KKR & Co. Inc.

Industrial Physics, the global packaging, material, and coating test and measurement group backed by KKR-affiliated investment funds, has acquired Vitrek, a US-based provider of electronic test and precision measurement equipment, from Branford Castle Fund, LP. Vitrek, which includes the Vitrek, MTI, and GaGe brands, makes electrical safety testing equipment, power analyzers, engine vibration balancing systems, and precision measurement instruments for aerospace, defense, semiconductor, and medical device customers. The acquisition extends Industrial Physics' reach into mission-critical testing markets, and KKR will extend its broad-based employee ownership program to all Vitrek employees. Financial terms were not disclosed, and the transaction closed upon signing.

Nvidia has announced partnerships with Apollo, Blackstone, BlackRock, Brookfield, Goldman Sachs, and KKR to launch compute financing platforms aimed at raising over $500 billion for AI infrastructure, with CEO Jensen Huang saying Nvidia could backstop up to $125 billion, or 25%, of potential deals. Blackstone President Jon Gray said on CNBC that AI compute will be seen as a financeable asset class, similar to how mortgage lenders assess homes. The move comes amid rising skepticism about AI spending, and Nvidia shares fell after the deal was first reported, erasing more than $70 billion in market value. Blackstone, one of six partners, has seen AI compute demand across its portfolio companies surge sevenfold this year and has prior experience financing AI infrastructure for companies like Anthropic. BlackRock CEO Larry Fink compared this moment to the creation of mortgage-backed investments in the 1970s, but commentators have flagged circular financing concerns, and Moody's has warned that heavy capex is squeezing free cash flow and pushing tech giants toward more debt.

Two parties have started formal due diligence on Qiagen as part of the molecular diagnostics provider's strategic review, with a sale price of around $50 a share being discussed. The due diligence began last week, according to a CTFN report citing people familiar with the matter, though the parties could still walk away without making an offer and Qiagen could remain standalone. The report follows Qiagen's announcement that Jonathan M. Pratt was appointed CEO effective September 1, and Bloomberg reported that private equity firms EQT AB and KKR & Co. are among those exploring offers. Qiagen CEO Thierry Bernard said in March the company was working with Moelis & Co. and Goldman Sachs to review strategic alternatives.

KKR has signed definitive agreements to acquire Japanese beauty and lifestyle brand platform Ci FLAVORS Co., Ltd. from its existing shareholders, including consumer investment firm L Catterton, founder Yusaku Horiuchi, eBeauty Group, and Yanagi Capital Partners. Yusaku Horiuchi and CEO Yoshiaki Okura will both be investing alongside KKR in the transaction. Founded in 2011, Ci FLAVORS operates a diverse personal care portfolio, including popular haircare and skincare brands such as &honey, 8 THE THALASSO, unlabel, THERATIS, and MOROCCAN BEAUTY, spanning D2C, OEM manufacturing, retail, and global supply chains. KKR is executing the investment through its flagship Asia Pacific private equity strategy to accelerate the company's domestic footprint and expanding overseas presence across Asia and North America. Financial terms were not disclosed.

Australian insurance broker Steadfast has entered into a $5.51bn (A$7.7bn) buyout agreement with a consortium comprising Amwins Group, Dragoneer Investment Group and KKR. Under the scheme implementation deed, Starboard BidCo will acquire all outstanding Steadfast shares for A$6 each in cash, subject to adjustment for permitted dividends. The offer represents a 51.9% premium to Steadfast's closing price of A$3.95 on 9 June 2026, and places the deal's enterprise value at approximately A$7.7bn. Steadfast's board has unanimously endorsed the scheme, and completion is expected by December 2026, subject to shareholder and regulatory approvals.

Nvidia is set to report second quarter earnings, with Wall Street expecting adjusted earnings per share of $2.09 on revenue of $92 billion, according to Bloomberg analyst consensus estimates. That would mark a 96% year-over-year jump in overall revenue and a continued quarter-over-quarter acceleration. Data Center revenue is anticipated to top $85.4 billion, up 107%, with hyperscaler revenue expected to reach $43.5 billion and ACIE sales projected to reach $41.7 billion. The report comes as chip stocks struggle to hold gains following July's steep declines over concerns about returns on AI investments. Nvidia also recently announced a $500 billion capital pool with BlackRock, Blackstone, KKR, Apollo, Brookfield, and Goldman Sachs to securitize its GPUs, and is backing SB Energy and OpenAI's efforts to build an 8-gigawatt data center in Ohio with up to $150 billion.

Stripe announced a deal to buy AI model gateway and routing platform OpenRouter, with Bloomberg reporting the acquisition consideration could exceed $7 billion though financial terms were not disclosed. Madison Air Solutions agreed to acquire ebm-papst at an enterprise purchase price of $5.4 billion, or $5.0 billion net of future tax savings. Virtu Financial was considering a sale of its agency brokerage and technology division that could be worth up to $3.5 billion to $4 billion, according to people familiar with the matter. An investor group led by affiliates of KKR and Dragoneer Investment Group, plus Amwins Group, agreed to acquire Australian insurance company Steadfast Group for about A$7.7 billion, or US$5.5 billion. Bunker Hill Mining agreed to acquire Silver47 Exploration in an all-stock deal valued at about $163 million, forming a larger U.S. silver and critical minerals producer. Mitsubishi Electric agreed to acquire PCI Energy Solutions, a U.S.-based provider of enterprise software for energy management and optimization, for $1.4 billion. Veralto agreed to acquire Cleanwater1 for $465 million, or about $452 million net of estimated tax benefits, with closing expected in Q4 2026.

Sempra has completed the sale of its Ecogas México natural gas distribution business, generating approximately $500 million in U.S. dollar-equivalent proceeds. The divested network serves over 600,000 residential, commercial and industrial customers across the Mexicali, Chihuahua and La Laguna-Durango regions. The transaction advances Sempra's capital recycling program in support of its record five-year capital plan of approximately $65 billion, with more than 95% of planned investments directed toward regulated utility infrastructure. The Ecogas sale complements an agreement to sell a 45% equity interest in Sempra Infrastructure Partners to affiliates of KKR, which is expected to close in the third quarter of 2026. Together, these transactions are expected to support investments in Texas and California while reducing reliance on future common-equity issuances and supporting credit quality.

KKR has submitted a $9 billion bid to acquire U.S. energy distributor UGI, according to people familiar with the matter. The proposed UGI deal would expand KKR's exposure to U.S. energy infrastructure at a time of rising electricity demand from AI data centers. Separately, KKR has taken a minority stake in Indian ticketing and events platform BookMyShow, increasing its activity in India's live entertainment market. KKR is a US-based private equity and real estate investment firm with a market cap of about $96.2 billion.

KKR has signed a memorandum of understanding with NVIDIA to form an independent compute financing platform, part of a broader alliance with five other global financial institutions aiming to mobilize over US$500 billion of third-party capital for AI infrastructure. The partnership underscores KKR's push into large, long-duration infrastructure and asset-based finance, following its role in the Kuwait Oil Company US$16 billion pipeline lease-and-lease-back. Analysts note the deal could deepen KKR's fee-related earnings but also increase exposure to complex, capital-intensive assets. KKR's narrative projects $13.7 billion revenue and $5.4 billion earnings by 2028, implying a 13.9% yearly revenue decline and an earnings increase of $3.4 billion from $2.0 billion today.

KKR & Co. Inc. reported assets under management of $796 billion as of June 30, 2026, putting the firm on track toward its $1 trillion AUM target by 2030. The company's AUM spans Credit & Liquid Strategies, Private Equity, and Real Assets, with a compound annual growth rate of 18% from 2010 through the second quarter of 2026, while management fees grew at a 25% CAGR from 2020 through the second quarter of 2026. Strategic acquisitions, including the May 2026 purchase of Arctos Partners and the July 2025 majority stake in HealthCare Royalty Partners, which added nearly $3 billion to AUM, are supporting expansion. However, concerns about private credit, weaker investor sentiment, and rising redemptions could moderately restrain near-term fundraising. KKR's shares have gained 16.6% in the past three months, outperforming the industry's 8.6% rise, and the company currently carries a Zacks Rank #3 (Hold).

KKR has signed definitive agreements to acquire a minority stake in BookMyShow, one of India's leading entertainment destinations. The investment will support BookMyShow's next phase of growth as it scales its live entertainment business and deepens its full-stack offering across India. BookMyShow, established in 2007, has evolved from a ticketing platform into a full-stack entertainment company, with its live entertainment division BookMyShow Live operating across talent and IP acquisition, production, promotion, partnerships, and audience development. The transaction is subject to customary regulatory approvals, and additional details were not disclosed.

Earn Your Leisure hosts Rashad Bilal and Troy Millings framed NVIDIA's $500 billion AI investment partnership with Apollo, Blackstone, BlackRock, Brookfield, Goldman Sachs and KKR as 'almost like a digital infrastructure bill,' signaling private capital now backs AI buildout. Jensen Huang cited $1 trillion in Blackwell and Rubin revenue visibility through 2027, and he projected AI infrastructure spending at $3 to $4 trillion annually by decade's end. NVDA carries 58 Buy ratings and an 85% Polymarket probability of a new all-time high, but 27 recent insider transactions trend toward net selling.

The US Securities and Exchange Commission has issued new guidance supporting debt financing to accelerate data center construction for artificial intelligence growth. Nvidia is leading the way with an agreement worth more than 500 billion dollars alongside major private equity firms such as KKR and Apollo to create a new asset class for computing power. The SEC guidance states that certain data center-related debt instruments will be exempt from securitization rules under the Dodd-Frank Act, allowing project developers to reduce the equity capital required for each project. Lawyers and financial advisers believe the guidance will significantly spur innovation in securitizing data center revenue streams in US capital markets.

Nvidia CEO Jensen Huang unveiled a $500 billion AI data center financing plan on August 10, standing alongside leaders from Goldman Sachs, BlackRock, Blackstone, KKR, Apollo, and Brookfield. The group says it will raise the funds, and potentially more, from outside investors to build new AI data centers. KKR's head of digital infrastructure, Waldemar Szlezak, described the shift as a revenue stream. Nvidia previously announced a plan to invest up to $100 billion in OpenAI for data centers needing 10 gigawatts of power, but that investment never fully materialized. No money has been raised yet, only memos of understanding between the firms.

Nvidia's $500 billion infrastructure financing platform is set to support the AI investment boom. The deal involves Apollo, BlackRock, Blackstone, Brookfield, Goldman Sachs, and KKR & Co. mobilizing over $500 billion of third-party capital for AI infrastructure buildout. Nvidia will act as a marketplace, helping customers access compute at scale and build DSX AI factories. Goldman Sachs notes corporate profit margins have climbed rather than eroded, distinguishing the current AI boom from the dotcom bubble. Nvidia reported FY26 revenue growth of 65% year-over-year to $215.9 billion and operating cash flow of $102.7 billion.

Nvidia is taking on a new role as the lender of last resort for AI infrastructure by offering seller financing to its biggest clients, according to a discussion on the All-In podcast. Fund manager Gavin Baker of Atreides Management said Nvidia is becoming the central bank of AI, setting terms such as residual value guarantees and revenue shares while private capital from firms like Goldman, KKR, and Blackstone does the underwriting. The arrangement lets hyperscalers and neoclouds borrow to buy GPUs and repay lenders from rental or inference revenue, with Nvidia's guarantee on residual value after three to four years making GPUs financeable like aircraft. Baker said this is asset-backed lending against real cash flows, not circular financing, and compared it to mortgage-backed securities. He warned the thesis could break if an oversupply of compute emerges, similar to dark fiber after the dot-com bust, but said regulatory friction on data-center buildout reduces that risk.

Intel priced an upsized $20 billion public stock offering this week, selling over 210 million shares at $95 each and expecting net proceeds of about $19.7 billion to fund AI-related growth opportunities. Super Micro Computer closed 19% higher on Wednesday after issuing fiscal first-quarter guidance well above Wall Street forecasts, while Lumentum rose 14% on strong fiscal fourth-quarter results and outlook. Workday jumped nearly 18% on Thursday after Reuters reported private equity firm Silver Lake is in talks to buy the software company, with Needham analysts estimating a potential takeover price of $240 to $250 per share. NVIDIA confirmed it is working with a consortium of lenders including Apollo Global Management, Blackstone, BlackRock, Brookfield, Goldman Sachs, and KKR to raise $500 billion for AI infrastructure, signing a memorandum of understanding to establish first-of-their-kind compute financing platforms at global scale. AMD filed a mixed shelf debt offering that could raise up to $5 billion in four tranches, and Argus upgraded Sandisk to Buy from Hold with a $1,600 price target.

NVIDIA CEO Jensen Huang announced a financing framework with Apollo, BlackRock, Blackstone, Brookfield, Goldman Sachs, and KKR to mobilize more than $500 billion in third-party capital for AI factory buildouts. Huang stated that GPU compute has become bankable infrastructure, with one-year H100 rental rates rising from roughly $1.70 per GPU-hour in October 2025 to $2.35 by March 2026, and B200 Blackwell cloud pricing ranging from about $5.30 to $7.05. NVIDIA may provide residual-value support covering up to 25% of an opportunity. Amazon shares fell 2.4%, Microsoft dropped about 1%, and Alphabet lost nearly 2% as the capital pool could empower neoclouds and frontier labs to challenge hyperscalers, which are already tracking combined 2026 capital spending near $745 billion. CoreWeave, in which NVIDIA holds a $2 billion equity stake, saw its shares rise 1% after reporting first-quarter revenue growth of 111.6% year over year and a backlog of nearly $100 billion.

U.S. stock futures were little changed early Tuesday as investors weighed renewed Middle East tensions, higher oil prices, and AI sector developments ahead of key inflation data. Dow futures slipped 51 points, or 0.1%, while S&P 500 and Nasdaq 100 futures were broadly flat. President Donald Trump rejected Iran's demand for reparations, dimming prospects for a peace deal and keeping the Strait of Hormuz effectively closed, which pushed Brent crude up 1.8% to $89.34 a barrel. Intel raised $20 billion through an upsized share offering priced at $95 per share, a 2.6% discount, selling 210.5 million common shares with a 30-day option for underwriters to buy up to 31.6 million more. Riot Platforms surged over 20% in extended trading after Bloomberg reported that Anthropic signed a $9.1 billion long-term deal for 191 megawatts of computing capacity at Riot's Texas campus, with potential total sales reaching $16.1 billion if extension options are exercised. Nvidia confirmed an AI infrastructure initiative with Apollo, BlackRock, Goldman Sachs, and KKR to mobilize over $500 billion in third-party capital, though its shares fell more than 2%. The Reserve Bank of Australia unanimously held its benchmark rate at 4.35%, as expected, but cautioned that elevated inflation and higher fuel prices from the Iran conflict could keep further hikes in play.

A consortium of Apollo Global, Blackstone, BlackRock Global Infrastructure Partners, Brookfield Asset Management, Goldman Sachs, and KKR is assembling a $500 billion funding package in partnership with Nvidia to underwrite artificial intelligence infrastructure. The capital will cover chips, power generation, and data centers, marking a shift toward treating compute capacity as a long-term utility. The group brings together firms managing trillions in combined assets, including Blackstone with over $1 trillion and Brookfield with over $900 billion. The move follows earlier phases of AI financing, from single-company special purpose vehicles to tech-company networks, and now to institutional-grade consortiums. The deal was first reported by the Financial Times and confirmed by Reuters, though specific terms and the debt-equity mix remain undisclosed.

Eli Lilly, Novo Nordisk, and Pfizer were among the notable healthcare companies reporting quarterly results this week. Eli Lilly posted better-than-expected second-quarter results driven by its GLP-1 drugs, with revenue of $23 billion beating consensus by $2.3 billion, and raised its full-year revenue guidance to a range of $85.0 billion to $87.0 billion, though the midpoint fell short of the $85.4 billion consensus. Novo Nordisk lifted its full-year outlook for the second time this year on GLP-1 strength, now expecting sales and operating profit to decline by no more than 6% at constant exchange rates, but its U.S.-listed shares fell as much as 6%. Pfizer topped second-quarter expectations with adjusted earnings per share of $0.77 and revenue of $15.03 billion, and raised its full-year revenue guidance by $500 million at the midpoint to $60.5 billion to $62.5 billion. Merck also reported better-than-expected second-quarter results and raised its full-year revenue guidance to $66.3 billion to $67.3 billion, but lowered its adjusted earnings per share forecast to $2.66 to $2.76, below the $2.76 consensus, due to charges from its Terns acquisition. Bristol-Myers Squibb fell after a Reuters report said there are no discussions with AstraZeneca about a potential deal, contradicting earlier reports of preliminary merger talks. Integer Holdings agreed to be acquired by KKR in an all-cash deal valued at approximately $5.7 billion, with stockholders receiving $127.00 per share. The S&P 500 Health Care Index Sector gained 1.92% during the week, with Charles River Laboratories and Veeva Systems among the top gainers, while DaVita and Insulet were among the top losers.

Blackstone, alongside Brookfield and KKR, has entered a $16.00 billion lease-and-lease-back joint venture with Kuwait Oil Company covering its entire domestic and export pipeline network. The deal adds long-term, tariff-based infrastructure exposure at scale for Blackstone. Separately, Blackstone's private credit arm is reportedly in talks to acquire HSBC's A$30.00 billion Australian loan portfolio, and its vehicles joined a $2.00 billion funding round for AI data center company Firmus. These moves underscore Blackstone's strategy of pairing energy infrastructure with private credit and AI-related data center financing.

Vistra Corp reported second-quarter 2026 adjusted EBITDA of $1.767 billion, a more than 30% increase from $1.35 billion a year earlier, driven by favorable hedging, higher PJM capacity revenues, and contributions from new assets. The Generation segment contributed approximately $994 million, up from $593 million, while the Retail segment delivered approximately $773 million, compared to $756 million in the prior-year period. The company reaffirmed its full-year 2026 adjusted EBITDA guidance of $6.8 billion to $7.6 billion and adjusted free cash flow before growth of $3.925 billion to $4.725 billion, and maintained its 2027 adjusted EBITDA midpoint opportunity range of $7.4 billion to $7.8 billion. Vistra also announced a strategic partnership with KKR, NVIDIA, and the Kuwait Investment Authority to launch the Helix digital infrastructure platform, positioning itself as a preferred power partner for data centers. The Texas data center audit and potential delays in the ERCOT interconnection queue create near-term uncertainty for load growth and project timelines, though the company expects minimal impact on its key projects.

KKR has closed its equity investment in Crowe Advisory LLC, the non-attest services arm of accounting and consulting firm Crowe LLP. The investment, made through funds managed by KKR, underscores the firm's conviction in Crowe's platform and growth potential. Crowe CEO Steven Strammello said the partnership will enable greater investments in talent, technology, and innovation, expanding the firm's reach and capabilities. Following the transaction, Crowe Advisory LLC will provide tax, advisory, and other non-attest services, while Crowe LLP remains a licensed CPA firm focused on attest services such as audits and reviews.

FS KKR Capital Corp. reported a 2.8% decline in Net Asset Value during its second quarter 2026 earnings call, driven by valuation marks on portfolio names including PRG, ATX, and Wittur. The company reduced its net debt-to-equity ratio to 122%, back within its 1x to 1.25x target range, supported by $1.3 billion in net sales and repayments. Management also sold $500 million in investments to third parties at prices consistent with prior valuations as part of a strategic portfolio rotation toward higher-quality assets. KKR provided a $150 million tender offer and a $150 million convertible preferred stock investment to bolster liquidity, while KKR waived its subordinated income incentive fee for four consecutive quarters, adding $11 million to net investment income this quarter. Non-accruals fell to 3.8% of the portfolio on a fair value basis, aided by the restructuring and removal of Dental Care Alliance and Affordable Care. Net investment income is projected to remain in the 8% to 9% of NAV range for the rest of 2026, and the company plans to complete its remaining $300 million stock repurchase program over 2026 and 2027.

KKR has signed definitive agreements to acquire Medicover India, the hospital operations of Medicover AB. Medicover India operates a multi-specialty network of 24 hospitals with approximately 4,800 beds across South and West India, providing care in over 80 clinical specialties with more than 1,900 doctors. KKR said the investment reflects confidence in India's healthcare ecosystem and aligns with the National Health Policy 2017. The transaction is subject to regulatory approvals, and further details were not disclosed. Medicover AB's stock rose 8.07% to SEK 241.

Rio Tinto’s planned sale of infrastructure assets is attracting interest from major private equity firms including Blackstone, Apollo Global Management, KKR, and Stonepeak, according to The Australian. The deal is expected to total between $2 billion and $3 billion, with Morgan Stanley managing the sale process. The assets span infrastructure holdings in Canada and the Pilbara region of Western Australia, though the final shape of the transaction remains fluid. Regulatory scrutiny in Australia could pose a hurdle for offshore buyers, potentially making the Canadian assets the first to be sold.

KKR has agreed to acquire Integer Holdings in an all-cash transaction valued at approximately $5.7 billion. Under the definitive agreement, an affiliate of investment funds managed by KKR will purchase all outstanding shares of Integer Holdings for $127 per share in cash. The offer represents a 51.8% premium to Integer's closing price on April 29, 2026, the day before the company announced a strategic review, and a 28.8% premium to the 30-day volume-weighted average price as of July 31, 2026. Integer's board unanimously approved the deal and recommends shareholder approval, with completion expected by the end of the year subject to regulatory and shareholder approvals. Upon closing, Integer will become a privately held company and its shares will be delisted from the New York Stock Exchange.

TotalEnergies is acquiring Shell's onshore renewables portfolio in Europe and entering a partnership with KKR that will share ownership of these assets. The deal expands TotalEnergies' presence across several key European markets and is expected to bring its installed or under construction renewable capacity in Europe to nearly 10 gigawatts. The partnership model allows TotalEnergies to originate, operate, and partially recycle assets while maintaining balance sheet flexibility. The transaction aligns with the company's Integrated Power strategy, which focuses on electricity, renewables, and power trading alongside traditional hydrocarbons.

France's CAC 40 index climbed to a five-month high on Monday, rising 119.21 points or 1.4% to 8,628.85, as easing geopolitical tensions and a sharp drop in oil prices boosted risk appetite. U.S. President Donald Trump cancelled planned military strikes on Iran and said there was a good chance of progress in talks, while Brent crude futures fell more than 4.5% from the previous close. Airbus, Safran, Vinci, Bouygues, Dassault Systemes, and ArcelorMittal led gains with increases of 2.5% to 3%, and TotalEnergies fell 2.1% after announcing it would acquire Shell's 4 GW renewables business while selling a 50% stake in a 1.2 GW renewables portfolio to KKR. The S&P Global France Manufacturing PMI fell to 49.8 in July from 51.2 in June, signaling a renewed deterioration in factory activity.

Several major deals were reported this week across sectors. KKR is close to a deal to take medical-device outsourcer Integer Holdings private, sending its shares up 20%. Intercontinental Exchange agreed to acquire fixed-income electronic trading platform MarketAxess Holdings in a transaction valuing its equity at roughly $6.0 billion and total enterprise at $5.7 billion. Grant Thornton Advisors agreed to buy professional services firm CBIZ in an all-cash deal with a $5 billion enterprise value, backed by New Mountain Capital. Koch Inc. is exploring a sale of data center developer Edged that could value it at more than $15 billion. KKR and Energy Capital Partners agreed to acquire Ireland-based energy distributor DCC Energy in a deal valued at about £5.7 billion, with shareholders receiving £65.25 per share in cash plus a final dividend and a potential contingent payment. TransDigm Group agreed to acquire Prince & Izant from Industrial Growth Partners for approximately $1.066 billion in cash. argenx SE will acquire Forte Biosciences for $77 per share in cash, a transaction valued at roughly $2.2 billion, adding a first-in-class anti-CD122 antibody to its immunology portfolio. Ambarella shares surged 19% on a report that NXP Semiconductors is in talks to acquire the chip designer, though a deal is not certain. Curium is in advanced talks to buy radiopharma company Lantheus Holdings for about $102 per share upfront plus $12.50 per share in contingent value rights.