Bankers are positioning for a potential sale of IQ-EQ after Astorg began preparations to launch a formal process, with roughly €2 billion of debt financing being lined up for prospective bidders, according to people familiar with the matter. Astorg, which took control of the Luxembourg-based fund services provider in 2016, is expected to kick off the sale shortly after having contacted potential buyers last year. The discussions remain private, and both Astorg and IQ-EQ declined to comment on the possible transaction.
The timing reflects a broader pickup in mergers and acquisitions activity, as private equity firms move to take advantage of improving market sentiment and more receptive financing conditions. Bankers are increasingly optimistic about deal flow, with some predicting a strong year for M&A and leveraged finance as lenders compete aggressively for mandates that tend to deliver attractive fees. Recent jockeying around large financing packages, including a debt structure of as much as €4.5 billion tied to a potential takeover of Polish parcel locker operator InPost SA by a consortium that includes Advent International, underscores how intense that competition has become.
IQ-EQ operates across fund administration, compliance, and anti-money laundering consulting, overseeing more than $857 billion in assets under administration and employing over 6,500 people globally, according to its website. Bankers are already engaging with potential bidders to secure roles on the euro-denominated leveraged loan financing, while private credit firms are also showing interest and could compete directly to fund the deal. Wall Street banks regained momentum in financing M&A transactions in the second half of 2025 by offering highly competitive terms, and that dynamic could again influence how financing for a potential IQ-EQ sale ultimately comes together.
