Private Equity Deals 2026: CVC Recordati €10.5B, KKR Gen II $5.1B & the Week's Key Moves
October 12, 2026 • Weekly PE Deal Review • 8 min read
Private equity deals 2026 continued at a blistering pace this week, with over $40 billion in announced transactions spanning healthcare, pharma, energy, aviation and financial services. CVC Capital Partners raised its take-private bid for Italian drugmaker Recordati to €10.5 billion after shareholder pushback, while the Weston family locked down its £6.7 billion acquisition of Boots from Sycamore Partners. KKR struck a landmark $5.1 billion deal for fund administrator Gen II, and CD&R partnered with McKesson for a $5.8 billion healthcare take-private. On the fundraising side, Ardian and SMBC launched a new NAV financing platform, and the secondaries market continued to innovate with super carry structures reaching record levels. Here is your comprehensive weekly roundup of the deals, exits and strategic moves shaping the private equity landscape.
🌐 Deal of the Week: CVC & GBL Raise Recordati Take-Private to €10.5 Billion
CVC Capital Partners and Groupe Bruxelles Lambert (GBL) raised their tender offer for Italian pharmaceutical group Recordati to €10.5 billion (approximately $11.8 billion), up from an initial €10.7 billion enterprise value bid launched earlier this year. The revised bid, announced October 7, came after significant pushback from minority shareholders who argued the original offer undervalued the Milan-listed specialty pharma company. CVC, which already holds a controlling stake through a 2018 acquisition of the founding family's shares, is looking to fully delist Recordati from Borsa Italiana. The consortium increased its price per share to better reflect Recordati's steady cash generation, its growing rare disease portfolio and its expanding presence in emerging markets. The deal is expected to be one of the largest European take-privates completed in 2026.
Why it matters for allocators: This deal underscores the growing willingness of PE sponsors to pay up for high-quality healthcare assets with durable revenue streams. Recordati's rare disease franchise represents exactly the kind of non-cyclical, high-margin business that commands premium multiples in private markets. For LPs, the raised bid also highlights the importance of governance protections in take-private transactions — minority shareholders' pushback delivered tangible value. Allocators evaluating European healthcare exposure should watch how CVC executes on Recordati's global expansion strategy post-delisting.
⚡ Major Private Equity Deals 2026: Transactions This Week
Weston Family Acquires Boots for £6.7 Billion ($8.9B)
Canada's billionaire Weston family, through its Wittington Investments vehicle, agreed to acquire UK pharmacy chain Boots from Sycamore Partners and the Pessina family for £6.7 billion ($8.9 billion). The deal, announced October 8, marks Sycamore's exit from the iconic British high-street retailer, which it acquired as part of the Walgreens Boots Alliance break-up. The Westons, who already control Selfridges and Primark-parent Associated British Foods through their various holdings, are doubling down on UK consumer retail. The transaction brings Boots' 2,200-plus UK pharmacies and its growing healthcare services division under family ownership, signaling confidence in the UK consumer market despite macro headwinds.
KKR to Acquire Gen II Fund Services for $5.1 Billion
KKR announced the acquisition of Gen II Fund Services from Hg and General Atlantic for $5.1 billion, in one of the largest fund-services transactions on record. Gen II is a leading independent fund administrator serving private capital managers globally, with over $1 trillion in assets under administration. The deal, announced October 6, reflects KKR's strategic push into financial infrastructure and the broader consolidation wave in the fund administration space. For Hg and General Atlantic, the exit delivers a strong multiple on their original investment and validates the secular growth thesis for outsourced fund operations as regulatory complexity continues to rise across private markets.
CD&R and McKesson Acquire Option Care Health for $5.8 Billion
Clayton, Dubilier & Rice (CD&R) teamed with McKesson Corporation to acquire Option Care Health, a leading provider of home and alternate-site infusion services, for $5.8 billion including debt. The deal represents a 37% premium to Option Care's undisturbed share price. The acquisition underscores the PE industry's continued appetite for healthcare services businesses that benefit from the shift toward lower-cost care settings. Infusion therapy is a high-growth segment driven by the proliferation of specialty biologics and the push to move treatments outside hospital walls. CD&R's healthcare expertise and McKesson's distribution network create a compelling strategic rationale.
RWE and KKR Submit Joint Bid for Uniper
German utility RWE and KKR have submitted a joint bid for Uniper as part of the German government's dual-track exit from the energy company it nationalized during the 2022 gas crisis. The consortium faces competition from multiple bidders, including Czech billionaire Daniel Křetínský's EPH. The German government holds a 99% stake in Uniper following its €13 billion bailout, and the sale is one of the most closely watched European privatizations of the decade. KKR's involvement brings significant energy-sector transaction experience, while RWE's operational footprint in European utilities provides industrial logic for the combination.
Blackstone, Bain Capital and Warburg Pincus Prepare Final Bids for Fuji Media Property Arm
A marquee trio of global PE firms — Blackstone, Bain Capital and Warburg Pincus — are preparing final bids for Fuji Media Holdings' property division, in a deal that could value the unit at approximately $6.3 billion. The sale is part of Fuji Media's broader restructuring following activist pressure to unlock value from its underperforming conglomerate structure. Final bids are expected by end of October. The transaction would represent one of the largest PE real estate carve-outs in Japanese history, reflecting growing international investor appetite for Japanese assets amid the yen's continued weakness and corporate governance reforms.
Trilantic Exits SOFIE Biosciences to GE HealthCare for $945 Million
Trilantic North America completed the sale of SOFIE Biosciences to GE HealthCare for $945 million, delivering a strong exit in the radiopharmaceuticals space. SOFIE specializes in molecular imaging and radiopharmaceutical manufacturing, a fast-growing niche driven by the expansion of targeted cancer diagnostics and therapeutics. GE HealthCare's acquisition strengthens its position in the theranostics value chain. The deal highlights how PE-backed medtech platforms can attract premium valuations from strategic acquirers when positioned at the intersection of diagnostics innovation and oncology.
One Equity Partners Acquires Nexora (DCC Technology) for $725 Million
One Equity Partners agreed to acquire Nexora, DCC's technology-distribution division, for $725 million in enterprise value. The transaction, announced October 9, comes as DCC restructures around its energy and healthcare businesses following its own take-private by KKR and Energy Capital Partners. Nexora, a $3.6 billion-revenue distributor of technology products across Europe and North America, was rebranded earlier this year by its employees. The carve-out represents an opportunity for One Equity Partners to build a standalone platform in IT distribution, a sector consolidating rapidly.
💰 Fundraising & Strategic Moves
Ardian and SMBC Launch NAV Financing Platform
French private markets giant Ardian and Japanese banking group SMBC announced a strategic partnership to launch a dedicated NAV financing platform targeting mid-market buyout and infrastructure funds. The platform aims to provide portfolio-level credit facilities secured against fund net asset values, addressing the rapidly growing demand for GP-level liquidity solutions. The partnership marries Ardian's deep private-markets underwriting expertise with SMBC's global banking infrastructure and balance sheet.
Allocator takeaway: NAV lending is becoming a structural feature of PE fund management. LPs should ensure their side-letter protections and LP advisory committee rights cover NAV facilities, as these instruments add fund-level leverage that can amplify both returns and risk.
Parthenon Capital Raises $1.7 Billion Continuation Vehicle for KBRA
Parthenon Capital completed a $1.7 billion single-asset continuation vehicle to retain its investment in Kroll Bond Rating Agency (KBRA), with HarbourVest agreeing to super carry terms. The deal highlights the mainstreaming of GP-led secondaries as a liquidity tool. PJT Partners data shows super carry structures were present in 29% of single-asset continuation vehicles in H1 2026, nearly triple the prior year's share, raising important questions about alignment of interests between GPs and LPs in these structures.
Percheron Capital Closes $1.62 Billion Single-Asset Fund for Big Brand Tire
Percheron Capital raised a $1.62 billion single-asset fund for its portfolio company Big Brand Tire & Service, with cornerstone investments from Blue Owl, Iconiq and Warburg Pincus. The vehicle continues the trend of large single-asset continuation funds in the consumer services space, allowing the GP to extend its hold period on a high-performing platform while providing liquidity options to existing investors.
Partners Group PE Shareholders Approve €771 Million Portfolio Sale
Shareholders of Partners Group Private Equity (PGPE) voted overwhelmingly — 99.9% — to approve the sale of the fund's entire €771 million portfolio. Shares had been trading approximately 40% below the July NAV of €11.58, underscoring the persistent listed PE discount that has plagued the sector. The first payout is due by March 2027. The board also authorized a discretionary €10 million buyback. The transaction highlights both the secondary market's capacity to absorb large portfolios and the structural challenges facing listed PE vehicles.
Blackstone Shelves $3 Billion Eclipse Securitization
Blackstone shelved Eclipse, its planned $3 billion securitization of approximately 700 fund interests, in late September. The withdrawal signals that even the most sophisticated financial engineering faces limits in the current market. The deal would have been a landmark in PE fund securitization, packaging hundreds of LP interests into rated tranches. Market conditions and investor appetite for the novel structure ultimately proved insufficient, though the concept may resurface as the secondary market matures further.
📊 Week in Numbers
$40B+ — Total announced PE deal value this week across major transactions
€10.5B — CVC's revised take-private bid for Recordati — one of Europe's largest pharma delistings
$5.8B — CD&R and McKesson's acquisition of Option Care Health at a 37% premium
$5.1B — KKR's landmark deal for Gen II Fund Services — the largest fund-admin transaction on record
29% — Share of single-asset continuation vehicles featuring super carry in H1 2026, per PJT Partners
99.9% — Shareholder approval rate for PGPE's €771M portfolio sale, despite a 40% NAV discount
$198B — Record volume in private equity co-investments reported this week
🔍 Our Take: What to Watch
1. Healthcare dominance continues. Three of this week's largest transactions — Recordati, Option Care Health and SOFIE Biosciences — are in the healthcare and pharma space. PE firms are competing aggressively for assets with non-cyclical demand, recurring revenue and pricing power. Allocators should expect continued premium multiples for quality healthcare platforms and position their portfolios accordingly.
2. European privatizations create rare opportunities. The Uniper sale and CVC's Recordati delisting represent a wave of European deals that offer scale rarely available in the region. Germany's Uniper exit and Italy's pharma sector restructuring are creating entry points for globally diversified PE portfolios at a time when European valuations remain attractive relative to US peers.
3. GP-led secondaries face a reckoning on terms. The rise of super carry to 29% of single-asset continuation vehicles, combined with Blackstone's Eclipse setback, suggests the secondary market is at an inflection point. Allocators should be increasingly selective about GP-led transactions and negotiate harder on carry structures, clawback provisions and conflict-of-interest disclosures.
📚 Sources
Private Equity Wire — Deals coverage, October 6–9, 2026
Financier Worldwide — Apollo easyJet acquisition, CVC Recordati bid, October 2026
General Atlantic — KKR Gen II Fund Services announcement, October 6, 2026
Hargreaves Lansdown — CD&R McKesson Option Care Health deal, October 2026
Chain Store Age — Weston family Boots acquisition, October 8, 2026
Alternative Credit Investor — Ardian SMBC NAV financing platform, October 8, 2026
The Secondary Brief — GP-led transactions and fund closings, October 8, 2026
ImpactAlpha — Dealflow roundup, October 9, 2026
Dealstreet Asia — Fuji Media property bids, October 2026
Pulse2 — GE HealthCare SOFIE Biosciences acquisition, October 5, 2026
⚠️ Disclaimer
This article is published by AirFund for informational purposes only and does not constitute investment advice, a solicitation, or a recommendation to buy or sell any financial instrument. AirFund is registered as a Conseil en Investissement Financier (CIF) in France with ORIAS. Past performance is not indicative of future results. The information contained in this article is based on sources considered reliable, but no representation or warranty is made as to its accuracy or completeness. Investors should conduct their own due diligence and consult their professional advisors before making any investment decision. Private equity investments carry significant risks, including illiquidity, long holding periods, and potential loss of capital.