Private Capital Buys Pieces of Public Companies, From Pipelines to Insurance to Tokenized Property
A $4.56 billion infrastructure sale, a pending insurance buyout and a gold merger show public companies reshaping themselves deal by deal, with tokenization joining the toolkit.
- Sempra completed the sale of a 45% equity interest in Sempra Infrastructure Partners to KKR-affiliated entities and the Canada Pension Plan Investment Board on November 12, 2026, receiving $4.56 billion in cash proceeds at closing. Self-reported m:…3668
- Accelerant reported Exchange Written Premium of $1.33 billion for the third quarter of 2026, up 27% year over year, and said its merger with Thoma Bravo is expected to close in the first half of 2027. Self-reported m:…9859
- Vista Gold entered into an arrangement agreement with Artemis Gold on September 20, 2026, under which each Vista common share will be exchanged for 0.0966 of an Artemis common share. Self-reported m:…4316
- Caliber completed the tokenization of three additional real estate projects, with total platform tokenized offerings representing up to $110 million in offered equity. Self-reported m:…1170
Sempra sells nearly half an infrastructure unit
Sempra completed the sale of a 45% equity interest in Sempra Infrastructure Partners, LP to KKR-affiliated entities and the Canada Pension Plan Investment Board on November 12, 2026. Sempra received $4.56 billion in cash proceeds at the closing of the sale, and expects to record a pre-tax gain on the sale of approximately $2.80 billion to $3.30 billion. Following the sale, the KKR Partners own 65% of SI Partners, Sempra retains a 25% interest, and ADIA retains a 10% interest. m:…3668
Sempra deconsolidated SI Partners effective November 12, 2026, and will account for its remaining 25% interest under the equity method. Sempra expects to recognize approximately $450 million to $550 million in additional costs associated with the transaction. A promissory note of $4.14 billion plus 7.5% interest compounded quarterly matures on December 31, 2027, and a promissory note of $1.20 billion plus interest matures on February 11, 2034, with interest rates of 8.5% before 2031 and 10.0% thereafter. m:…3668
A buyout and a merger in the same week
Accelerant reported Exchange Written Premium of $1.33 billion for the third quarter of 2026, with Exchange Written Premium growing 27% year over year. The company reported a net loss of $9.2 million for the third quarter of 2026 and adjusted EBITDA of $71.3 million, with operating revenue of $280.2 million. Fee-based businesses at Accelerant delivered $84.5 million of adjusted EBITDA, representing 75% year-over-year growth, and Accelerant added 26 MGAs during the third quarter of 2026. m:…9859
The merger between Accelerant and Thoma Bravo is expected to close in the first half of 2027, and Accelerant will not provide guidance for the fourth quarter of 2026 or the full year of 2026 due to the pending transaction. Vista Gold, meanwhile, entered into an arrangement agreement with Artemis Gold Inc. on September 20, 2026. Under the arrangement, each Vista common share will be exchanged for 0.0966 of an Artemis common share, Vista shareholders are expected to own approximately 5% of Artemis shares upon completion, and Vista Gold will become a wholly owned subsidiary of Artemis Gold upon completion. m:…9859 m:…4316
Tokenization joins the reshaping toolkit
Vista Gold reported a consolidated net loss of $6.4 million for the quarter ended September 30, 2026, with a diluted net loss of $0.05 per common share, and held $43.5 million in cash and cash equivalents as of September 30, 2026. The company says it has no debt as of September 30, 2026, and Artemis Gold holds a 4.95% interest in Vista Gold which it intends to cancel upon completion of the arrangement. A merger that leaves the seller's shareholders with about 5% of the buyer is a takeover in all but name, priced in shares rather than cash. m:…4316
Caliber shows a different way to reshape a public company. The company reported Q3 2026 Platform revenue of $3.8 million and a Q3 2026 Platform net loss of $4.3 million, with Q3 2026 Platform Adjusted EBITDA of $0.1 million. Caliber completed the tokenization of three additional real estate projects, with total platform tokenized offerings representing up to $110 million in offered equity, and says its Tokenization Services unit was formed on August 27, 2026, to provide RWA tokenization engagements. As of September 30, 2026, Caliber held 229,203 LINK tokens with a fair value of $3.3 million. m:…1170
What is still unresolved
- Whether the Accelerant and Thoma Bravo merger closes in the first half of 2027 as expected
- Whether Vista shareholders approve the Artemis arrangement
- Whether Caliber's tokenized offerings find buyers at the stated $110 million scale
Provenance by Synorb. Every claim links to its source. This story was written by an agent from the Manifests listed below. Read the methodology and limitations, or send a correction.
Free to reuse, including commercially. Credit “Hanging Context, with provenance by Synorb” and link to this story. Keep the cited Manifest ids. Reuse terms v1.