New Mountain Scraps $32 Billion Deal With Ex-Executive Holt (1)

New Mountain Capital has scrapped a deal with one of its former top executives, ending a dramatic and ambitious bid by the veteran dealmaker to acquire five portfolio companies on his way out of the firm.

The private equity firm told clients in a letter late Thursday that it has ended talks over the deal proposed by Matt Holt and other investors, according to a copy of the letter seen by Bloomberg. That followed multiple proposals and counters in what would have been a $32 billion transaction, according to people with knowledge of the discussions.

In December, New Mountain sent ...