PIF and Silver Lake in talks to take Unity Software private at around USD 25 bn

PIF and Silver Lake are in talks to take Unity Software private, having floated a valuation of around USD 25 bn. Silver Lake already holds about 8% of the game software maker, Reuters reports, citing sources familiar with the matter, and the two are fresh from taking Electronic Arts private together this year. The USD 25 bn was floated before Unity’s results lifted its market value to about USD 21.5 bn, putting the mooted price roughly 16% above where the shares trade now, by our math. Unity has brought in an investment bank since the approach, nothing is locked in, and terms could shift.

Unity’s engine is what developers use to build and run interactive 3D content on any device, and it powers games at Scopely, which makes Monopoly Go, and Niantic, behind Pokémon Go — both held by a group that already includes PIF, Silver Lake, and Affinity Partners. Silver Lake put up to USD 400 mn into Unity in 2017, and gaming and esports are named sectors in PIF’s 2026-2030 strategy.

Background: The two took Electronic Arts private earlier this year for USD 55 bn, with PIF holding 93.4% and Silver Lake 5.5% alongside Jared Kushner’s Affinity Partners at 1.1%. Unity beat estimates in 3Q, revenue up 32% to USD 622.1 mn and its first quarterly net income on a GAAP basis since it listed in September 2020.

BC Partners is preparing a preliminary bid for the USD 50 mn loan PIF holds over LIV Golf, days after walking away from its plan to relaunch the league. The debtor-in-possession financing carries control of LIV’s Chapter 11 case, the Financial Times reports, citing people familiar with the matter. The bid is early enough that it is not known whether PIF or LIV are receptive, or aware of the details.

A sale would take PIF out of the case. The fund, which owned 98% of LIV and stopped funding it in September, would put in more money to settle trade vendor claims the FT has put at USD 100 mn or more, against the USD 2 mn set aside for unsecured creditors. LIV’s lawyers told a federal bankruptcy court in New Jersey on Thursday that the group would wind down, with liquidation paperwork due today and room left to revisit.

For BC the loan buys a 2027 relaunch and USD 5 bn of tax losses. The league would be thinner than the 17-tournament, USD 300 mn version it proposed, and it would keep the losses LIV has built up in the US and UK since 2021, which BC could set against profits at companies it buys later. The earlier talks collapsed over player demands, with some of the 15-40 golfers who had shown interest asking BC to honor guarantees cancelled in Chapter 11 while keeping the right to walk after signing.

Orascom Construction’s board has approved the capital increase that delivers its merger with OCI Global, issuing 97.2 mn new shares to OCI and lifting issued capital to USD 207.4 mn from USD 110.2 mn, according to a bourse disclosure (pdf). Thursday’s written resolution was the last scheduled approval on Orascom’s side, after its own shareholders approved the swap in January and OCI’s signed off on 30 October. The two Nassef Sawiris-backed firms become a single Abu Dhabi-based infrastructure and investment platform.

The dates: The new shares list on the EGX and ADX on 24 November. NNS Holding’s EUR 4.10-a-share offer to OCI holders who would rather exit than take Orascom stock closes on 17 November unless extended, with the distribution ex-date on 27 November. OCI trades for the last time on Euronext Amsterdam on 26 November and delists the next day, its shareholders receive Orascom stock on or around 8 December, and OCI is liquidated. Completion is expected next month, before a 30 December long-stop.

Still outstanding: Value8’s petition asking the Dutch Enterprise Chamber to investigate OCI is still before the court, which has yet to rule, and it did not stop the 30 October vote it sought to block. Under the approved resolution the combination goes ahead only once NNS makes its offer, declares it unconditional, and settles it, which is why the 17 November close matters.

Modon Holding has raised AED 13.7 bn (USD 3.7 bn), its largest financing to date, more than doubling the average time it has to repay its debt. The ADX-listed Abu Dhabi developer will refinance existing borrowings and fund its development pipeline, and the package came in more than 1.5x oversubscribed, according to a company statement (pdf).

Two-thirds of it is a revolver. The money splits into a AED 4.7 bn five-year term loan and a AED 9 bn revolving credit facility running three years initially and extendable to five, with an option to add up to AED 4 bn if lenders commit, across conventional and Islamic financing in AED and USD. Our friends at Mashreq lent alongside ADCB, ADIB, Emirates Islamic, Emirates NBD, FAB, HSBC, Citi, JPMorgan, National Bank of Kuwait, and Standard Chartered. Rothschild & Co advised Modon.

REMEMBER- Modon is master developer of Egypt’s USD 35 bn Ras El Hekma project, where it has been awarding major construction contracts, and was reported in September to be seeking an EGP 35 bn syndicated loan for infrastructure at Wadi Yemm, the project’s first district.

An Adia subsidiary is seeking a USD 7.5 bn loan to fund its private-market investments, covering infrastructure, private equity, and real estate, Zawya reports, citing LPC. The facility runs one year initially with two one-year extension options, banks have until 27 November to commit, and signing is set for 11 December. First Abu Dhabi Bank, HSBC, Société Générale, and Standard Chartered are among the arrangers, with Standard Chartered as sole coordinator, and the borrower is Platinum PAD FinCo1 A 2026 RSC. Borrowing costs and final commitments have not been disclosed.

REMEMBER- Adia sought AUD 3.75 bn (USD 2.6 bn) earlier this year against stakes in Australian infrastructure. It has since raised its long-term private equity allocation range to 15-20% from 12-17%, and the new loan would fund that without selling existing holdings.

Mayar Holding’s irrigation unit Ziorak has put its Nomu IPO on hold, citing geopolitical and economic challenges. The board postponed completing its application to the CMA for a capital increase that would have offered new shares equal to 30% of post-increase capital, according to a Tadawul filing. There is no revised timetable.

Mayar had the IPO down as a funding source. Its 1H 2026 financials (pdf) named the offering as one of its working-capital plans, and its auditor flagged a material uncertainty over the group’s going-concern status, though management said it expects adequate resources for at least 12 months. Those financials also say Ziorak submitted the application in June, while the latest filing says submission is incomplete, and the company has not explained the difference.

Background: Ziorak set out its plans in May with Mefic Capital as financial advisor, framing the offering as part of Mayar’s expansion across plastics manufacturing and irrigation systems.

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