Good morning, Hubsters.
Happy Monday! MK Flynn here in New York with the US edition of the Wire.
It’s a deal-packed start to the week.
Earlier this morning, PE Hub revealed that Baker Hughes is selling a trio of industrial products groups, according to our sources.
In deal announcements, there’s a pair of big private equity deals in the satellite biz.
Also, Mavik and Axar announced the closing of a take-private deal.
And New Mountain Capital announced a transaction in the increasingly active data center arena.
Let’s kick things off with the scoop.
Coming to market
Baker Hughes, a global oilfield services and industrial process company, is expected to launch a sale process for its Druck, Panametrics and Reuter-Stokes industrial product groups in early October, three sources familiar with the matter told PE Hub’s Michael Schoeck.
Upgrade to the premium version of the Wire to learn all about the sale process in Michael’s scoop.
Deal of the day
TPG is acquiring AT&T’s remaining 70 percent stake in DirecTV for $7.6 billion, and in a separate deal, DirecTV is buying Dish from EchoStar for a nominal $1, plus the assumption of roughly $9.8 billion in debt.
Premium subscribers will learn more.
Since 2021, DirecTV has operated as a joint venture between AT&T and TPG.
“DirecTV is a pioneer in pay TV, and we are eager to continue to support the company’s innovation of value-oriented streaming and video offerings for consumers,” said David Trujillo, partner at TPG in a statement. “DirecTV will be in a stronger position to reinvigorate its core product offerings and accelerate investment in its next-generation streaming service.”
Gone private
XS Financial today announced the closing of its agreement to be taken private by Mavik Capital Management and Axar Capital Management.
Upgrade to the premium version of the Wire learn more.
Data center deals
Fueled by demand for AI and other data-intensive needs, data centers and the services they require continue to attract private equity investments.
Today, New Mountain Capital unveiled a majority investment in Salute Holdings, a Franklin, Wisconsin-based lifecycle services for the data center industry, for undisclosed terms.
Subscribers will learn more.
For more on PE Hub’s coverage on related deals, see AI drives demand for data centers: 7 private equity deals.
That’s all for today. I’d love to hear from you at mk.flynn@pei.group.
We’re starting a new rotation on the US Wire this week, with Obey Martin Manayiti moving to Tuesdays, Rafael Canton continuing on Wednesdays, Michael Schoeck continuing on Thursdays and John R Fischer picking up Fridays.
Over on the Europe Wire, Europe editor Craig McGlashan will still come to you on Mondays, Wednesdays and Thursdays; Nina Lindholm will continue to write to you on Tuesdays and Irien Joseph will continue on Fridays.
Happy dealmaking,
MK
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