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Pollen Street agrees acquisition of Universal Banking, Finastra’s core banking solution division

Pollenstreet

Pollen Street Capital (“Pollen Street”) today announces the acquisition of Universal Banking (“UB”), a leading provider of mission-critical core banking software to over 150 financial institutions worldwide, in a carve-out from Finastra.

UB’s core banking platforms sit at the heart of its customers’ operations, powering transaction processing, account and deposit management, lending and treasury for retail, commercial and corporate banks. UB is an established player in international core banking recognised for its end-to-end offering with rich functionality and a track record of serving diverse customers ranging from global and regional institutions to digital banks, Islamic banks and building societies in over 100 countries.

Essence is UB’s next-gen, cloud-first, open platform with rich functionality, powerful APIs, advanced analytics and agile workflows – primed for GenAI integration and further expansion of offering to clients seeking increased automation. Award-winning and recognised by industry analysts as a leading platform, Essence is positioned well to continue to win in the market and to serve as the go-to future-proof platform for UB’s existing customers.

Demand for core banking modernisation continues to grow as banks look to migrate from legacy systems to improve agility and operational efficiency. UB is at the forefront of this trend, working with banks to modernise legacy systems, accelerate product innovation, reduce cost-to-serve, move workloads to the cloud, and deploy AI capabilities while delivering exceptional customer service. It also supports the needs of fast-growing challenger banks, digital startups, Fintechs, Islamic financial Institutions, and building societies.

Pollen Street’s backing will support UB through its carve-out from Finastra, strengthen its commercial capabilities, and provide the investment needed to accelerate product development and deployment of GenAI to best serve UB’s customers.

Chris Walters, Chief Executive Officer of Finastra, said: “Universal Banking is a strong business with talented people, proven products, and deep customer relationships. Under Pollen Street Capital, it will have the dedicated focus and investment to build on that strength. For Finastra, this sharpens our focus on payments and lending – areas where we see significant opportunity to grow and deliver more value for our customers.”

Anastasia Kovaleva, Partner at Pollen Street, added: “UB is a high-quality business with a strong foundation: mission-critical software, long-standing customer relationships and a clear pathway for growth through modernisation of the existing customer base and acceleration of new wins with a now proven modern platform. We are also excited about working with UB management team to deploy GenAI into banks, which we see as a very significant opportunity. UB is s exactly the type of resilient, differentiated specialist business with multiple value creation levers that we like to back.”

The acquisition reflects Pollen Street’s strategy of backing specialist financial services and technology businesses in attractive markets, with deep customer relationships, leading positions, and clear opportunities for organic and inorganic growth. UB will operate as a standalone entity led by its existing management team. The transaction remains subject to regulatory approvals.

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Stingray Announces $15.4 Million Share Buyback

LaCaisse

Stingray Group Inc. (“Stingray” or the “Corporation”) (TSX: RAY) today announced that it has entered into a private agreement with CDP Investissements inc., a subsidiary of La Caisse for the repurchase for cancellation of 1,000,000 Subordinate Voting and Variable Subordinate Voting Shares of Stingray held by La Caisse at a price of $15.40 per share, for a total consideration of $15.4 million. The repurchase price represents a discount of 5.1% to the closing price of the shares on the Toronto Stock Exchange (“TSX”) on June 18, 2026, and will be paid using Stingray’s cash on hand.

Concurrently with this share repurchase, La Caisse will sell 2,300,000 Subordinate Voting and Variable Subordinate Voting Shares of Stingray, representing approximately 4.2% of the company’s issued and outstanding Subordinate Voting and Variable Subordinate Voting Shares, through a block trade underwritten by National Bank Financial and Desjardins Capital Markets. Both transactions stem from La Caisse’s periodic portfolio rebalancing. La Caisse will remain a significant shareholder of Stingray, holding close to 10% of the outstanding Subordinate Voting and Variable Subordinate Voting Shares of Stingray.

“This share repurchase aligns perfectly with our ongoing commitment to active capital management and maximizing value for our shareholders,” said Eric Boyko, President, Co-Founder, and CEO of Stingray. “Our healthy balance sheet and strong financial position allow us to fund this transaction from cash on hand while maintaining our debt-reduction targets, preserving the flexibility to pursue strategic acquisitions and invest in our future growth.”

“La Caisse has supported Stingray’s growth and expansion since its initial public offering more than ten years ago. This transaction lets us monetize a portion of our stake while remaining a key partner in this Montréal-based company’s success and future innovations. The capital generated may be invested in Québec companies to accelerate their growth,” said Kim Thomassin, Executive Vice-President and Head of Québec at La Caisse.

An order was obtained from the Autorité des marchés financiers to exempt Stingray from the issuer bid requirements under applicable securities legislation applicable to the repurchase transaction, which will be made at a discount in accordance with the exemption order.

The share repurchase will be made outside of the facilities of the TSX and will not be taken into account in the calculation of the maximum annual global limit imposed under Stingray’s current normal course issuer bid.

Information regarding the share repurchase, including the number of shares repurchased and aggregate repurchase price paid, will be available on SEDAR+ at www.sedarplus.ca following the completion thereof. Stingray will not issue any additional press release announcing the completion of this share repurchase.

About Stingray

Stingray Group Inc. (TSX: RAY), the world’s leading connected streaming media company, delivers the best curated audio and video content to consumers worldwide. As a pioneer in multiplatform streaming and distribution, Stingray’s vast digital content portfolio includes thousands of live audio and radio stations, premium music channels, concerts and music documentaries, karaoke products, as well as ambience and wellness channels. Its offering is distributed via connected TVs, smart speakers, mobile, connected cars and retail. Reaching hundreds of millions of consumers every month, Stingray’s products offer an unparalleled advertising reach, enabling brands to connect with an engaged audience across the world. Home to globally renowned brands such as TuneIn, Singing Machine, Stingray Karaoke and Qello Concerts, Stingray is powered by a worldwide team of more than 1,000 employees. For more information, visit www.stingray.com.

Forward-looking Information

This news release contains forward-looking information within the meaning of applicable Canadian securities law. Such forward-looking information includes, but is not limited to, statements with respect to the closing and the anticipated benefits of the repurchase transaction. Although the Corporation believes that the expectations reflected in such forward-looking information are reasonable, such information involves risks and uncertainties and are based on information currently available to the Corporation. By its nature, this information is subject to inherent risks and uncertainties that may be general or specific. A variety of material factors – many of which are beyond Stingray’s control – affect the operations, performance and results of Stingray and its business, and could cause actual results to differ materially from the expectations expressed in any of this forward-looking information. Forward-looking information is identified by the use of terms and phrases such as “may”, “will”, “would”, “should”, “could”, “expect”, “intend”, “estimate”, “anticipate”, “plan”, “foresee”, “believe”, and “continue”, or the negative of these terms and similar terminology, including references to assumptions. Please note, however, that not all forward-looking information contains these terms and phrases. Additional information about the risks and uncertainties affecting Stingray’s business can be found under the heading entitled “Risk Factors” in Stingray’s Annual Information Form for the year ended March 31, 2025, which is available on SEDAR+ at www.sedarplus.ca. Consequently, all of the forward-looking information contained herein is qualified by the foregoing cautionary statements, and there can be no guarantee that the results or developments that Stingray anticipates will be realized or, even if substantially realized, that they will have the expected consequences or effects on Stingray’s business, financial condition or results of operation. Unless otherwise noted or the context otherwise indicates, the forward-looking information contained herein is provided as of the date hereof, and Stingray does not undertake to update or amend such forward-looking information whether as a result of new information, future events or otherwise, except as may be required by applicable law.

– 30 –

For more information

  • Mathieu Péloquin, CPA
    Senior Vice-President, Marketing and Communications
    Groupe Stingray Inc.
    514-664-1244, poste 2362
    mpeloquin@stingray.com

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CapMan Real Estate announces first close of Nordic Real Estate IV

Capman

CapMan Real Estate announces first close of Nordic Real Estate IV

CapMan Nordic Real Estate IV (CMNRE IV) the fourth vehicle in CapMan Real Estate’s value-add fund series, held its first close on 17 June 2026 supported by existing and new international investors. Building on strong momentum, the fund is on track to reach its target size of EUR 750 million in commitments.

The CMNRE IV fund is well-positioned to capitalise on the current repriced Nordic real estate market where the strong fundamentals are driven by population growth, urbanisation and the stable economies. Structured as an SFDR article 8 product the fund will target high growth real estate sectors across the Nordics with a primary focus on residential and public sector assets, alongside selective investments benefiting from other structural megatrends, such as hotels and logistics.

Having secured its first seed deal, a compelling residential project in Copenhagen, the fund is currently advancing several further attractive opportunities across its target sectors, supporting timely deployment of capital. CapMan Real Estate has acquired eight large residential projects in the Nordics over the past 12 months demonstrating the team’s expertise and conviction in this dynamic sector.

“CapMan Nordic Real Estate IV continues our established Nordic Real Estate value-add fund series and is set to be the largest fund to date. We are coming to market at a genuinely attractive moment as we are seeing a depth of opportunities across the Nordics that gives us real conviction in the strategy. We are confident in continuing to deliver strong performance and material sustainability gains for our investor partners,” says Mikael Rihto, Fund Director of the CapMan Nordic Real Estate Value-add Fund Series.

For further information, please contact:

Mikael Rihto, Fund Director, CapMan Nordic Real Estate Value-add Fund Series, +358 40 684 0468

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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Platinum Equity to Sell Heat Controller to Lennox

Sale positions Heat Controller for continued growth

 Divestiture represents final exit of the firm’s investment in HVAC/R distributor Motors & Armatures

LOS ANGELES (June 18, 2026) – Platinum Equity today announced that it has signed a definitive agreement to sell Heat Controller, a leading HVAC equipment supplier, to Lennox (NYSE: LII). Financial terms of the transaction were not disclosed.

Headquartered in Jackson, Michigan, Heat Controller serves distributors across North America through its established Comfort-Aire and Century brands. Heat Controller was acquired by Platinum Equity in 2024 as part of its investment in Motors & Armatures, Inc. (“MARS”), a leading distributor of HVAC/R parts, supplies and equipment.

“The sale of Heat Controller represents the culmination of our MARS investment and delivers a successful outcome…we partnered with the company’s management team to create value through new product introductions, strategic M&A, synergy realization, investments in leadership talent, and an exit strategy that maximized value ”

Jacob Kotzubei, Co-President, Platinum Equity

“The sale of Heat Controller represents the culmination of our MARS investment and delivers a successful outcome driven by focused execution on our original investment thesis,” said Platinum Equity Co-President Jacob Kotzubei. “During our stewardship, we partnered with the company’s management team to create value through new product introductions, strategic M&A, synergy realization, investments in leadership talent, and an exit strategy that maximized value while divesting separate divisions to their most natural strategic buyers.”

“We are grateful for our partnership with the entire MARS and Heat Controller team and are proud of what we accomplished during our ownership,” said Platinum Equity Managing Director Dan Krasner. “We believe Lennox is an ideal strategic home for the Heat Controller business and are confident the company is well positioned to continue building on its momentum in this next chapter as part of the Lennox platform.”

“We appreciate Platinum Equity’s support and partnership during an important chapter in our company’s evolution,” said Philip Windham, Chief Executive Officer of Heat Controller. “Their operational resources, strategic guidance and commitment to investing in the business helped strengthen our platform and create new opportunities for growth. We are excited to begin our next chapter with Lennox and continue delivering the service, flexibility and value our customers depend on.”

After investing in MARS in July 2024, Platinum Equity led a comprehensive transformation of the company, which included:

  • Completing the strategic acquisition of Global, the Source, bringing US-based in-house manufacturing capabilities to MARS and enhancing the combined company’s financial profile
  • Expanding into new product categories such as pads, pans, equipment hangers, float switches, chemicals, and other accessories
  • Driving significant cost savings across procurement, freight, and damage reduction
  • Recruiting a world-class management team from a leading HVAC OEM, led by Philip Windham as CEO
  • Divesting the MARS parts division in 2025 to CSW Industrials, Inc. (NYSE: CSW) for $650 million
  • Now divesting Heat Controller to Lennox

The Heat Controller transaction is expected to close later this year, subject to customary closing conditions and regulatory approvals.

O’Melveny & Myers LLP is serving as legal advisor to Platinum Equity on the sale of Heat Controller.

About Platinum Equity

Founded in 1995 by Tom Gores, Platinum Equity is a global investment firm with approximately $48 billion of assets under management and a portfolio of approximately 60 operating companies that serve customers around the world. Platinum Equity specializes in mergers, acquisitions and operations – a trademarked strategy it calls M&A&O® – acquiring and operating companies in a broad range of business markets, including manufacturing, distribution, transportation and logistics, equipment rental, metals services, media and entertainment, technology, telecommunications and other industries. Over the past 30 years Platinum Equity has completed more than 550 acquisitions.

About Lennox

Lennox (NYSE: LII) is a leader in energy-efficient building solutions and is committed to creating healthier and more comfortable environments. Serving residential and commercial customers, the company delivers innovative heating, cooling, indoor air quality, refrigeration, and water heating systems. Through trusted products, parts, and services, and advanced technology, Lennox delivers connected solutions that support the full lifecycle of customer needs. Additional information is available at www.lennox.com. Media inquiries may be directed to PR@lennox.com.

Published: Thursday, June 18, 2026 | Updated: Monday, June 22, 2026

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EQT exits remaining stake in Beijer Ref

eqt

EQT

  • EQT completes final selldown of shares in Beijer Ref, a globally leading wholesaler and distributor of refrigeration, heating, ventilation, and air conditioning (HVAC) technology
  • Under EQT’s ownership, Beijer Ref has more than doubled revenues and tripled EBITDA, supported by accelerated organic growth, disciplined M&A, and continued margin development
  • The sale resulted in aggregate gross proceeds of c. EUR 370 million to the Main Shareholder, of which EQT IX received c. EUR 275 million

Breeze TopCo S.à r.l (the “Main Shareholder”), an affiliate of the EQT IX fund (“EQT IX”) is pleased to announce the completion of the placing (the “Placing”) of its remaining stake in Beijer Ref AB  (“Beijer Ref”), comprising c. 30.7 million class B-shares (the “Shares”) in Beijer Ref (STO: BEIJ-B), for aggregate proceeds of c. EUR 370 million. As part of the Placing, EQT IX will receive gross proceeds of c. EUR 275 million. 

The settlement of the Shares was completed on 18 June 2026. Citigroup Global Markets Europe AG, DNB Carnegie Investment Bank AB (publ), Jefferies GmbH and Mizuho Bank Europe N.V., acted as joint global coordinators for the Placing.

Headquartered in Malmö, Sweden, Beijer Ref serves installers through a network of 500+ branches across 45 countries, combining broad product availability with technical expertise and local customer support.

EQT had been the lead shareholder in Beijer Ref since its initial investment in December 2020. During this period, Beijer Ref has strengthened its position as a leading global wholesaler of refrigeration and HVAC expanding its sustainable OEM and private-label offering, investing in digital capabilities, executing a disciplined M&A strategy, and further realizing cost benefits of scale.

Since EQT’s investment, revenues have more than doubled, from SEK 14.1bn in 2020 to SEK 37.1bn in 2025, EBITDA more than tripled, from SEK 1.5bn to SEK 4.8bn, and environmentally-friendly products increased from 32% to 56% of OEM sales. The company has also successfully established a presence in the US market, where Beijer Ref is well-positioned to capture significant growth in the years ahead. 

Contact
EQT Press Office, press@eqtpartners.com

Important notice
This press release does not constitute (i) an offer to sell or a solicitation of an offer to buy any securities of Beijer Ref or any of its affiliates and it does not constitute a prospectus within the meaning of Regulation (EU) 2017/1129 of the European Parliament and of the Council of 14 June 2017 or (ii) an offer for sale of, or a solicitation of an offer to purchase, securities in the United States or elsewhere. The securities referred to herein have not been and will not be registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an exemption from registration. There will be no public offering of any of the securities mentioned in this press release in the United States.

 

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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 Beijer Ref 
Beijer Ref is a globally leading wholesaler and distributor of refrigeration, air conditioning and heating technology, servicing +200,000 customers through +500 branches across 45 countries.

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EQT to acquire Exolaunch, a Germany-based satellite deployment technology and launch mission management firm powering global access to space

eqt

Exolaunch

  • Exolaunch is a global leader in mission management, satellite integration, and deployment technologies for the world’s foremost satellite operators
  • The company has deployed more than 790 satellites across 47 missions and has flown on every SpaceX Transporter and Bandwagon rideshare mission aboard Falcon 9
  • EQT will support Exolaunch’s next phase of growth through investments in international expansion, product innovation and new service offerings across the space value chain

EQT is pleased to announce that EQT X (“EQT”) has entered into a definitive agreement to acquire Exolaunch (or the “Company”), a global leader in mission management, satellite integration, and deployment technologies, from founder Dmitriy Sternharz.

Headquartered in Germany, Exolaunch enables access to space for global satellite operators. The Company offers industry-leading deployment hardware, facilitating the integration and aggregation of a wide range of satellites with different launch vehicles, deploying payloads into their target orbits. Expertise in related services – like launch program planning, end-to-end mission management, launch capacity procurement, satellite integration, testing, logistics and orbital deployment – enable Exolaunch to act as “one-stop-shop” for customers, supporting launches with different vehicles from launch sites globally.

Exolaunch has successfully deployed over 790 satellites across 47 missions for over 200 commercial and government customers from North America, Europe, Asia and the Middle East. The Company executes launch and deployment contracts with a wide range of traditional and new promising launch vehicles. In particular, Exolaunch has maintained a strategic relationship with SpaceX since 2020, having participated in every Falcon 9 Transporter and Bandwagon rideshare mission since the programs’ inception. In addition, Exolaunch recently started procuring its own dedicated launches, with the first secured Falcon 9 missions from SpaceX, Exo-1 and Exo-2, scheduled for 2027 and 2028. These types of missions will substantially increase the Company’s launch capacity and reinforce its position as a leading provider of satellite launch and deployment services in the rapidly expanding global space economy.

EQT will support Exolaunch in scaling its global operations and investing into the development of new satellite launch and deployment technologies. It will also help drive the expansion into additional services across the satellite mission lifecycle and resources to expand the dedicated and rideshare launch offerings – both with existing partners and newly emerging launch providers.

Nils Ketter, Partner and Head of Industrial Technology in the EQT Private Equity advisory team, said: “EQT is excited to partner with Exolaunch, which marks EQT Private Equity’s first investment in the space sector. Built by a visionary founder together with a world-class team, Exolaunch developed mission-critical deployment technologies and built a full end-to-end service offering around it. The Company thereby solves critical pain points for satellite customers and launch vehicle providers alike. Its deep technological expertise and proven track record makes Exolaunch one of the most trusted names in the launch ecosystem. We look forward to supporting Exolaunch’s management working with customers and partners to expand access to space. We see great potential for rapidly developing use cases, including for connectivity, Earth observation and orbital compute.”

Dmitriy Sternharz, Founder and President of Exolaunch, said: “The foundations of Exolaunch were laid during my time at the Aerospace Department of the Technical University of Berlin, inspired by the lectures and guidance of my role models Prof. Udo Renner and Prof. Klaus Brieß. What began as a passion for space has grown into a leading global provider of satellite launch and deployment services, helping customers around the world access orbit and deploy constellations with reliability and precision. I am extremely proud of the execution excellence consistently demonstrated by the Exolaunch team, as well as the reputation we have built together over the years. As the space economy enters a period of extraordinary growth, Exolaunch is strongly positioned to capitalize on the increasing demand for launch access, orbital infrastructure and space-enabled services. I warmly welcome EQT as the new owner of Exolaunch, as EQT’s global network, operational expertise and long-term ownership mindset make them ideally placed to lead the Company into its next phase of growth.”

Dr. Robert Sproles, Chief Executive Officer of Exolaunch, said: “At Exolaunch, we transform the complex task of launch campaigns into seamless and affordable experiences for our customers. We help to enable the visions of some of the world’s most ambitious companies, research institutions, governments and space agencies. With EQT’s backing, we’re moving from being the trusted name in deployment to building the backbone of the entire launch ecosystem – expanding our technology, our services and our global reach to become the definitive partner for access to space.”

The transaction is subject to customary conditions and approvals. It is expected to close during Q4 2026. With this transaction, EQT X is expected to be at 80 – 85 percent invested (including closed and/or signed investments, announced public offers, if applicable, and less any expected syndication).

Goldman Sachs Bank Europe SE served as exclusive financial advisor and DLA Piper UK LLP as legal counsel to founder Dmitriy Sternharz.

Milbank LLP served as legal counsel to EQT.

 

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

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Ardian provides financing to support Tiger Infrastructure Partners’ investment in Orbis Protect

Ardian

Ardian, a global private investment firm, has committed to provide Private Credit financing, comprising a Unitranche and Committed Acquisition Facilities, to support Tiger Infrastructure Partners’ investment in Orbis Protect, a leading UK provider of technology enabled security solutions for critical assets and vacant property. The transaction builds on Ardian’s long standing relationship with Orbis Protect, which began in 2021. Since then, Ardian has supported the business through a period of growth and operational development and continues to partner with management as Orbis enters its next phase of expansion.

Orbis owns and operates a scaled portfolio of deployable security infrastructure, including approximately 2,500 mobile CCTV towers and more than 4,000 cameras and alarm systems, alongside perimeter fencing, barriers and other physical protection assets. These solutions are rapidly deployed to customer locations to deliver temporary and semi permanent site security under contracted arrangements across the UK.

“We are very pleased to be backing Tiger Infrastructure Partners, alongside a very strong Management team with whom we have worked for the last five years. The transaction highlights our ability to scale and support businesses through multiple growth cycles, and we look forward to being part of Orbis’ next chapter.” Stuart Hawkins, Head of Private Credit UK and Managing Director Private Credit, Ardian

« Nous nous réjouissons de poursuivre notre partenariat avec Ardian, dont la connaissance approfondie de notre activité et le soutien constant au cours de ces dernières années ont joué un rôle essentiel dans notre croissance, et continueront de le faire alors que nous entrons dans cette nouvelle phase. » Ben Howard, Chief Executive Officer, Orbis Protect

Ardian has an over 20-year track record in the Private Credit market, making it one of Europe’s longest-established players that has invested through multiple market cycles.  With offices in major financial hubs across Western Europe, the Private Credit team adopts a multi-local approach in partnering with private equity houses and management teams of high-quality companies who are targeting the next phase of business growth.  This investment in Orbis comes amidst a strong period of investment activity for Ardian’s Private Credit team.

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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Keyera Announces Acquisition of Remaining 50% Interest in KAPS

Stonepeak
  • On strategy transaction generates strong free cash flow1 and is accretive to distributable cash flow per share1
  • Accelerates fee-based adjusted EBITDA per share1 growth outlook
  • Enhances quality and durability of growing cash flow well into the next decade
  • Preserves strength and flexibility of balance sheet

CALGARY, AB, June 17, 2026 /CNW/ – Keyera Corp. (TSX: KEY) (“Keyera” or the “company”) today announced closing of the acquisition of the remaining 50% non-operating interest in the KAPS Pipeline from Stonepeak, a leading alternative investment firm specializing in infrastructure and real assets, for $1.215 billion, pursuant to the terms of a definitive agreement dated June 17, 2026. The transaction was closed concurrent with the announcement.

Keyera now owns and will continue to operate 100% of the KAPS Pipeline, a highly strategic natural gas liquids (“NGL”) pipeline system connecting growing condensate and NGL production from the Montney and Duvernay resource plays to high-value downstream markets. Since 2025, Keyera has added over 120,000 barrels per day of new commitments across KAPS Zones 1 to 4 from high quality counterparties supporting stable, long-term fee-based cash flow1 growth. KAPS Zone 4 construction continues to be on time and on budget with an expected mid-2027 in-service date.

“This transaction is directly aligned with our strategy to enhance and extend our integrated value chain and deliver competitive services that help our customers maximize value for their products,” said Dean Setoguchi, President and Chief Executive Officer of Keyera. “Full ownership of KAPS provides greater flexibility and efficiency for our customers while enhancing Keyera’s exposure to long-term growth and highly contracted cash flows.”

Transaction Highlights

  • Greater flexibility and efficiency for customers: Full ownership of KAPS allows customers to more efficiently connect growing Montney and Duvernay production to high-value downstream markets.
  • Accretive to distributable cash flow (“DCF”) per share: The acquisition is expected to be low-single digit accretive to distributable cash flow per share over the next several years. Following the completion and ramp-up of Zone 4 through 2030, KAPS is expected to generate significant free cash flow1, supported by contracted volume growth, minimal maintenance capital requirements and tax efficiencies achieved through the transaction. Including the remaining capital required to complete Zone 4, the transaction implies an acquisition multiple of approximately 11 times 2029 EBITDA1 based on currently contracted volumes, and does not reflect upside from future contracting opportunities.
  • Improved growth outlook: The transaction increases Keyera’s targeted fee-based adjusted EBITDA per share1 CAGR from 15% to 17% to 16% to 18% between 2025 and 2027. Keyera’s targeted 7% to 8% fee-based adjusted EBITDA per share1 CAGR from 2027 to 2029 remains unchanged and is supported by an even stronger foundation for growth.
  • Enhanced quality and durability of Keyera cash flows: KAPS is supported by long-term contracts and stable fee-based1 cash flows, further improving the quality, visibility, and durability of Keyera’s overall cash flow profile. Fee-based cash flows are underpinned by contracts with an average remaining term of approximately 12 years and 75% take-or-pay contributions.
  • Preserves Keyera’s financial strength: The financing plan is structured to preserve Keyera’s strong balance sheet and investment grade credit profile, with net debt to adjusted EBITDA1 expected to be within the company’s target range of 2.5x to 3.0x in 2028. Following closing, Keyera expects approximately $100 million of incremental 2026 growth capital, relative to its previously disclosed 2026 growth capital guidance of $550 million to $625 million, related to funding Keyera’s increased share of the remaining capital to complete Zone 4.

RBC Capital Markets acted as financial advisor to Keyera on the transaction. Norton Rose Fulbright Canada LLP and McCarthy Tétrault LLP are acting as legal advisor to Keyera.

Scotia Capital Inc. acted as financial advisor to Stonepeak on the transaction. Sidley Austin LLP, Stikeman Elliott LLP, and Goodmans LLP are acting as legal advisor to Stonepeak.

Acquisition Financing

The acquisition financing plan is designed to preserve balance sheet strength and financial flexibility.

As part of the financing plan, Keyera has entered into an agreement to issue $525 million of common equity through a bought deal offering, before the exercise of any over-allotment option, which is being announced separately (the “Equity Financing”).

The purchase price was funded through borrowings made under certain existing credit facilities of Keyera Partnership. All or a portion of the outstanding borrowings under such existing credit facility are expected to be repaid with proceeds of the Equity Financing and through a future debt financing.

Notes:

  1. Non-GAAP financial measure. Refer to the section of this news release titled “Non-GAAP and Other Financial Measures Advisory”.

About Keyera Corp.
Keyera Corp. (TSX: KEY) operates an integrated Canadian-based energy infrastructure business with extensive interconnected assets and depth of expertise in delivering energy solutions. Its predominantly fee-for-service based business consists of natural gas gathering and processing; natural gas liquids processing, transportation, storage, and marketing; iso-octane production and sales; and an industry-leading condensate system in the Edmonton/Fort Saskatchewan area of Alberta. Keyera strives to provide high quality, value-added services to its customers across North America and is committed to conducting its business ethically, safely and in an environmentally and financially responsible manner.

About Stonepeak
Stonepeak is a leading alternative investment firm specializing in infrastructure and real assets with approximately $88 billion of assets under management. Through its investment in defensive, hard-asset businesses globally, Stonepeak aims to create value for its investors and portfolio companies, with a focus on downside protection and strong risk-adjusted returns. Stonepeak, as sponsor of private equity and credit investment vehicles, provides capital and committed partnership to grow investments in its target sectors, which include digital infrastructure, energy and energy transition, transport and logistics, and real estate. Stonepeak is headquartered in New York with offices in Houston, Washington, D.C., London, Hong Kong, Seoul, Singapore, Sydney, Tokyo, Abu Dhabi, and Riyadh. For more information, please visit www.stonepeak.com.

Additional Information

For more information about Keyera Corp., please visit our website at www.keyera.com or contact:

Dan Cuthbertson, General Manager, Investor Relations
Tyler Monzingo, Senior Specialist, Investor Relations

Email: ir@keyera.com
Telephone: 1-403-205-7670
Toll free: 1-888-699-4853

For Stonepeak, please contact:

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

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Montagu to Acquire Majority Stake in BMC Helix in a Carve-out Transaction from KKR-owned BMC Software

KKR

LONDON and NEW YORK, June 17, 2026 — Montagu, a leading mid-market private equity firm, has agreed to acquire a majority stake in BMC Helix (“Helix” or “the Company”) in a carve-out transaction from BMC Software (“BMC”). Funds managed by KKR, a leading global investment firm, will maintain ownership of BMC, the automation company for the AI era, which will also retain a minority stake in Helix. KKR acquired BMC in 2018 through its twelfth Americas Private Equity fund.

Helix is a leading agentic AI ServiceOps platform powering mission-critical service and operations management solutions used by thousands of blue-chip organisations worldwide across financial services, healthcare, insurance, retail, and other sectors. With offices in Sunnyvale, CA, Helix operates in a large, structurally growing market driven by increasing enterprise digitisation, rising IT complexity, and growing operational resilience requirements.

Helix has made significant investments to unify service and operations (AIOps) with native agentic AI capabilities, delivering enterprise AI beyond surface-level automation. Building on its long heritage of innovation, Helix has been a first mover in applying agentic AI across service and operations workflows, positioning it at the forefront of AI-enabled enterprise operations and orchestration.

As enterprise software enters the AI era, BMC and KKR recognised that Helix’s next phase of growth would be best accelerated as a standalone company singularly focused on ServiceOps and agentic AI. Helix will continue its culture of customer centricity through ongoing product innovation and a sharpened strategic focus, benefiting from Montagu and KKR’s extensive experience investing in the technology space.

The transaction reflects Montagu’s deep expertise partnering with mission-critical software and technology businesses, alongside its strong track record supporting companies accelerate their growth as independent businesses. Montagu is a market leader in carve-out transactions, with nearly 40 successful carve-outs executed since 2002.

Christoph Leitner-Dietmaier, Partner at Montagu, said: “Helix is a highly strategic and deeply embedded platform supporting some of the world’s most complex enterprise IT environments. Helix combines deep domain knowledge, a culture of innovation, and trusted customer relationships with significant opportunities for further operational acceleration as an independent business. We look forward to partnering with Ali Siddiqui and the management team, as well as KKR, to support Helix in this next phase of growth.”

Ayman Sayed, President and CEO of BMC, said: “We believe this transaction positions both BMC and Helix to move faster and stay sharply focused on their respective core priorities. BMC, alongside KKR, will continue to support Helix’s journey by retaining a minority stake, and we are confident in what lies ahead.”

Ali Siddiqui, CEO of Helix, said: “This transaction marks a significant milestone for Helix. As we enter this next chapter, we share a strong conviction that agentic AI will transform the enterprise IT operating model. Trusted by thousands of customers as the system of record for IT operations, assets, and change, Helix is uniquely positioned to power enterprise-grade AI outcomes. With Montagu’s partnership, we will build on our market leadership, accelerate AI innovation, and continue delivering exceptional value to our customers.”

The completion of the transaction remains subject to receipt of regulatory approvals and satisfaction of customary closing conditions.

Perella Weinberg served as financial advisor to Montagu, and Kirkland & Ellis served as legal advisor. Jefferies LLC served as financial advisor to BMC and Helix, and Simpson Thacher & Bartlett LLP served as legal advisor.

About Montagu

Montagu is a leading mid-market private equity firm, committed to finding and growing businesses that make the world work. Focussing on businesses with a must-have product or service in a structurally growing marketplace, Montagu brings proven growth capabilities to help companies achieve their ambitions and unlock their full potential. Montagu specialises in carve-out and other first time buyout investments and has deep expertise in five priority sectors: Healthcare, Financial Sector Services, Critical Data, Digital Infrastructure and Education. ESG forms an integral part of its strategy, and its commitment to responsible investment is fully integrated into its investment and value-creation process. Montagu has €15bn assets under management.

For additional information on Montagu, visit www.montagu.com

About KKR

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

About BMC Helix

BMC Helix helps the world’s most forward-thinking IT organizations reset the economics of IT — bringing IT services, AIOps, and agentic AI together so busywork disappears, incidents are prevented, and compliance just happens. With an industry-leading, open-first platform, BMC Helix’s dynamic fleet of AI agents augment work across enterprise IT service and operations management to accelerate outcomes for ServiceOps. Learn more at www.helixops.ai.

Helix and other Helix marks are exclusive properties of BMC Helix, Inc. and are registered or may be registered with the U.S. Patent and Trademark Office and in other countries.

BMC, BMC Software, the BMC logo, and other BMC marks are the exclusive properties of BMC Software, Inc. and are registered or may be registered with the U.S. Patent and Trademark Office and in other countries.

©Copyright 2026 BMC Helix, Inc.

About BMC

BMC is the automation company for the AI era. 80% of the Forbes Global 100 trust BMC to automate and orchestrate the systems on which their businesses depend. Across cloud, mainframe, and hybrid environments, BMC enables enterprises to operate with AI–driven speed, resilience, and governance at scale. When businesses run what cannot fail, they start with BMC first.

BMC, BMC Software, the BMC logo, and other BMC marks are the exclusive properties of BMC Software, Inc. and are registered or may be registered with the U.S. Patent and Trademark Office or in other countries.

©Copyright 2026 BMC Software, Inc.

https://www.bmc.com/

Media Contacts:

Montagu 
Greenbrook: James Madsen, Cecilie Oerting
+44 20 7952 2000 | montagu@greenbrookadvisory.com

KKR
media@kkr.com

Helix
madeline@helixops.ai 

BMC
sheila_watson@bmc.com

 

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KKR Commits $1.4 Billion to Aircraft Leasing with Altavair

KKR

New commitment expands long-standing strategic partnership and builds on the success of two prior aircraft leasing portfolios

NEW YORK & SEATTLE–(BUSINESS WIRE)– KKR, a leading global investment firm, and Altavair, a leader in commercial aviation leasing and financing, today announced that KKR is making a $1.4 billion equity commitment to continue expanding its global portfolio of leased commercial aircraft in partnership with Altavair. The latest commitment builds on two prior aircraft leasing portfolios created in partnership with Altavair. The investment will primarily come from KKR’s Infrastructure and Asset-Based Finance strategies.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20260617498140/en/

“Nearly a decade of strategic partnership with Altavair has deepened our conviction in the attractiveness of aircraft leasing, which we believe is poised to grow even further as demand for air travel continues to rise and airlines seek more liquidity and fleet flexibility,” said Brandon Freiman, Partner and Head of North American Infrastructure at KKR.

KKR-managed funds have committed more than $8 billion to aircraft leasing and lending transactions since KKR formed a strategic partnership with Altavair in 2018. Over that time, KKR and Altavair have acquired 188 commercial aircraft and engine assets through a variety of transactions, including lessor trades, airline-direct new and used sale leasebacks, passenger-to-freight conversions, and structured transactions, and in the process have leased aircraft and engines to 67 leading airline and cargo operators around the world.

“We are pleased to deepen our long-standing relationship with Altavair and strengthen our commitment to the aviation sector through our Asset-Based Finance strategy,” said Daniel Pietrzak, Partner and Global Head of Private Credit at KKR. “The success of our strategic partnership is a testament to the power of combining our patient, long-term capital with Altavair’s deep industry expertise and differentiated sourcing capabilities.”

“Our strategic partnership with KKR has grown stronger over the past eight years, and this latest commitment reflects the trust we have built together,” said Steve Rimmer, CEO of Altavair. “KKR’s expertise, and long-term capital have helped build Altavair into the platform it is today. As airlines face significant fleet funding needs in the coming years, this expanded commitment positions us to be an even stronger partner and supporter across the aviation ecosystem.”

KKR has invested more than $12 billion of capital in the aviation sector since 2015. Investments include Altavair, AV AirFinance, Atlantic Aviation, KKR DVB Aviation Capital, K2 Aviation, and others.

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.

About Altavair
Altavair is an aviation asset manager focusing on the acquisition of new and used commercial aircraft for leasing to domestic and international passenger airlines and cargo operators. Since its inception in 2003, Altavair has completed over $14.5 billion in commercial aircraft lease transactions with over 80 airline customers in 50 countries representing over 300 individual Boeing and Airbus aircraft. Altavair maintains offices in Seattle, Dublin, London, and Singapore. For more information, please visit www.altavair.com.

Media Contacts:

KKR:
media@kkr.com

Altavair:
Nick Hazeldine
nick.hazeldine@altavair.com

Source: KKR

 

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