Talon.One, a German promotions software company, showing buyers will still pay up for specialized tools that deepen their products. And in data centers, Bain Capital, a private equity firm, is looking to sell at least 40% of Bridge Data Centres at an implied valuation of about $5 billion, as investors circle the “picks-and-shovels” of artificial intelligence and cloud computing.
Why should I care?
For markets: Infrastructure money is back, but it’s picky.
A run of stake sales suggests investors are reopening their wallets for cash-generative assets that are hard to replicate – especially in power networks, data centers, and operating renewables. Czech utility CEZ is preparing to separate non-generation assets and sell up to 49% of the new unit, partly to fund the Czech government’s goal of taking full control of power production. Spain’s Acciona Energia drew multiple early-stage offers for operating wind farms, a sign that buyers still like finished projects even if they’re more cautious about funding new builds. But when sellers limit access to information, processes can still fall apart fast.
The bigger picture: Ownership is turning into a policy lever.
Governments are shaping “who owns what,” not just through regulation but through direct transactions. Privatizations like TAP and state-led restructuring like CEZ’s plan can override pure price signals, because strategic assets matter for energy security and jobs. At the same time, companies are using deals to simplify and cut costs, which can bring layoffs and political pushback. The next merger-and-acquisition cycle looks less like a growth party and more like a tug-of-war over critical assets.