HealthSpan Partners, an affiliate of US nonprofit hospital group Bon Secours Mercy Health, has agreed to acquire Bain Capital-backed Surgery Partners in a $5.7bn take-private transaction. Shareholders other than Bain Capital affiliates will receive $23.50 per share in cash, representing a premium of approximately 49% to the company’s October 23 closing price. Bain Capital, which has been an investor since 2017 and owns approximately 39% of Surgery Partners, will exchange its existing shares for equity in the acquiring entity and remain a significant shareholder. Surgery Partners operates more than 200 outpatient surgical facilities across 30 US states and reported approximately $3.31bn of revenue in 2025.
Ember Infrastructure Management has agreed to acquire London-listed subsea equipment rental and services provider Ashtead Technology in a recommended cash offer valuing the business at approximately £505m ($676m), according to transaction reporting published on October 22. Aberdeen-headquartered Ashtead supplies specialist subsea equipment and related services to offshore energy and marine infrastructure customers. Ember had previously submitted a non-binding proposal valuing the company at approximately £498m in September.
Finnish asset manager eQ has agreed to acquire 100% of Nordic real estate investment manager Genesta Property Nordic for up to €15.5m, comprising €11.5m of initial consideration and a conditional €4m earnout. Both components will be paid equally in cash and newly issued eQ shares, before adjustments. Founded in 2003, Genesta manages approximately €1bn across three real estate funds and employs 30 people in Stockholm, Helsinki, Oslo, Copenhagen and Luxembourg. The business generated €9.6m of asset management revenue and €2.7m of operating profit in 2025. Its sellers include Caprock Ventures and companies associated with Genesta executives.
CBRE has agreed to acquire London-headquartered data centre infrastructure services provider Onnec Group for an initial £460m ($610m) in cash, with additional consideration of up to £300m dependent on performance. Onnec provides data centre infrastructure services across Europe and Asia-Pacific to major technology companies. CBRE expects the business to generate approximately £370m in revenue and more than £50m of core EBITDA in 2027. Onnec will become part of CBRE’s Critical Infrastructure Services business following completion. The maximum potential consideration is approximately £760m ($1.01bn), including the contingent earnout.
EQT has agreed to acquire US real estate investment manager Stockbridge for $375m in cash, with additional earnout payments possible between 2027 and 2030. Founded in 2003, San Francisco-headquartered Stockbridge manages approximately $16.5bn in fee-generating assets and $27bn in gross asset value. It employs around 185 people across six US offices and serves approximately 180 institutional clients. The business invests across industrial property, industrial outdoor storage, manufactured housing and diversified core real estate strategies. Stockbridge’s senior management shareholders have agreed to reinvest half their transaction proceeds in EQT shares.
Ares Infrastructure funds have acquired a 49% interest in TransAlta’s 500MW Oklahoma wind generation portfolio for $305m in cash, before customary closing adjustments. The portfolio comprises the 100MW White Rock West, 200MW White Rock East and 200MW Horizon Hill wind facilities. TransAlta retains a 51% ownership interest and operational control of the assets. The transaction completed on October 22. It was announced alongside TransAlta’s separate $1bn acquisition of natural gas generation assets in Colorado.
Goldman Sachs Alternatives has agreed to acquire a majority stake in UK testing, inspection, certification and compliance business Celnor Group from Inflexion, which will retain a minority investment alongside founder and chief executive Simon Parrington and the management team. Founded in 2023, Celnor generates annual revenue exceeding £300m, employs more than 2,750 people across 60 locations and serves over 20,000 customers. The company provides risk management, environmental testing, safety and regulatory compliance services across the built environment. Its operations span the UK, US and continental Europe.
KKR has agreed to acquire IEP Technologies and Newson Gale from Swiss industrial technology group HOERBIGER, representing the majority of its Safety Business Unit. IEP Technologies develops industrial explosion protection systems used in facilities handling combustible dust, vapours and other hazardous materials. Newson Gale manufactures static grounding and bonding equipment designed to prevent electrostatic ignition. The businesses supply customers across food processing, chemicals, wood processing, energy and other industrial sectors. The transaction covers HOERBIGER’s Explosion Protection and Static Control segments.
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