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PAI Partners enters into an agreement for the sale of Uvesco

PAI Partners

PAI Partners, a pre-eminent private equity firm, today announces that it has agreed to sell its entire shareholding in Uvesco, a leading player in the Spanish food distribution sector, to a consortium of institutional investors from the Basque region. The consortium is led by Ángel Jareño, CEO of Uvesco, who will reinvest in the business jointly with other managers and continue to lead the company in its next phase of growth. The group includes: current Uvesco minority shareholders from the company’s founding families; local bank Kutxabank, through its investment vehicle Indar; and Basque private equity firms, Inveready and Stellum.

The transaction follows a successful period of ownership through the PAI Mid-Market Fund (“PAI MMF”), PAI’s fund dedicated to mid-market opportunities.

Headquartered in Guipúzcoa in Spain, Uvesco operates a network of 344 stores under the BM Supermercados and Super Amara brands. The company’s differentiated model is based on proximity stores, with a strong focus on fresh, high-quality and locally sourced products and a solid presence in Northern and central Spain, including the Basque Country, Cantabria, Navarra, La Rioja and Madrid. Uvesco stores feature a wide range of more than 15,000 products, with a high share of manufacturer brands, delivering high customer satisfaction alongside its premium brand positioning.

PAI MMF acquired a majority stake in Uvesco in April 2022, with the aim of supporting the company’s growth and accelerating its development in a fragmented market. Under PAI’s ownership, Uvesco has evolved from a strong local operator into a nationwide grocer, with a growing presence both in Northern Spain and Madrid, and continued market share gains. Uvesco has increased revenues by more than a third to €1.3 billion in 2025 and expanded its footprint with the opening of 50 stores.

Leveraging its deep Food & Consumer expertise and strong track record of supporting growth and transformation, PAI worked closely with the Uvesco management team to drive value creation through organic growth and strategic M&A. This included the acquisition of Hiber supermarkets in the key region of Madrid, while further strengthening governance and leadership. With PAI’s support, Uvesco optimised its commercial offer, strengthened its sales channels, increased online sales, and maximised efficiency through demand planning, improving supply chain and logistics effectiveness and reducing waste.

This agreement further reinforces Uvesco’s commitment to its local roots in the Basque Country and the continuity in its business model that will strengthen the company’s foundational values, focused on high-quality employment, geographical expansion, sustainability and social commitment.

Mateo Pániker Rumeu, a Founding Partner of PAI MMF, said: “Uvesco is a great example of PAI MMF’s strategy of partnering with founding families and strong management teams to support long-term value creation at growth-oriented business in the Real Economy. Leveraging the full knowledge and expertise of the PAI platform, we worked closely with Ángel and his team to strengthen Uvesco, support expansion and position the company for its next phase of growth. We are proud to have been part of Uvesco’s journey and wish the management team every success in this next chapter.”

Ángel Jareño, CEO of Uvesco, said: “I am delighted to be leading Uvesco into its next phase and extend my gratitude to PAI for their significant support in the transformation of Uvesco thus far. This unique consortium empowers Uvesco to continue on its growth path while preserving its autonomy and deep Basque heritage. I look forward to working with the Uvesco team and our new investors as we continue to bring fresh, high-quality and locally-sourced products to consumers across Spain.”

The transaction is expected to close in the first quarter of 2026.

About Uvesco

BM Supermercados (Uvesco Grupo) has a total of 344 stores and operates an e-commerce service, supported by four logistics centres. With a nationwide presence across Spain, including Madrid, Ávila, Guadalajara, the Basque Country, Navarra, Cantabria and La Rioja, the company employes more than 7,000 people. It serves as a reference in the sustainable creation of employment and value in the communities in which it operates.

About PAI Partners

PAI Partners is a pre-eminent private equity firm investing in market-leading companies across the globe. The Firm has c. €30 billion of assets under management and, since 1994, has completed over 100 investments in 12 countries and realised more than €33 billion in proceeds from c. 70 exits.

PAI has built an outstanding track record through partnering with ambitious management teams where its unique perspective, unrivalled sector experience, and long-term vision enable companies to pursue their full potential – and push beyond. Learn more at www.paipartners.com.

Contacts

PAI Partners
Dania Saidam
+44 20 7297 4678

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Bharti Enterprises and Warburg Pincus Announce Strategic Investment in Haier India

Warburg Pincus logo

Partnership Set to Fuel Haier India’s Next Phase of Growth

New Delhi, December 24, 2025 – Bharti Enterprises (“Bharti”), one of India’s most prominent and diversified business conglomerates, and Warburg Pincus, the pioneer of global growth investing, today announced a strategic investment in Haier India, a subsidiary of the Haier Group.

Following the completion of the transaction, Bharti and Warburg Pincus will collectively own a 49% stake in Haier India. Haier Group will retain a 49% ownership stake in Haier India, with the remaining stake to be held by Haier India’s management team.

This strategic collaboration will accelerate Haier’s growth and expansion in India by bringing together and leveraging the company’s global excellence in innovation, Bharti’s esteemed standing and resultant networks, and Warburg Pincus’ strong track record of scaling brands into industry leaders.

The partnership will bolster Haier India’s ‘Made in India, Made for India’ vision by deepening local sourcing, expanding manufacturing capacity, driving product innovation, and accelerating market penetration. The new capital infusion will also enhance Haier India’s competitiveness across the entire value chain.

The consumer appliance market in India is witnessing strong growth, driven by rising disposable incomes, changing lifestyles, and increasing penetration of consumer appliances. Haier India is currently among the top three consumer durables companies in the country, with a strong product portfolio spanning categories such as air conditioners, refrigerators, televisions, washing machines, and kitchen appliances. Over the past seven years, the company has achieved a CAGR of approximately 25% in India—one of the highest in the industry—supported by robust performance across product segments and geographies. By combining global innovation with local insights and execution, the partnership will strengthen Haier India’s leadership position in the rapidly growing Indian consumer durables segment.

Bharti expressed that it is pleased to collaborate once again with Warburg Pincus and to partner with Haier to support the next chapter of Haier India’s growth journey. The company looks forward to playing a significant role in the evolving consumer durables industry and leveraging the collective strengths of all parties to meet the needs of Indian consumers. Bharti is confident that Haier India will further consolidate its standing as a leading brand in India, powered by global innovations, enhanced customer services, and best in-class experience.

Warburg Pincus noted that it is excited to join hands once again with Bharti and to partner with Haier in India as it expands its footprint in the fast-growing consumer durables market. This investment reflects Warburg Pincus’s ability to leverage its pan-Asia franchise, deep local insights, global expertise, and its expansive network to support and accelerate growth for leading companies across the region.   

Haier highlighted that the collaboration with Bharti Enterprises and Warburg Pincus marks an important milestone in Haier India’s development journey. The strategic partnership fully embodies Haier’s approach of “serving globalization with global capabilities and advancing globalization through localization.” It brings together the complementary strengths of Bharti, a trusted name and leading business conglomerate in India, and Warburg Pincus, whose strong franchises across China and India have helped scale many leading consumer and technology companies. Their combined experience, deep local insights, and global reach will significantly accelerate Haier India’s localized innovation and development.

***

About Bharti Enterprises

Bharti Enterprises is one of India’s leading business conglomerates with interests in telecommunications, digital infrastructure, space communications, financial services, real estate, data centres, hospitality and food processing. Bharti Airtel, its flagship company, is a leading global communications solutions provider with over 600 million customers in 15 countries across India and Africa, with additional presence in Bangladesh and Sri Lanka through its associate entities. Globally, Airtel ranks among the top three mobile operators with its networks covering over two billion people and is the second largest mobile operator in Africa, providing telecommunications and mobile money services across 14 countries. Airtel Payments Bank, Bharti Enterprise’s banking arm, is among the fastest-growing digital banks in the country, contributing to the Government’s vision of Digital India and advancing financial inclusion. Bharti Real Estate has developed marquee commercial assets like Worldmark at Aerocity, New Delhi and Gurugram and is developing country’s finest Global Business District in Aerocity, New Delhi. Bharti is one of the single largest shareholders in Eutelsat, the world’s first combined GEO-LEO satellite operator, and the second-largest shareholder of Sundrop Brands, a listed FMCG entity formed following the combination of Sundrop Brands Limited and Del Monte Foods, India. Through its international arm, Bharti Global, the enterprise also holds a significant stake in BT Group Plc, the UK’s leading fixed and mobile communications provider.

About Warburg Pincus

Warburg Pincus LLC is the pioneer of global growth investing. A private partnership since 1966, the firm has the flexibility and experience to focus on helping investors and management teams achieve enduring success across market cycles. Today, the firm has more than $85 billion in assets under management, and more than 215 companies in their active portfolio, diversified across stages, sectors, and geographies. Warburg Pincus has invested in more than 1,000 companies across its private equity, real estate, and capital solutions strategies.

The firm is headquartered in New York with more than 15 offices globally. For more information, please visit www.warburgpincus.com or follow us on LinkedIn.

About Haier Group

Founded in 1984, Haier Group is a leading global provider of better life and digital transformation solutions, with the purpose of “More Creation, More Possibilities”. Haier has always been user-centered and has built a landscape of three pillars: Smart Living, Comprehensive Health Industry, and Digital Economy Industry. The company has established 10 R&D centers, 35 industrial parks, and 163 manufacturing centers, achieving a global revenue of USD 55.9 billion in 2024. Haier has been ranked in the Kantar BrandZ Top 100 Most Valuable Global Brands for 7 consecutive years. Additionally, Haier has held the No.1 position in Euromonitor Global Major Appliances Brand for 16 consecutive years. Haier has 8 listed companies, with its subsidiary Haier Smart Home named among the Fortune Global 500 and Fortune World’s Most Admired Companies.

About Haier India

Established in 2003, Haier India is one of the leading brands in home appliances & consumer electronics in the country. Haier India is committed to bringing the best-in-segment products for customers, in line with its ‘Make in India’ and ‘Make for India’ philosophy. With almost two decades of expertise in product innovation, Haier has a vast distribution network across the country along with two state-of-the-art manufacturing facilities in Pune and Greater Noida. Backed by superior technology and customer centricity, the product portfolio ranges from refrigerators, air conditioners, washing machines, LED TVs, water heaters, deep freezers, and microwave ovens to kitchen appliances, with a special focus on Indian consumer demands.

Media Contacts

Bharti Enterprises

Mehak Kapur

DGM, Corporate Communication, Bharti Enterprises

mehak.kapur@bharti.in

Warburg Pincus

Lisa Liang

Senior Vice President, Asia Head of Marketing and Communications, Warburg Pincus

lisa.liang@warburgpincus.com

Haier Group

Melody Xian

Public Relations Director of Haier Smart Home

Xianguimei.690@haier.com

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Stonepeak to Acquire Majority Controlling Interest in Castrol from bp

Stonepeak

$10.1 billion transaction to support Castrol’s next phase of growth

LONDON & NEW YORK – December 24, 2025 – Stonepeak, a leading alternative investment firm specializing in infrastructure and real assets, today announced an agreement to acquire a majority controlling interest in Castrol (or “the Company”), a global leader in lubricants, from BP p.l.c. (“bp”) (NYSE: BP) (LON: BP), in a transaction valuing the business at an enterprise value of approximately $10.1 billion. bp will retain a 35% minority interest in Castrol as part of the transaction. In connection with the transaction, Canada Pension Plan Investment Board (“CPP Investments”) will invest up to USD$1.05 billion in support of the transaction, resulting in an indirect stake in Castrol.

Castrol is one of the largest lubricants providers globally and serves consumer automotive customers, as well as commercial and industrial end markets. As an embedded part of the large and diversified global finished lubricants market, Castrol works closely with its customers and consumers to develop and supply highly engineered lubricants for specific applications. The Company manufactures and markets engine oils, industrial fluids, and greases through approximately 20 blending plants and more than 100 third-party facilities and warehouses worldwide across 150 countries. Applications have included servicing the first jet airline, the Concorde, space missions for over 60 years, and many professional auto and bike racing teams, establishing Castrol’s historic and trusted brand identity. The Company’s products are recognized globally for their high performance, premium quality, and use of cutting-edge technology, and are supported by a global workforce of thousands of skilled professionals.

“Lubricants are a mission-critical product, which are essential to the safe and efficient functioning of virtually every vehicle, machine, and industrial process in the world,” said Anthony Borreca, Senior Managing Director and Co-Head of Energy at Stonepeak. “Castrol’s 126-year heritage has created a leading market position, an iconic brand, and a portfolio of differentiated products that deliver meaningful value to its customers. We are excited to work alongside Castrol’s talented employees, coupled with bp’s continued guidance as a minority interest holder, as we support the business’s continued growth.”

“We are thrilled to have Stonepeak join us as a partner in Castrol. Stonepeak’s capital support, energy sector expertise, and experience working with similar companies that provide essential services will be immensely additive in helping the business to innovate and grow,” said Michelle Jou, Global CEO of Castrol. “This transaction reflects our commitment to investing in the future and creating new opportunities for growth and success at Castrol, and we are proud that Stonepeak shares in our vision for the business as we take the next step in our journey.”

Commenting on the investment, Bill Rogers, Managing Director, Head of Sustainable Energies at CPP Investments said, “Castrol is a high‑quality, global business at the heart of the energy and industrial economy. Its cutting-edge innovations and premium brand position it well for a growing role in emerging applications, from electric vehicles to data centres. Our investment alongside Stonepeak aligns with our strategy of backing businesses that are essential to the energy system. We believe Castrol’s strong market position and diversified growth opportunities will deliver attractive risk‑adjusted returns for the CPP Fund.”

The transaction is expected to close by end of 2026, subject to customary regulatory approvals. Simpson Thacher & Bartlett LLP and DLA Piper served as legal counsel, Paul, Weiss, Rifkind, Wharton & Garrison LLP served as financing counsel, and UBS served as financial advisor to Stonepeak.

In addition to the announcement today, an announcement in respect of a mandatory tender offer (“MTO”) to the public shareholders of Castrol India Limited, in accordance with the Indian takeover code was published by UBS Securities India Private Limited as manager in respect of the MTO. The MTO will be proceeded with only upon completion of the Castrol transaction. The relevant details have been included in the Public Announcement on the Securities and Exchange Board of India website. Khaitan & Co served as legal counsel from an Indian law perspective.

About Stonepeak
Stonepeak is a leading alternative investment firm specializing in infrastructure and real assets with approximately $80 billion of assets under management. Through its investment in defensive, hard-asset businesses globally, Stonepeak aims to create value for its investors and portfolio companies, with a focus on downside protection and strong risk-adjusted returns. Stonepeak, as sponsor of private equity and credit investment vehicles, provides capital, operational support, and committed partnership to grow investments in its target sectors, which include digital infrastructure, energy and energy transition, transport and logistics, and real estate. Stonepeak is headquartered in New York with offices in Houston, Washington, D.C., London, Hong Kong, Seoul, Singapore, Sydney, Tokyo, Abu Dhabi, and Riyadh. For more information, please visit www.stonepeak.com.

About Castrol
Castrol, one of the world’s leading lubricant brands, has a proud heritage of innovation and fuelling the dreams of pioneers. Our passion for performance, combined with a philosophy of working in partnership, has enabled Castrol to develop lubricants and greases that have been at the heart of numerous technological feats on land, air, sea, and space for over 125 years.

Castrol is part of the bp group and serves customers and consumers in the automotive, marine, industrial and energy sectors. Our branded products are recognized globally for innovation and high performance through our commitment to premium quality and cutting-edge technology.  For more information, please visit: www.castrol.com

Contacts

For Stonepeak: 
Kate Beers / Maya Brounstein
corporatecomms@stonepeak.com
+1 (646) 540-5225

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IAS Announces Completion of Acquisition by Novacap

Novacap

Integral Ad Science, a leading global media measurement and optimization platform, announced the successful completion of its acquisition by Novacap, a leading North American private equity firm, in an all-cash transaction that values IAS at approximately $1.9 billion.

“We’re excited to officially enter IAS’s next chapter as a private company, with the support and resources to enhance our leadership in global media measurement and optimization and provide even greater value for our customers around the world,” said Lisa Utzschneider, CEO of IAS. “Our AI-powered platform is already setting the standard for trust and transparency in digital media quality and, with Novacap, we will be well positioned to move even faster to deliver breakthrough solutions that help brands succeed in a complex digital world.”

“IAS is a category leader with significant opportunity to build on their momentum, and we’re thrilled to fuel their continued growth on the path ahead,” said Samuel Nasso, Partner, Technologies, at Novacap. “We look forward to working closely with Lisa and the talented team of IAS employees, with a focus on investing in innovation, scaling globally, and creating transformative value for advertisers and publishers.”

Under the terms of the agreement, IAS shareholders will receive $10.30 in cash for each share of IAS common stock they own. With the completion of the transaction, IAS common stock has ceased trading and IAS will no longer be publicly listed on the Nasdaq Stock Market.

Advisors

Jefferies LLC is serving as exclusive financial advisor to IAS, and Kirkland & Ellis is serving as legal advisor to IAS.

Evercore is serving as financial advisor to Novacap, and Willkie Farr & Gallagher LLP is serving as legal advisor to Novacap.

About IAS

http://integralads.comIntegral Ad Science (IAS) is a leading global media measurement and optimization platform that delivers the industry’s most actionable data to drive superior results for the world’s largest advertisers, publishers, and media platforms. IAS’s software provides comprehensive and enriched data that ensures ads are seen by real people in safe and suitable environments, while improving return on ad spend for advertisers and yield for publishers. Our mission is to be the global benchmark for trust and transparency in digital media quality. For more information, visit integralads.com

About Novacap

Novacap is a leading North American private equity investor and one of Canada’s most experienced private equity firms. Founded in 1981 to partner with visionary entrepreneurs, Novacap focuses on control buyouts of middle market and lower-middle market companies across four core strategies: Technologies, Digital Infrastructure, Industries and Financial Services. Novacap combines deep sector expertise and strategic and operational excellence to partner with entrepreneurs and management teams. Since its inception, the firm has made primary and add-on investments in more than 250 companies. With over US $10 billion in assets under management and a presence across offices in Montreal, Toronto, and New York, Novacap accelerates value creation through strategic growth initiatives and a strong focus on execution.

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CapMan Natural Capital announces first close of European Forest Fund IV

Capman

CapMan Natural Capital announces first close of European Forest Fund IV

CapMan Natural Capital has completed the first closing of its fourth main fund, CapMan Dasos European Forest Fund IV. This underscores the confidence of international institutional investors in CapMan Natural Capital’s forestry investment platform and reflects strong demand for professionally managed forestry investment strategies. Fundraising continues, with the objective of building a fund larger than its predecessor vehicles.

The CapMan Dasos European Forest Fund IV is a closed-ended forestry fund targeting long-term value creation through active, sustainable management of European forest assets. The Fund aims to deliver a net internal rate of return of more than 8% by investing in high-quality European forest assets, where active management can unlock additional value beyond biological growth.

The Fund’s investment strategy focuses on building and operating a diversified portfolio of forest assets primarily in Northern Europe, UK and Ireland. These markets are characterised by established sustainable forestry practices, transparent legal frameworks and opportunities for hands-on value creation through active asset management and additional sustainability measures.

“CapMan Dasos European Forest Fund IV builds on our long-standing experience in forestry and our belief that active asset management is essential to unlocking the full value of forests,” says Jyri Hietala, Managing Partner at CapMan Natural Capital. “Beyond steady biological growth, forests increasingly generate additional value as natural capital attributes such as carbon sequestration, biodiversity and land-use optionality are recognised and monetised.”

By combining sustainable forestry operations with measurable climate and biodiversity benefits, the Fund aims to deliver clear impact while potentially realising additional financial value. In addition to wood production, the Fund will collaborate with renewable energy developers to explore renewable energy projects on forestland where appropriate, further enhancing long-term returns while supporting the green transition.

Following CapMan Natural Capital’s established stewardship framework, management of the Fund will have a strong emphasis on sustainable forestry practices, forest certification standards and nature-based solutions. CapMan’s local operating partners and deep regional expertise will play a central role in sourcing assets, executing value-creation initiatives and managing stakeholder relationships across target markets.

“Our investment team has delivered strong results over the years and brings deep experience in the European forestry investments,” says Tapani Pahkasalo, Co-Managing Partner at CapMan Natural Capital. “This experience positions us to deploy capital effectively and to pursue both financial performance and long-term natural-capital outcomes across the Fund’s investments.”

The Fund is structured as an SFDR Article 9 product, committing to sustainable investments. Its sustainable investment objective is aligned with the EU Taxonomy, targeting climate change mitigation. The Fund invests exclusively in FSC or PEFC certified, or certifiable, forests, with a goal of achieving certification for 100% of its assets. Science-based monitoring ensures that carbon stocks, biodiversity metrics, and social indicators are tracked, providing quantifiable environmental and social impact alongside financial returns.

For more information, please contact:

Jyri Hietala, Managing Partner, CapMan Natural Capital, +358 40 359 3566

About CapMan Natural Capital

CapMan Natural Capital is a specialist natural capital asset manager focused on sustainable forestry investments across Europe. The team acquires and actively manages forest and land assets with the objective of delivering long-term risk-adjusted returns alongside measurable environmental outcomes, including climate change mitigation and biodiversity enhancement. CapMan Natural Capital is part of CapMan Plc, formed after acquisition of Dasos Capital in 2024.

CapMan Natural Capital manages approximately 240,000 hectares of land across eight EU countries with a market value of 1.5 billion euros, reinforcing its position as one of Europe’s leading independent forest asset managers. The investment team has established a total of 8 forest investment funds and co-investment vehicles since 2009. European Forest Fund IV represents the next phase of growth for the platform, scaling proven strategies across a broader asset base.

About CapMan

CapMan is a leading Nordic private asset expert with an active approach to value creation and 7.1 billion euros in assets under management. As one of the private equity pioneers in the Nordics we have developed hundreds of companies and assets creating significant value for over three decades. Our objective is to provide attractive returns and innovative solutions to investors by enabling change across our portfolio companies. An example of this is greenhouse gas reduction targets that we have set under the Science Based Targets initiative in line with the 1.5°C scenario and our commitment to net-zero GHG emissions by 2040. We have a broad presence in the unlisted market through our local and specialised teams. Our investment strategies cover real estate and infrastructure assets, real asset debt, natural capital and minority and majority investments in portfolio companies. We also provide wealth management solutions. Altogether, CapMan employs around 200 professionals in Helsinki, Jyväskylä, Stockholm, Copenhagen, Oslo, London, Luxembourg, and Düsseldorf. We are listed on Nasdaq Helsinki since 2001. www.capman.com.

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Blackstone Announces Agreement to Acquire Hamilton Island, Australia’s Iconic Resort Destination

Blackstone

SYDNEY, AUSTRALIA – December 23, 2025 – Blackstone (NYSE: BX) today announced that Real Estate funds managed by Blackstone (“Blackstone”) have entered into an agreement to acquire Hamilton Island, an iconic integrated resort destination in the Whitsunday Islands in Queensland, Australia, from the Oatley family. This investment, which is subject to customary regulatory approvals, builds on Blackstone’s leading global position in leisure and hospitality, including in the Asia Pacific (APAC) region, where it has made significant investments across Australia, Japan, and India.

Hamilton Island is located in the heart of the World Heritage-listed Great Barrier Reef, the world’s largest coral reef and one of its great natural wonders. Hamilton Island spans more than 2,800 acres across two islands (around 70% of which remains undeveloped) and comprises five hotels, more than 20 restaurants and bars, 20 retail outlets, an 18-hole championship golf course on neighboring Dent Island, a marina, and a commercial airport. Hamilton Island is a significant employer in the Whitsundays, supporting a large on-island community and workforce as well as a broad network of regional partners, suppliers, and local businesses.

Chris Heady, Chairman of Asia Pacific & Head of Real Estate Asia, Blackstone, said: “Hamilton Island is an exceptional destination, and we are honored to build on the vision and dedication that the Oatley family has brought to investing in its transformation and add a standout asset to our portfolio. Hospitality and leisure is a key investment theme at Blackstone globally including in the Asia Pacific region, where we’ve brought scale and operational expertise to invest in and build leading brands. We are committed to investing in the long-term success of Hamilton Island, its people, and its local businesses and community.”

The Oatley family, Sandy, Ian and Rosalind, said: “We would like to thank our Board and Management for achieving this outcome, and welcome the new owners Blackstone. Hamilton Island has a special place in the hearts of many Australians. For more than two decades the family’s passion, led by Bob Oatley, has made significant investments to transform the island into one of Australia’s most loved and visited destinations, renowned for its natural beauty, variety of world-class accommodation, amenities and experiences, and ensuring its place as Australia’s Tropical Island. We are delighted to have a partner of Blackstone’s calibre and resources to continue the legacy, while supporting our people and island community.”

Australia is home to some of Blackstone’s most significant investments including Crown Resorts, the country’s largest hospitality employer with three premium entertainment and hospitality resorts in Sydney, Perth, and Melbourne; and AirTrunk, the largest data center platform in APAC.

Blackstone is a leading investor in hospitality and leisure globally. Its key investments include an eight-hotel portfolio from Kintetsu Group Holdings in Japan; a joint venture with Panchshil Realty on Ventive Hospitality, which owns and manages a portfolio of luxury hotels in India, the Maldives, and Sri Lanka; and Great Wolf Resorts, a leading owner and operator of family-oriented entertainment resorts in the United States.

About Blackstone
Blackstone is the world’s largest alternative asset manager. Blackstone seeks to deliver compelling returns for institutional and individual investors by strengthening the companies in which the firm invests. Blackstone’s over $1.2 trillion in assets under management include global investment strategies focused on real estate, private equity, credit, infrastructure, life sciences, growth equity, secondaries and hedge funds. Further information is available at www.blackstone.com. Follow @blackstone on LinkedIn, X (Twitter), and Instagram.

About Hamilton Island
Hamilton Island is Australia’s Tropical Island in the heart of the Great Barrier Reef.  Home to a range of stays – including qualia, Beach Club, Reef View Hotel, Palm Bungalows, The Sundays, and self-catering holiday homes and apartments – the island offers more than 20 restaurants and bars, a championship 18-hole golf course, a full-service marina, and an extensive program of tours and experiences across the Whitsundays, including access to Whitehaven Beach, Heart Reef and the Great Barrier Reef.  Hamilton Island is accessed via direct flights to Hamilton Island Airport and is a major employer in the Whitsundays region. Follow @hamiltonisland on LinkedIn, Facebook and Instagram.

Media Contacts
Blackstone
Ellen Bogard
Ellen.Bogard@Blackstone.com
+852 9731 9726

MorrisBrown Communications
Olivia Brown
Olivia@morris-brown.com.au
+61 409 524 960

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Stonepeak to Acquire TeleTower from Providence Portfolio Company Bitė Group

Stonepeak

Creates First Independent Tower Operator in the Baltics

 TeleTower and Bitė Group to Continue Strategic Partnership to Invest in Mobile Networks Across Lithuania and Latvia

LONDON & VILNIUS – December 23, 2025 – Stonepeak, a leading alternative investment firm specializing in infrastructure and real assets, and Bitė Group (“Bitė”), a leading telecom operator in the Baltics, today announced an agreement by which Stonepeak will acquire TeleTower, Bitė’s towers business in Lithuania and Latvia. Bitė is a portfolio company of Providence Equity Partners (“Providence”), a specialist private equity firm focused on growth-oriented media, communications, education and technology companies. The transaction will create the first fully independent tower company in the region and represents the beginning of a strategic partnership dedicated to investing in the Baltics’ mobile network and improving end-customer experience.

Established in 2009 within Bitė, TeleTower operates a diversified portfolio of more than 2,500 tower and rooftop sites across Lithuania and Latvia, with strong presence in strategic locations in all major Lithuanian and Latvian cities. Following the completion of the transaction, TeleTower and Bitė will enter into a long-term commercial agreement including commitments to roll out more than 1,200 additional sites to increase network density, provide improved connectivity to remote areas, and deliver 5G speeds to customers, as mobile data usage in the region continues to outpace Europe more broadly.

“Lithuania and Latvia represent attractive, nascent tower markets given the sustained high levels of mobile data usage and competitive landscape between mobile network operators within the region,” said Nicolò Zanotto, Managing Director and Head of Digital Infrastructure, Europe at Stonepeak. “We believe TeleTower is poised for success given its diversified portfolio, state-of-the-art infrastructure, and first-mover advantage as the region’s first independent tower company. We are excited to back TeleTower and look forward to working closely with Bitė to support furthering their strategic objectives in both Lithuania and Latvia.”

“At every stage of our development, we have aimed to deliver maximum value to our customers while enhancing mobile and fixed connectivity, as well as broadening our offering with Pay TV services,” said Pranas Kuisys, the CEO at Bitė. “Since we first partnered with Providence, we have invested more than €400 million in our infrastructure to achieve this goal by building out 4G and 5G networks and delivering high-speed connectivity. Welcoming investment from a global strategic investor such as Stonepeak, combined with our future strategic partnership with TeleTower, reflects our continued commitment to these objectives.”

“Connectivity is a core investment theme for Providence. We are proud to have supported Bitė’s development into a leading player in the Baltic telecoms sector, growing revenues from approximately €200 million to €600 million under our ownership through new services such as Go3,” added Karim Tabet, Senior Managing Director and Head of Europe at Providence. “We continue to believe the Baltics benefit from strong fundamentals and we look forward to working with Stonepeak to bring their infrastructure expertise to this strategic partnership, adding significant value to both Bitė and TeleTower.”

The transaction is expected to close in the second quarter of 2026. Barclays served as financial advisor and Simpson Thacher & Bartlett LLP and COBALT served as legal counsel to Stonepeak. Lazard served as financial advisor and Paul, Weiss, Rifkind, Wharton & Garrison, A&O Shearman and Sorainen served as legal counsels to Bitė Group.

About Stonepeak
Stonepeak is a leading alternative investment firm specializing in infrastructure and real assets with approximately $80 billion of assets under management. Through its investment in defensive, hard-asset businesses globally, Stonepeak aims to create value for its investors and portfolio companies, with a focus on downside protection and strong risk-adjusted returns. Stonepeak, as sponsor of private equity and credit investment vehicles, provides capital, operational support, and committed partnership to grow investments in its target sectors, which include digital infrastructure, energy and energy transition, transport and logistics, and real estate. Stonepeak is headquartered in New York with offices in Houston, Washington, D.C., London, Hong Kong, Seoul, Singapore, Sydney, Tokyo, Abu Dhabi, and Riyadh. For more information, please visit www.stonepeak.com.

About Bitė Group
Bitė Group is a leading telecommunications and media company operating in Lithuania, Latvia, and Estonia. The Group provides mobile, fixed broadband, pay TV, and media services. Bitė Group is managed by the global private equity firm Providence Equity Partners, which primarily invests in the media, communications, education, and technology sectors.

About Providence
Providence is a specialist private equity investment firm focused on growth-oriented media, communications, education and technology companies across North America and Europe. Providence combines its partnership approach to investing with deep industry expertise to help management teams build exceptional businesses and generate attractive returns. Since its founding in 1989, Providence has invested over $40 billion across more than 180 private equity portfolio companies. With its headquarters in Providence, RI, the firm also has offices in New York, London, Boston and Atlanta. For more information, please visit www.provequity.com.

Contacts

For Stonepeak
Kate Beers / Maya Brounstein
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+1 (646) 540-5225

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Jaunius Špakauskas
jaunius.spakauskas@bite.lt
+370(682)66188

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FGS Global
Charlie Chichester / Rory King
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+44 (0)20 7251 3801

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Investing in Truemed

Andreessen Horowitz

Today, the United States is the sickest country in the developed world.

We spend more per capita on healthcare than any other nation, but 90 percent of those dollars are spent managing chronic conditions after people get sick. Something is not working.

Health isn’t created in a doctor’s office. Going to the doctor after you’ve already developed diabetes, heart disease, kidney disease, cancer or another chronic condition is like going to the mechanic after you’ve totaled a car. It’s the right thing to do – but wouldn’t it be better to avert the crash in the first place?

Truemed’s mission is to do just that: to shift more of our healthcare dollars toward True Medicine – exercise, good sleep, supplements, movement: the things that prevent disease, as opposed to just treating them once they’re sick.

When we met Truemed’s cofounder & CEO Justin Mares, we were compelled by his articulation of this extremely important mission to make preventive, health-creating behaviors accessible at scale. He explained how if our “great American sickening” continues, it will end the American experiment. It is impossible to have a healthy society made up of sick humans. His decade of experience as a successful serial founder building in health and nutrition has given him a rare clarity of vision, one that ultimately led him to build Truemed. There are few founders better suited to bring this vision to life.

We couldn’t be more proud to be partnering with Justin and leading the company’s $34 million Series A.

How does it work? 

Truemed is premised on the idea that people should be prescribed healthy lifestyle interventions long before they need to be prescribed drugs.

Today, Truemed enables consumers to use tax-advantaged HSA and FSA funds on evidence-based lifestyle interventions. It does so with a simple option at checkout that prompts consumers to complete a telehealth intake form. A licensed provider reviews this information (alongside clinical research about the intervention) to determine if the product is a recommended intervention for the individual’s condition. If so, the provider can decide to write a unique Letter of Medical Necessity (LMN), which can unlock HSA/FSA spending on effective lifestyle interventions. For many consumers, they average 30 percent savings by using pre-tax funds.

The company already powers HSA/FSA payment acceptance for more than 3,000 merchant partners, including Peloton, Eight Sleep, Rogue Fitness, Garmin, Barry’s, Momentous, CrossFit, Athletic Greens, and many more.

This is just the beginning. Truemed is reimagining a future where prevention becomes the default setting of American health, where people can invest in the habits and tools that prevent disease long before they enter the medical system. We’re thrilled to partner with Justin and the Truemed team as they build toward a system that redirects the flow of U.S. healthcare spending from managing illness to creating health.

Join the mission – check out Truemed and explore careers at the company.

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Bain Capital Specialty Finance, Inc. Announces Special Dividend of $0.15 per Share

BainCapital

BOSTON–Bain Capital Specialty Finance, Inc. (NYSE: BCSF, the “Company”, “our” or “we”) today announced that its Board of Directors (the “Board”) has declared a special dividend of $0.15 per share.

The special dividend will be paid on January 26, 2026 to stockholders of record as of December 31, 2025. The special dividend is intended to manage our tax and RIC distribution requirements.

“We are pleased to announce a special dividend for our shareholders driven by the Company’s over-earnings throughout the year,” said Amit Joshi, Chief Financial Officer of BCSF. “This special dividend reflects our disciplined capital management, and we remain focused toward our goal of retaining a meaningful amount of spillover income as we believe it is beneficial to the stability of our regular dividend and steadily building net asset value per share over time.”

About Bain Capital Specialty Finance, Inc.

Bain Capital Specialty Finance, Inc. is an externally managed specialty finance company focused on lending to middle-market companies. BCSF is managed by BCSF Advisors, L.P., an SEC-registered investment adviser and a subsidiary of Bain Capital Credit, L.P. Since commencing investment operations on October 13, 2016, and through September 30, 2025, BCSF has invested approximately $9,688.5 million in aggregate principal amount of debt and equity investments prior to any subsequent exits or repayments. BCSF’s investment objective is to generate current income and, to a lesser extent, capital appreciation through direct originations of secured debt, including first lien, first lien/last out, unitranche and second lien debt, investments in strategic joint ventures, equity investments and, to a lesser extent, corporate bonds. BCSF has elected to be regulated as a business development company under the Investment Company Act of 1940, as amended.

Forward-Looking Statements

Certain information contained herein may contain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Statements other than statements of historical facts included herein may constitute forward-looking statements and are not guarantees of future performance or results and involve a number of risks and uncertainties. Actual results may differ materially from those in the forward-looking statements as a result of a number of factors, including those described from time to time in filings with the U.S. Securities and Exchange Commission. The Company undertakes no duty to update any forward-looking statement made herein. All forward-looking statements speak only as of the date of this press release.

Categories: News

KKR and ACWA Power Announce Strategic Infrastructure Financing in Saudi Arabia

KKR

KKR’s first investment in the Kingdom supporting vital national infrastructure

Riyadh, Saudi Arabia, 22 December 2025 – KKR, a leading global investment firm, today announced a strategic financing transaction with ACWA Power, the world’s largest private water desalination company, a leader in energy transition and a first mover in green hydrogen. The transaction marks KKR’s first investment in the Kingdom of Saudi Arabia, underscoring the firm’s growing momentum across the Middle East and its long-term commitment to partnering with national champions to support critical infrastructure across the Kingdom in support of Vision 2030.

As part of the transaction, KKR will serve as the anchor lender in a long-duration financing solution for the Rabigh 3 desalination facility, a mission-critical asset providing a substantial share of water to the Makkah region. The transaction brings together ACWA Power’s industry-leading operational expertise with KKR’s global capabilities in structuring and delivering long-dated, investment-grade private credit solutions.

The Rabigh 3 transaction aligns with KKR’s thematic focus on efficient and sustainable utility and energy solutions, and supports Saudi Arabia’s agenda to enhance long-term water security and modernize essential infrastructure. Water desalination remains a core national priority under Vision 2030, with scalable and cost-effective technologies playing a critical role to meet the needs of a growing population.

The project is majority-owned by ACWA Power, which provides a quarter of the Kingdom’s desalinated water capacity and operates over 110 assets across 15 countries. ACWA Power, a Saudi-listed company, has been a central partner to the Kingdom’s infrastructure and energy strategy for more than two decades.

Abdulhameed Al Muhaidib, Chief Financial Officer of ACWA Power, also commented: “Rabigh 3 IWP is a cornerstone asset for water security in the Kingdom, and the strong participation from international investors reflects its quality, reliability, and long-term value. This transaction demonstrates ACWA Power’s commitment to responsible finance, sustainable water infrastructure, and long-term environmental stewardship. We’re very proud to issue our first ever blue bond that attracts new international investors to our Saudi fleet.”

Julian Barratt-Due, Managing Director and Head of Middle East Investing at KKR, said: “This transaction marks an important milestone as KKR’s first investment and private credit transaction in the Kingdom. ACWA Power is a best-in-class operator and a respected national champion, and we are proud to support one of Saudi Arabia’s most critical utility assets. Our investment reflects KKR’s broader ambition to scale our presence across the Kingdom, deepen partnerships with leading corporates, and deploy capital behind essential infrastructure that contributes to long-term, sustainable growth. We look forward to expanding our engagement and supporting the Kingdom’s transformation.”

The investment builds on KKR’s long-standing commitment to Saudi Arabia, where it has maintained a local presence since 2014, and reflects the firm’s conviction in the Kingdom’s long-term economic growth agenda supported by ongoing regulatory reforms that encourage long-term foreign capital. It also follows a year of significant deployment across the Middle East, including investments in Gulf Data Hub, ADNOC Gas Pipelines, ART Fertility Clinics and Premialab. Momentum has been supported by the continued expansion of KKR’s regional footprint, including the relocation of its Saudi office to King Abdullah Financial District (KAFD) and the opening of a new office in Abu Dhabi, complementing the firm’s long-standing presence in Dubai.

The transaction is being funded by capital accounts advised by KKR.

About ACWA Power
ACWA Power (TADAWUL:2082) is a Saudi-listed company and the world’s largest private water desalination company, the first mover into green hydrogen, and a leader in the global energy transition. Registered and established in 2004 in Riyadh, Saudi Arabia, ACWA Power employs over 4,000 people and is currently present in 15 countries in the Middle East, Africa, Central Asia, and Southeast Asia. ACWA Power’s portfolio comprises 110 projects in operation, advanced development, or under construction with an investment value of SAR 431 billion (USD 115 billion) and the capacity to generate 93 GW of power (of which 52GW is renewables) and manage 9.3 million m3/day of desalinated water. This energy and water are delivered on a bulk basis to address the needs of state utilities and industries on long-term, off-taker contracts under utility services outsourcing and public-private partnership models.
Learn more: www.acwapower.com

ACWA Power Media contacts:  
Halah Mohsen
Director – Media Affairs & External Comms
hmohsen@acwapower.com
media.inquiries@acwapower.com 

About KKR
KKR is a leading global investment firm that offers alternative asset management as well as capital markets and insurance solutions. KKR aims to generate attractive investment returns by following a patient and disciplined investment approach, employing world-class people, and supporting growth in its portfolio companies and communities. KKR sponsors investment funds that invest in private equity, credit and real assets and has strategic partners that manage hedge funds. KKR’s insurance subsidiaries offer retirement, life and reinsurance products under the management of Global Atlantic Financial Group. References to KKR’s investments may include the activities of its sponsored funds and insurance subsidiaries. For additional information about KKR & Co. Inc. (NYSE: KKR), please visit KKR’s website at www.kkr.com. For additional information about Global Atlantic Financial Group, please visit Global Atlantic Financial Group’s website at www.globalatlantic.com.

For media queries, please contact:

KKR
Annabel Arthur, KKR
Annabel.Arthur@kkr.com

 

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