LSEG agrees to buy Octus from Permira for $3.535bn

The multiple was 11.8x 2026 revenue of $300m+, roughly 28x EBITDA, and LSEG's largest deal since Refinitiv. Permira was reportedly asking for $4bn in 2025.

Freight Rates in Spotlight with Hormuz Disruption

Disruption to major shipping lanes, like the Strait of Hormuz, have caused freight rates to climb this year. 

As an example, the BDI, or Baltic Dry Index (published daily), which tracks the cost of shipping raw materials like coal and steel, is up about 36% since early January - but with peaks and troughs creating substantial volatility.

(Technical note: BDI is a composite index made up of  a weighted sum of cost indices for various size of ships: 40% Capesize, 30% Panamax, 30% Supramax).

Recall that Capesize are the largest class of dry-bulk carriers, primarily transporting high volume commodities like iron ore and coal. Their name comes from the fact they traditionally had to "round the capes" as their size exceeded canal limits. They have deadweight tonnage of between 150K to 400K tonnes (note: DWT includes cargo, fuel, water, provisions, passengers and crew).

Freshfields Mulling Carve Out of AI Unit

Freshfields (a leading global law firm) has a dedicated AI focus area.  

Anna Gressel is Global Co-Head of AI, based in New York (World Trade Center) as is Giles Pratt, who also leads the IP/data practice, based in London (Bishopsgate).

In the AI space, they have advised AxelSpringer (Politico, Business Insider, Bild and Welt) on the IP and commercial aspects of its global partnership with OpenAI.

Rystad Energy gets PE Money and new CEO

Marlin Equity Partners has invested in Rystad enabling it to lean into data, technology and AI. Founder Jarand Rystad (who has led the company since 2004) will step away as CEO - with Deputy CEO Lars Erik Nicolaisen rising to the CEO spot on 12 October 2026. Rystad launched Spektra in August, which is a tech ecosystem replete with MCP connectors and and API gateway. 

Portable Alpha

Many funds now offer portable alpha.

One such is Man Group.

Gunvor's New Clothes

Gunvor is rebranding - distancing itself from past Russia links. It will become Centalion Group (following a management buyout) and position itself in Singapore from its previous jurisdiction of Cyprus. Gary Pedersen is Chairman and CEO. Gary started his career at Koch Industries.

Silver Lake Locks In on AI

Silver Lake is merging two of its software firms in a 10bn euro ($11.6bn) gunshot wedding. 

French business management software firm Cegid, and payroll and HR platform, Silae, will join forces. Is this a new trend to help companies manage AI spend?

The idea is to bring all the functionality into a single platform for entrepreneurs and companies of a certain size. Scaling investment in R&D has been touted as a benefit.

Christian Lucas will serve as Chairman of the combined business. Both firms started in France before expanding to Spain, Portugal, with Cegid also having a foothold in Germany.