Weekly Exit – August 2025 | Issue 35

🔥 Top Exits of the Week

• EchoStar → AT&T (Spectrum Licenses) – $23B

• Keurig Dr Pepper → JDE Peet’s – $18.4B

• Walgreens Boots Alliance → Sycamore – ~$10B (Take‑Private)

• Sompo Holdings → Aspen Insurance – $3.5B

• Thoma Bravo → Verint – $2.0B

• DuPont → Arclin (Aramids) – $1.8B

• Harvest Midstream → MPLX Assets – $1.0B

• CrowdStrike → Onum – $290M

💡 Total disclosed exit value this week: ~$60B. Mega-cap strategic moves dominate, while targeted PE and tech deals continue to churn.

Deal Deep Dives

EchoStar → AT&T ($23B, spectrum sale)

• Backstory: EchoStar, facing FCC scrutiny over build-out compliance and looming debt pressure, agreed to monetize its spectrum.

• Trigger: Mounting regulatory pressure and a strategic pivot to settle FCC concerns.

• Why It Matters: Elevates AT&T's spectrum holdings and accelerates its 5G and broadband strategy; EchoStar transitions into a hybrid MNO.

• Lesson: Capex-heavy assets under regulatory stress often find exits via monetization rather than market persistence.

Keurig Dr Pepper → JDE Peet’s ($18.4B)

• Backstory: A merging of two coffee and beverage giants aiming for focused strategic synergies.

• Trigger: Desire to reorganize into separate refreshment and coffee market leaders post-acquisition.

• Why It Matters: Rare blockbuster in CPG — the deal is as much about corporate re-architecture as scale.

• Lesson: “Acquire + split” can unlock hidden value when conglomerate structures suppress multiples.

CrowdStrike → Onum ($290M)

• Backstory: Onum delivers real‑time telemetry pipelines to supercharge SOC data processing.

• Trigger: Need for high‑fidelity, low-latency intelligence feeding AI-powered security operations.

• Why They Paid: Onum provides faster, cheaper telemetry ingestion into Falcon’s Next‑Gen SIEM with real-time optimization.

• Lesson: In AI-driven security, the data plumbing layer (not just models) has become mission-critical and acquisitii ve-worthy.

Valuation & Deal Math

• Spectrum Sale: Aligns with regulatory routes and strategic 5G deployment advantage.

• CPG Mega Deal: Premium pricing with carve-out optimism baked in.

• Tech Buys: Smaller checks reflect deliverable infrastructure and tactical enhancements.

Trend: Strategic exits dominate headline value, but PE and tech deals continue to thrive on operational synergies and product-led utility.

Milestone Signals (Not Exits, But Worth Watching)

• Klarna is prepped to launch an IPO roadshow after Labor Day, targeting a $13–14B valuation.

• Phoenix Education Partners (University of Phoenix) filed for a U.S. IPO, highlighting a shift toward profitable ed-tech listings.

• Cybersecurity & Fintech Filings: Netskope, Pattern, and Figure suggest more September offerings across sectors.

Why you care: A crowded Q3/Q4 IPO window brewing—mid-tier tech and fintech could unlock liquidity and exit paths.

Sector Heatmap

🔥 Insight: Giants are gobbling assets, while smaller strategic bets in software and cyber continue to materialize.

Executive & Organization Moves

• Walgreens: Appointed Mike Motz as CEO post-take-private — focus on turnaround.

• Warner Bros.: Named Brad Singer as CFO for studio/stream spin-off — corporate structuring underway.

Signal: Transaction-related C-level hires are the real-time signals of where the playbook pivots.

Private Equity Watch

• Software take-privates like Verint persist, with PE underwriting durability and integration upside.

• Consumer roll-ups in restaurants and retail remain steady.

• Cross-border deals, notably from Japanese buyers, drive outbound PE momentum.

Regulation & Review

• EchoStar Sale: FCC is expected to approve amid U.S. political pressure for deal closure.

• Proxy Hurdles: Some take-privates face investor scrutiny (e.g., TaskUs proxy advisory pushback).

• Defense/Aero Risk: Boeing/Spirit deal timelines and optics warrant caution.

Tip: Regulatory and proxy landscapes are increasingly significant exit friction points—model timelines accordingly.

Exit Prep Tip of the Week

“Unaffected credibility = premium multiple.”
Your valuation relies heavily on how credible your internal forecasts and metrics are. Clean your data definitions, lock consecutive quarters of overperformance, and share a concise value-creation blueprint. Buyers will underwrite that storyline from Day 1.

Market Pulse & Deal Radar

• IPO Queue: Klarna and Phoenix may lead a September listing surge.

• Credit Markets: Stabilizing spreads ease sponsor-to-sponsor buyouts.

• Watchlist: Industrial consolidation, retail brand roll-ups, and mid-cap carve-outs are picking up pace.

Signals Playbook

• Founder Insight: Your moat might be in your data architecture, not just your model. Treat telemetry and pipelines as strategic assets.

• Investor Insight: Look for newly minted CFOs and leadership changes around transactions—they reflect value mapping, not just executive churn.

Resource Spotlight

• Book: Buyout of the Year — rich case studies on integration and value capture.

• Podcast: Explore latest episodes on carve-outs and post-close silent value creation.

• Tool: Revisit your internal “exit readiness” playbook—add sections on telemetry economics if you touch AI or security.

Editorial Closing

This week reinforced the dual lane of exits: mega-caps reshaping markets and tech/software performing precision plays. If you're in the latter, remember—buyers don’t just pay for what you've done, but for what they believe you’ll do next. Nail the narrative, clean the operations, and the multiple will follow.