Morning all, it’s Irien Joseph bringing you the Europe edition of the Wire from the London newsroom. Our opening topic focuses on tariffs. Chatham Financial’s Jackie Bowie tells PE Hub what the latest news means for European private equity portfolio companies and why GPs need to stay sharp on the risks ahead. Next up is a sale in the works. Oaktree Capital and BPI France have inked a put option agreement to offload a European aerial services operator. We’ve got the enterprise value and details on the buyers further down. Lastly, we have a roundup of deal activity in the financial services sector, with PE Hub reporting seven deals in Europe and the US this week. Deglobalized world As world leaders respond to the latest wave of US tariffs – including 20 percent for the EU and 10 percent for the UK – private equity firms must carefully chart their next moves. Supply chain exposure will be the first key evaluation, Jackie Bowie, managing partner and head of EMEA at financial risk management advisory company Chatham Financial, told PE Hub. Read the premium version of the Wire to find out insights from Bowie on how private equity firms should navigate the impact of US tariffs, including supply chain evaluations, pricing power considerations and industry-specific effects. For more perspectives, check out yesterday’s newsletter where my colleague Nina Lindholm rounded PE Hub interviews with dealmakers on the topic. Got thoughts on how tariffs will shape European private equity? We’d love to hear from you, drop me a note at irien.j@pei.group Aerial emergency services Let’s move over to the aerial services sector. Oaktree Capital Management and BPI France have signed a put option agreement to sell SAF Aerogroup. Check out the premium version of the Wire to find the enterprise value and the buyers. Financial services play In this week’s deal roundup, we look at the busy financial services sector. Below are the deals PE Hub covered in the segment in the US and Europe: General Atlantic eyes investment in Frazier & Deeter EQT to become anchor investor in WTS Group Prague & Company combines with TowerBrook-backed EisnerAmper Brookfield to acquire majority interest in Angel Oak Companies AnaCap rebrands Wealthtime as Quanta Group after Craven acquisition AnaCap-backed MRHT buys Heubeck AXA IM Prime takes minority stake in Wendel-backed Monroe Capital That’s all from me. John R Fischer will be with you in the New York morning with the US edition and Nina Lindholm will bring you the Europe edition of the Wire on Monday as usual. Warmly, Irien Read the full Wire commentary on PE Hub ... | 