Core Insights - KKR has invested ₹2,000 crore in Lighthouse Learning since 2019 to support its growth, acquiring a controlling stake in EuroKids for approximately ₹1,500 crore [1][10] - Canadian pension fund PSP Investments is investing around ₹1,760 crore ($200 million) for a minority stake in Lighthouse Learning as part of a fund-to-fund transfer [9][10] - Lighthouse Learning manages over 190,000 students daily across more than 1,850 preschools and 60 K-12 schools in India [7][10] Investment Details - KKR's Fund IV, which has a total of $15 billion, is involved in the fund-to-fund transfer, reallocating investments from its $9 billion Asia Fund III [9][10] - KKR will maintain a majority stake in Lighthouse Learning and continue to play a significant role in its growth [2][10] Company Performance - Lighthouse Learning is projected to generate ₹650 crore in EBITDA and revenues between ₹1,675 crore and ₹1,750 crore by FY26, a significant increase from ₹150 crore EBITDA in 2019 [9][10] - The company has expanded through multiple acquisitions, including Kangaroo Kids and Heritage Xperiential Schools, enhancing its presence in key metropolitan areas [8][10]

Core Insights - KKR has made a further investment in Lighthouse Learning, maintaining a majority stake and aiming to support the company's growth phase [1][4] - Lighthouse Learning is a prominent education services provider in India, focusing on early childhood and K-12 education, with a portfolio that includes well-known brands like EuroKids and Kangaroo Kids [2][6] - The investment will facilitate the expansion of Lighthouse Learning's network of K-12 schools and preschools, enhancing its teaching and technology capabilities [4][5] Company Overview - Lighthouse Learning operates over 1,850 preschools and 60 K-12 schools, serving more than 190,000 students daily [2][6] - The company emphasizes a 'Child First' philosophy and innovative teaching methods, aiming to provide high-quality education [2][6] - Since KKR's initial investment in 2019, Lighthouse Learning has expanded its presence in major metropolitan areas such as Bangalore, Mumbai, Pune, Hyderabad, and Delhi-NCR [3] Investment Details - The latest investment is primarily sourced from KKR's Asian Fund IV and other managed capital [5] - KKR's involvement is expected to enhance operational excellence and support the mission of expanding access to quality education in India [5][6] - The partnership aims to set new benchmarks for excellence in the education sector [5]

Financial Performance - Revenue increased by 1.3% year-over-year to $6,049 million[12] - Adjusted EBITDA increased by 1.5% year-over-year to $2,762 million[12] - Adjusted EPS increased by 5.3% to $0.79[12] - Free cash flow increased by 20.6% to $1,003 million[14] - Capital expenditures decreased by 6.6% year-over-year to $891 million[12] Subscriber Metrics - Postpaid churn rate improved by 15 bps year-over-year[6] - Retail FTTH Internet net additions were 65,239[9] - Crave subscribers increased by 24% year-over-year to 4.3 million[9] Bell Media - Bell Media revenue decreased by 6.4% year-over-year to $732 million[23] - Bell Media adjusted EBITDA decreased by 6.7% year-over-year to $237 million[24] Bell CTS U.S.(Ziply Fiber) - Bell CTS U.S revenue was $160 million for the 2-month period from August 1, 2025 through September 30, 2025[18] - Bell CTS U.S adjusted EBITDA was $71 million for the 2-month period from August 1, 2025 through September 30, 2025[18]

Core Viewpoint - Ørsted has agreed to sell a 50% equity stake in its Hornsea 3 offshore wind farm to Apollo Global Management for approximately DKr39bn ($6.5bn), which aligns with Ørsted's capital management strategy and supports its partnership and divestment program [1][2][3]. Group 1: Transaction Details - The deal involves an initial payment of DKr20bn, which includes DKr10bn for the share purchase and DKr10bn for construction costs, with the transaction expected to close before the end of 2025, pending regulatory approvals [2][5]. - Apollo will fund the remaining construction costs as the project reaches specific milestones [1][2]. Group 2: Project Significance - Hornsea 3 will produce enough electricity to power over three million UK homes and will increase the total installed capacity of the Hornsea zone to more than 5GW once operational [3][4]. - Ørsted will continue to manage the construction of Hornsea 3 and provide long-term operations and maintenance services [4]. Group 3: Financing and Partnerships - Senior financing for the transaction will be led by Apollo-managed entities, with support from banks including BNP Paribas, ING Bank, Lloyds, and RBC Capital Markets [5]. - Co-investors La Caisse and PSP Investments are also involved in the transaction through equity and debt financing [5].

Core Insights - Apollo has agreed to invest $6.5 billion for a 50% stake in Ørsted's Hornsea 3, the world's largest offshore wind project, which includes funding for half of the remaining construction costs [1][2][3] Investment Details - The Hornsea 3 project will have a capacity of 2.9GW, enough to power over 3 million UK households with renewable energy [2][3] - The investment structure includes an initial $3.25 billion upon closing, with the remaining $3.25 billion to be funded as the project meets construction milestones [3][4] Partnership Dynamics - Ørsted will manage the construction and provide long-term operations and maintenance services for Hornsea 3 [2][3] - Apollo's expertise in infrastructure and capital solutions is a key factor in Ørsted's decision to partner with them [4] Previous Investments - Apollo has a history of significant investments in European energy infrastructure, including a €3.2 billion investment in the German energy grid and a £4.5 billion commitment to EDF's Hinkley Point C nuclear power plant [5] Financing Structure - The senior financing for the Hornsea 3 project is led by Apollo-managed entities, with underwriting support from major banks including BNP Paribas and ING Bank [4]

Core Viewpoint - Apollo has announced a $6.5 billion investment for a 50% stake in Ørsted's Hornsea 3, the world's largest offshore wind project, which will significantly contribute to renewable energy generation in the UK [1][2][3] Investment Details - The $6.5 billion investment includes both the acquisition price for the 50% interest in the joint venture and a commitment to fund 50% of the remaining construction costs [1] - Upon completion, Hornsea 3 will have a capacity of 2.9GW, enough to power over 3 million UK households [2] - The investment is expected to close before the end of 2025, with approximately $3.25 billion to be invested upon closing and the remaining amount to be funded as the project progresses [3][4] Strategic Importance - Ørsted views Apollo as a valuable partner due to its ability to provide long-term, comprehensive equity and financing solutions for large-scale infrastructure projects [4] - The partnership is expected to enhance energy security and support the UK's net zero ambitions [3] Recent Activities - This investment follows a series of large-scale capital solutions provided by Apollo for European energy infrastructure, including a €3.2 billion investment in the German energy grid and a £4.5 billion financing commitment for EDF's Hinkley Point C nuclear power plant [5]

BCE FY Conference Summary Company Overview - **Company**: BCE Inc. (NYSE: BCE) - **Event**: FY Conference held on September 25, 2025 Key Points Industry and Market Dynamics - BCE has acquired Ziply, focusing on the U.S. fiber market, which is underpenetrated compared to Canada, where fiber penetration is approximately 75% versus about 50% in the U.S. [2][3] - The U.S. fiber market presents significant growth opportunities due to a lack of infrastructure build-out by telcos over the past decade [3] - BCE plans to double its U.S. fiber footprint over the next three years, aiming for approximately 3 million locations by 2028 [5] - The strategy involves not competing directly with major players like AT&T or Verizon but rather taking market share from cable providers [6] Financial Performance and Strategy - BCE emphasizes free cash flow over net adds, indicating a shift in focus towards profitability rather than just subscriber growth [8][9] - Churn rates have improved, with a reduction of 12 basis points, indicating better customer retention strategies [10] - The company has 8 million fiber homes in Canada and aims to manage penetration effectively as growth slows [11][12] Competitive Positioning - BCE's strategy in Quebec involves increasing fiber penetration from below 30% to mid-40%, challenging cable competitors [14] - The company is exploring partnerships and bolt-on acquisitions to enhance its market position and drive returns [7] Technology and AI Integration - BCE is positioning itself to capitalize on AI and business transformation, providing end-to-end solutions for enterprise customers [18][20] - The company is not looking to replicate large language models but rather to partner with hyperscalers to deliver integrated solutions [19][24] - BCE has secured over 500 megawatts of renewable hydroelectric power for its data centers, enhancing its operational capabilities [26] Cost Management and Infrastructure - BCE aims to reduce costs by automating processes and simplifying operations, with a target of $1.5 billion in cost savings by 2028 [30][31] - The company views its infrastructure as a valuable asset, considering potential monetization strategies while maintaining strategic control [32][33] Future Outlook - BCE is focused on increasing its capital efficiency and scrutinizing asset ownership to ensure optimal returns [34] - The company is committed to leveraging its fiber infrastructure to drive growth and profitability in both Canadian and U.S. markets [16][34] Additional Insights - The Canadian wireless pricing environment is stabilizing, with double-digit increases in flanker pricing compared to the previous year [8] - BCE's approach to AI is cautious, emphasizing the importance of tangible business outcomes over mere buzzwords [21][24] This summary encapsulates the critical insights and strategic directions discussed during the BCE FY Conference, highlighting the company's focus on growth, profitability, and technological integration in a competitive landscape.