Private Equity Deals 2026: EA Historic $55B LBO, Apollo McKesson Play and the Week Key Moves

June 8, 2026 • Weekly PE Deal Review • 7 min read

The private equity deals 2026 landscape hit a pivotal inflection point this week as the industry's biggest names converged on Berlin for SuperReturn International, the sector's marquee gathering. On the deal front, the week was defined by the final countdown to the largest leveraged buyout in history, Electronic Arts' $55 billion take-private, alongside a flurry of strategic capital deployments by Apollo Global Management and a competitive bidding process for one of Europe's premier food ingredients platforms. With $10.8 billion in fresh private credit firepower from Crescent Capital and continued momentum in software buyout fundraising, the message is clear: dry powder is finding its targets.

Deal of the Week: EA's $55 Billion LBO Enters the Final Stretch

The largest leveraged buyout in history is now weeks from closing. Electronic Arts' $55 billion take-private by a consortium led by Saudi Arabia's Public Investment Fund, Silver Lake, and Affinity Partners is expected to complete by June 30, 2026, after clearing its final regulatory hurdles in the UK and China earlier this year. At $210 per share, a 25% premium to EA's unaffected price, the deal is backed by $36 billion in equity (anchored by PIF's Savvy Games Group) and $20 billion in debt financing led by JPMorgan Chase. The transaction redefines the scale of what is achievable in leveraged finance and signals that sovereign wealth-private equity partnerships are now the dominant force in mega-cap buyouts.

Why it matters for allocators: This deal sets a new benchmark for LBO sizing and underwriting. The PIF-Silver Lake axis demonstrates that sovereign capital can compress timelines and absorb risk at levels traditional PE sponsors alone cannot. For CGPs and family offices evaluating co-investment opportunities, the EA playbook suggests that the next wave of $20B+ transactions will increasingly feature sovereign anchors.

Major Private Equity Deals 2026: Transactions This Week

Apollo Closes $1.25B McKesson Medical-Surgical Investment

Apollo Global Management completed its $1.25 billion convertible preferred equity investment in McKesson's Medical-Surgical Solutions (MMS) business on June 1, acquiring approximately 13% of MMS at a $13 billion enterprise valuation. The deal is a critical milestone in McKesson's plan to separate MMS into an independent publicly traded company. Apollo's entry at a pre-spin valuation gives the firm upside exposure to what could become one of the largest healthcare distribution IPOs in recent years.

Apollo Abandons $2B+ Bodycote Bid

In a notable reversal, Apollo Global Management walked away from its proposed acquisition of Bodycote, the UK-listed heat treatment and specialist thermal processing group, on June 5. The deal had been valued at over $2 billion. The withdrawal likely reflects valuation discipline amid tightening industrial multiples in Europe. The move underscores a broader theme: even the most acquisitive sponsors are choosing to walk away when price discovery diverges from intrinsic value.

IRCA Attracts EUR 3 Billion in PE Bids

CVC Capital Partners, Cinven, and PAI Partners submitted preliminary bids for IRCA, the Italian dessert and bakery ingredients manufacturer, in a sale process that could value the business at EUR 2.5 to EUR 3 billion ($2.7 to $3.2 billion). Advent International, which acquired IRCA from Carlyle in 2022 for approximately EUR 1 billion, has driven significant value creation. The company now operates 19 production facilities across Europe, the US, and Vietnam, serving customers in over 100 countries.

Allocator takeaway: IRCA represents a textbook PE value-creation story: geographic expansion, operational improvement, and a potential 2.5-3x MOIC in four years. Watch the final bidding round for signals on European mid-market multiples.

Apollo/NSG Group: Shareholder Vote Approaching in Japan

Apollo Funds' $3.7 billion strategic investment in NSG Group (Nippon Sheet Glass), announced in March, is approaching a critical milestone: the shareholder vote scheduled for late June. If approved, it would mark Apollo's largest private equity investment in Japan and its fifth PE fund investment in the country, reflecting the firm's deepening conviction in Japan's corporate governance reform cycle.

Fundraising and Strategic Moves

Crescent Capital Closes Record $10.8B Direct Lending Fund

Crescent Capital Group closed its fourth flagship US direct lending fund at $10.8 billion in investable capital on June 3, making it one of the largest lower-middle-market direct lending vehicles ever raised. The fund exceeded its initial target by more than $2.5 billion, attracting over 100 global institutional investors. CDL Fund IV targets senior secured financing to PE-sponsored lower middle market companies with EBITDA between $5 million and $50 million.

Wingman Growth Partners Closes $215M Debut Fund

Software-focused Wingman Growth Partners closed its inaugural fund at its $215 million hard cap on June 2, exceeding its $150 million target by over 40%. The firm targets a concentrated portfolio of six to eight platform investments in vertical and mission-critical software.

SuperReturn International Opens in Berlin

The world's largest private capital conference kicked off in Berlin on June 8, bringing together over 6,000 senior decision-makers representing more than $50 trillion in assets under management. With 2,000+ LPs and 3,000+ GPs in attendance, the event serves as a barometer for deal sentiment heading into H2 2026.

Kirkland and Ellis Partners with Palantir on AI Fundraising Platform

Kirkland and Ellis announced a partnership with Palantir to launch an AI-powered Fund Enterprise Platform designed to transform private equity fundraising. The platform integrates Palantir's data infrastructure with Kirkland's legal and fund formation expertise.

Week in Numbers

$55B - EA LBO expected close by June 30, the largest leveraged buyout in history

$10.8B - Crescent Capital's record direct lending fund close

$1.25B - Apollo's investment in McKesson MMS at a $13B valuation

EUR 3B - Estimated value of IRCA as CVC, Cinven, and PAI submit bids

$3.7B - Apollo's pending NSG Group investment approaching shareholder vote

6,000+ - Delegates at SuperReturn International Berlin representing $50T+ AUM

$215M - Wingman Growth Partners' oversubscribed debut software fund

Our Take: What to Watch

1. Sovereign-PE Partnerships Reshape Mega-Buyouts. The EA deal is not an anomaly, it is the template. With PIF, GIC, ADIA, and Mubadala increasingly co-investing alongside traditional sponsors, the $20B+ LBO market is being restructured around sovereign anchor capital.

2. European Sponsor-to-Sponsor Auctions Signal Confidence. The IRCA process, with three major PE firms submitting preliminary bids, suggests that European mid-market M&A is thawing. Watch for more sponsor exits in defensive sectors through Q3.

3. Private Credit's Lower-Middle-Market Land Grab Continues. Crescent's $10.8 billion raise underscores the structural shift of lending from banks to private credit funds, particularly in the $5-50M EBITDA segment.

Sources

BusinessWire - McKesson/Apollo (June 1, 2026) | BusinessWire - Crescent Capital (June 3, 2026) | PR Newswire - Wingman Growth Partners (June 2, 2026) | GuruFocus - Apollo/Bodycote (June 5, 2026) | Reuters - CVC/Cinven/IRCA (June 2026) | Apollo Global - NSG Group (March 2026) | SEC Filings - Electronic Arts LBO (2025-2026) | SuperReturn International (June 8-12, 2026) | Kirkland and Ellis - Palantir Partnership (June 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.