued. “In light of a strong set of intentions set out today, the Board have confidence that Advent is committed to supporting Spectris with investment that will drive growth and accelerate delivery of our strategic objectives.”

“Acquiring Spectris is Advent’s vote of confidence in British engineering and innovation,” said Shonnel Malani, managing partner at Advent International. “As active partners, we are dedicated to accelerating Spectris’ growth and enhancing its leadership in precision measurement. With its talented people and proven track record of driving breakthroughs across industries, we are poised to invest in its continued success, pushing the boundaries of technological progress, expanding its global reach, and delivering transformative solutions to the world’s most dynamic sectors.”

News: Spectris snubs KKR for $5.9 billion Advent buyout