Thoma Bravo Nears Agreement to Transfer Medallia to Lenders
Written by Emily J. Thompson, Senior Investment Analyst
Updated: Apr 22 2026
0mins
Source: Newsfilter
- Restructuring Negotiations: Private equity firm Thoma Bravo is nearing an agreement to transfer troubled software company Medallia to its lenders, concluding months of restructuring talks, which highlights the company's difficult financial situation.
- Significant Equity Loss: This move will wipe out $5.1 billion in equity for Thoma Bravo and its co-investors, reflecting a substantial loss from their $6.4 billion acquisition of Medallia in 2021, indicating a poor investment decision.
- Heavy Debt Burden: Medallia is currently struggling under $3 billion in debt owed to major creditors including Blackstone, KKR, and Apollo, showcasing its vulnerable position in a competitive market.
- Lack of Market Confidence: Both Thoma Bravo and KKR declined to comment on the matter, while Apollo and Medallia did not respond to media inquiries, suggesting a lack of confidence and interest from the market regarding this transaction.
Trade with 70% Backtested Accuracy
Stop guessing "Should I Buy BX?" and start using high-conviction signals backed by rigorous historical data.
Sign up today to access powerful investing tools and make smarter, data-driven decisions.
Analyst Views on BX
Wall Street analysts forecast BX stock price to rise
12 Analyst Rating
5 Buy
7 Hold
0 Sell
Moderate Buy
Current: 115.350
Low
166.00
Averages
176.60
High
205.00
Current: 115.350
Low
166.00
Averages
176.60
High
205.00
About BX
Blackstone Inc. is an alternative asset manager. Its asset management includes global investment strategies focused on real estate, private equity, infrastructure, life sciences, growth equity, credit, real assets, secondaries, and hedge funds. Its Real Estate segment comprises its management of opportunistic real estate funds, Core+ real estate funds, and real estate debt strategies. Its Private Equity segment includes its management of flagship Corporate Private Equity funds, sector and geographically focused Corporate Private Equity funds, core private equity funds, an investment platform, and others. Its Credit & Insurance segment consists of Blackstone Credit & Insurance, which is organized into three overarching strategies: private corporate credit, liquid corporate credit and infrastructure and asset-based credit. Its Multi-Asset Investing segment is organized into four investment platforms: Absolute Return, Multi-Strategy, Total Portfolio Management, and Public Real Assets.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
Blackstone Digital Infrastructure Trust Receives Mixed Reviews from Wall Street
- Analyst Rating Divergence: RBC Capital Markets initiated coverage of Blackstone Digital Infrastructure Trust with an Outperform rating and a $24 price target, citing strong growth potential from AI-driven infrastructure demand, while BMO Capital Markets urged caution over execution and valuation risks.
- IPO Fund Utilization Plan: The trust completed its IPO in May, raising approximately $2 billion, and currently owns no assets, planning to deploy proceeds into newly constructed, stabilized data centers leased to major tenants including Amazon, Microsoft, Meta, and Alphabet.
- Acquisition Potential and Market Outlook: RBC highlighted Blackstone's extensive relationships with hyperscalers and a near-term acquisition pipeline estimated at $25 billion as key growth drivers, while BMO estimated hyperscaler capital spending will exceed $750 billion in 2026, indicating strong market demand.
- Strong Industry Fundamentals: Both firms emphasized robust industry fundamentals driven by accelerating AI investment and tight data center supply, supporting long-term demand for digital infrastructure assets, although BMO noted that the company's success heavily relies on timely capital deployment and maintaining favorable cost of capital.
See More
Silicon Valley's AI Rollup Strategy Disrupts Wall Street
- AI Rollup Strategy: Venture capital firms in Silicon Valley are shifting from selling AI tools to acquiring legacy companies and rebuilding them around AI, marking a significant change in the enterprise software market dynamics.
- Major Deal Examples: Over the past six months, General Catalyst and Trian executed a $7.6 billion take-private of Janus Henderson and a $6.3 billion acquisition of American Express Global Business Travel at a 65% premium, reflecting strong market confidence in AI transformation.
- Industry Impact: The AI rollup strategy targets industries with lagging software adoption, such as healthcare and accounting, posing challenges for traditional private equity firms that rely on financial engineering, potentially reshaping the competitive landscape.
- Technological Advantage: Long Lake's Nexus platform has demonstrated five times the efficiency of general-purpose models like Claude or ChatGPT in internal evaluations, indicating that embedding engineers within companies can lead to sustainable technological change.
See More
Venture Capitalists Reshape Legacy Firms to Drive AI Growth
- AI Acquisition Strategy: Venture capitalists are reshaping legacy companies by acquiring them and rebuilding around AI, a strategy that positions VCs offensively while leaving traditional private equity on the defensive, as enterprise software transformation has lagged.
- Market Transaction Dynamics: Over the past six months, VCs have entered public markets twice, with General Catalyst and Trian's $7.6 billion acquisition of Janus Henderson and Long Lake Management's $6.3 billion deal for American Express Global Business Travel, which included a 65% premium.
- Growth-Oriented Model: Unlike traditional private equity that relies on financial engineering, the AI rollup strategy focuses on growth by scaling customer-facing teams with AI and reinvesting cash for further acquisitions, showcasing a new model that applies growth mindset to established firms.
- Technological Platform Advantage: Long Lake's Nexus platform has demonstrated five times the efficiency of general-purpose models like Claude or ChatGPT in internal evaluations, indicating that embedding engineers within companies for extended periods can lead to more sustainable transformations.
See More
Tech Stocks Rebound, Cerebras Gains Attention
- Cerebras Stock Recovery: Cerebras (CBRS) rebounded 5% in premarket trading after Wall Street initiated coverage, with analysts highlighting the company's 'unique' capabilities that competitors cannot match, despite its stock price falling from an IPO high of $350 to $185, indicating market recognition of its potential.
- Nebius Expansion Investment: Nebius (NBIS) jumped about 4% in premarket trading after announcing a £1.7 billion investment to deploy three new Nvidia infrastructures in the U.K., which will expand its commercial and AI R&D hub in London, marking a significant step in its U.K. market strategy.
- Blackstone Asset Sale: Blackstone (BX) edged up 0.13% in premarket trading amid reports that the private equity firm is attempting to sell over $2 billion in stakes from private investment funds, with the size of this proposed transaction testing investor interest in aging private equity vehicles.
- SanDisk Price Target Increase: SanDisk (SNDK) rose 4.6% in premarket trading after Bank of America raised its price target from $1,500 to $2,100, citing a 'tight' supply-demand balance, with over a third of its F27 revenue already secured through new business models, showcasing its competitive edge in a constrained NAND market.
See More
Blackstone Plans to Sell Over $2B in Private Equity Stakes
- Transaction Scale Test: Blackstone is attempting to sell over $2 billion in stakes in private investment funds, which would be one of the largest deals of its kind, aimed at testing investor interest in aging private equity vehicles, thereby impacting market confidence.
- Innovative Financing Structure: The firm is marketing a collateralized fund obligation that packages over $2 billion of stakes in leveraged buyout funds into bonds for sale to investors and insurers, potentially providing cash inflows to the Blackstone Strategic Partner fund and enhancing its investment capacity.
- Market Demand Uncertainty: Although Blackstone is still in the early marketing and structuring phase of the transaction, it remains unclear whether there will be demand for the equity tranche of the CFO, which could affect the final outcome of the deal and Blackstone's liquidity.
- Stock Price Reaction: Following the announcement, Blackstone's stock gained 0.7% in premarket trading, indicating an initial positive market reaction to the deal, which may reflect investor confidence in Blackstone's future performance.
See More
Economic Impact Analysis of 2026 World Cup
- Increased Teams: The 2026 World Cup will feature 48 teams for the first time, hosted across three North American countries, which is expected to attract a larger audience and enhance business opportunities in related sectors.
- Beneficiaries in Consumer Goods: Goldman Sachs predicts that European and U.S. consumer staples, retail, and hospitality sectors will be the main beneficiaries of the World Cup, although the macroeconomic impact may not be substantial or long-lasting.
- Sports Betting Competition: Deutsche Bank analysts highlight the intensifying competition between traditional bookmakers and emerging prediction markets, particularly with platforms like Polymarket and Kalshi gaining traction during this World Cup.
- Private Market Concerns: At the upcoming SuperReturn conference, Partners Group warned of potential limits on fund withdrawals, triggering a sell-off in stocks exposed to private markets, indicating growing concerns about liquidity in the market.
See More
Blackstone Digital Infrastructure Trust Receives Mixed Reviews from Wall Street
- Analyst Rating Divergence: RBC Capital Markets initiated coverage of Blackstone Digital Infrastructure Trust with an Outperform rating and a $24 price target, citing strong growth potential from AI-driven infrastructure demand, while BMO Capital Markets urged caution over execution and valuation risks.
- IPO Fund Utilization Plan: The trust completed its IPO in May, raising approximately $2 billion, and currently owns no assets, planning to deploy proceeds into newly constructed, stabilized data centers leased to major tenants including Amazon, Microsoft, Meta, and Alphabet.
- Acquisition Potential and Market Outlook: RBC highlighted Blackstone's extensive relationships with hyperscalers and a near-term acquisition pipeline estimated at $25 billion as key growth drivers, while BMO estimated hyperscaler capital spending will exceed $750 billion in 2026, indicating strong market demand.
- Strong Industry Fundamentals: Both firms emphasized robust industry fundamentals driven by accelerating AI investment and tight data center supply, supporting long-term demand for digital infrastructure assets, although BMO noted that the company's success heavily relies on timely capital deployment and maintaining favorable cost of capital.
See More
Silicon Valley's AI Rollup Strategy Disrupts Wall Street
- AI Rollup Strategy: Venture capital firms in Silicon Valley are shifting from selling AI tools to acquiring legacy companies and rebuilding them around AI, marking a significant change in the enterprise software market dynamics.
- Major Deal Examples: Over the past six months, General Catalyst and Trian executed a $7.6 billion take-private of Janus Henderson and a $6.3 billion acquisition of American Express Global Business Travel at a 65% premium, reflecting strong market confidence in AI transformation.
- Industry Impact: The AI rollup strategy targets industries with lagging software adoption, such as healthcare and accounting, posing challenges for traditional private equity firms that rely on financial engineering, potentially reshaping the competitive landscape.
- Technological Advantage: Long Lake's Nexus platform has demonstrated five times the efficiency of general-purpose models like Claude or ChatGPT in internal evaluations, indicating that embedding engineers within companies can lead to sustainable technological change.
See More
Venture Capitalists Reshape Legacy Firms to Drive AI Growth
- AI Acquisition Strategy: Venture capitalists are reshaping legacy companies by acquiring them and rebuilding around AI, a strategy that positions VCs offensively while leaving traditional private equity on the defensive, as enterprise software transformation has lagged.
- Market Transaction Dynamics: Over the past six months, VCs have entered public markets twice, with General Catalyst and Trian's $7.6 billion acquisition of Janus Henderson and Long Lake Management's $6.3 billion deal for American Express Global Business Travel, which included a 65% premium.
- Growth-Oriented Model: Unlike traditional private equity that relies on financial engineering, the AI rollup strategy focuses on growth by scaling customer-facing teams with AI and reinvesting cash for further acquisitions, showcasing a new model that applies growth mindset to established firms.
- Technological Platform Advantage: Long Lake's Nexus platform has demonstrated five times the efficiency of general-purpose models like Claude or ChatGPT in internal evaluations, indicating that embedding engineers within companies for extended periods can lead to more sustainable transformations.
See More
Tech Stocks Rebound, Cerebras Gains Attention
- Cerebras Stock Recovery: Cerebras (CBRS) rebounded 5% in premarket trading after Wall Street initiated coverage, with analysts highlighting the company's 'unique' capabilities that competitors cannot match, despite its stock price falling from an IPO high of $350 to $185, indicating market recognition of its potential.
- Nebius Expansion Investment: Nebius (NBIS) jumped about 4% in premarket trading after announcing a £1.7 billion investment to deploy three new Nvidia infrastructures in the U.K., which will expand its commercial and AI R&D hub in London, marking a significant step in its U.K. market strategy.
- Blackstone Asset Sale: Blackstone (BX) edged up 0.13% in premarket trading amid reports that the private equity firm is attempting to sell over $2 billion in stakes from private investment funds, with the size of this proposed transaction testing investor interest in aging private equity vehicles.
- SanDisk Price Target Increase: SanDisk (SNDK) rose 4.6% in premarket trading after Bank of America raised its price target from $1,500 to $2,100, citing a 'tight' supply-demand balance, with over a third of its F27 revenue already secured through new business models, showcasing its competitive edge in a constrained NAND market.
See More
Blackstone Plans to Sell Over $2B in Private Equity Stakes
- Transaction Scale Test: Blackstone is attempting to sell over $2 billion in stakes in private investment funds, which would be one of the largest deals of its kind, aimed at testing investor interest in aging private equity vehicles, thereby impacting market confidence.
- Innovative Financing Structure: The firm is marketing a collateralized fund obligation that packages over $2 billion of stakes in leveraged buyout funds into bonds for sale to investors and insurers, potentially providing cash inflows to the Blackstone Strategic Partner fund and enhancing its investment capacity.
- Market Demand Uncertainty: Although Blackstone is still in the early marketing and structuring phase of the transaction, it remains unclear whether there will be demand for the equity tranche of the CFO, which could affect the final outcome of the deal and Blackstone's liquidity.
- Stock Price Reaction: Following the announcement, Blackstone's stock gained 0.7% in premarket trading, indicating an initial positive market reaction to the deal, which may reflect investor confidence in Blackstone's future performance.
See More
Economic Impact Analysis of 2026 World Cup
- Increased Teams: The 2026 World Cup will feature 48 teams for the first time, hosted across three North American countries, which is expected to attract a larger audience and enhance business opportunities in related sectors.
- Beneficiaries in Consumer Goods: Goldman Sachs predicts that European and U.S. consumer staples, retail, and hospitality sectors will be the main beneficiaries of the World Cup, although the macroeconomic impact may not be substantial or long-lasting.
- Sports Betting Competition: Deutsche Bank analysts highlight the intensifying competition between traditional bookmakers and emerging prediction markets, particularly with platforms like Polymarket and Kalshi gaining traction during this World Cup.
- Private Market Concerns: At the upcoming SuperReturn conference, Partners Group warned of potential limits on fund withdrawals, triggering a sell-off in stocks exposed to private markets, indicating growing concerns about liquidity in the market.
See More
