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EQT and PAI Partners Agree to Sell World Freight Company

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BPEA Private Equity Fund VI (“EQT”) and PAI Partners (“PAI”) today announced that Brookfield, through its private equity business, has agreed to acquire World Freight Company (“WFC”), a leading global air freight services provider, from EQT and PAI.

Founded in 2004, WFC is now one of the world’s largest general sales and service agents (GSSA) for the global air freight industry. The company represents airlines to sell and manage cargo capacity while coordinating key operational activities including booking, handling and shipment oversight. WFC serves more than 300 airlines on 3,500 trade lanes and over 16,000 freight forwarders across more than 80 countries and key international trade routes.

Since partnering with WFC, EQT and PAI have supported the company’s transformation into a scaled global platform through a combination of organic growth initiatives, strategic acquisitions and continued investment in technology and digital capabilities. During this period, WFC expanded its international footprint, strengthened its operational infrastructure and further enhanced its service offering to customers and airline partners worldwide.

Today, WFC plays a mission-critical role in the global air freight ecosystem, helping optimize efficiency and commercial outcomes across increasingly complex supply chains. The company is led by a highly experienced management team with a strong track record of execution and growth.

Janice Leow, Head of Private Capital in Southeast Asia at EQT, said: “EQT has been pleased to support WFC during a period of meaningful evolution for the business, including expanding its international footprint, enhancing its capabilities and continuing to invest in its customer offering. Together with PAI and management, WFC has further strengthened its position across global supply chains while advancing its digital and AI-enabled capabilities to better serve customers in an increasingly dynamic operating environment. It has been a privilege to work alongside Vikram Singh and the WFC leadership team, whose ambition and execution have been instrumental in the company’s development over the years. We wish WFC continued success in its next phase.”

Guillaume Leblanc, Partner at PAI Partners, said: “We are proud to have partnered with WFC, its management team and EQT during such a transformational period for the company. During our investment, WFC completed 20 acquisitions and has developed into a truly scaled global platform with differentiated digital and operational capabilities. We thank Vikram Singh and the entire WFC team for their partnership and believe the company is well positioned for continued growth and innovation under Brookfield’s ownership.”

Vikram Singh, Group CEO of WFC, said: “We would like to thank EQT and PAI for their support and partnership over the past several years. Together, we have materially strengthened WFC’s platform, expanded our capabilities and continued to invest in innovation and customer service. We are excited to partner with Brookfield as we continue executing our growth strategy and supporting our airline and freight-forwarding customers globally.”

Deutsche Bank is serving as lead financial advisor to EQT, PAI and WFC. Freshfields is legal advisor to EQT.

The transaction is subject to customary closing conditions and is expected to complete by the end of 2026.

Contacts:

EQT:
EQT Press Office, press@eqtpartners.com

PAI Partners:
Dania Saidam
+44 20 7297 4678

About EQT
EQT is a purpose-driven global investment organization with EUR 269 billion in total assets under management (EUR 142 billion in fee-generating assets under management) as of 31 March 2026, within two business segments – Private Capital and Real Assets. EQT owns portfolio companies and assets in Europe, Asia Pacific and the Americas and supports them in achieving sustainable growth, operational excellence and market leadership.

More info: www.eqtgroup.com
Follow EQT on LinkedIn, X, YouTube and Instagram

About PAI Partners

PAI Partners is a pre-eminent private equity firm investing in market-leading companies across the globe. The Firm has c. €25 billion of assets under management and, since 1994, has completed over 100 investments in 13 countries and realized c. €33 billion in proceeds from over 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.

About World Freight Company

World Freight Company is a leading global provider of outsourced air cargo management services, combining commercial, operational and digital capabilities for airlines and freight forwarders worldwide. Through its integrated platform, WFC supports cargo sales, capacity management, pricing, booking and end-to-end shipment execution across more than 80 countries. The company serves over 300 airline customers globally and is recognized as one of the world’s leading independent GSSA platforms. For more information, please visit https://www.worldfreightcompany.com/

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EURAZEO confirms the ramp-up of its Business Model, driven by robust fundraising and asset rotation in Q1 2026

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Eurazeo

Continued strong fundraising momentum

  • Fundraising: €1.1bn (€0.9bn in Q1 2025), up 11%
  • Assets Under Management (AUM): €39.2bn, including +14% for third parties
  • Fee Paying Assets Under Management (FPAUM): €28.9bn, including +13% for third parties
  • Management fees: +3% [1]   to €105m, including +10%1 for third parties

Successful implementation of the asset rotation plan

  • Group realizations: +140% to €0.6bn, including Fermax and Ex-Nihilo, sold at 150% above their last valuations
  • Group deployments: +17% to €0.9bn
  • Balance sheet divestments: €0.1bn (x6 compared to Q1 2025), several divestment processes were launched under the annual plan

Solid growth across portfolio companies

  • Continued revenue growth for Buyout companies (+6%)
  • Strong momentum among Growth portfolio companies (+22%, including +58% for EGF IV)
  • Good growth in real assets, with the hospitality activity up +6% and a +36% increase in sustainable infrastructure

Strengthening of the Group’s financial position

  • Investment Grade ratings awarded by S&P and Fitch (BBB, stable outlook), confirming the Group’s strong financial position
  • Successful inaugural €500m bond issue, 4x oversubscribed, diversifying funding sources and extending debt maturities
  • Limited gearing of 16% at end-Q1 2026

Further increase in shareholder return, in line with our commitments

  • Ordinary dividend up 10% to €2.92, voted by the May 6, 2026 Annual General Meeting
  • Share buybacks of around 4% of capital in 2026, including 1% already completed in Q1 2026

Christophe Bavière and William Kadouch-Chassaing, Co-CEOs, said:  “Eurazeo has delivered a strong start to the year, fully aligned with the execution of our strategic roadmap and the growing momentum of our business model. Building on a record year in 2025, fundraising has remained robust, confirming our status as a leading asset manager. At the same time, the recent award of investment grade ratings and the success of our inaugural bond issue have underscored the strength of Eurazeo’s financial profile and extended its headroom.”

Footnotes
  1. Pro forma of the sale of IMGP’s Wealth Management activity, excluding forex and catch-up fees ↑

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Ardian provides financing to support IK Partners’ investment in Rhétorès Group, a leading independent financial advisor in France

Ardian

Ardian, a global private investment firm, today announces that it has arranged a unitranche facility to support the LBO acquisition of Rhétorès Group (“Rhétorès” or “the Group”) by IK Partners (“IK”), alongside the founders, the management team and Activa, all of whom have significantly reinvested as part of the transaction. The financing package also includes a sizeable committed line to support the Group’s active acquisition strategy.

Rhétorès is a fast-growing French independent financial advisor. Founded in 2010 by Stéphane Rudzinski and Grégory Soudjoukdjian, the Group provides a comprehensive range of financial savings and investment products, including life-insurance wrappers and access to premium asset classes including private equity, real estate and structured products.

Rhétorès focuses on high-net-worth individuals and serves a diversified client base of more than 6,200, representing over €2.7bn in assets under management as of the end of 2025.

Since inception, Rhétorès has achieved strong organic growth and, following Activa’s investment in 2022, it has accelerated its inorganic growth strategy with 20 add-on acquisitions completed to date. Notably, the Group’s acquisition of Dauphine AM in 2023 enabled complementary asset management activity and provided access to an internal distribution platform for high value-added financial products.

“We are delighted to partner with IK as our new majority shareholder and Ardian as our financing partner. Their proven investment experience in the wealth management space will enable us to accelerate our development. We are eager to enter this next phase of growth through further organic development and buy-and-build activity to drive consolidation and diversify our offering.” Stéphane Rudzinski & Grégory Soudjoukdjian, co-founders of rhétorès Group

“The French financial savings market is both large and resilient, supported by strong underlying trends and a favourable regulatory environment. Under Stéphane and Grégory’s leadership, Rhétorès has achieved remarkable success and earned a strong reputation within the French IFA landscape. We look forward to working closely with the team to support their ambitious growth strategy, including further consolidation and diversification of their service offering.” Rémi Buttiaux & Diki Korniloff, Partners, IK Partners

“We are delighted to be able to leverage our deep sector expertise to support Rhétorès, IK Partners and Activa as they embark on this pivotal chapter of growth. The Group has built an exceptional track record to date. We are confident that this partnership will help drive long term value creation and continued expansion.” Gregory Pernot, Co-Head Private Credit France, Ardian

With over two decades of experience, the Private Credit activity at Ardian is among Europe’s most established players, applying a multi local approach to partner with private equity sponsors and management teams in advancing the growth of high quality companies. This transaction adds to Private Credit’s track record of successful investments and reflects a period of strong investment activity for the team.

List of participants

  • Ardian

    • Ardian Private Credit: Grégory Pernot, Gabrielle Philip, Alexis Bernet, Capucine Boulingre
    • Legal Advisor (Financing): Simpson Thacher & Bartlett (Hadrien Servais, Sophie Rezki, Kacper Sztejter, Eline Souffriau)

  • Rhétorès

    • Rhétorès: Stéphane Rudzinski, Grégory Soudjoukdjian
    • Financial Advisor: NewCo Corporate Finance (Alexandre Gebelin, Thibauld Hamaide)

  • IK Partners

    • IK Partners: Rémi Buttiaux, Diki Korniloff
    • Legal Advisor (financing): Weil (Geraldine Lezmi, Constance Frayssineau, Thomas Bouton, Nicolas Krieger)

  • Activa

    • Activa: Christophe Parier, Alexandre Masson, Frédéric Singer, Camille Emin, César Chaperon

ABOUT ARDIAN

In a world of constant evolution, Ardian stands out for its ability to anticipate, adapt, and turn challenges into opportunities. As a global, diversified private markets firm with 22 offices and more than 350 investment professionals worldwide, we provide investment and customized solutions that reflect new economic dynamics and help our clients remain resilient in a changing world.
We deliver multi-local expertise and long-term performance for our investors and partners as well as shared value for the broader society. Since Ardian’s inception in 1996, our pioneering approach to diversification and our ability to offer tailor-made solutions at scale have remained the heart of our strategy.
Through commitment, knowledge and technology, we bring lasting value to our companies and contribute positively to the whole industry.
Ardian currently manages or advises $200bn for more than 1,920 clients worldwide across Private Equity, Real Assets, and Credit.

Ardian. Mastering change for lasting value.

ardian.com

Media contacts

ARDIAN

HEADLAND

ardian@headlandconsultancy.com

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Blackstone Digital Infrastructure Trust Announces Pricing of up to $2 Billion Initial Public Offering

Blackstone

New York, NY – May 13, 2026 – Blackstone Digital Infrastructure Trust Inc. (NYSE: BXDC) (the “Company”) today announced the pricing of its initial public offering (the “offering”) of 87.5 million shares of its common stock at a price to the public of $20.00 per share. The Company granted the underwriters a 30-day option to purchase additional shares. If the option to purchase additional shares is exercised in full, the gross proceeds of the offering will be $2.0 billion, and the Company will have 100.6 million outstanding shares of common stock. The shares are expected to begin trading on the New York Stock Exchange on May 14, 2026 under the ticker symbol “BXDC.” The offering is expected to close on May 15, 2026, subject to customary closing conditions.

The Company intends to invest the net proceeds from the offering primarily in newly-constructed, income-generating, stabilized data center assets in accordance with the Company’s investment strategy.

Goldman Sachs & Co. LLC, Citigroup, Morgan Stanley, Barclays, BofA Securities, Deutsche Bank Securities, J.P. Morgan, RBC Capital Markets and Wells Fargo Securities are acting as joint lead book-running managers. BNP PARIBAS, SMBC Nikko, Societe Generale, BBVA, BMO Capital Markets, Credit Agricole CIB, MUFG, Santander and TD Securities are acting as joint book-running managers. Blackstone Capital Markets, Academy Securities, AmeriVet Securities, Blaylock Van, LLC, Drexel Hamilton, Independence Point Securities, Loop Capital Markets, Mischler Financial Group, Inc., Ramirez & Co., Inc., Roberts & Ryan and R. Seelaus & Co., LLC are acting as co-managers for the offering.

The offering is being made only by means of a prospectus. Copies of the prospectus may be obtained by contacting: Goldman Sachs & Co. LLC, Attention: Prospectus Department, 200 West Street, New York, New York 10282, by telephone at 1-866-471-2526, or by email at prospectus-ny@ny.email.gs.com; Citigroup, c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717 (Tel: 800-831-9146); and Morgan Stanley, Attention: Prospectus Department, 180 Varick Street, 2nd Floor, New York, New York 10014, or by email at prospectus@morganstanley.com.

A registration statement related to the offering has been filed with the Securities and Exchange Commission (the “SEC”) and was declared effective on May 13, 2026. Copies of the registration statement can be accessed through the SEC’s website at www.sec.gov.

This press release shall not constitute an offer to sell or a solicitation of an offer to buy any securities, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

About Blackstone Digital Infrastructure Trust
Blackstone Digital Infrastructure Trust is a newly organized company focused on acquiring and owning mission-critical data center assets that power the modern digital economy. BXDC targets newly-constructed, income-generating, stabilized data center properties leased to investment-grade hyperscale tenants on long-term contracts. Our investment strategy is designed to generate stable, long-term cash flows and deliver current income to shareholders, with growth potential through contractual rent escalations and accretive acquisition opportunities. BXDC is externally managed by an affiliate of Blackstone (NYSE: BX), the world’s largest alternative asset manager and the largest financial investor in data center and digital infrastructure assets globally.

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 $1.3 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.

Forward-Looking Statements and Other Matters
This press release contains forward-looking statements that reflect the Company’s current views with respect to, among other things, the Company’s operations and financial performance. Forward-looking statements include all statements that are not historical facts. In some cases, you can identify these forward-looking statements by the use of words such as “outlook,” “believes,” “expects,” “potential,” “continues,” “may,” “will,” “should,” “could,” “seeks,” “projects,” “predicts,” “intends,” “plans,” “estimates,” “anticipates,” “focused,” “target,” “objective,” “strategy,” “conviction,” “seeks,” “position” or the negative version of these words or other comparable words. Such forward-looking statements are subject to various risks and uncertainties. Accordingly, there are or will be important factors that could cause actual outcomes or results to differ materially from those indicated in these statements. The Company believes these factors include but are not limited to those described under the section entitled “Risk Factors” in the registration statement related to the offering. These factors should not be construed as exhaustive and should be read in conjunction with the other cautionary statements that are included in this press release and the registration statement. The Company undertakes no obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments or otherwise, except as required by law.

Investor and Public Affairs Contacts

Investors:
Blackstone
+1 (888) 756-8443
BlackstoneShareholderRelations@Blackstone.com

Media:
Jeffrey Kauth
Jeffrey.Kauth@Blackstone.com

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Main Capital Partners expands into the US insurance software market with a majority investment in Agenium

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Main Capital Partners

Main Capital Partners announces a majority investment in Agenium, an insurance technology platform focused on digitizing and optimizing the end-to-end application, underwriting, and new business journey.

hrough configurable automation and embedded decision support, Agenium helps insurers speed up processing, strengthen risk evaluation, and lower operating complexity.

Headquartered in Milwaukee, Wisconsin, Agenium provides a cloud-based, no-code platform used by life, supplemental health, and annuity carriers, among others. The solution enables insurers to design and manage underwriting workflows in a flexible, scalable environment, supporting more consistent execution across the policy lifecycle.

The Company serves over 20 leading insurance carriers globally, representing over 50,000 active platform users. Agenium’s offering spans key underwriting functions, including digital application handling, case management tooling, and a reflexive decision engine. Designed to easily integrate with existing and legacy systems, the platform reduces manual touch points and creates compliant, maintainable processes.

In partnership with Main Capital Partners, Agenium will focus on scaling its commercial organization, accelerating customer acquisition, and further developing its platform through additional modules and integrations. In addition, Agenium will pursue a targeted buy-and-build strategy to broaden its product suite and further support insurance carriers across the insurance policy lifecycle. Supported by Main’s experience in international expansion, this partnership will help Agenium strengthen its position in North America and selectively expand into new geographies.

Agenium represents a compelling opportunity to invest in a high-growth, mission-critical software platform within the attractive insurance ecosystem.”

– Daan Visscher, Partner & Co-Head North America at Main

Daan Visscher, Partner & Co-Head North America at Main, said: “Agenium represents a compelling opportunity to invest in a high-growth, mission-critical software platform within the attractive insurance ecosystem. The company combines strong recurring revenues with deep customer relationships and clear expansion potential. We see significant opportunities to support growth by further professionalizing the go-to-market strategy and complementing the platform with targeted add-on acquisitions.”

Mike Risley, CEO of Agenium, added: “Main Capital Partners brings valuable experience in scaling software businesses like ours, and we’re excited to benefit from their strategic and operational support. This partnership enables us to further invest in our platform, enhance our product capabilities, and better serve both existing and new customers. We see strong demand for modern new business and underwriting solutions, and together we are well positioned to capitalize on that momentum.”

About Agenium

Agenium is an insurance technology platform focused on modernizing the insurance application and underwriting process. Its cloud-based, no-code solution enables insurers to streamline workflows, integrate data sources, and support more efficient and consistent underwriting decisions. Built on a scalable and flexible architecture, the platform integrates with carriers’ existing systems and supports the full new business and underwriting lifecycle across life, health, and annuity products. By automating key processes and reducing manual intervention, Agenium helps insurers improve processing speed, enhance operational efficiency, and bring new products to market more effectively.

Nothing contained in this Press Release is intended to project, predict, guarantee, or forecast the future performance of any investment. This Press Release is for information purposes only and is not investment advice or an offer to buy or sell any securities or to invest in any funds or other investment vehicles managed by Main Capital Partners or any other person.

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Responda Group launches Responda One – AI, automated responses and human support on a single platform

IK Partners

Responda Group is launching Responda One, a comprehensive solution for customer engagement that brings together telephone, chat, AI and human support within a single operational workflow. The solution is based on Responda’s own Synergy platform, which currently handles over 400,000 customer contacts every month.

With Responda One, companies can combine AI and human agents in a single solution – without changing systems, suppliers or contracts. AI handles recurring queries, and human agents take over when the situation requires service, judgement or personal contact.

A central part of the offering is the shared token model, where capacity can be used flexibly across telephone, chat, AI and staffed service. This allows customers to start with a low level of automation and gradually scale up AI over time, whilst reducing the cost per case without new contracts or platform changes.

“The market is moving away from point solutions. Companies no longer want to integrate multiple different suppliers to handle customer dialogue. With Responda One, we bring together technology, AI and human delivery in a single operational flow and take responsibility for the entire chain,” says Marcus Lindqvist, CEO of Responda Group.

Responda takes responsibility for the entire chain

Responda is responsible for the entire delivery process, from technology, integrations and AI configuration to staffing, operations and quality assurance. The solution has already secured several customer contracts during the initial launch period in 2026.

“AI can handle much of the volume, but responsibility for the customer experience cannot be automated away. There must still be a partner who takes responsibility for ensuring the entire flow works – from technology and integrations to staffing, operations and quality,” says Marcus Lindqvist.

About Responda One

Responda One brings together:

  • A response service platform: Telephone, cases, chat, AI and human service within Responda’s own Synergy platform.
  • A shared token model: The customer receives predictable capacity that can be used flexibly between AI and human agents.
  • Full flexibility: The customer can combine AI and human agents based on channel, volume, opening hours and the complexity of the case.
  • Gradual automation: Start manually, introduce AI where it is beneficial and scale up or down over time.
  • Cost control over time: Through increased automation, the customer can steer towards a lower cost per case during the term of the agreement.
  • End-to-end responsibility: Responda is responsible for technology, integrations, AI configuration, staffing, operations and quality.
  • A seamless customer dialogue: The end customer experiences a single flow, even when the case moves between AI and human agents.

About Responda Group

Responda Group is a leading provider of AI-driven customer experience, always with a human touch. Using smart technology and dedicated staff, we help over 2,100 companies, from small businesses to large organisations, to achieve greater availability and better quality in every customer interaction.

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EQT to Launch Tender Offer to Privatize Kakaku.com

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eqt

kakaku 1

  • EQT to launch a tender offer to privatize Kakaku.com, Inc., a Japanese classified and marketplace platform
  • Kakaku.com operates core services including Tabelog, Kakaku.com and Kyujin Box
  • Following a review by an independent Special Committee, the Board of Directors unanimously expressed support for the Tender Offer and recommended that shareholders tender their shares

EQT today announced that BPEA Private Equity Fund IX (“BPEA Fund IX” or “EQT”) will launch a tender offer (the “Tender Offer”) to acquire Japanese classified and marketplace platform Kakaku.com, Inc. (“Kakaku.com” or the “Company”; ticker symbol: TSE 2371) at an offer price of JPY 3,000 per share.

Kakaku.com operates a portfolio of digital platforms in Japan, including Kakaku.com, a price comparison platform; Tabelog, a restaurant review and online reservation platform; and Kyujin Box, a job search platform. The Company has established positions across these services with strong consumer engagement and long-standing relationships with users and business partners.

The Company’s board of directors and Special Committee unanimously expressed support for the Tender Offer and recommended that shareholders tender their shares. In addition, major shareholders Digital Garage and KDDI, who together hold 38.1% of the shares, have entered into agreements with EQT and will dispose of their shares through a share buyback by Kakaku.com after the Tender Offer. Digital Garage, as a consortium partner of EQT, is expected to re‑invest and hold an approximately 20% equity stake in the tender offeror group. Following the successful completion of the transaction, EQT intends to work closely with management to strengthen the Company’s platforms, enhance its technology capabilities, and drive long-term value creation.

Tetsuro Onitsuka, Partner in the EQT Private Capital Asia team, said: “Kakaku.com has built a portfolio of trusted services that are deeply embedded in everyday life in Japan. As a global investor bringing together European industrial heritage with deep local presence and active ownership, we look forward to partnering with management to support the Company’s continued ability to adapt and grow in an increasingly AI-driven environment. This transaction reflects EQT’s long-term commitment to Japan and builds on our growing footprint in the market, where we continue to see opportunities to support companies through periods of structural change and long-term development.”

This transaction underscores EQT’s ongoing commitment to Japan following recent take-private transactions and strategic activity in the market. EQT’s recent activity in Japan includes the privatizations of Fujitec, CareNet and Mamezo, and the completion of exits of TRYT and Pioneer to high-caliber sponsor and strategic buyers last year.

With this transaction, BPEA Fund IX is expected to be 10-15 percent invested (including closed and/or signed investments, announced public offers, if applicable, and less any expected syndication) and subject to customary regulatory approvals.

The information contained herein does not constitute an offer to sell, nor a solicitation of an offer to buy, any security, and may not be used or relied upon in connection with any offer or solicitation. Any offer or solicitation in respect of BPEA Fund IX will be made only through a confidential private placement memorandum and related documents which will be furnished to qualified investors on a confidential basis in accordance with applicable laws and regulations. The information contained herein is not for publication or distribution to persons in the United States of America. Any securities referred to herein have not been and will not be registered under the U.S. Securities Act of 1933, as amended (the “Securities Act”), and may not be offered or sold in the United States without registration thereunder or pursuant to an available exemption therefrom. Any offering of securities to be made in the United States would have to be made by means of an offering document obtainable from the issuer or its agents and would contain detailed information about the issuer and its management, as well as financial statements. The securities may not be offered or sold in the United States absent registration or an applicable exemption from registration.

Regulations on Solicitation

This press release is intended to provide information relating to the Tender Offer to the public and has not been prepared for the purpose of soliciting the sale of shares. If shareholders wish to sell their shares, they should first carefully read the Tender Offer Explanation Statement concerning the Tender Offer and make their decision at their own discretion. This press release does not constitute, or form a part of, an offer to sell or a solicitation of an offer to sell or a solicitation of an offer to purchase securities, and neither this press release (in whole or in part) nor its distribution will form the basis of, or be relied on in connection with, an agreement related to the Tender Offer.

US Regulations

The Tender Offer will be conducted in accordance with the procedures and information disclosure standards provided in Japanese law, and those procedures and standards are not necessarily the same as the procedures and information disclosure standards applicable in the United States. In particular, Section 13(e) or Section 14(d) of the U.S. Securities Exchange Act of 1934 (as amended, the “Securities Exchange Act”) and the rules promulgated thereunder do not apply to the Tender Offer, and the Tender Offer does not conform to the procedures or standards therein. All financial information included or mentioned in this press release and the documents referenced herein is not based on U.S. accounting standards, and such accounting standards may not be equivalent to or comparable with financial information prepared in accordance with U.S. accounting standards. Because the tender offeror is a corporation established outside the United States and all or some of its directors and officers are not residents of the United States, it may be difficult to exercise rights or make claims against them that can be asserted based on U.S. securities-related laws. In addition, it may not be possible to initiate legal proceedings against a non-U.S. corporation and its officers in a non-U.S. court on the grounds of violation of U.S. securities laws. Furthermore, there is no guarantee that a non-U.S. corporation and its affiliates will be subject to the jurisdiction of a U.S. court.

The respective financial advisors of the tender offeror, the Company, Digital Garage, Inc. and KDDI Corporation, the tender offer agent, and their respective affiliates may, in the ordinary course of their business, to the extent permitted by the financial instruments exchange-related laws and regulations of Japan and other applicable laws and regulations, and in accordance with the requirements of Rule 14e-5(b) under the Securities Exchange Act, purchase, or engage in activities directed at purchasing, shares of the Company for their own account or for the account of their clients, either prior to commencement of the Tender Offer or during the Tender Offer Period, outside the Tender Offer. If information concerning any such purchase is disclosed in Japan, disclosure will be made in English on the website of the person making such purchase (or in another manner).

Unless otherwise specified, all procedures relating to the Tender Offer will be conducted in the Japanese language. While some or all documents related to the Tender Offer may be prepared in English, the Japanese-language documents will prevail in the event of any discrepancies between the English and Japanese documents.

This press release contains “forward-looking statements” as defined in Section 27A of the Securities Act and Section 21E of the Securities Exchange Act. Known or unknown risks, uncertainties, or other such factors could lead to outcomes that may differ markedly from the projections and other information explicitly or implicitly indicated in such forward-looking statements. Neither the tender offeror nor its affiliates guarantees that the projections and other information explicitly or implicitly indicated in such forward-looking statements will materialize. The forward-looking statements in this press release were prepared based on information in the possession of the tender offeror as of the date of this press release, and unless required by laws or regulations or the rules of a financial instruments exchange, neither the tender offeror, the Company, nor any of their respective affiliates will be obligated to change or revise such statements to reflect any future events or circumstances.

Other National Regulations

The release, issue or distribution of this press release may be subject to legal restrictions in certain countries or regions. In such cases, please be aware of and comply with any such restrictions. The release, issue or distribution of this press release does not constitute a solicitation of an offer to purchase or sell share certificates in connection with the Tender Offer and is to be deemed solely as the distribution of materials for informational purposes.

Contact:
EQT Press Office, press@eqtpartners.com

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About EQT
EQT is a purpose-driven global investment organization with EUR 269 billion in total assets under management (EUR 142 billion in fee-generating assets under management) as of 31 March 2026, within two business segments – Private Capital and Real Assets. EQT owns portfolio companies and assets in Europe, Asia Pacific and the Americas and supports them in achieving sustainable growth, operational excellence and market leadership.

More info: www.eqtgroup.com
Follow EQT on LinkedIn, X, YouTube and Instagram

About Kakaku.com
Kakaku.com, Inc., founded in 1997 and headquartered in Tokyo, operates a portfolio of market-leading digital consumer platforms in Japan, including Kakaku.com, the country’s largest product and price comparison site, Tabelog, the leading restaurant discovery and reservation platform, and Kyujin Box, an emerging job search platform, helping Japanese consumers make better decisions across shopping, dining, and jobs.

More info: https://corporate.kakaku.com

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CapMan Real Estate divests office building in Västberga, Stockholm

Capman

CapMan Real Estate has completed the sale of the office property Vreten 17 in Västberga, Stockholm, on behalf of CapMan Nordic Real Estate III Fund (CMNRE III). The buyer is Trifam Fastighets AB.

Vreten 17 comprises approximately 6,550 square metres of lettable area and is held under a leasehold tenure. The property is fully let to Avarn Security, which occupies the building as its headquarters under a long‑term lease. The asset is located in Västberga in south‑west Stockholm, benefiting from good transport connections and an established office micro‑location.

CapMan acquired Vreten 17 together with the neighbouring properties Vreten 25 and Vreten 8 as part of a portfolio transaction. Following the divestment, CapMan will continue to actively develop and create value in the remaining assets within the portfolio.

“We have successfully completed our business plan value‑creation initiatives for Vreten 17 and are pleased to hand over the property to Trifam for continued ownership and management. This transaction reaffirms our strong beliefs in the resilience of well-located office properties with solid underlying fundamentals,” says Marcus Lotzman, Head of Transactions Sweden at CapMan Real Estate.

“We are pleased to have acquired Vreten 17. The property is a strong strategic fit for Trifam’s portfolio, both geographically and in terms of asset profile”, says Niklas Gusting, CEO of Trifam.

CapMan was advised by Cushman & Wakefield as commercial adviser and Mannheimer Swartling as legal adviser in the transaction.

For more information, please contact:

Marcus Lotzman, Head of Transactions Sweden at CapMan Real Estate,
+46 706 806 081,
marcus.lotzman@capman.com

About CapMan

CapMan is a leading Nordic private asset expert with an active approach to value creation and 7.2 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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Verdane partners with Telenor to build a global IoT leader

Verdane Capital

(Fornebu, Norway, 12 May 2026) Verdane has entered into an agreement with Telenor to establish a joint ownership structure over Telenor Connexion. The transaction values the company at SEK 7.5 billion. The partnership is intended to realise value from Telenor Connexion’s strong market position while providing the company with access to long-term growth capital through an efficient ownership structure.

Over the past 25 years, Telenor Connexion has built a strong global position in managed IoT services and connectivity solutions for large, global customers. The market is expected to grow at double digit rates towards 2030. Today, the company is a top ten player globally outside China, with 31 million IoT SIM cards in operation and deliveries to more than 200 countries and territories.

“We have bold ambitions in managed IoT, and with Verdane as a partner we gain additional power to realise them in a much more capital efficient manner. At the same time, this transaction clearly demonstrates Telenor’s ability to create value,” says Benedicte Schilbred Fasmer, President & CEO of Telenor.

Telenor Connexion delivers IoT solutions for everything from cars and water pumps to robotic lawn mowers. In January 2026, Telenor consolidated its Nordic IoT operations under one brand structure, with Telenor Connexion as the specialised IoT unit operating under Telenor IoT as the portfolio brand.

“With this structure in place, we are well positioned for the next phase. Telenor will remain a long‑term, strategic owner, and we will continue to put the full industrial strength of the Group behind Telenor Connexion. Together with Verdane, we will scale the business more rapidly in a diligent way,” says Fasmer.

Combining industrial edge with experienced growth capital 

The global IoT market is experiencing strong growth. Through this partnership, Telenor combines its industrial platform, global reach and strong customer relationships with Verdane’s financial resources, transaction experience and active ownership model. This structure supports long-term growth ambitions and allows Telenor to grow in a disciplined manner. The ambition is to strengthen Telenor Connexion’s global offering and accelerate growth through both organic expansion and value-creating acquisitions.

Pekka Lundmark, the former President and CEO of Nokia, has agreed to join Telenor Connexion as Independent Chair following closing of the transaction. Mats Lundquist will continue as Chief Executive Officer of Telenor Connexion, ensuring continuity in leadership and execution of the company’s growth strategy.

Bjarne Kveim Lie, Founder and Managing Partner at Verdane, said: “We are grateful to have built a partnership based on mutual trust with Telenor and look forward to working closely together in the years to come. We believe Telenor Connexion is perfectly positioned in a well-established structural growth market that will benefit from the increasing adoption of AI through exposure to connected devices in data-intensive industries”.

Morten Weicher, Partner at Verdane, said: “We look forward to supporting the Telenor Connexion team in realising their ambitious strategy of becoming a global leader, drawing on Verdane’s significant experience in scaling industrial technology companies and more than 15 years of experience as an investor in the IoT space.”

Financial highlights and transaction structure

In 2025, Telenor Connexion generated revenues of approximately SEK 1.3 billion and delivered an EBITDA of around SEK 415 million on a pro-forma basis after the consolidation of Managed IoT Connectivity across Telenor Group. As consideration following the transaction, Telenor will receive approximately SEK 3.8 billion in cash, in addition to a seller credit of approximately SEK 0.8 billion, and recognise a gain of approximately SEK 7.2 billion. Each party commits to invest an additional SEK 2 billion in the company’s value accretive growth journey, which for Telenor will be approximately half of the proceeds received upfront in the transaction.

Telenor Group’s divestment values Telenor Connexion’s enterprise value at 18x the 2025 EBITDA. As part of the transaction, the new structure will incur approximately SEK 2.2 billion in new bank debt, implying an expected post‑transaction equity value of approximately SEK 5.3 billion. The agreement also includes a potential earn‑out if the company meets certain commercial targets, increasing the company’s enterprise value by SEK 0.3 billion.

Following the transaction, Telenor Connexion will be reported as an associated company of Telenor Group. The parties will establish a jointly owned company with 50/50 percent ownership. The board will be comprised of two representatives from each owner, in addition to an independent chair. The parties expect to complete the transaction during 2026, subject to the necessary regulatory approvals.

As part of the transaction, Verdane will acquire Telenor’s ownership stakes in Telenor Amp’s portfolio companies BLDNG.ai and Whereby.

About Telenor
Telenor Group is a leading telecommunications and technology company in the Nordics and Asia, serving over 200 million customers and generating annual revenues of around NOK 80 billion (2024). Telenor holds strong positions in its markets and is committed to responsible business conduct.

Driven by Telenor’s purpose, “With you, for a safer and smarter tomorrow”, we aim to create impact beyond connectivity by enabling societies to thrive in a digital future. Our cultural foundation is built on Trust, Curiosity, and Passion, guiding how we collaborate, innovate and deliver value for customers and communities.

Connectivity has been Telenor’s domain for more than 165 years, and today we combine that heritage with forward-looking solutions for security, sustainability and inclusion. Telenor is listed on the Oslo Stock Exchange under the ticker TEL. For more information, visit https://www.telenor.com.

About Verdane
Verdane is a specialist growth buyout investment firm that partners with tech-enabled and sustainable businesses that help to digitalise and decarbonise the European economy. The flexible mandates of Verdane funds allow it to invest as a majority or minority control investor, replacement or growth capital, in single companies or in portfolios of companies

Verdane has raised EUR 10 billion in capital and its funds have made more than 200 investments in fast-growing businesses since 2003. Verdane’s team of over 180 investment professionals and operating experts is based out of Berlin, Copenhagen, London, Helsinki, Munich, Oslo and Stockholm and combines deep sector expertise with long-standing local networks and presence in core European markets.

Verdane is also a certified B Corporation, the most ambitious sustainability accreditation globally. The firm only backs businesses that pass its 2040 test, which indicates whether the company can thrive in a more sustainable future economy.

Verdane is partly owned by the Verdane Foundation, which is focused on two areas: climate change and more equitable and inclusive local communities.

More info: www.verdane.com
Follow Verdane on LinkedIn

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CVC announces appointment of John Hourican as Chief Financial Officer

CVC Capital Partners

CVC Capital Partners (“CVC”) today announces the appointment of John Hourican as Chief Financial Officer and a member of the Board, effective 1 September 2026. He will succeed Fred Watt, who will retire from CVC after almost 20 years with the firm.

John Hourican is a highly experienced CFO with more than three decades of international experience across investment banking, retail banking and consumer finance. Until 1 April 2026, he was CEO of NewDay, where he has led the business since 2019, overseeing its strategic development and growth. Prior to this, he served as Chief Executive of the Bank of Cyprus, held senior leadership roles at Royal Bank of Scotland, and was CFO of ABN AMRO Bank. John trained as a Chartered Accountant at PWC and is a Fellow of the Institute of Chartered Accountants in Ireland.

Fred Watt will retire as Chief Financial Officer in September 2026. Fred joined CVC in September 2007 and has been a Board member of CVC plc and a member of Europe/ Americas and Asia Private Equity Investment Committees. During his tenure, he has played a central role in the firm’s growth including its IPO in April 2024, strengthening its institutional platform and supporting the expansion of its global operations. The Board and Partners of CVC extend their deep gratitude to Fred for his lasting contribution to the firm.

Rolly van Rappard, Chair of CVC, said: “We are delighted to welcome John to CVC and to the Board. He brings exceptional financial, strategic and operational expertise to the role of CFO, with a proven track record of managing complex global organisations. His experience and judgement will be invaluable as we continue to grow and evolve the firm.”

Rob Lucas, Chief Executive Officer of CVC, said: “John is a first-class financial leader, with more than three decades of experience advising and leading international financial institutions through periods of growth. He is an excellent cultural fit for CVC, with a combination of strategic insight and operational discipline which will be invaluable as CFO, and I look forward to working with him. I would also like to express my sincere thanks to Fred Watt for his outstanding contribution to CVC over the past 20 years. Fred has been a trusted partner to the firm, and to me personally, throughout a period of significant growth for our global platform.”

John Hourican said: “I am excited to be joining CVC at such an important time in its development. The firm has an exceptional track record and a distinctive culture, and I look forward to working with Rob, Rolly and the wider team to support its continued success and long-term value creation.”

Fred Watt will continue fully in his role until September 2026 and then remain as a Senior Advisor to the firm.

Categories: People