Private equity’s largest exits frequently represent defining moments within their industries, where financial sponsors reshape complex or fragmented businesses into more efficient, higher-margin platforms that strategic acquirers view as critical to long-term growth. The following three transactions, together, are valued at nearly $100 billion, highlighting this dynamic across the data, industrial technology, and telecommunications sectors.
3. Alltel ($28 billion)
Sellers: TPG Capital, Goldman Sachs Capital Partners Buyer: Verizon Wireless
The $28 billion sale of Alltel to Verizon Wireless in 2008 remains one of the landmark telecommunications exits of the pre-smartphone era. TPG and Goldman Sachs had taken Alltel private in 2007 with a strategy centred on consolidating regional telecom operators and improving network efficiency. Within a year, the sponsors negotiated a sale to Verizon, which was seeking to expand its footprint across rural and underserved areas of the United States.
The strategic rationale for the acquisition was significant. Verizon gained approximately 13 million additional subscribers along with valuable wireless spectrum assets, strengthening its competitive position ahead of the nationwide rollout of 4G LTE technology. For the private equity sponsors, the transaction demonstrated the importance of timing, operational scale, and consolidation dynamics within the telecom sector. More broadly, Alltel’s exit illustrated how private equity firms can serve as a bridge between fragmented regional operators and national carriers pursuing expansion through acquisition.
2. TK Elevator ($34 billion)
Sellers: Advent International, Cinven Buyer: KONE Corporation
TK Elevator’s $34 billion exit stands among the largest industrial transactions ever completed. Advent International and Cinven acquired the elevator division of Thyssenkrupp AG in 2020 following a highly competitive auction involving several global bidders. During private equity ownership, TK Elevator invested extensively in smart-building technologies, predictive maintenance systems, and digital service platforms, positioning the company as a leader in next-generation urban mobility solutions.
The strategic rationale behind the acquisition was compelling. KONE, the Finnish elevator and escalator manufacturer, sought greater scale and international reach to strengthen its competitive position against industry leaders such as Otis Worldwide and Schindler Group. TK Elevator’s strong footprint across Europe, North America, and Asia provided immediate geographic expansion while accelerating KONE’s transition toward connected, data-driven building infrastructure solutions.
More broadly, the transaction demonstrated how private equity firms can reshape industrial carve-outs into technology-enabled growth businesses aligned with long-term trends in smart cities, urbanisation, and sustainability.
1. Refinitiv ($37 billion)
Sellers: Blackstone, GIC, CPP Investments | Investissements RPC Buyer: London Stock Exchange Group (LSEG)
The $37 billion sale of Refinitiv to London Stock Exchange Group in 2021 ranks among the largest financial data and analytics transactions ever completed. Blackstone and its co-investors had acquired a 55% stake in Thomson Reuters’ Financial & Risk division in 2018, subsequently rebranding the business as Refinitiv. During private equity ownership, the company underwent significant technological modernisation, including upgrades to its infrastructure, expansion of its market-data operations, and deeper integration of the Eikon trading platform used by banks, asset managers, and exchanges globally.
The strategic rationale for the acquisition was transformational for LSEG. The exchange operator sought to evolve beyond its traditional trading and clearing roots into a global financial data and infrastructure leader. Refinitiv’s real-time market data, analytics, and trading capabilities complemented LSEG’s existing index and clearing businesses, creating one of the world’s largest financial information platforms capable of competing with firms such as Bloomberg L.P. and S&P Global.
More broadly, the transaction illustrated how private equity ownership can unlock value in mature information-services businesses through operational discipline and digital transformation, turning a carved-out corporate division into a strategically essential platform for a major global exchange group.