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

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