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VERIAN Unternehmerkapital acquires coin4 Solutions from IK Partners

IK Partners

VERIAN Unternehmerkapital, alongside its co-investors, is pleased to announce it has completed the acquisition of coin4 Solutions (“coin4” or “the Group”), a leading German receivables management platform, from IK Partners. Financial terms of the transaction are not disclosed.

coin4 is an industry-leading provider of technology-enabled receivables management solutions focused on recovering overdue receivables on behalf of its clients, primarily in the insurance, publishing and e-commerce sectors. With its AI-enabled and highly automated collection process, as well as its broad communication platform, the Group provides a trusted interface between its clients and their debtors and is renowned for its reliability, efficiency and customer-centric approach.

Andreas Stock, CEO of coin4, said: “We would like to thank IK Partners for their support and guidance during the past few years. In this period, the Group has developed into an even stronger business thanks to the hard work and dedication of our employees, combined with the implementation of AI-powered workflows across our already highly efficient platform. I am proud of the developments to date which has enabled coin4 to become a leading receivables management provider with a unique business model and digital-first approach. With this solid foundation in place, we look forward to the next chapter which will see us partner with the team at VERIAN.”

For further questions, please contact:

VERIAN Unternehmerkapital
info@verianinvest.com

IK Partners
vidya.verlkumar@ikpartners.com

About VERIAN

VERIAN, founded by Andreas Hausser and Felix Zawadzky, is an entrepreneurial long-term investment holding partnering with founders and owner-managed businesses across Europe. It invests its own capital alongside leading entrepreneurs, family offices and select co-investors, supporting successful mid-sized companies in accelerating sustainable growth and long-term value creation.

About IK Partners

IK Partners (“IK”) is a European private equity firm focused on investments in the Benelux, DACH, France, Nordics and the UK. Since 1989, IK has raised more than €20 billion of capital and invested in over 210 European companies. IK supports companies with strong underlying potential, partnering with management teams and investors to create robust, well-positioned businesses with excellent long-term prospects. For more information, visit ikpartners.com IK is an affiliate of Wendel. For more information, visit wendelgroup.com

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Ardian announces sale of GBA Group to Bridgepoint after successfully accelerating international growth

Ardian

 Organic expansion of laboratory capacities, international growth with existing key accounts, and accelerated buy-and-build with 19 strategic add-on acquisitions
• Internationalization of the business from the DACH region across Europe, Southeast Asia and the USA
• Broadening its service offering into the medical devices and cosmetics sectors, alongside new pharmaceutical market segments

Ardian, a global private investment firm, has signed an agreement to sell its majority stake in GBA Group (“GBA”), a Hamburg-based international life science and laboratory analytics provider, to Bridgepoint. Since investing in 2021, Ardian has supported the company very successfully on its organic and external growth path by entering new geographic markets and customer segments, thereby more than doubling the Group’s revenue.

Founded in 1989, GBA is an international life science service company with more than 3,500 employees and a wide range of analytical, logistical and specialist services in the areas of food, environment, building contaminants, drinking water, pharmaceuticals, chemicals, medical devices and cosmetics. GBA operates at around 100 locations across Europe, North America, Asia-Pacific and other international markets. The majority of this international expansion has been delivered since 2021 with Ardian’s support.

GBA provides laboratory analysis and specialized clinical trial services, as well as consulting to private companies and public institutions in support of their research, product development, market development and consumer protection activities. With Ardian’s support, GBA has significantly expanded its pharmaceutical offering and entered the medical devices and cosmetics sectors, building on its established food and environmental analysis businesses.

Sustained investment in digitization, expanded business with major accounts, and the launch of technology- and AI-enabled services supported GBA’s exceptional organic revenue development. Ardian also backed extensive investment in domestic and international infrastructure — including additional laboratory space, automation and new specialized testing methods. GBA’s growth was further accelerated by a targeted buy-and-build strategy, which comprised 19 acquisitions in total.

“We are proud to have unlocked the significant potential of GBA over the past five years while fully implementing our value creation plan. We were supported by structural growth driven by increasing regulatory requirements, an active and targeted consolidation strategy, and the performance of the GBA management team, whom we thank for their excellent work and partnership in the past five years.” Gunnar Chrestin, Managing Director Buyout, Ardian

“The Testing, Inspection and Certification sector continues to benefit from powerful structural tailwinds, driven by increasingly complex regulation, accelerating product innovation and growing demand for independent scientific expertise. Together with management, we have strengthened GBA’s position at the forefront of these trends by expanding its technical capabilities, entering attractive new end markets and broadening its geographic reach.“ Edward Little, Head of Buyout UK & Managing Director, Ardian

“Together with Ardian, we have taken GBA to a new level, both in terms of our international presence and our service offering. Thanks to Ardian’s support we have been able to execute on our targeted buy-and-build strategy while at the same time growing organically in a sustainable and dynamic manner. For this, I would like to sincerely thank all GBA employees. We now look forward to partnering with Bridgepoint, whose strong sector expertise, local presence and global network make them an ideal partner to support the next phase of our growth strategy.” Steffen Walter, CEO, GBA Group
The transaction is expected to close by the end of 2026, subject to customary closing conditions, including regulatory approvals. Financial details of the transaction were not disclosed.

 

List of participants

  • Ardian

    • M&A: Macquarie, Morgan Stanley
    • FDD: EY
    • Tax: Taxess
    • Commercial: LEK
    • Legal: Milbank

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

ABOUT GBA GROUP

GBA Group is an international life science service company with over 3,500 employees and a wide range of analytical, logistical and specialist services in the fields of food, environment, drinking water, pharmaceuticals, chemicals, medical devices and cosmetics. The group stands for outstanding technical expertise, efficient processes and full focus on customer needs with regard to its activities in the fields of research, product development, market development and consumer protection. With its services, GBA Group directly and indirectly makes a sustainable contribution to health, the environment and society.

gba-group.com

Media Contacts

ARDIAN

HEADLAND

ardian@headlandconsultancy.com 

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Ardian provides financing to support Astorg’s investment in Barkene, a leading multi-specialist B2B technical services platform

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Ardian

Ardian, a global private investment firm, today announces that it has arranged a unitranche facility to support the LBO acquisition of Barkene by Astorg Mid-Cap, alongside the management team who 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.

Founded in 2018, Barkene has established itself as a leading multi-specialist provider of mission-critical technical services in France, operating across electronic security, fire safety, automatic doors and remote monitoring.

With close to 800 employees across 39 branches, Barkene combines deep technical expertise, a strong local presence and national coverage to serve a diversified customer base in a resilient market supported by regulatory requirements, compliance standards and recurring service demand.

“We are delighted to support Astorg and Barkene’s management team, led by CEO Richard Weihart, in this new phase of the company’s development. The company has established a leading platform with a strong track record of growth and successful integration, and we look forward to supporting its continued expansion and long-term ambitions.” Jean-David Ponsin, 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 to advance the growth of high quality companies. This transaction adds to Ardian’s track record of successful Private Credit investments and reflects a period of strong investment activity for the team.

List of Participants

  • Ardian

    • Ardian (Private Credit): Jean-David Ponsin, Melchior Huet, Adélaïde Homolle, Capucine Boulingre
    • Legal Advisor (Financing): Willkie Farr & Gallagher (Paul Lombard, Ralph Unger, Joris Cairo)

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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Ardian acquires a majority stake in Pflegia, Germany’s leading digital healthcare recruitment platform

Ardian

Through this investment, the Growth team of Ardian has joined forces with the founders of Pflegia to support their growth ambitions in Germany and across Europe and accelerate AI-powered permanent recruitment innovation in the healthcare sector.

Ardian, a global private investment firm, announces the acquisition of a majority stake in Pflegia, a high growth German digital platform connecting healthcare professionals and care providers.

Founded in 2019 and headquartered in Berlin, Pflegia addresses the structural healthcare staffing shortage through an AI-powered reverse-recruiting platform where candidates register their preferences and qualifications, and a proprietary algorithm matching them with the best-suited care providers, leveraging the largest healthcare candidate database in Germany.  With deep, long-standing knowledge of its clients’ hiring workflows, Pflegia has built a candidates-first platform with exceptional matching precision, enabling healthcare professionals to find their ideal positions faster and care providers to fill critical roles more efficiently.

Pflegia has grown rapidly to become Germany’s leading digital healthcare recruitment platform, building a unique proprietary database of over 900,000 registered healthcare candidates and expanding its customer base to over 10,000 care providers nationwide. In 2024, the company further extended its reach across the German healthcare ecosystem with the launch of Praxia, a dedicated platform targeting medical and dental practice staff.

Ardian’s investment marks an important milestone in Pflegia’s growth journey, with the aim to stay at the forefront of AI innovation in healthcare recruitment. Leveraging its extensive track record of partnering with founder-led technology companies, Ardian will actively support Pflegia’s management team across company strategy, platform development, organizational scaling, international expansion and external growth initiatives.

Following its recent investment in Spain, Ardian’s Growth team is further strengthening its presence in Germany with the acquisition of Pflegia. This transaction confirms the Growth team’s DNA as a true European growth investor, committed to supporting ambitious founders and continuing to pursue new growth opportunities across Europe.

“With this new deal in Germany, Ardian reaffirms its long track record of supporting management teams in their ambitions, helping them transform national category champions into European leaders – both organically and through targeted acquisitions. We are delighted to partner with Lennart, Felix and Masoud, a founding team that has already demonstrated clear execution capabilities and strong industry expertise. Alongside them and as a European investor we want to be the architects of Pflegia’s European growth story. ” Romain Chiudini & Geoffroy De La Grandière, Managing Directors Growth, Ardian

“We are proud to partner with Lennart, Felix and Masoud to support Pflegia’s growth journey. Pflegia meets all the criteria of the companies we seek to back within Ardian’s Growth strategy: a founder-led platform with a clear market leadership position, exceptional unit economics and a proven ability to scale.  We have been impressed by what the founders have achieved since launch — they identified a critical market need and responded with bold technological innovation. We are excited to work closely with them to unlock Pflegia’s full potential.” Pierre Schaeffer, Director Growth, Ardian

“With Pflegia, we’ve built the platform that healthcare professionals and providers across Germany genuinely rely on and trust to find the right match. Ardian’s experience scaling founder-led platforms across Europe, combined with their long-term, hands-on approach, gives us exactly what we need to accelerate our growth internationally, deepen our AI capabilities, and bring Pflegia’s model to new markets. We are looking forward to building the next chapter of Pflegia together.” Lennart Steuer, Felix Westphal & Masoud Shahryari, Co-Founders, Pflegia

List of participants

  • Ardian

    • Growth investment team: Romain Chiudini, Geoffroy de La Grandière, Pierre Schaeffer, Sophie Meyer
    • Financing team: Aris Toranian, Alessandro Palomba
    • Corporate lawyer: McDermott Will & Schulte (Diana Hund, Herschel Guez, Auriane Tournay, Benoît Maïto, Sebastian Bonk, Darius Mosleh, Côme de Saint Vincent, Fanny Le Pogam, Florian Schiefer)
    • Financing lawyer: McDermott Will & Schulte (Kalish Mullen, Stanislas Chenu, Zayd Boucharb)
    • Financial advisor: KPMG (Claus Buhmann, Thomas Weber, Alvaro Castano Martinez-Blay)
    • Commercial and technology advisor: Ommax (Isabella Calderon Hoyos, Paulina Stuhlmacher, Christian Riede, Tobias Möglich)
    • Legal and tax advisor: KPMG (Ian Maywald, Robert Müller, Fabian Böser, Ivonne Kiesow)

  • Pflegia

    • Management team: Lennart Steuer, Felix Westphal, Masoud Shahryari
    • M&A advisor: Raymond James (Tobias Levedag, Nazar Tukhbatullin)
    • Corporate lawyer: Stolzenberg (Moritz Von Hutten)
    • Financial advisor: Rödl & Partner (Christoph Hinz, Christopher Wilcke, Kristina Willers)

  • Artemid

    • Financing team: Annie-Laure Servel, Constantin Kryvian, Alexander Ball, Gabriel Karsenty
    • Financing lawyer: Gide (Matthieu Herviaux, Nathalie Benoit, Karina Tepsaeva)

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

ABOUT PFLEGIA

Pflegia is a leading digital recruitment platform for healthcare professionals in Germany, dedicated to permanent placements. The Berlin-based company was founded in 2019 by Felix Westphal, Lennart Steuer and Masoud Shahryari to bring more transparency and fairness to the application process in the healthcare sector.

At the core of its model is a matching process that reverses the traditional application flow: employers actively approach and apply to healthcare professionals, supported by AI-powered process optimization and personal guidance on both sides of the marketplace. In addition, Pflegia provides information on salaries, working hours and other employment conditions to make comparisons easier and support candidates in their decision-making process.
Pflegia currently places around 1,000 healthcare professionals with healthcare providers across Germany every month. Today, more than 900,000 healthcare professionals and around 10,000 employers use the platform, which lists approximately 30,000 open positions.

www.pflegia.de

Media Contacts

ARDIAN

HEADLAND

ardian@headlandconsultancy.com 

PFLEGIA

Sabrina Schröder

sabrina.schroeder@pflegia.de+49 162 8063034

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Carlyle AlpInvest Closes AlpInvest Atom Fund II at $1.7 Billion Hard Cap, Bringing Single-Asset Continuation Vehicle Investment Capacity to $7 Billion Across Its Secondaries Platform

Carlyle

Carlyle AlpInvest establishes one of the largest dedicated pools of capital for GP-centered single-asset transactions globally

New York, Amsterdam, London, and Hong Kong — July 15, 2026 — Carlyle AlpInvest, a leading global private equity investor, today announced the final close of AlpInvest Atom Fund II (“AAF II” or “the Fund”), its second dedicated fund focused exclusively on single-asset continuation vehicle (“SACV”) transactions. AAF II closed at its hard cap of $1.7 billion, exceeding the $1 billion fundraising target. Together with the firm’s evergreen vehicles, AlpInvest Secondaries Program VIII, and related sidecar vehicles, the Fund brings Carlyle AlpInvest’s total SACV investment capacity to $7 billion during the Fund’s investment period.

AAF II received strong support from a diverse global group of institutional investors, including pension funds, sovereign wealth funds, insurance companies, banks, endowments, foundations, and family offices across 26 countries in North America, Europe, the Middle East, Africa, and Asia-Pacific.

The Fund pursues the same strategy as its predecessor, acquiring significant equity positions in high-quality, sponsor-backed companies through single-asset continuation vehicle transactions in mainly North America and Western Europe. AAF II is purpose-built to partner with leading private equity sponsors seeking to extend their ownership of top-performing portfolio companies, while providing a liquidity option to existing fund investors. The Fund benefits from Carlyle AlpInvest’s integrated GP-solutions platform spanning Secondaries, Portfolio Finance, and Primary Fund Investments, as well as the broader resources of Carlyle, providing a differentiated vantage point on asset quality, pricing, and GP alignment.

Chris Perriello, Partner and Global Head of Secondaries at Carlyle AlpInvest, said: “Single-asset continuation vehicles have become a core pillar of the GP-centered secondaries market, and we’ve built a dedicated team and platform that can execute these types of transactions. We believe AAF II gives us the scale and flexibility to lead the most consequential deals in the market while maintaining the underwriting discipline that has defined our approach.”

Julian Rampelmann, Partner, Head of Single-Asset Secondaries and Deputy Head of Secondaries and Portfolio Finance at Carlyle AlpInvest, said: “What sets Carlyle AlpInvest apart in this market is not just the dedicated capital, but the platform behind it. Our ability to draw on 25 years of GP relationships, proprietary data across tens of thousands of private companies, and the full breadth of our Secondaries and Portfolio Finance capabilities means we can offer sponsors a scaled, informed, and flexible partner at a critical moment in their asset’s lifecycle.”

Carlyle AlpInvest has been investing in single-asset continuation vehicles since 2018 and has committed $7 billion across 31 transactions in the strategy to date. The firm’s integrated platform — spanning LP interest acquisitions, GP-centered secondaries, NAV lending, GP commitment financing, credit secondaries, and evergreen products — provides a distinct structural advantage in assessing and underwriting single-asset transactions, where business and sponsor quality alongside GP alignment are the defining criteria.

About Carlyle AlpInvest

Carlyle AlpInvest is a leading global private equity investor with $107 billion of assets under management and more than 710 investors as of March 31, 2026. It has invested with around 390 private equity managers and committed over $118 billion across primary commitments to private equity funds, secondary transactions, portfolio financings, and co-investments. Carlyle AlpInvest employs around 300 people in New York, Amsterdam, Hong Kong, London, and Singapore. For more information, please visit www.carlyle.com.

Media Contact

Isabelle Jeffrey

Isabelle.Jeffrey@carlyle.com

(212) 332-6394

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Apollo Funds Complete Acquisitions of Emerald and Questex, Creating a Scaled, B2B Experiential Events and Media Platform Positioned to Drive Sustained, Long-Term Growth

Apollo logo

Announces Additional Executive Leadership Team Appointments

NEW YORK, July 14, 2026 (GLOBE NEWSWIRE) — Apollo (NYSE: APO) today announced that Apollo-managed funds (the “Apollo Funds”) have completed the acquisitions of Emerald Holding, Inc. (NYSE: EEX) (“Emerald”) and Questex, LLC (“Questex”). The transaction brings together two highly complementary businesses to create a leading B2B experiential events and media platform with enhanced scale, expanded capabilities, and a strong foundation for growth.

As previously announced, Paul Miller has assumed the role of Chief Executive Officer of the combined company, and Hervé Sedky has transitioned to the role of senior advisor to the combined company. In addition, the combined company has made the following appointments to the executive leadership team:

  • Vince DiMaggio, named as Chief Financial Officer;
  • Issa Jouaneh, named as Chief Operating Officer;
  • Kate Spellman, named as Chief Commercial Officer;
  • Kurt Nelson, named as Chief Talent Officer; and
  • Sara Altschul, named as Chief Legal Officer and Company Secretary.

The two companies will be fully integrated over the coming months.

“This transaction combines two market leaders with iconic brands, deep customer relationships, and differentiated capabilities, to create a scaled platform positioned to accelerate organic growth, invest in innovation, and deliver even greater value for customers, employees and other stakeholders,” said Shahid Bosan, Managing Director at Apollo. “We look forward to supporting and working closely with the leadership team as they build a leading B2B events and media business.”

“Today marks an exciting milestone as we embark on a new chapter as one company,” said Mr. Miller. “By bringing together the best of Emerald and Questex, we are creating a stronger, differentiated platform with the scale, offerings, and talent to better serve our customers and partners. With Apollo’s support and a strong leadership team in place, we are well-positioned to execute against our strategy, expand our portfolio, and capitalize on the significant opportunities ahead.”

With the completion of the acquisition, Emerald’s common stock has ceased trading and will no longer be listed on the New York Stock Exchange. Emerald stockholders are receiving $5.03 per share in cash.

Advisors
Goldman Sachs & Co. LLC acted as the exclusive financial advisor and Fried, Frank, Harris, Shriver & Jacobson LLP acted as legal counsel to Emerald. Gibson, Dunn & Crutcher LLP acted as legal counsel to Questex. RBC Capital Markets and RAN Advisory acted as lead financial advisors and PJT Partners acted as financial advisor to the Apollo Funds. Akin Gump Strauss Hauer & Feld LLP acted as legal counsel to the Apollo Funds.

About Apollo
Apollo is a high-growth, global alternative asset manager. In our asset management business, we seek to provide our clients excess return at every point along the risk-reward spectrum from investment grade credit to private equity. For more than three decades, our investing expertise across our fully integrated platform has served the financial return needs of our clients and provided businesses with innovative capital solutions for growth. Through Athene, our retirement services business, we specialize in helping clients achieve financial security by providing a suite of retirement savings products and acting as a solutions provider to institutions. Our patient, creative, and knowledgeable approach to investing aligns our clients, businesses we invest in, our employees, and the communities we impact, to expand opportunity and achieve positive outcomes. As of March 31, 2026, Apollo had approximately $1.03 trillion of assets under management. To learn more, please visit www.apollo.com.

About Emerald
Emerald Holding, Inc. is a leading U.S.-based B2B event organizer, empowering businesses year-round by expanding meaningful connections, developing influential content, and delivering powerful commerce-driven solutions. As the owner and operator of a curated portfolio of B2B events spanning trade shows, conferences, B2C showcases and a scaled Executive Peer Network platform. Emerald also delivers dynamic solutions across leading industries through its robust content and e-commerce marketplace. Emerald is a trusted partner for its thousands of customers, predominantly small and medium-sized businesses, playing a pivotal role in driving ongoing commerce through streamlined buying, selling, and networking opportunities. Powered by an experienced, talented and deeply engaged team, Emerald is fostering impactful engagement and delivering unparalleled market access with a commitment to driving business growth 365 days a year. For more: http://www.emeraldx.com.

About Questex
Questex fuels exceptional business connections—where every buyer and seller interaction matters. Through live events enriched with data insights and active year-round digital communities, we deliver measurable results. It happens here.

Forward-Looking Statements
This press release contains certain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking information may be identified by such terms as “believes”, “expects”, “will”, “may”, and other similar expressions. These statements are based on the current expectations as of the date hereof, and although they are believed to be reasonable, they are inherently uncertain and not guaranteed. These statements involve risks and uncertainties, including, but not limited to, economic, competitive, governmental and other factors outside of Emerald’s control that may cause its business, industry, strategy, and financing activities to differ materially. See “Risk Factors” and “Cautionary Note Regarding Forward-Looking Statements” in Emerald’s most recently filed periodic reports on Form 10-K and Form 10-Q and subsequent filings for a discussion of factors that may affect Emerald’s business performance. Emerald undertakes no obligation to update or revise any of the forward-looking statements contained herein, whether as a result of new information, future events or otherwise

Contacts

For Emerald

Erica Bartsch
EVP, Strategy & Communications
Erica.Bartsch@Emeraldx.com

For Questex

Kate Spellman
Chief Commercial Officer
kspellman@questex.com

For Apollo

Noah Gunn
Global Head of Investor Relations
(212) 822-0540
IR@apollo.com

Joanna Rose
Global Head of Corporate Communications
(212) 822-0491
Communications@apollo.com

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Williams Announces $5.34 Billion Investment in Power Innovation Joint Venture from Blackstone

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Blackstone

Transaction led by Blackstone, in partnership with Apollo and KKR

TULSA, Okla. – Williams (NYSE: WMB) announced today that it has signed an agreement led by funds managed by Blackstone Credit & Insurance (“Blackstone”), in partnership with Apollo and insurance vehicles and accounts managed by KKR, to support the development of its five announced behind-the-meter Power Innovation projects: Socrates, Apollo, Aquila, Socrates the Younger, and Neo. The advancement of Williams’ Power Innovation projects demonstrates the unique turnkey capability that Williams provides, with strong expertise across the full natural gas supply, delivery and power value chain, supported by over 100 years of large-scale project execution capabilities.

Under the terms of the agreement, Blackstone and its partners will provide Williams with $5.34 billion of committed capital in exchange for a 49% noncontrolling equity interest in the five Power Innovation projects. The commitment includes $4.4 billion, representing 49% of expected total growth capital expenditures, and approximately $0.9 billion of additional consideration to Williams. Williams will retain a 51% interest in the projects and will maintain commercial and operational control. Cash distributions align with ownership interests of 51% to Williams and 49% to Blackstone, and distributions that exceed Blackstone’s targeted return will serve to reduce their investment balance. In addition, Williams has a buyout right between years 7 and 14 valued at the Blackstone outstanding investment balance amount, preserving Williams’ long-term upside in the projects.

The partnership provides Williams with efficient equity capital to fund the growth of existing Power Innovation projects and further positions the company to deliver the 6+ GW backlog that Williams continues to advance.

The transaction reduces Williams’ capital exposure and limits corporate debt, and the Blackstone investment will be consolidated in financial reporting as a noncontrolling interest. Importantly, the structure is designed to enhance project returns, preserve balance sheet capacity for additional high-return opportunities and support Williams’ stated long-term leverage target range of 3.5x to 4.0x.

“We are thrilled to have Blackstone as a partner for our first five Power Innovation projects in a manner that enhances the economics of our projects and positions us to further scale and grow this exciting business. The investment from Blackstone, one of the world’s premier alternative asset managers, and the further support from top-tier investment firms Apollo and KKR, underscores the quality and importance of our turnkey energy infrastructure platform in serving rapidly growing power demand,” said Chad Zamarin, Williams President and Chief Executive Officer. “With more than 2.6 gigawatts announced, our Power Innovation portfolio is scaling rapidly, and we look forward to delivering these critical energy solutions for American companies. The investment from Blackstone and its partners enhances returns on the existing portfolio through a meaningful promote structure, while enabling us to redeploy capital into new high-return projects that will further accelerate our long-term growth.”

“Williams is a leader in meeting the country’s rapidly growing power demands, including providing critical hard assets to serve the AI infrastructure buildout,” added Robert Horn, Global Head of Infrastructure & Asset-Based Credit at Blackstone and Rick Campbell, Senior Managing Director, Blackstone Credit & Insurance. “This is an area where we share deep conviction and expertise and we’re proud to support Williams with a scaled, high-grade capital solution fit for these innovative projects.”

Williams has posted a presentation to its Investor Relations website with more details on the transaction.

2026 Financial Guidance
The company continues to expect 2026 Adjusted EBITDA in the upper half of its $8.05 billion and $8.35 billion range. The company continues to expect 2026 growth capex between $7 billion and $7.6 billion and maintenance capex between $850 million and $950 million. Williams’ updated leverage ratio midpoint for 2026 is now approximately 3.6x. All other per-share guidance ranges remain unchanged. Guidance for 2026 growth capex and debt-to-adjusted EBITDA excludes certain reimbursable long-lead equipment.

Advisors
Citi acted as financial advisor to Williams. Davis Polk & Wardwell is serving as Williams’ legal counsel on the transaction.

Morgan Stanley & Co. LLC acted as financial advisor to Blackstone. Kirkland & Ellis is serving as Blackstone’s legal counsel on the transaction.

About Williams
Williams (NYSE: WMB) is a trusted energy industry leader committed to safely, reliably and responsibly meeting growing energy demand. We use our infrastructure to deliver one third of the nation’s natural gas to where it’s needed most, supplying the energy used to heat our homes, cook our food and generate low-carbon electricity. For over a century, we’ve been driven by a passion for doing things the right way. Today, our team of problem solvers is leading the charge into the clean energy future. Learn more at www.williams.com.
 
Portions of this document may constitute “forward-looking statements” as defined by federal law. Although Williams believes any such statements are based on reasonable assumptions, there is no assurance that actual outcomes will not be materially different. Any such statements are made in reliance on the “safe harbor” protections provided under the Private Securities Reform Act of 1995. Additional information about issues that could lead to material changes in performance is contained in Williams’ annual and quarterly reports filed with the SEC.

Contact
Media
media@williams.com
(800) 945-8723

Investors    
Caroline Sardella
(918) 230-9992

Ashley Mitchell
(918) 240-6082

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Ardian partners with the leading battery technology specialist Munich Electrification providing capital to accelerate the Company’s strategy

Ardian

Munich Electrification is a globally leading independent battery technology company, providing battery management systems, sensor technology and software for electric mobility and battery energy storage systems
• With development, engineering and manufacturing capabilities in Europe, Munich Electrification is well positioned as an integral part in the ongoing energy transition while supporting European technological sovereignty
• Ardian provides capital to accelerate Munich Electrification’s strategic targets across existing and adjacent market opportunities including data centers, non-road mobile machinery, automation and robotic application fields

Ardian, a global private investment firm, is acquiring a majority stake in Munich Electrification from the company’s founders. Munich Electrification provides battery management systems (BMS) and electronics, control and sensor components, as well as software primarily for electric mobility and battery energy storage systems (BESS) applications. As part of the transaction, the founders of Munich Electrification will retain a minority stake, while the existing management team will significantly invest alongside Ardian and the founders into the company. Completion of the transaction is subject to approval by the relevant competition authorities. The parties have agreed not to disclose the financial details of the transaction.

The Munich-based company was founded in 2014 and currently employs around 300 people. As leading battery technology specialist, the company’s main area is the development and provision of mission-critical BMS applied in commercial vehicles, BESS and passenger cars, combining hardware, software and sensor technology. Munich Electrification addresses structurally attractive and fast-growing industries, which are supported by strong long-term market fundamentals including the global electrification of transportation, decarbonization of energy systems and tightening regulatory requirements.

All systems including the proprietary software are developed in-house while series production is carried out by partners in Europe and soon USA. The company is well positioned to be an integral part in the European energy transition and technological sovereignty with major foothold and strong customer base in the US. The complementary management team has gained in-depth expertise through previous positions held at Tesla, Daimler, BMW, Audi, Continental and Bosch, amongst others. The product portfolio is based on a modular platform strategy that combines hardware with customized software and system configurations. This enables rapid and flexible adaptation to a wide variety of customer needs and application fields, as well as high scalability in production volumes. Munich Electrification’s customers include leading automotive OEMs and Tier-1s as well as utility-scale BESS system integrators, located primarily in the USA and Europe.

As part of the transaction, Ardian provides additional capital to Munich Electrification to accelerate the company’s strategic objectives and support its expansion plans. In partnership with Ardian, Munich Electrification intends to drive further growth by diversifying across market segments and expanding into new geographies. Alongside its strong organic growth trajectory, the company will explore selective buy-and-build opportunities to scale its platform and strengthen its market position in both existing and adjacent application fields, such as non-road mobile machinery (NRMM), data centers, drones & defense, and automation & robotics.

“Developing Munich Electrification into Europe’s leading independent battery technology company focusing on BMS has been an extraordinary journey. In just over ten years, we have developed into a leading supplier trusted by top-tier commercial vehicle OEMs and energy storage integrators across Europe and the United States, with a modular product platform that sets the benchmark for accuracy, safety and flexibility in our industry. To capture the significant opportunities to new segments and geographies ahead we wanted a partner with the industrial depth, European roots and global reach to accelerate that ambition. In the Expansion team at Ardian, we have found exactly that, and we look forward to writing this next chapter together.” Georg-Friedrich Graf, CEO, Munich Electrification

“Munich Electrification is exactly the type of company Ardian’s Expansion team was built to partner with: a European technological champion led by an exceptional management team that has built one of the largest BMS R&D organization globally.  A BMS is the brain of a battery, and with its proprietary, highly reliable and secure system, Munich Electrification is best positioned to benefit from the overall electrification trend while supporting European technological sovereignty. Commercial vehicle electrification and the rapid build-out of utility-scale energy storage are among the most sustainable growth themes currently observable. We are providing additional capital alongside this transaction to accelerate the company’s development pipeline and geographic expansion, and we look forward to supporting Georg and his team as they build Munich Electrification into the global leader for battery technology.” Max Dolata, Managing Director Expansion, Ardian

List of Participants

  • Ardian

    • Max Dolata, Marc Abadir, Steffen Prochazka, Bastian Spleiter

  • Advisors to Ardian Expansion

    • M&A Advisory: LSJ Advisory
    • Commercial DD: Kearney
    • Financial DD: PwC
    • Tech DD: FEV Consulting
    • Legal DD & M&A Lawyers: Milbank
    • Financing Lawyers: Willkie Farr & Gallagher
    • Tax DD and Structuring: Taxess

  • Advisors to Munich Electrification

    • M&A Advisory Founders: JP Morgan
    • Legal Advisor Founders: Sullivan & Cromwell
    • Legal Advisor Management: Bird & Bird
    • Financial & Tax DD: Grant Thornton

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

ABOUT MUNICH ELECTRIFICATION

Battery Technology Made in Europe – Munich Electrification GmbH (ME) has been developing Battery Management Systems (BMS) and sensor technology for electric mobility and stationary battery energy storage systems (BESS) since 2014. ME covers the entire spectrum with hardware and software – from cell monitoring and current sensing to functional safety.
In the automotive sector, ME systems are used in series vehicles by leading OEMs. The BMS platform supports voltages up to 1,000 V and is designed for rapid adaptability to diverse battery architectures.
For high-voltage BESS applications up to 1,500 V DC, ME provides the technology necessary for stable grid operations, effective peak shaving, and the transition to renewable energy. High measurement accuracy and remote monitoring enable operators to reliably monitor the state throughout the entire life cycle.

www.munichelectrification.com

Media Contacts

Ardian

Headland

ardian@headlandconsultancy.com 

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KKR Leads A$400 Million Financing Solution for Ampol

KKR

SYDNEY–(BUSINESS WIRE)– KKR, a leading global investment firm, today announced its cornerstone investment in a A$400 million (US$275 million) financing solution (the “Financing”) for Ampol Limited (ASX: ALD) (“Ampol”), anchored by KKR’s private credit and insurance platforms. The investment will support Ampol’s refinancing initiatives and other general corporate purposes, in line with its Capital Allocation Framework.

Listed on the ASX, Ampol operates an integrated fuel supply and marketing value chain in Australia that encompasses the Lytton refinery in Queensland, an extensive national network of terminals and pipelines, and a convenience retail footprint of approximately 1,700 sites. Ampol also maintains a significant presence in New Zealand with approximately 500 retail sites and has international operations via its trading and shipping capabilities based in Singapore and the USA.

KKR’s Asia Pacific Credit platform seeks to provide, among other private credit strategies, bespoke solutions to high-quality companies, entrepreneurs and sponsors that harness the strength of KKR’s private markets investment capabilities and its expertise as one of the largest alternative credit managers globally.

Diane Raposio, Partner and Head of Asia Credit and Markets, KKR, said, “We are focused on providing flexible capital to high-quality companies as they pursue their strategic objectives. Ampol is an established, strong investment-grade business with a long operating history and a sophisticated approach to capital management. We are pleased to partner with Ampol on this financing, building on KKR’s track record in the ANZ region and across Asia Pacific.”

Greg Barnes, Group Chief Financial Officer, Ampol, said, “The transaction is another example of our proactive approach to funding and capital management. We are delighted with the significant support received from KKR on this occasion, and our collaboration with Temasek-backed Clifford Capital in arranging the transaction with our advisers. We have a meaningful presence in Singapore and value the partnership with KKR and Clifford Capital.”

KKR’s investment was supported by Clifford Capital, a Temasek-backed and Singapore-headquartered global infrastructure credit platform, reflecting the firm’s capability in delivering tailored capital solutions and connecting institutional investors with leading corporates across the Asia Pacific region.

Vidyasagar Pulavarti, Chief Investment Officer, Asset Management, Clifford Capital, said, “Private investment grade credit continues to present compelling opportunities for institutional investors seeking resilient, long-term returns. We are delighted to collaborate with KKR, Ampol and Barrenjoey on this transaction, which underscores Clifford Capital Asset Management’s role as a trusted partner in accessing, structuring and delivering high-quality private credit assets, underpinned by rigorous investment discipline and robust Investment Committee oversight through our Private Investment Grade strategy.”

KKR is making this investment from its Asia Pacific Credit strategy and insurance platform. In Australia, KKR has provided bespoke solutions to Family Doctor, a leading group of general practitioner clinics, DBG Health, a leading pharmaceutical company, and Lendi, a leading fintech, and financings to companies and sponsors across a range of industries and private credit strategies. Since 2019, KKR has committed more than US$9.1 billion across 63 credit investments under its Asia Pacific Credit strategy, accounting for a total transaction volume of more than US$28.4 billion.

Disclaimer

This announcement does not constitute or form a part of any offer or solicitation to purchase or subscribe for the Financing in the United States or any other jurisdiction where to do so would be unlawful. The Company has not registered, and does not intend to register, any portion of the Financing in the United States or any other jurisdiction and does not intend to conduct a public offering of securities in any of these jurisdictions.

In particular, the Financing has not been and will not be registered under the U.S. Securities Act of 1933, as amended (the “Securities Act“) or the securities laws of any state or other jurisdiction of the United States. The Financing may not be offered or sold, directly or indirectly, in the United States except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act and in compliance with any applicable state securities laws. The offering is being made only to (a) persons outside of the United States or (b) “qualified institutional buyers” (“QIBs“) within the meaning of Rule 144A under the Securities Act (“Rule 144A“). Prospective purchasers are hereby notified that the sellers or issuer of the Financing may be relying on the exemption from registration requirements of the Securities Act provided by Rule 144A or another available exemption from registration.

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.

Media Contacts

For KKR:

Wei Jun Ong
+65 6922 5813
WeiJun.Ong@kkr.com

James Jarman
+65 8870 6452
James.Jarman@kkr.com

Source: KKR

 

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Bayer Secures 3.0 Billion Euros to Improve Capital Structure

Apollo logo

Apollo to invest equity capital into an entity holding Bayer’s long-acting reversible contraceptives business

Bayer to retain majority stake in and full operational control over the business

Leverkusen, July 10, 2026 – Bayer has secured 3.0 billion euros in equity capital to improve its capital structure. The company signed a respective agreement with the global asset management firm Apollo on Friday. Under the agreement, Apollo-managed funds and affiliates will obtain a minority, non-controlling stake in a newly established entity holding Bayer’s long-acting reversible contraceptives (LARC) business. Bayer will retain a majority stake in the entity and will continue to exercise complete operational control over the business. There will be no changes to the LARC strategy or business activities as a result of the investment. The LARC activities will continue to form part of the Bayer Pharmaceuticals Division’s core business, and the entity will remain fully consolidated in the Consolidated Financial Statements of the Bayer Group.

“This transaction represents a strategic financing solution that strengthens our capital structure while preserving full operational control over this core pharmaceuticals business,” said Bayer CFO Dr. Judith Hartmann. “It enhances our financial flexibility as we manage increased liquidity requirements this year related to bond maturities and litigation procedures, while continuing to execute our long-term priorities.”

Apollo Partner Jamshid Ehsani said, “We are proud to invest in the LARC business of Bayer, a global life sciences leader and an iconic German company. This transaction reflects the core purpose of Apollo’s High Grade Capital Solutions platform – providing large, flexible, and bespoke capital to blue-chip corporations — enabling Bayer to strengthen its balance sheet while retaining full operational control over a core business.”

The transaction is expected to close in the third quarter of 2026, subject to approval by antitrust authorities and customary closing conditions. Bayer was advised by BofA Securities and Deutsche Bank (financial advisors), as well as Linklaters LLP (legal advisor). Latham & Watkins LLP, Paul, Weiss, Rifkind, Wharton & Garrison LLP, and NautaDutilh N.V. are legal counsel to the Apollo Funds.

About Bayer

Bayer is a global enterprise with core competencies in the life science fields of health care and nutrition. In line with its mission, “Health for all, Hunger for none,” the company’s products and services are designed to help people and the planet thrive by supporting efforts to master the major challenges presented by a growing and aging global population. Bayer is committed to driving sustainable development and generating a positive impact with its businesses. At the same time, the Group aims to increase its earning power and create value through innovation and growth. The Bayer brand stands for trust, reliability and quality throughout the world. In fiscal 2025, the Group employed around 88,000 people and had sales of 45.6 billion euros. R&D expenses amounted to 5.8 billion euros. For more information, go to www.bayer.com.

About Apollo

Apollo is a high-growth, global alternative asset manager. In our asset management business, we seek to provide our clients excess return at every point along the risk-reward spectrum from investment grade credit to private equity. For more than three decades, our investing expertise across our fully integrated platform has served the financial return needs of our clients and provided businesses with innovative capital solutions for growth. Through Athene, our retirement services business, we specialize in helping clients achieve financial security by providing a suite of retirement savings products and acting as a solutions provider to institutions. Our patient, creative and knowledgeable approach to investing aligns our clients, businesses we invest in, our employees and the communities we impact, to expand opportunity and achieve positive outcomes. As of March 31, 2026, Apollo had approximately $1.03 trillion of assets under management. To learn more, please visit www.apollo.com.

Contact for media inquiries:

Christian Hartel
Phone: +49 214 30-47686
Email: christian.hartel@bayer.com

Tino Andresen
Phone: +49 214 30-66048
Email: tino.andresen@bayer.com

Contact for investor inquiries:

Bayer Investor Relations Team
Phone: +49 214 30-72704
Email: ir@bayer.com
www.bayer.com/en/investors/ir-team

Contacts for Apollo:

Investor Relations
IR@apollo.com

Communications
Communications@apollo.com

Forward-Looking Statements

This release may contain forward-looking statements based on current assumptions and forecasts made by Bayer management. Various known and unknown risks, uncertainties and other factors could lead to material differences between the actual future results, financial situation, development or performance of the company and the estimates given here. These factors include those discussed in Bayer’s public reports which are available on the Bayer website at www.bayer.com. The company assumes no liability whatsoever to update these forward-looking statements or to conform them to future events or developments.

Bayer AG is a holding company with operating subsidiaries worldwide. References to “Bayer” or “the company” herein may refer to one or more subsidiaries as context requires.

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