Newsletter Edition 89
Oct 30, 2025
Nordic Capital and Astorg to Sell Clario to Thermo Fisher for $8.9bn
Nordic Capital and Astorg have agreed to sell their co-controlling stakes in Clario, a leading provider of digital endpoint solutions for clinical trials, to Thermo Fisher Scientific in an all-cash transaction valued at around $8.9 billion.
The deal also includes exits for Novo Holdings and Cinven, marking what is believed to be the largest full healthcare private equity exit globally in 2025.
Headquartered in Philadelphia, Clario supports the design and execution of clinical trials across the pharmaceutical, biotechnology, and medical device sectors. The company’s platform has powered more than 30,000 clinical trials and supported 70% of FDA and EMA new drug approvals over the past decade.
Clario was created through the 2021 merger of ERT and Bioclinica, and has since expanded via strategic acquisitions, including WCG’s eCOA business and NeuroRx in 2025. Under private equity ownership, Clario’s revenue has doubled to about $1.2 billion, driven by strong organic growth, operational improvements, and investments in AI-enabled solutions.
The transaction is expected to close by mid-2026, pending customary regulatory approvals. Jefferies and Evercore acted as financial advisors to Clario, with additional support from Morgan Stanley, JP Morgan, UBS, Goldman Sachs, and Bank of America Securities.
https://app.mergerlinks.com/transactions/2025-10-29-clario-ert/dealmakers?email=%5B%email%%5D
Francisco Partners to Acquire Jamf in $2.2bn Take-Private Deal
Francisco Partners has agreed to acquire Jamf (NASDAQ: JAMF), the Minneapolis-based software company that specialises in managing and securing Apple devices across enterprise, education, and government environments, in an all-cash transaction valued at approximately $2.2 billion.
The deal represents a 50% premium to Jamf’s 90-day volume-weighted average share price prior to 11 September 2025. Upon completion, Jamf will become a privately held company, maintaining its brand and headquarters in Minneapolis. The company’s board of directors has unanimously approved the transaction, which is expected to close in the first quarter of 2026, subject to regulatory and stockholder approvals.
Vista Equity Partners, which currently holds a 34% stake in Jamf, will exit its investment once the deal is finalised.
“Going private with Francisco Partners provides greater financial flexibility and strategic alignment to accelerate growth, expand through innovation and M&A, and strengthen our market leadership,” said John Strosahl, CEO of Jamf.
Francisco Partners said it sees “tremendous opportunity” to expand Jamf’s platform and enhance its suite of secure products for Apple enterprise deployments.
Financially, Jamf expects its Q3 2025 results to exceed the high end of guidance, with revenue projected between $176 million and $178 million and non-GAAP operating income of $41.5 million to $42.5 million.
Citi acted as exclusive financial advisor to Jamf, with Kirkland & Ellis LLP providing legal counsel. RBC Capital Markets served as lead advisor to Francisco Partners, supported by Goldman Sachs, Deutsche Bank, and Simpson Thacher & Bartlett LLP.
EQT Tables $3.4bn Takeover Bid for Australia’s AUB Group
EQT AB, one of Europe’s largest private equity firms, has made a takeover approach for AUB Group (ASX: AUB), valuing the Australian insurance broking and risk services provider at approximately AUD5.25 billion ($3.41 billion), according to a report by Reuters.
Under the proposal, EQT is offering AUD45 per AUB share, representing a 25% premium to the company’s most recent closing price and exceeding an earlier indicative bid of AUD43 per share. In response, AUB has granted EQT six weeks of exclusive due diligence, starting 8 October, under a confidentiality and exclusivity agreement.
News of the approach sent AUB shares to record highs, climbing as much as 11% to AUD39.95, though still below the offer price. The Sydney-based firm has underperformed domestic rival Steadfast Group over the past year, with its stock trading mostly flat despite solid institutional support.
Major shareholders include First Sentier Investors and Capital World Investors, while Odyssey Investment Partners — a US private equity firm — reduced its holding by nearly AUD277 million in 2024.
For EQT, the offer underscores its ambitions in the Asia-Pacific region, where it has been expanding its footprint through strategic acquisitions. The Swedish buyout giant has also recently been linked to a potential bid for Perpetual’s wealth management and corporate trust divisions.
If successful, the AUB transaction would mark one of the largest private equity takeovers in Australia’s financial services sector in 2025.
https://www.privateequitywire.co.uk/eqt-tables-bid-for-australias-aub-group-at-3-4bn-valuation/