Newsletter Edition 85
Oct 2, 2025
Axcel Considers €700M Sale of IT Consultancy Emagine
Danish private equity firm Axcel is exploring options for a potential sale of Emagine, the IT consultancy it acquired in 2021, in a deal that could value the business at around €700 million ($826 million), according to Bloomberg.
Axcel has reportedly approached investment banks to pitch for advisory roles, with a formal sale process expected to launch next year. However, sources cautioned that discussions remain preliminary and the firm could still choose to hold the asset longer.
Emagine provides business and technology consulting services to more than 600 clients, primarily in the financial sector, with operations spanning Europe, the UAE, and India.
Founded in 1994, Emagine has grown into a leading provider of IT consultants and project specialists, supporting clients on digital transformation, compliance, and technology strategy.
For Axcel, the potential divestment would mark another exit from its Northern European-focused portfolio. Since its inception, the Copenhagen-based manager has raised eight funds with over €4.3 billion in committed capital, targeting investments across technology, business services, industrials, healthcare, and consumer sectors.
https://pe-insights.com/axcel-considers-e700m-divestment-of-copenhagen-based-consultancy-emagine/
Blackstone, Carlyle and H&F Eye $50B IPO of Medline
Private equity firms Blackstone, Carlyle, and Hellman & Friedman (H&F) are preparing for what could be one of the largest healthcare exits in recent years, as their portfolio company Medline explores a US initial public offering that may value the medical supplies giant at up to $50 billion, according to Bloomberg.
The sponsors, which acquired Medline in a $34 billion leveraged buyout in 2021, are considering a listing that could raise around $5 billion. A filing could come as early as late October, setting the stage for a potential debut in November. Goldman Sachs and Morgan Stanley are leading the underwriting syndicate.
If completed, the float would represent a significant liquidity event in a market where private equity firms have struggled to return capital to investors amid subdued M&A volumes. It would also mark one of the largest healthcare IPOs in US history, underscoring the continued investor appetite for scale players in medical supplies.
Medline, headquartered in Illinois, is a leading manufacturer and distributor of medical products ranging from surgical instruments to personal protective equipment. The company benefits from sticky customer relationships with hospitals and healthcare providers, positioning it as a stable, cash-generative asset.
While discussions are ongoing and deal terms may change, a successful listing would deliver a high-profile realisation for its private equity owners and reinforce the IPO market’s role as a key exit route for mega-buyouts.
Patient Square Capital to Take Premier Private in $2.6B Transaction
Patient Square Capital has agreed to acquire Premier, the North Carolina-based healthcare services firm, in a $2.6 billion all-cash take-private deal, according to Reuters.
Premier partners with hospitals, health systems, and other providers to cut costs and improve patient outcomes through coordinated purchasing of medical equipment and supplies. The company said private ownership would provide greater financial flexibility as the healthcare sector undergoes rapid change.
Under the agreement, Patient Square will pay $28.25 per share, a 9.7% premium to Premier’s last closing price. The transaction follows Premier’s 2023 strategic review and $800 million sale of non-core assets, part of an ongoing effort to streamline its business.
The deal is expected to close in the first quarter of 2026, subject to shareholder and regulatory approvals.