Blackstone explores $3 billion sale of sustainability software firm Sphera, sources say
NEW YORK, April 29 (Reuters) - Blackstone (BX.N), opens new tab is exploring a $3 billion sale of Sphera, a sustainability software and consulting services provider, according to three people familiar with the matter.
The private equity firm has hired investment bankers at William Blair and Evercore to run the sale, which is in its early stages, said the people who requested anonymity speaking about confidential matters.
Chicago, Illinois-based Sphera, provides risk management software as well as data and consulting services to corporations to help them stay compliant with environmental, health, safety and sustainability guidelines and other related matters.
The company has served more than 8,400 customers globally across 95 countries, according to Sphera's website. Some of its global customers include Danone, Siemens, Mercedes-Benz, Wrangler, and others.
Sphera generates over $300 million in annual revenue and more than $100 million in earnings before interest, taxes, depreciation, and amortization (EBITDA), the sources said. The company is expected to fetch close to $3 billion in a potential sale, the people added.
Blackstone planned to shed twice as many portfolio holdings in 2025, compared to last year. However, dealmaking has cooled since the Trump administration sparked a global trade war in early April.
Despite the slowdown in M&A, private equity firms are facing pressure to return capital to their limited partners (LPs), leading to process launches of private equity's most resilient assets.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Scottish Sun
an hour ago
- Scottish Sun
Sir David Murray vows to save Dalzell steel mill as he reveals masterplan
SIR David Murray vowed to be a 'big customer' of Dalzell steel mill if his masterplan to save it becomes reality. The ex-Rangers owner and metal magnate, 73, says he is ready to play a major role in providing Scottish steel for North Sea wind turbines to power the nation's future energy. 4 Sir David Murray vowed to be a 'big customer' of Dalzell steel mill Credit: Andrew Barr 4 The plant in Motherwell is currently mothballed due to cheap Chinese steel imports and a drought in orders Credit: Getty 4 Some 140 workers were furloughed or placed on maintenance duties in April this year Credit: Reuters 4 New Liberty owner Sanjeev Gupta with Nicola Sturgeon Credit: Alan Ewing The plant in Motherwell is currently mothballed due to cheap Chinese steel imports and a drought in orders, with some 140 workers furloughed or placed on maintenance duties in April this year. Sir David has been in talks with Holyrood ministers for a decade over halting the industry's decline. He has now revealed he has held hush-hush negotiations with the UK Government to rescue the mill. His latest intervention comes after PM Sir Keir Starmer and Scottish Secretary Ian Murray blasted SNP ministers in May for allowing the nation's last remaining steel plants — Dalzell and Clydebridge in Cambuslang — to cease production. The Scottish Government orchestrated a takeover of the sites in 2016, putting taxpayers' cash on the line. And Sir Keir insisted last month it was important to 'get those plants up and running again'. Now Sir David has told The Scottish Sun on Sunday: 'There is a lot of political stuff going on over Dalzell. I've been heavily involved in trying to save the plate mill. 'I have spoken to the British Government in the last week and there's a meeting in a few weeks' time. 'The workforce has stayed at home for months and got 80 per cent of their wages. But it could be sorted in a week. We need people in management to work with me. 'I'd be the chairman, I'd help the management, I'd help the business, we'd be a big customer. Former Rangers owner Sir David Murray vows to save Dalzell steel mill with masterplan 'At the time it closed, I was one of its biggest customers. 'At our peak we'd be selling 550,000 tonnes of steel a year. 'That's five Forth rail bridges in weight. Today it's just over one because the fabrication business is diminishing — it's ridiculous that Britain does not have the capacity to roll a steel plate.' Sir David told how there is one mill in the north-east of England which is Ukrainian-owned. He went on: 'The wind turbines being made for the North Sea are much bigger now. 'It's a heavier plate, ideal for Dalzell. There are 50,000 tonnes of steel coming to Teesside this week from Korea to be made into turbines. 'The Scottish Government don't own one wind turbine. Look at the cost of energy. We are buying power from other people who put in these turbines. We need to create growth, jobs and prosperity in this country.' We told last July of fears the Dalzell operation would be mothballed amid a slowdown in work. A report in March by the Community Union, which represents workers at the two plants, said low-cost steel from China and high UK energy prices were hitting British steel production. The union said Dalzell needed investment to become a 'world-leading producer' of a key turbines component. Sir David has long called for an inquiry into the Scottish Government's involvement in the 2016 sale of the Lanarkshire plants to tycoon Sanjeev Gupta and Liberty Steel. The sale was backed by a £7million loan from Scottish Enterprise. MURRAY'S HEART SCARE OP EXCLUSIVE by Rodger Hannah SIR David Murray has lifted the lid on a secret heart op after he was diagnosed with a potentially-fatal medical condition. The businessman fell ill shortly before selling Rangers to Craig Whyte in 2011 — to be told he had an aortic aneurysm. He revealed: 'I was driving home over the Forth Road Bridge and I thought I was having a heart attack. I went into Dunfermline Hospital. I had a scan. It's basically your main blood vessel and the aneurysm makes it expand. 'If it bursts, you've got about half an hour.' Sir David believes the pressure of Rangers' financial issues and the global recession could have contributed to his health scare. He added: 'They told me I needed an operation, which I had in Edinburgh Royal Infirmary. 'I shared the information with Craig Brown a few years ago. 'He had an identical thing. His burst but they managed to get him in on time.' Former Scotland manager Brown needed life-saving surgery in 2020. He told the Scottish Sun at the time: 'They say only about three out of ten survive it.' Brown died in 2023 aged 82. But Sir David claims ministers rejected his rival bid because it was potentially incompatible with state aid rules, and has criticised Mr Gupta's management since. He said: 'Ten years ago, I met the Scottish Government and the First Minister [Nicola Sturgeon]. I put a proposal to them and I was told they couldn't do it because they couldn't give state aid. 'Then they lent somebody else £7million who hasn't paid it back.' Mr Gupta, executive chairman of GFG Alliance which owns Liberty Steel, is being prosecuted by Companies House for failing to file accounts for more than 70 companies listed in Britain. He denies any wrongdoing. Ayr-born Sir David spoke exclusively ahead of this Thursday's July publication of his autobiography 'Mettle: Tragedy, Courage and Titles. He remains chair of his family firm, Murray Capital Group, albeit his son, also David, runs day-to-day operations as managing director. He reveals in his new book that some of his teenage grandkids have already attended board meetings. He added: 'There is an opportunity for young people but you better come to the table with a skill. 'You're not coming, as my great friend Sean Connery said, as a member of The Lucky Sperm Club.' The UK Government confirmed Sir David had met with MP Ian Murray. A source said: 'David Murray has met Ian Murray to discuss his concerns about the Dalzell works being mothballed because the SNP cut a bad deal. We encourage the SNP Government to take advantage of the trade deals the UK Labour Government has cut and the industrial strategy which present a huge opportunity for Scottish steel.' Liberty Steel declined to comment. The Scottish Government said its 2016 intervention 'sustained over 100 jobs at Dalzell and retained steelmaking capacity in Scotland.' Scottish Enterprise confirmed: 'We remain in discussion with Liberty Steel regarding repayment of the loan funding.'
Scotsman
2 hours ago
- Scotsman
Ready for takeoff: PING Group partners with ubloquity to accelerate digital transformation in aerospace and defence
Partnership will create five specialist tech roles and enhance transparency, traceability, and resilience across Northern Ireland and Scotland's aerospace and defence supply chains - a sector generating a combined £9.5 billion in annual turnover. Sign up to our daily newsletter Sign up Thank you for signing up! Did you know with a Digital Subscription to Edinburgh News, you can get unlimited access to the website including our premium content, as well as benefiting from fewer ads, loyalty rewards and much more. Learn More Sorry, there seem to be some issues. Please try again later. Submitting... Headquartered in Northern Ireland with a key site at Edinburgh Airport, PING Group - a leading provider of engineering, supply chain, and technical services to the Aerospace and Defence industry- has appointed ubloquity, a specialist digital identity and distributed ledger technology (DLT) company, to lead its visionary digitaltransformation programme. As part of the partnership, Banbridge-based ubloquity will deliver digital asset identification, authentication and traceability across PING's growing operations, ensuring exceptional efficiency in real-time asset management. A dedicated digital centre of excellence at PING's Belfast International Airport site will accelerate innovation and provide advanced solutions tailored to the evolving needs of its aerospace, defence, and industrial customers. Advertisement Hide Ad Advertisement Hide Ad Jonny McKinney, CEO of PING Group, commented: 'At PING, we believe in combining precision with innovation. Our partnership with ubloquity is a strategic step in future-proofing our business and that of our supply chain. The rollout of next-generation digital infrastructure and asset-level digital passports across landside and airside operations will provide real-time visibility, enhanced security, and end-to-end traceability. This will lay the foundation for more sustainable, transparent, and resilient logistics supply chains. Jonny McKinney, CEO of PING Group and Kieran Kelly, CEO and Founder of ubloquity. 'The creation of a digital centre of excellence enables us to respond to the growing demand for traceability, compliance, and frictionless trade across our sector. We are confident that our partnership with ubloquity will be instrumental in driving our digital journey forward and we look forward to the opportunities ahead.' Kieran Kelly, CEO and Founder of ubloquity, said: 'For ubloquity, this partnership with PING is about backing a premier Northern Ireland business at the heart of airside and landside logistics and storage, supporting their digital transformation and helping to drive adoption across the wider sector. We'll act as an enabler to fast-track digitisation, reduce friction, increase automation, and deliver greater efficiencies across their growing operation.' Using ubloquity's innovative and secure solutions, the digital centre of excellence will focus on creating a digital twin to support traceability across aerospace and defence components, zero-friction supply chain integration, AI and IoT-enabled asset monitoring, and support for export and compliance standards, aligned with international trade requirements and defence frameworks. Advertisement Hide Ad Advertisement Hide Ad The partnership has already gained cross-sector support with Leslie Orr, Director at ADS Northern Ireland, saying: 'Northern Ireland is a centre of excellence foraerospace and defence engineering, and this collaboration between PING and ubloquity strengthens our region's leadership in digital innovation. It supports the sector's move toward intelligent, transparent, and resilient supply chains - an area critical for both national and global competitiveness.' Jonny McKinney, CEO of PING Group and Kieran Kelly, CEO and Founder of ubloquity. As an AWS Partner, ubloquity welcomed support from Fiona Simpson, General Manager at AWS for Ireland/Northern Ireland: 'AWS is committed to supporting digital innovation across the UK and Ireland. We're proud to see partners like ubloquity and PING lead the way in applying secure cloud-native solutions to mission-critical sectors. The creation of a digital centre of excellence aligns with AWS's commitment to enabling scalable, secure, and sustainable technology solutions that drive real-world impact.' ubloquity is also a proud participant in the prestigious Aerospace Xcelerated (AX) programme. Nicola Bates, Head of Aerospace Xcelerated – Boeing, welcomed the partnership, stating:"At Aerospace Xcelerated, we are proud to recognise the PING and ubloquity for their groundbreaking work in digital transformation across the aerospace and defence supply chain. Their innovative approach to digital asset identity and frictionless trade demonstrates exactly the kind of bold thinking and technological leadership we champion. This partnership celebrates their vision, impact, and commitment to driving the sector forward." Advertisement Hide Ad Advertisement Hide Ad This partnership builds on ubloquity's growing track record of delivering digital infrastructure for critical sectors and reinforces PING's mission to become a strategic digital enabler for its customers.
NBC News
4 hours ago
- NBC News
Senate Republicans release 940-page bill for Trump's agenda as they race to vote this weekend
WASHINGTON — Moments before midnight, Senate Republican leaders released text of their 940-page bill on Friday, with the goal of beginning votes on it Saturday. GOP lawmakers are racing to pass the sweeping package for President Donald Trump's agenda by a self-imposed deadline of July 4, but it continues to face hurdles along the way. And it's unclear if Senate Republicans have enough votes to begin debate on it. The legislation would extend the tax cuts Trump signed into law in 2017 and slash taxes on tips and overtime pay. It includes a $150 billion boost to military spending this year, along with a surge of federal money to carry out Trump's mass deportations and immigration enforcement agenda. It partially pays for that with cuts to Medicaid, SNAP and clean energy funding, although the legislation is likely to add to the national debt. It also contains a $5 trillion increase in the debt ceiling ahead of an August deadline to avert a default on the country's obligations. With a 53-47 majority in the chamber, Republicans can afford just three defections on the vote, with no hope of winning Democratic support. Republicans are seeking to pass the bill through the budget reconciliation process, which allows them to bypass the Senate's 60-vote threshold. Senate Majority Leader John Thune, R-S.D., is aiming to hold a first test vote on the mammoth package Saturday but is running into problems from rank-and-file Republicans who are trying to pump the brakes on the process. Sen. Ron Johnson, R-Wis., said during an appearance on Fox News Saturday morning that he would vote against the initial motion to start debate on the bill until he has more time to review it. "We just got the bill, and I got my first copy about 1:23 in the morning, this morning. About 300 provisions, by my count," Johnson said. "We shouldn't take the Nancy Pelosi approach and pass this bill to find out what's in it. We need to know exactly what's in it." Sen. Rand Paul, R-Ky., told NBC News on Friday that he will oppose the bill, but that he would reconsider if Republicans strip out the debt ceiling hike. That is highly unlikely to happen. Paul, the only GOP senator who has voted against the measure throughout all the steps of the process this year, said it is 'much more of a spending bill than a bill that rectifies the debt problem.' The GOP package prohibits Medicaid funding for entities that provide abortion, including Planned Parenthood, seeking to make good on a longstanding conservative priority. But that pursuit has faced opposition from Sens. Susan Collins, R-Maine, and Lisa Murkowski, R-Alaska, so the provision could imperil their votes. Leaving the Capitol Friday night, Thune said he's not certain that Republicans have the votes to advance the measure but that it's time to act. "It's a process and hopefully the votes will be there," Thune said, "but we won't know for sure until we actually have the vote." Even if the package can pass its first hurdle Saturday, it still would have a long way to go. There would be at least 10 hours of debate before senators can start voting on amendments, and Democrats are threatening to force the reading of the entire bill. The House, which passed its own version in May, would need to pass the Senate bill before it heads to Trump's desk. GOP leaders are making daring bet that reluctant members won't vote to scuttle Trump's "big, beautiful bill" when push comes to shove. And they've said they may need to enlist the president to twist arms and sway holdouts. The Senate legislation seeks to resolve a standoff over the state and local tax (SALT) deduction. It lifts an existing $10,000 cap to $40,000 for five years — down from a decade in the House-passed version — before lowering it back to $10,000. That represents a significant concession for blue-state House Republicans who had insisted on solidifying the higher cap. The bill seeks to mitigate the pain of Medicaid cuts on some providers by creating a rural hospital fund worth $25 billion over five years. It includes work requirements and other new rules for recipients to qualify Senate Minority Leader Chuck Schumer, D-N.Y., slammed the bill. "At the behest of Big Oil, in the dead of night, Senate Republicans released a new version of their 'Big, Beautiful Betrayal' that retroactively raises taxes on energy," he said in a statement Saturday. "Republicans want to jack up your electric bills and jeopardize hundreds of thousands of jobs, all so they can give billionaires tax breaks."
