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Goldman Sachs Group Inc’s asset management arm has joined a list of private equity suitors interested in acquiring US-based sandwich chain Subway, which has an estimated price tag of around $10 billion, according to a report by Sky News.
Italian state investor CDP has teamed with Australian asset management group Macquarie to submit a joint bid to acquire Telecom Italia’s fixed-line network, rivalling an offer made last month by KKR, according to a report by Reuters.
KKR & Co has exited its investment in Malaysia’s Weststar Aviation through a sale of its 21% stake in the business to the helicopter service company’s parent Weststar Group. Weststar Group is now Weststar Aviation’s sole shareholder.
Private investor Rcapital, has acquired James Fisher Nuclear from James Fisher & Sons plc, a business with over 30 years’ experience in the UK nuclear sector providing design, manufacturing, testing and inspection services for nuclear decommissioning projects.
ScioTeq, a designer and manufacturer of visualisation solutions for the aviation, ATC, defence, and security markets, and a portfolio company of global private equity firm OpenGate Capital, has acquired IRTS, a manufacturer of ruggedised displays and embedded computers for defence, aerospace and industrial applications.
Terms of the acquisition have not been disclosed.
Founded in Toulon, France in 1995, IRTS’s products are used in ground army vehicles and other military applications.
The acquisition of IRTS expands both ScioTeq’s presence in the French market, and its product portfolio and is in line with OpenGate Capital’s investment strategy of using add-on
Mercury Capital Advisors has added Devrup Banerjee as a partner in its secondaries advisory team. The appointment of Banerjee, who joined in February 2023 in the firm’s London office, follows the hire of Vik Salh as a vice president in the secondary team in New York last year.
The amount of company data now available to private equity firms has revolutionized the valuation process, but the competitive advantage still lies with humans.
Hefty price discounts in private equity’s secondary market may indicate the true value of some funds as overallocated LPs seek liquidity.
Private equity funds have been slow to adjust their valuations to volatile public comparables in 2022. As end-December NAVs are reported, that could be about to change.
In an M&A market where deal multiples are contracting, private equity managers are heralding to return to more authentic methods of value creation.
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