Private Equity Deals 2026: Kuwait's $16B Pipeline Mega-Deal, Apollo's easyJet Counterbid & the Week's Key Moves

July 27, 2026 • Weekly PE Deal Review • 8 min read

The week ending July 27, 2026 delivered one of the year's most consequential private equity deals 2026 headlines: a $16 billion infrastructure mega-deal in Kuwait involving three of the world's largest alternative asset managers. Alongside this landmark transaction, Apollo Global Management escalated its bidding war for easyJet, crossed the finish line on multiple portfolio acquisitions, and carved out a €3 billion stake in Bayer's contraceptives unit. Meanwhile, a consortium led by Blackstone deployed over $5 billion into US power infrastructure, and the long-awaited EA take-private cleared a key European regulatory hurdle. Here is what allocators and family offices need to know.

🌐 Deal of the Week: Kuwait's $16 Billion Pipeline Mega-Deal

Blackstone, Brookfield and KKR signed a historic $16 billion lease-and-leaseback agreement with Kuwait Petroleum Corporation on July 25, marking the largest foreign direct investment in Kuwait's history. The transaction, dubbed Project Peregrine, gives the three firms equal shares of a 49% stake in a joint venture covering Kuwait's entire 320-kilometre oil-export pipeline network. Kuwait Oil Company retains full ownership and operational control of the 13 pipelines, with payments to the venture linked to crude oil transport volumes. The deal generates $7.85 billion in upfront proceeds for Kuwait and is structured over a 20.5-year term. For KKR, this marks its first direct investment in the country.

Why it matters for allocators: This deal signals a structural shift in how Gulf sovereigns are monetising midstream assets, creating a new investable infrastructure layer in the Middle East. LPs exposed to Blackstone, Brookfield or KKR infrastructure vehicles should note the 20.5-year duration and volume-linked return profile — a quasi-concession model that could be replicated across the region.

⚡ Major Private Equity Deals 2026: Transactions This Week

Apollo Outbids Castlelake for easyJet — £5.7 Billion ($7.6B)

Apollo Global Management upended easyJet's agreed sale to Castlelake with a £7.15-per-share cash proposal on July 10, valuing the UK budget carrier at approximately £5.7 billion. easyJet's board promptly withdrew its support for Castlelake's £6.90-per-share offer and backed Apollo's higher bid. Under UK takeover rules, Castlelake must table a firm offer by August 3 and Apollo by August 7 — or walk away. Both bidders must navigate EU airline ownership rules requiring majority European control, adding complexity to the final deal structure. Shares climbed roughly 15% on the news.

Apollo Acquires €3B Minority Stake in Bayer's Contraceptives Unit

Apollo agreed to purchase a minority, non-controlling stake in Bayer AG's long-acting reversible contraceptives (LARC) business for €3 billion ($3.4 billion). The LARC unit houses Mirena, Kyleena and Jaydess/Skyla — products that generated approximately €1.4 billion in 2025 revenue. Bayer retains majority ownership and full operational control. The proceeds will help Bayer manage balance sheet pressures tied to Roundup litigation costs. Closing is expected in Q3 2026.

Blackstone, Apollo & KKR Deploy $5.34B into Williams Power Infrastructure

A group led by Blackstone Credit & Insurance, in partnership with Apollo and alongside insurance vehicles managed by KKR, committed $5.34 billion to five power infrastructure projects owned by US energy operator Williams. The consortium acquires a 49% non-controlling equity interest. The investment underscores how the largest alternative managers are scaling their infrastructure-for-energy strategy through credit and insurance capital.

Apollo Completes Emerald and Questex Acquisitions

Apollo-managed funds closed the acquisitions of Emerald Holding and Questex on July 14, combining two complementary businesses into a scaled B2B experiential events and media platform. The transaction creates a leader in trade shows and business media with enhanced scale and expanded capabilities across verticals.

EA's $55B Take-Private Clears EU Subsidy Gate

The record-breaking $55 billion Electronic Arts leveraged buyout — led by Saudi Arabia's Public Investment Fund, Silver Lake and Affinity Partners — cleared EU foreign subsidy review on July 17. The deal now hinges on CFIUS national security clearance, with the outside date extended to September 28, 2026. EA stock trades approximately $7–9 below the $210-per-share buyout price, reflecting residual regulatory uncertainty.

Avanos Medical Take-Private Reaches Shareholder Vote at $1.27B

American Industrial Partners' all-cash take-private of medical device maker Avanos Medical, valued at approximately $1.27 billion, reached its stockholder vote on July 22. The transaction marks another healthcare take-private in a sector that continues to attract PE capital seeking defensible revenue streams and operational improvement opportunities.

💰 Fundraising & Strategic Moves

HarbourVest Closes Co-Investment Fund VII at $4.75B

HarbourVest Partners closed its Co-Investment Fund VII Program with $4.75 billion in capital commitments, offering investors direct co-investment opportunities across buyout and growth equity strategies. The fund's scale reflects sustained LP appetite for lower-fee, direct co-investment vehicles.

Allocator takeaway: The $4.75 billion close underscores a broader LP trend toward co-investments as a fee-efficient way to build direct PE exposure alongside established managers.

Citation Capital Closes Inaugural Fund at $1.2B

Dallas-based Citation Capital closed its debut fund, Citation Capital I, above its hard cap at $1.1 billion in third-party LP commitments plus GP capital, bringing total investable capital to $1.2 billion. The oversubscribed close signals strong institutional demand for emerging PE managers with differentiated strategies.

European GP-Led Secondaries Surge to $62B in H1 2026

GP-led secondary transactions in Europe reached $62 billion in the first half of 2026, as European fund managers increasingly adopt continuation vehicle structures pioneered across the Atlantic. The secondary market is on track for another all-time high as both GPs and LPs embrace these liquidity solutions amid a still-constrained exit environment.

Permira Completes €16.7B Flagship Fundraise

Permira completed fundraising for its latest flagship buyout fund at €16.7 billion, one of the largest European PE fundraises of 2026. The close reinforces the winner-takes-all dynamic in PE fundraising, where established managers continue to capture a growing share of LP commitments even as smaller funds struggle.

📊 Week in Numbers

$16B — Kuwait pipeline infrastructure deal, largest FDI in the country's history

£5.7B — Apollo's counterbid for easyJet, topping Castlelake's £5.5B offer

€3B — Apollo's minority stake in Bayer's contraceptives business

$5.34B — Blackstone-led consortium investment in Williams power projects

$4.75B — HarbourVest Co-Investment Fund VII final close

$55B — EA take-private still pending CFIUS clearance (deadline: September 28)

🔍 Our Take: What to Watch

1. Gulf infrastructure monetisation accelerates. The Kuwait pipeline deal creates a template for other Gulf sovereigns — expect Saudi Aramco and ADNOC to explore similar lease-and-leaseback structures for midstream assets, opening a new infrastructure allocation channel for institutional investors.

2. Apollo's record-breaking deployment pace continues. Between the easyJet bid, the Bayer carve-out, and the Williams investment, Apollo has committed over $16 billion in July alone. The firm's ability to deploy across equity, hybrid and credit simultaneously gives it a structural advantage in competitive processes.

3. CFIUS becomes the new gating risk for mega-LBOs. The EA deal's September 28 deadline will be closely watched — not just for the outcome, but for the precedent it sets on sovereign-led technology buyouts. A conditional approval with mitigation measures could reshape how Gulf capital approaches US tech assets.

📚 Sources

Bloomberg — "Kuwait Signs $16 Billion Pipeline Deal With Blackstone, Brookfield, KKR" (July 25, 2026)

CNBC — "Blackstone, Brookfield and KKR sign $16 billion deal with Kuwait for oil pipeline network" (July 25, 2026)

Bloomberg — "EasyJet Receives Higher Apollo Offer, Drops Support for Castlelake Bid" (July 10, 2026)

Bloomberg — "Bayer Sells $3.4 Billion Contraceptives Stake to Apollo" (July 10, 2026)

Alternatives Watch — "Blackstone, Apollo, KKR commit $5.34bn to Williams power buildout" (July 13, 2026)

Apollo IR — "Apollo Funds Complete Acquisitions of Emerald and Questex" (July 14, 2026)

TechTimes — "EA Buyout Clears EU Subsidy Gate" (July 17, 2026)

D CEO Magazine — "Citation Capital Closes Inaugural Fund At $1.2 Billion" (July 2026)

Bloomberg — "Europe's Private Fund Managers Drive Spike in Secondary Transactions" (July 21, 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.