Private Equity Deals 2026: EQT Intertek Bid, Blackstone Greek Bet and the Weeks Key Moves

May 18, 2026 • Weekly PE Deal Review • 8 min read

This week in private equity was dominated by EQT’s landmark final bid for FTSE 100 testing giant Intertek, valued at £10.6 billion ($14.3 billion), potentially marking the second-largest PE deal in Europe in the past 18 months. Meanwhile, Blackstone continued its European expansion with a €635 million acquisition of Greek e-commerce leader Skroutz from CVC, while the Tinicum-Blackstone consortium’s £1.4 billion take-private of UK aerospace supplier Senior plc advanced toward its shareholder vote. On the fundraising front, EQT cemented its dominance in Asia-Pacific with a record $15.6 billion close of BPEA IX. Here is our weekly analysis of the most significant private equity deals 2026 and strategic moves shaping the market.

🌐 Deal of the Week: EQT’s £10.6 Billion Final Offer for Intertek

Swedish investment giant EQT submitted what it described as a “final” offer of £60 per share for FTSE 100 testing and inspection company Intertek on May 12, valuing the business at approximately £10.6 billion ($14.3 billion) including net debt. This is EQT’s fourth approach, following rejected bids at £51.50, £54.00, and £58.00 per share. The board has signaled it is “minded to accept” the proposal, with the deadline for a formalized offer extended to June 11. If completed, the transaction would rank as the second-largest PE deal in Europe in the past 18 months and would extend the remarkable wave of UK take-privates that has reshaped the London Stock Exchange throughout 2025-2026.

Why it matters for allocators: The Intertek bid underscores PE’s appetite for high-quality, asset-light businesses with recurring revenue streams and global diversification. For CGPs and family offices evaluating private equity allocations, EQT’s aggressive pursuit of a FTSE 100 company signals continued conviction in European take-privates as a source of value creation, even at premium entry multiples.

⚡ Major Private Equity Deals 2026: Transactions This Week

Blackstone Acquires Greek E-Commerce Leader Skroutz from CVC (€635M)

Blackstone announced on May 11 a definitive agreement to acquire a majority stake in Skroutz, Greece’s leading online marketplace, from CVC Capital Partners Fund VII. The deal values Skroutz at approximately €635 million including debt and will double CVC’s initial investment. Skroutz serves 2.5 million active users with over 12 million products from 9,000 merchants. With e-commerce penetration in Greece still well below Western European levels, Blackstone sees significant runway for growth.

Senior plc Take-Private: Tinicum-Blackstone £1.4B Deal Nears Vote

The recommended cash acquisition of UK-listed aerospace engineering business Senior plc by Tinicum and Blackstone continued to progress, with shareholder meetings scheduled for May 26. The 300 pence per share offer values Senior at approximately £1.28 billion. The consortium plans to merge Senior with AeroFlow Technologies to create a scaled aerospace supplier benefiting from rising defence spending.

Hg Capital Completes $6.4B OneStream Take-Private

Hg Capital completed its acquisition of AI-powered corporate finance platform OneStream for approximately $6.4 billion, taking the company private less than two years after its NASDAQ IPO. Shareholders received $24.00 per share, a 31% premium. General Atlantic and Tidemark joined as minority investors.

Medallia Restructuring: Thoma Bravo’s $5.1B Equity Wipeout

In one of the most significant equity impairments in software buyout history, Thoma Bravo is nearing the handover of Medallia to lenders including Blackstone, KKR, Apollo, and Antares Capital. Thoma Bravo acquired Medallia for $6.4 billion in October 2021. By early 2026, debt-servicing costs of nearly $300 million far exceeded earnings of $200 million, making the debt-for-equity swap inevitable.

Urbaser: Blackstone and EQT’s €5.6B Environmental Services Play

The joint acquisition of Urbaser by Blackstone Infrastructure and EQT from Platinum Equity for approximately €5.6 billion ($6.6 billion) continues to progress through regulatory approvals. Each firm will hold a 50% stake in the global waste management platform, which serves over 60 million people through 50,000 employees.

💰 Fundraising & Strategic Moves

EQT Closes BPEA IX at $15.6B — Asia-Pacific’s Largest PE Fund

EQT announced the final close of BPEA IX on April 20, reaching its hard cap at $15.6 billion in total commitments. The fund, Asia-Pacific’s largest-ever dedicated PE vehicle, was oversubscribed with over 75 new investors.

Allocator takeaway: BPEA IX’s success against 12-year-low regional fundraising signals significant LP demand for differentiated Asia-Pacific exposure through top-tier managers.

THL Partners Closes Fund X at $6.35B Above Target

THL Partners closed its 10th flagship fund above its $6.25 billion target with a 92% LP re-up rate, backed by major U.S. public pensions. This demonstrates the premium LPs place on consistent DPI amid weak overall fundraising.

Siemens Healthineers Diagnostics: Blackstone, CVC and KKR Circle €6B Unit

Blackstone, CVC, and KKR are reportedly in early talks to acquire Siemens Healthineers’ in vitro diagnostics division, valued at approximately €6 billion. The parent company plans to put the separation to a vote at its February 2027 AGM.

CVC Expands into Buyout Debt Underwriting

CVC Capital Partners is seeking to join Apollo and KKR in underwriting debt for leveraged buyouts, reflecting the convergence of private equity and private credit.

📊 Week in Numbers

$14.3B — EQT’s final bid for Intertek

$15.6B — EQT’s BPEA IX final close, Asia-Pacific’s largest-ever PE fund

€635M — Blackstone’s acquisition of Skroutz from CVC

$6.35B — THL Partners Fund X close, 92% LP re-up rate

$5.1B — Equity erased in Thoma Bravo’s Medallia restructuring

$54B — U.S. PE fundraising in Q1 2026, lowest pace since 2018

🔍 Our Take: What to Watch

1. UK Take-Privates Reach a Tipping Point. EQT’s Intertek bid and the Senior plc deal add to an unprecedented wave of PE acquisitions of London-listed companies. Allocators should assess whether the public-to-private shift creates new risk concentrations or diversification opportunities.

2. The Software Buyout Reckoning Continues. Medallia’s $5.1 billion equity wipeout is a stark reminder that not all software buyouts are created equal. Allocators should scrutinize underwriting discipline during the 2020-2022 vintage period.

3. Asia-Pacific Emerges as a Fundraising Bright Spot. EQT’s record $15.6 billion BPEA IX close defied a four-year regional fundraising decline. Asia-Pacific PE may offer compelling entry points as capital consolidates around fewer, larger managers.

📚 Sources

Bloomberg, EQT Intertek Final Bid, May 12-13, 2026; PitchBook, UK take-privates, May 2026; Blackstone, Skroutz acquisition, May 11, 2026; Private Equity Wire, Senior plc deal, 2026; PR Newswire, OneStream $6.4B and EQT BPEA IX $15.6B, April 2026; CorpDev.Org, Medallia restructuring, April 23, 2026; THL Partners, Fund X close, 2026; PE Insights / Bloomberg Law, Siemens Healthineers diagnostics and CVC debt underwriting, 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.