Private Equity Deals 2026: EA's Historic $55B Take-Private, Kuwait's $16B Pipeline JV & the Week's Key Moves

August 10, 2026 • Weekly PE Deal Review • 8 min read

This was a landmark week for private equity deals 2026, headlined by the closing of Electronic Arts' $55 billion take-private — the largest leveraged buyout in history. Simultaneously, mega-cap infrastructure transactions continued to reshape capital allocation, with a $16 billion Kuwait pipeline partnership and KKR's record $19.2 billion infrastructure fund close underscoring the asset class's gravitational pull toward hard assets and energy transition. On the exit front, L Catterton's $3.8 billion sale of Thorne to Procter & Gamble delivered a striking ~6x return in under three years, signaling that strategic buyers remain willing to pay full price for high-quality, scaled platforms. For allocators across wealth management and family offices, this week offers critical datapoints on where the smart money is moving.

Deal of the Week: Electronic Arts — The $55 Billion Take-Private That Rewrites the Record Books

The consortium of Saudi Arabia's Public Investment Fund (PIF), Silver Lake, and Affinity Partners officially completed its $55 billion all-cash acquisition of Electronic Arts on August 4, closing the largest leveraged buyout ever recorded. EA shareholders received $210 per share, and the stock was delisted from Nasdaq after 37 years as a public company. PIF holds 93.4% of the new entity, with Silver Lake at 5.5% and Affinity Partners at 1.1%. CEO Andrew Wilson remains at the helm of the maker of EA Sports FC, Battlefield, The Sims, and Apex Legends.

Why it matters for allocators: This deal crystallizes a powerful trend — sovereign wealth funds partnering with established PE/tech investors to acquire world-class IP at scale. The transaction dwarfs the previous LBO record and signals that the take-private playbook now extends to the very largest public companies. For LPs evaluating co-investment opportunities, the convergence of sovereign capital, private equity expertise, and trophy assets creates a new category of mega-deals that may redefine return expectations for the largest allocations.

Major Private Equity Deals 2026: Transactions This Week

Kuwait Oil Pipeline — $16B Infrastructure Partnership

Blackstone, Brookfield, and KKR signed a historic $16 billion lease-and-lease-back agreement with Kuwait Oil Company covering the nation's entire domestic and export pipeline network — approximately 320 kilometers across 13 pipelines. Each firm holds an equal share of a 49% stake in the newly formed JV, while KOC retains 51% and full operational control over a 20.5-year term. The deal, dubbed "Project Peregrine," generates $7.85 billion in upfront proceeds for Kuwait and represents the country's largest-ever foreign direct investment. The volume-based tariff structure provides inflation-linked cash flows for infrastructure-focused portfolios.

Brookfield Acquires Aypa Power — $7B Energy Storage Play

Brookfield agreed to acquire Aypa Power from Blackstone Energy Transition Partners for approximately $7 billion enterprise value ($3 billion equity). Aypa is North America's largest standalone battery storage developer, with 6.5 GW of operating, under-construction, and contracted capacity across the US and Canada, plus a 20+ GW development pipeline spanning 70+ utility-scale projects. The portfolio is 95% contracted under long-term agreements with investment-grade counterparties, carrying an average remaining term of 17 years. Brookfield is deploying capital through its second flagship global transition fund alongside institutional co-investors.

Grant Thornton Acquires CBIZ — $5B Professional Services Consolidation

Backed by New Mountain Capital, Grant Thornton entered a definitive agreement to acquire CBIZ in a $5 billion all-cash transaction ($55.00 per share, a 54% premium to the 30-day VWAP). The combined entity will become the fifth-largest US provider of professional services, tax, and advisory with over $5 billion in annual domestic revenue. This is the largest deal of its kind in over 25 years and continues the PE-backed roll-up of the professional services sector. CBIZ's go-shop period runs until August 27.

L Catterton Exits Thorne to P&G — $3.8B at ~6x Return

L Catterton agreed to sell Thorne, a science-backed health and wellness brand, to Procter & Gamble for $3.8 billion in cash. The exit delivers an approximately sixfold return on L Catterton's October 2023 take-private at $680 million. Thorne's revenue surpassed $500 million in 2025, driven by the consumer shift toward clinical-grade, proactive health products. Expected to close Q4 2026.

Allocator takeaway: A textbook PE value creation story — buy a differentiated consumer health platform, scale revenue through the D2C channel, and exit to a strategic at a premium. This validates the consumer wellness thesis for growth-oriented PE strategies.

Partners Group Takes Majority Stake in AVK — $1B+ Data Center Power

Partners Group committed over $1 billion to acquire a majority stake in UK-based AVK Power Solutions, the company's first external funding in 36 years. AVK designs, installs, and maintains back-up power generators and bespoke behind-the-meter energy infrastructure for data centers. The investment will fund expansion of on-site power infrastructure under an energy-as-a-service model, capitalizing on the explosive growth of AI-driven computing demand.

Wynnchurch Capital Takes Luxfer Private — $463M Industrial Play

Wynnchurch Capital agreed to acquire Luxfer Holdings in a $463 million all-cash take-private ($17.37 per share). Luxfer is a global manufacturer of advanced materials and gas cylinders serving aerospace, defense, and other mission-critical end markets. Wynnchurch plans to invest in innovation, operational excellence, automation, and capacity expansion across both of Luxfer's segments, with complementary M&A on the horizon. Expected close by year-end 2026.

Fundraising & Strategic Moves

KKR Closes Record $19.2B Infrastructure Fund

KKR closed Global Infrastructure Investors V at $19.2 billion, its largest infrastructure fund ever. The Core+ strategy targets critical infrastructure in North America and Western Europe, with over $9 billion already committed across assets including FiberCop, Sempra Infrastructure, and Gulf Data Hub. KKR's infrastructure platform now manages approximately $120 billion in equity, up from $13 billion in 2019.

Allocator takeaway: The fundraise reflects institutional LPs' conviction that infrastructure — particularly digital and energy transition assets — offers resilient, inflation-linked returns. The 7x growth of KKR's infrastructure AUM in seven years underscores the structural reallocation underway.

Pantheon Closes $3.2B Co-Investment Fund

Pantheon closed its Global Co-Investment Opportunities Fund VI at $3.2 billion, a 33% increase over the prior vintage and the firm's largest dedicated co-investment program. The strategy focuses on mid-market companies in non-bank financials, industrials, and technology, deploying approximately $1.3 billion across 30 deals in 2025. Co-investment continues to gain traction as LPs seek lower-fee direct exposure alongside proven GPs.

Thoma Bravo / WWEX-Auctane Logistics Merger Nears Close

Thoma Bravo's acquisition of WWEX Group and planned merger with Auctane (ShipStation, Stamps.com, Metapack) to create a global logistics and shipping technology platform is progressing toward close. WWEX serves over 130,000 customers and moves 70+ million shipments annually. The combined entity will offer end-to-end parcel, freight, and e-commerce fulfillment capabilities. Thoma Bravo is acquiring WWEX from CVC, Providence Equity Partners, and Ridgemont Equity.

Week in Numbers

$55B — EA take-private closes — largest LBO in history, backed by PIF, Silver Lake, and Affinity Partners

$19.2B — KKR Infrastructure Fund V final close — record for a Core+ infrastructure vehicle

$16B — Kuwait oil pipeline JV — Blackstone, Brookfield, KKR consortium; Kuwait's largest FDI ever

~6x €” L Catterton's return on Thorne in under 3 years, sold to P&G for $3.8B

$7B — Brookfield's acquisition of Aypa Power — largest standalone battery storage deal in North America

$3.2B — Pantheon's co-investment fund close — 33% larger than prior vintage

Our Take: What to Watch

1. Sovereign-PE convergence is rewriting the mega-deal playbook. The EA transaction demonstrates that sovereign wealth funds are no longer passive LPs — they are lead principals in the largest buyouts ever attempted. PIF's 93% ownership stake is qualitatively different from a traditional LP commitment. Allocators should evaluate whether their PE exposure captures this new deal archetype or remains anchored to conventional fund structures.

2. Infrastructure and energy transition are absorbing record capital. Between the Kuwait pipeline JV ($16B), Brookfield's Aypa acquisition ($7B), KKR's fund close ($19.2B), and Partners Group's AVK investment ($1B+), over $43 billion in capital was deployed or raised for infrastructure and energy assets in a single week. The asset class is transitioning from a niche allocation to a core portfolio building block, particularly for investors seeking inflation protection and long-duration cash flows.

3. PE exits via strategic acquirers are gaining momentum. L Catterton's Thorne sale at ~6x in under three years, Grant Thornton's $5B CBIZ acquisition backed by New Mountain — these exits suggest that corporate buyers with strong balance sheets are willing to pay full premiums for scaled, differentiated platforms. For allocators in PE secondaries and co-investment programs, the exit environment is materially improving after a sluggish 2024-2025 period.

Sources

EA Announces Completion of Acquisition — BusinessWire, August 4, 2026

Kuwait Oil Company Signs $16B Infrastructure Partnership — Blackstone Press Release, July 25, 2026

Brookfield to Acquire Aypa Power for $7 Billion — Mercom Capital Group, July 24, 2026

Grant Thornton to Acquire CBIZ for $5 Billion — Journal of Accountancy, July 29, 2026

L Catterton Announces Sale of Thorne to P&G for $3.8 Billion — PR Newswire, August 4, 2026

Partners Group Takes Majority Stake in AVK — Bloomberg, August 6, 2026

Wynnchurch Capital to Acquire Luxfer Holdings — Yahoo Finance, July 27, 2026

KKR Closes $19.2 Billion Infrastructure Fund — Pensions & Investments, August 3, 2026

Pantheon Closes $3.2 Billion Co-Investment Fund — BusinessWire, July 30, 2026

Thoma Bravo to Acquire WWEX Group — PR Newswire, March 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.