Blackstone is reportedly exploring the sale of Sphera, a sustainability-focused software and consultancy firm, in a deal that could be valued at around $3 billion, according to sources familiar with the matter.
The private equity group has engaged investment banks William Blair and Evercore to oversee the process, which remains at a preliminary stage. The individuals requested anonymity due to the confidential nature of the discussions.
Based in Chicago, Sphera provides software, data, and advisory services that support corporate compliance with environmental, health, safety, and sustainability (EHS&S) standards. The firm claims a customer base of over 8,400 organisations across 95 countries, with major global clients including Danone, Siemens, Mercedes-Benz, and Wrangler.
Sphera is said to generate over $300 million in annual revenue and more than $100 million in EBITDA (earnings before interest, taxes, depreciation, and amortisation). Market expectations suggest the company could attract bids nearing $3 billion.
The potential divestment comes as Blackstone seeks to offload a greater number of portfolio companies in 2025—twice the volume compared to last year. However, dealmaking activity has cooled in recent weeks amid heightened geopolitical tensions and global economic uncertainty following trade policy actions initiated by the Trump administration in April.
Despite the broader slowdown in mergers and acquisitions, private equity firms such as Blackstone are under increasing pressure to return capital to limited partners, prompting a wave of processes centred on high-performing and resilient assets like Sphera.
