Madison Air Solutions strikes $5.4bn ebm-papst deal

BY Richard Summerfield

Madison Air Solutions Corporation, a global provider of air quality solutions, has agreed to acquire ebm-papst in a deal worth $5.4bn.

According to a statement announcing the deal, the effective enterprise purchase price is $5bn net of future tax savings. Madison Air intends to fund the transaction through a combination of cash on hand and debt and equity financing. The company expects pro forma net leverage of less than 4.0x at closing, with a target of reducing net leverage to approximately 2.5x on a trailing 12-month basis within two years. The transaction is expected to close around year end, subject to regulatory approvals and satisfaction of customary closing conditions.

The deal is expected to add approximately $30bn to Madison Air’s addressable market and broaden its commercial, aftermarket and services opportunities through a larger installed base, broader customer relationships and expanded channel presence. Operating in approximately 40 countries, ebm-papst serves a diversified global customer base and is expected to generate approximately $2.8bn of revenue and approximately $343m of adjusted earnings before interest, taxes, depreciation and amortisation in 2026.

“We’re excited about the opportunities this acquisition creates for our customers, employees and shareholders as Madison Air continues to expand our ability to deliver Return on Air and strengthen our position in attractive, growing markets,” said Jill Wyant, president and chief executive of Madison Air. “As a longstanding ebm-papst customer, we have a deep appreciation for its integrated airflow technology, custom engineering expertise and talented team, which complement our expertise in mission-critical applications and market reach.

“Fans enable the airflow performance our customers depend on every day,” she continued. “By combining ebm-papst’s differentiated technology with Madison Air’s application expertise, trusted customer relationships and proven operating model, we will help more customers improve uptime, efficiency, compliance and productivity in mission-critical environments.”

Ms Wyant added that the acquisition nearly doubles the company’s addressable market, expands its aftermarket and services opportunities, and strengthens its long-term growth prospects. She also expressed confidence that the combined business will accelerate growth, improve performance and deliver significant long-term value for shareholders.

“Madison Air was founded on the belief that business can be one of the most powerful forces for good, particularly when we help people live safer, healthier and more productive lives through the power of better air,” said Larry Gies, chairman of the board and founder of Madison Air. “Adding ebm-papst to the Madison Air portfolio is a natural extension of that purpose. The Board of Directors and I have tremendous confidence in Jill and her team and believe this combination will make Madison Air a stronger company capable of serving more customers, pursuing a larger opportunity and creating enduring value for many years to come.”

“Since our founding more than six decades ago, ebm-papst has built a reputation on engineering excellence, innovation and earning the trust of our customers,” said Klaus Geiβdörfer, chief executive of ebm-papst. “Madison Air shares that philosophy and has demonstrated a long-term commitment to supporting entrepreneurial businesses. We are excited to join an organization that values our people, our culture and our technology, and we look forward to what we can accomplish together.”

News: Madison Air Solutions to buy German fan maker ebm-papst in $5.4 billion deal

Thoma Bravo acquires Accelerant in $4bn-plus deal

BY Fraser Tennant

In an all-cash transaction that takes it back into private ownership, insurance marketplace Accelerant is to be acquired by US private equity and growth capital firm Thoma Bravo for more than $4bn.

Under the terms of the definitive agreement, shareholders of Atlanta-based Accelerant will receive $20.25 per share in cash, representing a 49 percent premium to Accelerant’s closing share price on 12 August 2026.

Upon completion, and just over a year since its first listing, Accelerant will once again become a private company, and its common shares will no longer be listed nor traded on the New York Stock Exchange.

Altamont Capital Partners, Accelerant’s largest investor, and the company’s founders, intend to retain equity ownership alongside Thoma Bravo, the terms of which will be finalised prior to closing.

Founded in 2018, Accelerant is a data-driven platform that connects specialty insurance underwriters with risk capital providers through advanced analytics, real-time data and transparent underwriting insights. Its platform supports diversified, low-volatility premium performance and scalable capital deployment across cycles.

“Accelerant has been building the preeminent specialty insurance marketplace,” said Jeff Radke, chairman and chief executive of Accelerant. “Returning to private ownership with Thoma Bravo’s technology and software expertise, coupled with its vast financial and strategic resources, will enable us to make investments that further position our unique, data fueled platform to be the rails on which specialty insurance runs.”

The world’s largest software-focused investment firm, Thoma Bravo partners with some of the world’s most sophisticated investors. Over the past 20-plus years, it has acquired or invested in approximately 590 companies, representing more than $320bn of aggregate value.

“As the managing general agent market continues to grow, underwriters are looking for a committed technology-forward partner who can unlock rapid program growth and underwriting innovation,” said A.J. Rohde, senior partner at Thoma Bravo. “We have invested in insurance technology and data businesses for years, and we are excited to work alongside the entire Accelerant team.”

The transaction, which is currently expected to close in the first half of 2027, is subject to customary closing conditions, including approval by Accelerant shareholders and satisfaction of required regulatory approvals.

“Accelerant has built something rare in specialty insurance,” added Matt LoSardo, a principal at Thoma Bravo. “We look forward to partnering with the team to invest behind the technology, data and capital capacity to support Accelerant’s next phase of growth.”

News: Thoma Bravo to take Accelerant private in more than $4 billion deal

GO acquires H&R portfolio in C$6.7bn breakup deal

BY Fraser Tennant

In a deal that creates Canada’s second-largest publicly traded residential real estate investment trust (REIT) by enterprise value, GO Residential REIT and a consortium of buyers – including private equity firm Blackstone – is to acquire Toronto-based H&R REIT for C$6.7bn.

Under the terms of the agreement, H&R unitholders will receive C$4.28 per unit in cash, plus 0.5688 GO REIT unit per H&R unit, representing in total a value of C$12.01 per H&R unit and a 14.5 percent premium to its unaffected closing price on 10 June 2026.

The agreement also includes the assumption of approximately C$550m in H&R debentures and approximately $1.1bn in property-level debt.

Alongside Blackstone Real Estate, the consortium of co-purchasers includes Crestpoint Real Estate Investments, the Public Sector Pension Investment Board and a company controlled by family members of Tom Hofstedter, chief executive of H&R.

“We have built one of the highest-quality luxury residential portfolios in New York City, and this transaction takes that foundation and adds Sunbelt scale, balance sheet strength and earnings growth – transforming GO into one of Canada's largest publicly-traded residential REITs,” said Joshua Gotlib, chief executive of GO Residential REIT. “It will be a platform with a greater opportunity set, and competing for a different category of investor.”

Once complete, the deal will see GO acquire a portfolio of 27 properties and nearly 10,300 suites across seven Sunbelt markets and New York – adding to GO REIT’s 10 properties comprising 3000-plus suites in the New York City area.

“The board has unanimously concluded that this transaction is in the best interests of GO,” said Meyer Orbach, chairman of GO Residential REIT. “It addresses, in a single step, the issues that have limited GO’s valuation – concentration, leverage and scale – while preserving the quality and integrity of the portfolio our team has assembled.”

The transaction is expected to close in Q4 2026, subject to customary closing conditions.

Mr Gotlib concluded: “We are acquiring best-in-class assets at an attractive basis, and we are doing it in a way that makes GO financially stronger and more diverse, consistent with our long-term strategy.”

News: CCanada's H&R REIT agrees to $4.81 billion breakup deal with GO Residential, Blackstone consortium

Beazer Homes sold in $2.2bn deal

BY Richard Summerfield

Beazer Homes is to be acquired by US home builder Dream Finder Homes in an all-cash deal worth about $2.2bn, including debt.

Under the terms of the deal, Beazer shareholders will receive $33.50 in cash for each share held, representing an implied price-to-book multiple of approximately 0.8 times.

The deal is expected to create the sixth-largest homebuilder in the US. Beazer currently operates in 15 markets across 13 states, while the combined company is expected to operate in 26 markets and approximately 520 active communities across the Southeast, Mid-Atlantic, Texas, West and Midwest.

The companies expect more than $100m in annual run-rate cost synergies from manufacturing efficiencies, purchasing improvements, lower overhead, elimination of duplicate public-company costs, increased mortgage and title insurance capture rates and lower insurance expenses.

The deal has been unanimously approved by the boards of directors of both companies and is expected to close in the fourth quarter of 2026, subject to customary closing conditions, including approval by Beazer shareholders and receipt of required regulatory approvals.

“As someone who started Dream Finders from the ground up, I know what it takes to build a culture that puts homebuyers first, and that’s exactly what I see in Beazer,” said Patrick Zalupski, founder, chief executive and co-chairman of Dream Finders. “They have built something genuinely special – a talented team, strong communities, and a culture that puts customers at the centre of everything they do. That resonates deeply with us. This combination is the next meaningful step in our journey to become a top 5 national homebuilder, expanding our geographic reach, broadening the range of buyers we can serve, and strengthening the integrated services we offer families from contract to close.”

“This transaction represents an important milestone for Dream Finders and reflects our Board’s confidence in the strategic and financial merits of combining two leading companies,” said Rick Beckwitt, co-chairman of Dream Finders. “Patrick and the team have mapped out a detailed integration plan to maximise synergies that will drive long-term growth and profitability.

“We have great respect for what Allan Merrill and the Beazer team have accomplished. We look forward to executing our strategy as a larger and even stronger company and welcoming a very talented group of Beazer employees to the Dream Finders family,” he added.

“Over nearly 20 years, we have transformed Beazer into one of the nation’s largest homebuilders through a strategy focused on delivering on energy efficient homes and best-in-class customer experiences,” said Allan P. Merrill, chairman, president and chief executive of Beazer Homes. “This transaction represents the culmination of a comprehensive review of opportunities to maximise value and provides Beazer shareholders with a significant and certain cash return in an uncertain market.”

News: Dream Finders to buy Beazer Homes in $2.2-billion deal

Segro and Prologis agree $19bn deal

BY Richard Summerfield

UK real estate company Segro has accepted a $19bn takeover offer from US rival Prologis, concluding a long-running discussion to determine Segro’s future.

Under the terms of the deal, Segro shareholders will receive 0.0920 new Prologis shares for each Segro share held. Shareholders may elect to receive cash in lieu of some or all of their Prologis share consideration, subject to the terms of the partial cash alternative. Segro shareholders will also be entitled to receive and retain any 2026 interim dividend of up to 10.14p per Segro share and any 2026 final dividend of up to 22.56p per Segro share, which Segro intends to pay prior to closing.

The maximum aggregate amount of cash available under the partial cash alternative is approximately £3.5bn. Each Segro shareholder's basic entitlement under the partial cash alternative is equal to 25 percent of the fixed price of 1031.7 pence per Segro share. Accordingly, a shareholder electing to receive only its basic entitlement would receive 258 pence in cash and 0.0690 new Prologis shares for each Segro share.

The boards of both companies have agreed to the deal and the Segro board has announced its intention to unanimously recommend it to shareholders. The transaction is expected to close in the first half of 2027, subject to the requisite approvals of Segro shareholders, sanction of the scheme by the court, receipt of applicable regulatory approvals and satisfaction of customary closing conditions.

According to Prologis, the cash component of the deal will be financed through a committed term loan facility, existing liquidity and other available funding sources. Following completion, the combined company is expected to manage approximately $269bn of assets. With a European operating portfolio of 368 million square feet and a combined European development pipeline of 13 million square feet.

“We are pleased to have reached agreement with the SEGRO Board on a combination that we believe will create meaningful value,” said Daniel S. Letter, chief executive of Prologis. “This deal brings together SEGRO’s exceptional portfolio and customer relationships with Prologis’ global platform, operating expertise and financial strength. We have great respect for SEGRO, its people and the business they have built over many years. The constructive engagement between our leadership teams throughout this process has reinforced our confidence in the opportunity ahead.

“As we move forward, we will approach the work ahead thoughtfully and deliberately. We look forward to building on the strengths of both companies and creating even greater value for our customers and shareholders," he added.

“SEGRO has built a unique business over many decades, assembling an irreplicable portfolio of high-quality industrial, logistics and data centre assets in some of Europe's most attractive locations,” said David Sleath, chief executive of Segro. “Through the dedication of our people and the strength of our customer relationships, we have a proven track record of value creation over many years.

“Prologis shares our conviction in the long-term structural drivers underpinning demand for modern logistics and data centre infrastructure,” he continued. “We believe the combination would bring together two highly complementary businesses and create a compelling platform, combining SEGRO’s exceptional portfolio and development pipeline with Prologis’ existing European business and global scale, customer franchise and operational capabilities, while retaining a shared commitment to disciplined capital allocation, customers and people. Prologis’ proposal provides SEGRO shareholders with a compelling opportunity to realise the value created by SEGRO and benefit from the future growth of the Combined Group.”

News: UK’s Segro agrees $19 billion Prologis takeover after investor pressure