Morning all, Craig McGlashan here with the Europe Wire from the London newsroom. Dealmaking might not be happening at the pace that many in private equity had hoped it would at the start of the year, as uncertainty over US tariff policy lingers. But deals are still being done – and not just at the smaller end of the valuation scale. This morning we have deals involving some of the biggest hitters in the industry – Apollo, Blackstone and CVC – in sectors that could prove to be tariff-resistant. Apollo is carving out a European data center business, Blackstone has launched a pan-European logistics operator and developer and CVC has agreed to exit a cybersecurity company. Sticking with that last sector, NCC Group is looking into options for its Escode software escrow business, including a potential sale. Colocation carve-out Apollo Global Management has agreed to carve out the European colocation business of Stack Infrastructure, a portfolio company of Blue Owl Digital Infrastructure Advisors. Find out where the company has assets in the premium version of the Wire. Conviction theme Blackstone has launched Proxity, a pan-European logistics operator and developer. Details on the company's portfolio can be found in the premium version of the Wire. ID required The last of our trio of sectors that could prove resilient through tariff-induced volatility is cybersecurity. CVC has agreed to exit Omada, a provider of identity governance and administration services. Options In other cybersecurity news, NCC Group, a global cybersecurity and software escrow business headquartered in Manchester and listed in London, said that it was “investigating a number of options for its Escode business including a potential sale, although the process is at a very early stage.” Find out more on the potential sale in the premium version of the Wire. Private equity is delving into all the niches of cybersecurity that it can find. For instance, last week we broke the news that PSG Equity is making a strategic growth investment in Glasswall, a provider of zero-trust file protection products to the business-to-government and business-to-business sectors. That’s it from me today. Michael Schoeck will bring you the US Wire later today and I’ll be back with you from Europe tomorrow. Cheers, Craig Read the full Wire commentary on PE Hub ... | 