Equity transactions under scrutiny
In a renewed wave of dealmaking, some of the world's leading private equity (PE) firms have been active in various sectors, as highlighted by recent transactions involving Advent International, KKR & Co, Carlyle Group, and Apollo Global Management.
Apollo Global Management Agrees to Acquire Kelvion
Apollo Global Management has agreed to acquire a majority stake in Kelvion, a leading global provider of heat exchange and cooling equipment solutions, in a deal valued at around €2 billion. The company focuses on energy-efficient thermal solutions for key industrial markets. This transaction closes a phase of ownership by Triton, which will retain a minority stake. Apollo aims to support growth driven by energy transition and industrial innovation megatrends.
Advent International to Acquire Sapiens at a 64% Premium
Advent International is in the process of acquiring Sapiens, a technology services company in the insurance sector, at $43.50 per share—a 64% premium over the undisturbed market price. Advent has secured $1.3 billion in equity commitments plus debt financing. The deal is expected to close between Q4 2025 and Q1 2026, pending approval.
KKR and Stonepeak Make Rival Bid for UK Healthcare Landlord Assura
In healthcare landlord-related real estate, KKR and Stonepeak have formed a private equity consortium submitting a rival bid for UK healthcare landlord Assura. Although KKR’s offer has been improved and carries a slight premium, Assura’s board reaffirmed support for a competing bid from PHP. This reflects active private equity interest in undervalued healthcare real estate assets amid current market conditions.
Carlyle Group Close to Selling HSO Group to Bain Capital
Carlyle Group is close to finalizing the sale of Dutch technology services provider HSO Group to Bain Capital for about $1 billion. HSO is a Microsoft services partner, and this deal marks Carlyle’s divestment in technology services.
Other Relevant Activity
Apollo is under pressure to both deploy capital and return funds to investors, and they have recently agreed to sell funds network operator Calastone and struck a deal to acquire a majority stake in IT consultancy Adastra Group.
The Contest for Assura Highlights UK Real Estate Trends
The contest between KKR and PHP underscores a broader trend in UK real estate, where private equity is targeting undervalued landlords amid subdued market conditions.
Historical Context and Further Details
Kelvion was formerly the heat exchanger division of German industrial group GEA. After the deal closes, Sapiens will become a privately held company, and Sapiens shareholders will receive $43.50 per share. Advent has secured $1.3 billion in equity commitments for the acquisition. Apollo secured its position as the preferred buyer after surpassing rival bidders in the sale process. Formula Systems will retain a minority stake in Sapiens. HSO's management is expected to reinvest in the business alongside Bain in the upcoming transaction. The announcement of the deal could be made within days, though the outcome remains subject to final negotiations. Completion of the deal is expected in Q4 2025 or Q1 2026, subject to regulatory and shareholder approval. Kelvion was previously owned by buyout firm Triton, which acquired it in 2014 for €1.3 billion.
- Apollo Global Management's latest transaction involves the acquisition of a majority stake in Kelvion, a global heat exchange and cooling equipment provider, which is valued at approximately €2 billion.
- Advent International is acquiring Sapiens, a technology services company in the insurance sector, at a 64% premium, totaling around $43.50 per share, with a deal closure expected in the fourth quarter of 2025 or the first quarter of 2026.
- KKR, in conjunction with Stonepeak, has submitted a rival bid for UK healthcare landlord Assura, signifying the growing interest of private equity firms in undervalued healthcare real estate assets.
- Carlyle Group is nearing the completion of the sale of HSO Group, a Dutch technology services provider, to Bain Capital for approximately $1 billion, marking Carlyle's divestment in technology services. In terms of other relevant activity, Apollo has recently agreed to sell funds network operator Calastone and acquire a majority stake in IT consultancy Adastra Group.
