Advent has agreed to acquire Sapiens International Corporation, a global provider of SaaS-based software for the insurance industry, in an all-cash transaction valuing the business at $2.5bn.

Sapiens shareholders will receive $43.50 per share, a 64% premium to the company’s undisturbed closing price on 8 August 2025.

Formula Systems will retain a minority stake in Sapiens, which will become a privately held company once the deal closes. Advent has secured $1.3bn in equity commitments alongside committed debt financing, with completion expected in Q4 2025 or Q1 2026, subject to regulatory and shareholder approval.

KKR & Co’s near year-long pursuit of UK healthcare landlord Assura is set for a decisive vote, with shareholders required to decide by 12 August between an all-cash proposal from the US private equity giant and Stonepeak Partners, or a £2.4bn ($3.1bn) cash-and-share deal from Primary Healthcare Properties (PHP).

Assura’s board has reaffirmed its backing for PHP’s bid, rejecting the rival offer from KKR and Stonepeak despite the private equity consortium’s improved terms now carrying a slight premium after recent share price declines for both Assura and PHP, according to sources cited by Bloomberg.

The contest underscores a broader trend in UK real estate, where private equity is actively targeting undervalued landlords amid subdued market conditions. KKR and Stonepeak have argued their cash bid offers “risk-free value” to investors, while PHP’s offer provides exposure to a potential property market recovery.

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Carlyle Group is close to finalising the sale of Dutch technology services provider HSO to Bain Capital in a deal valuing the company at around $1bn, according to Bloomberg sources. 

The transaction, which could be announced as early as Wednesday, will see HSO’s management reinvest in the business alongside Bain.

The move comes amid a renewed wave of private equity dealmaking, with firms under pressure to both deploy capital and return funds to investors. Carlyle recently agreed to sell funds network operator Calastone to SS&C Technologies for about $1bn and struck a deal to acquire a majority stake in IT consultancy Adastra Group.

Read more here. 

Apollo Global Management is nearing a deal to acquire Kelvion, the Germany-based cooling equipment manufacturer, from buyout firm Triton, according to Bloomberg sources.

The transaction could be announced within days, though the outcome remains subject to final negotiations.

Apollo secured its position as the preferred buyer after surpassing rival bidders in the sale process. Kelvion, formerly the heat exchanger division of German industrial group GEA, was acquired by Triton in 2014 for €1.3bn ($1.5bn) including debt.

Read more here. 

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