Top private equity news of the week

Apollo Global Management is in advanced discussions to acquire a stake in Atlético Madrid, as the LaLiga club seeks fresh capital to support its €800m “Ciudad del Deporte” (City of Sports) project, according to Spanish business outlet Expansión.

The deal would likely be structured as a capital increase, with existing shareholders Miguel Ángel Gil, Enrique Cerezo, and Ares Management seeing their holdings diluted, but not selling any shares outright. This approach mirrors previous capital raises involving Wanda, Quantum Pacific Group, and Ares.

Froneri International, the UK-based ice cream group co-owned by PAI Partners and Nestlé, is close to securing a €3.9bn debt package to finance a €4.4bn shareholder payout, one of the largest dividend recapitalisations in Europe this year.

The transaction comes as PAI prepares to roll its 50% stake in Froneri into a continuation vehicle, allowing the firm to extend its hold on the business amid limited exit opportunities. The move reflects a broader private equity trend of using recapitalisations and secondaries to return capital to investors during a sluggish M&A environment.

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CFC, the private equity-backed cyber insurance group, is exploring strategic options including a London IPO that could value the business at more than £5bn, according to the Financial Times citing sources familiar with the matter.

Owned by EQT and Vitruvian Partners since 2021, when the firm was valued at just over £2.5bn, CFC is in early-stage discussions with advisers about its next phase of growth. A listing is not expected before the second half of 2026, and the company is also considering other listing venues, including the US.