Blackstone, KKR in talks to take control of Medallia from Thoma Bravo, WSJ says

Defaults on large private credit loans, including Medallia’s $3B debt, are driving rising losses and pushing lenders like Blackstone (BX), KKR (KKR), and Apollo (APO) into negotiations to take control from Thoma Bravo, The Wall Street Journal’s Matt Wirz and Alexander Gladstone report. The stress is reflected in Blackstone’s BCRED fund, where nonperforming loans have climbed to a record share of the portfolio, according to the report. Thoma Bravo will likely lose $5.1B it invested in Medallia in 2021, people familiar with the matter say.