Category: 3. Business

Introduction

The COVID-19 pandemic presented an urgent need to transition mental health services from in-person to virtual delivery, leading to research on feasibility and effectiveness. It also raised questions about the digital divide, referring to disparities between communities in access to technology, and the implications for structurally marginalized groups already facing barriers to accessing care []. Like many services, early psychosis intervention (EPI) programs rapidly shifted to virtual care during the COVID-19 pandemic, with the hope of maintaining access to and engagement in services. This was particularly crucial, given that approximately half of youth with psychosis do not access treatment and one-third disengage from EPI services early [-], despite the emphasis on identification and treatment early in the course of illness.

Research suggests that barriers preventing youth from accessing EPI treatment generally include stigma and a lack of knowledge about psychosis and where to seek treatment [-], with youth often viewing pathways to EPI care as complex []. Families can represent key sources of support throughout the help-seeking process and can help maintain engagement with services, particularly given the typical age of onset for psychosis [,]. Unfortunately, pathways to EPI treatment often begin with referrals from acute services, including emergency departments (EDs) or inpatient units [,], which also face barriers to ensuring timely outpatient follow-up. These include patient-level barriers, such as transportation or financial issues, and health systems–level issues, such as coordination between the ED and outpatient services, insufficient funding, and political disinterest [,]. Building partnerships between EPI and external services, including schools and shelters, can facilitate early detection, increase referrals from nonacute pathways, and improve access to vulnerable patients [,].

Emerging evidence suggests that virtual EPI care is well received by youth with psychosis. In recent cross-sectional studies, youth expressed satisfaction with the virtual delivery of EPI services and found it comparable to in-person treatment [], highlighting the convenience, ease of use, accessibility, and comfort of virtual care []. Virtual care can also be conducive to a client-centered approach, bolstering youth autonomy and decision-making power over care []. While many youth have acknowledged the value of virtual care, some have reported feeling more isolated and disconnected from clinicians, finding it more difficult to express themselves during virtual appointments []. Other, more practical challenges include technological difficulties and privacy/confidentiality concerns. The extent to which the benefits of virtual care extend to improvements in initial EPI attendance is unclear.

Using service use data from EPI programs in the United States and Australia, 3 studies examined attendance rates before and after the implementation of virtual care, yielding inconsistent results. One study found an increase in missed appointments after virtual care implementation compared with pre–virtual care (13.3% and 7%, respectively) [], whereas another found a 5% increase in attendance at EPI appointments following virtual care implementation []. A more recent study examined the ranges of missed appointments before and after virtual care implementation and found greater variability in the percentage of missed appointments in the post–virtual care (2.7%‐9%) than pre–virtual care implementation (2.8%‐6.4%) []. Another study examining EPI services before and after the pandemic noted a significant increase in video appointments offered postpandemic; however, no significant difference in video appointments attended []. Given these conflicting findings, more research is needed to evaluate the impact of virtual care implementation on EPI appointment attendance and identify factors that may lead to nonattendance.

We recently completed a study that examined factors associated with attendance at the EPI consultation appointment from 2018 to 2019, when this appointment was offered exclusively in person []. We found that older patients and those referred from the ED were less likely to attend the consultation appointment. Additionally, older patients and those who identified as Black or belonging to other racial and ethnic groups were more likely to be referred to EPI services from the ED compared with White patients, indicating that structurally marginalized groups are facing barriers accessing care early in the course of illness (before it becomes an emergency) []. While the digital divide and disparities in access to technology may be expected to increase barriers to care [], it remains unclear if the aforementioned health equity and service use factors continue to affect access to EPI care when services are delivered virtually.

Using retrospective data from a large EPI program, we examined factors associated with attendance at the first EPI consultation appointment following the transition to most of these being scheduled virtually, with a focus on self-reported health equity and service use factors. Initial engagement was defined as attendance at the consultation appointment. We hypothesized that patients who were older, referred from the ED, or identified as Black would be less likely to attend the consultation appointment when it was delivered virtually [].

Methods

Setting

The Centre for Addiction and Mental Health (CAMH) EPI program is the largest in Canada, serving downtown Toronto, a large urban center. The program provides consultation and 3 years of coordinated specialty care for people up to 29 years of age with affective, nonaffective, and substance-induced psychosis. The program receives referrals from the ED, CAMH inpatient units, CAMH outpatient psychiatrists, or externally through primary care providers or external inpatient and outpatient psychiatrists. The ED also houses a “bridging” clinic, where they may triage patients who are determined to be at lower acuity levels during business hours; it is also used to provide short-term follow-up after an inpatient discharge. External referrals are triaged by nurses to appropriate services. The program aims to offer consultation appointments within 2 weeks [].

Study Design and Population

This was a retrospective cohort study that followed Strengthening the Reporting of Observational Studies in Epidemiology (STROBE) reporting guidelines for cohort studies []. We replicated methods from our previous paper examining initial engagement with in-person services []. Electronic medical record (EMR) data were obtained for all patients aged 16 to 29 years who were referred to the CAMH EPI program from April 2020 to December 2020, the period immediately following virtual care implementation. We classified consultation appointments between 2018 and 2019 as “pre–virtual care,” as they were offered exclusively in-person during this period. Appointments between April and December 2020 were classified as “post–virtual care,” as the vast majority were conducted virtually, consistent with institutional practices and jurisdictional restrictions at the time. We focused on this specific period because in-person consultations resumed during subsequent phases of the pandemic. Referral data were excluded from the analysis if the referral was canceled for any reason and for patients who were previously enrolled in the CAMH EPI program. Missing data were manually extracted from EMR charts when possible, and data from second and third referrals were excluded from the analysis. Statistical comparisons were made with 2018 to 2019 data prior to virtual care implementation [].

Variables and Missing Data

The primary outcome was rate of attendance at the first consultation appointment. Patients were coded as having not attended if they declined services, could not be reached to schedule their appointment, or did not attend their scheduled appointment. Demographic variables were self-reported by patients through CAMH’s standardized health equity form that is routinely completed around the time of their first appointment and during ED visits and inpatient admissions. These variables included age, gender, racial and ethnic group (“other racial and ethnic groups” included Indigenous, Latin American, Middle Eastern, and other not specified), country of birth, and sexual orientation. Low prevalence categories were combined for data cells of fewer than 5 people to protect the privacy of participants and facilitate statistical comparisons. Recoded variables are outlined in . Service use factors were derived from clinical documentation: referral source (inpatient, ED or bridging clinic, and those from outpatient psychiatrists, primary care providers, or other external providers) and days to consult (calculated as the number of days from referral to consultation appointment). We retained “do not know” or “prefer not to answer” responses in the analysis because we considered them valid responses to self-reported health equity questions. Nonresponse data were categorized as missing, and data were missing for three variables (25.9%-27.6%). We performed Little’s MCAR test, which indicated that data were MCAR (χ²₁₃=11.09, P=.60). However, we did not impute missing data because it is routinely completed by patients around the time of their first appointment and during ED visits and inpatient admissions. To minimize potential sources of bias, we applied consistent inclusion and exclusion criteria and used standardized EMR data fields to minimize misclassification.

Statistical Analysis

Descriptive statistics were calculated, including means, SDs, and percentages, to describe the demographic and service use characteristics of the full sample. We used chi-square tests for categorical variables and independent t tests for continuous variables to compare service use pre– versus post–virtual care. Effect sizes were calculated using Cohen d for continuous variables and Phi (2 × 2 tables) and Cramér V (2 × 3 tables) for categorical variables. We used binary logistic regression to model the odds of attendance at the consultation appointment, controlling for demographic (ie, age, gender, racial and ethnic group, sexual orientation, and country of birth) and service use (ie, referral source and days to consult) factors. Simulation work by Vittinghoff and McCulloch (2007) demonstrated that logistic regression can yield reliable estimates with 5 to 9 events-per-variable (EPV) under commonly encountered modeling conditions (ie, when covariates are not extremely sparse, effect sizes are moderate, and covariates are not highly collinear). Our data satisfy all these characteristics, and the candidate covariates were prespecified based on theoretical and clinical consideration []. Univariable tests were performed and variables statistically significant at an a priori level of P<.20 were included in the multivariable model. Backward stepwise selection was used to determine the final adjusted model by removing variables with a P≥.20. This criterion was used as a heuristic to safeguard against type II error during model development, following recommendations suggesting that conservative thresholds (eg, .05 or .10) may prematurely exclude important variables []. However, we retained age and gender in the adjusted model, regardless of statistical significance, due to their theoretical and clinical importance. A 2-sided P<.05 was considered statistically significant. All statistical analyses were performed using Stata BE (version 17.0; StataCorp) [].

Ethical Considerations

This study was approved by the Research Ethics Board at CAMH (#060/2020‐01). Informed consent was not required by CAMH’s Research Ethics Board, as retrospective deidentified EMR data were used for the analysis and posed minimal risk. Data were deidentified and additional efforts were taken to protect the privacy of participants, including combining data cells of fewer than 5 people for low prevalence categories. There was no compensation for participants in this study, as it was an analysis of retrospective EMR data. We have taken efforts to ensure that no identification of individual participants would be possible via the data in the results or supplementary material. There were no images included in the manuscript that could lead to identification of participants.

Results

Participant Characteristics

CAMH’s EPI program received 383 patient referrals between April 2020 and December 2020. Referral data that did not meet study eligibility were excluded (70/383, 18.3%), and second and third referrals were filtered out of the analysis (12/313, 3.8%), leaving 301 unique patient referrals. displays the demographic and service use characteristics of patients. Patients had a mean age of 23.2 (SD 3.3) years, 71.1% (214/301) identified as male, 29.2% (88/301) identified as White, 40.2% (121/301) identified as heterosexual, and 46.2% (139/301) were born in Canada.

Service Use

Service use characteristics are displayed in and . Approximately one-fifth of patients (65/301, 21.6%) were referred from the ED or bridging clinic, 37.9% (114/301) from inpatient units, and 40.5% (122/301) from other referral sources. There were significantly higher rates of inpatient referral (114/301, 37.9%) and lower rates of referral from outpatient and other providers (122/301, 40.5%) post–virtual care compared with pre–virtual care (χ²₂=18.7, P<.001), with a small effect size and moderately narrow CI (Cramér V=0.120, 95% CI 0.06 to 0.17). The mean number of days from referral to consultation appointment was 12.6 (SD 8.9), which was significantly lower (t₁₁₄₉=6.44, 95% CI 3.95 to 7.41; P<.001) than wait times pre–virtual care (mean 18.3, SD 13.9), with a moderate effect size and narrow CI (Cohen d=0.44, 95% CI 0.31 to 0.58). The mean number of monthly referrals post–virtual care (mean 34, SD 4.4) was significantly lower (t₁₂₉₈=−17.3, 95% CI −10.9 to −8.75; P<.001) than pre–virtual care (mean 44.2, SD 9.9), with a large effect size and a narrow CI (Cohen d=−1.14, 95% CI −1.27 to −1.00). Overall, 84.1% (253/301) of patients attended their consultation appointment post–virtual care, which was significantly higher than attendance pre–virtual care (770/999, 77.1%); however, it was a small effect with a moderately wide CI (χ²₁=6.71, φ=0.072, 95% CI 0.02 to 0.12; P=.01). Post–virtual care, patients referred from the ED or bridging clinic had the highest rate of nonattendance (18/65, 27.7%) at the consultation appointment compared with those referred from inpatient units (19/114, 16.7%) or other providers (11/122, 9%).

Factors Associated With Attendance at Consultation Appointment

Following univariable tests and stepwise backward selection, identifying as Black (odds ratio 0.45, 95% CI 0.21 to 0.97) and being referred from the ED or bridging clinic (odds ratio 0.24, 95% CI 0.08 to 0.72) were associated with decreased odds of attendance at the consultation appointment in the final adjusted model ().

Discussion

Principal Findings

Using retrospective cohort data from 301 patients, we found that patients referred to EPI services after the transition to virtual care had higher rates of attendance at the consultation appointment and encountered shorter wait times compared to those referred pre–virtual care. We also found higher rates of inpatient referral and lower rates of referral from outpatient and other providers post–virtual care compared to pre–virtual care. Approximately one-third of patients did not attend their consultation appointment; ED or bridging clinic referrals had the highest rate of nonattendance at the consultation appointment compared with other referral sources. Equity-related and service use factors, notably identifying as Black and being referred from the ED or bridging clinic, were associated with decreased odds of attending the consultation appointment when it was mostly delivered virtually. These findings suggest that virtual care can improve initial engagement in EPI services; however, patients from structurally marginalized groups and those referred from acute sources still face barriers to care, even when appointments are delivered virtually.

Comparison With Prior Work

We observed a 7% increase in attendance at the EPI consultation appointment following the implementation of virtual care, which is higher than the 5% increase found across all appointments in a prior study []. This difference is likely attributable to the focus on the consultation appointment (rather than all appointments). Findings from both studies, when taken together, lend support to virtual care as a tool for improving initial engagement in EPI services, as well as throughout treatment; however, it is important to acknowledge that other factors, such as the COVID-19 lockdown which restricted nonessential outings and may have made youth more available to attend their appointments, may have influenced appointment attendance. We also observed a decrease in wait times from EPI referral to the consultation appointment post–virtual care compared to pre–virtual care, consistent with emerging evidence that virtual care may allow for increased efficiency and streamlined processes []. Although the association of shorter wait times with virtual care is an important finding, it is also important to note that monthly referrals to EPI were significantly lower post–virtual care compared with pre–virtual care, which, in turn, could be influencing the shorter wait times. Nevertheless, longer wait times for EPI services have been associated with worse patient outcomes, not only during the initial period of untreated psychosis but also later in treatment [].

Our results also align with existing research on disparities in virtual care access. Patients referred from the ED or bridging clinic had decreased odds of attending the consultation appointment post–virtual care, consistent with our prior work showing lower attendance rates at in-person initial appointments for those referred from the ED or bridging clinic []. Individuals seeking care from acute services may experience greater symptom burden, such as disorganization, paranoia, and a fear of surveillance, which may affect the utilization of virtual care. For example, patients may be too disorganized to navigate connecting online at the prescribed time []. Additionally, these patients may be more likely to experience socioeconomic disadvantage, which is linked to increased ED usage, decreased engagement with outpatient mental health care [], and digital equity barriers. In contrast to findings from our previous study examining in-person attendance [], we also found that Black patients had a decreased odds of attending the consultation appointment post–virtual care, suggesting that virtual care may amplify health inequities through the digital divide. This is consistent with other research reporting that Black patients were less likely to use telehealth services compared to White patients [,], likely due to systemic barriers that can limit access to devices, the internet, or digital literacy skills [,]. This is layered upon a long history of racism, oppression, and stigmatization of Black people by the medical system, and ongoing inequities, including a greater risk of police involvement and involuntary hospitalization for Black youth experiencing psychosis []. Overcoming systemic barriers to psychosis care for Black patients will require systemic solutions, such as increasing the racial and ethnic diversity of clinicians, ensuring a trauma-informed and anti-racist approach to services, and including lived experience perspectives of Black patients and their families in EPI evaluation [].

Implications

These findings have several implications for the design and delivery of EPI services in a postpandemic context. The use of a hybrid model in EPI, integrating virtual care with in-person appointments, can be a way to engage patients in treatment in a way that meets their needs while still maintaining the benefits of an in-person therapeutic relationship. Global surveys of clinicians and clinical leaders show strong support for hybrid models, though challenges exist around infrastructure, training, and digital literacy []. Mental health care organizations, including EPI programs, should consider building up technological infrastructure and capacity to support clinicians’ ability to offer hybrid models of care, although we acknowledge that this may be challenging for more low-resourced settings. Additionally, our results showed a shift in referral patterns post–virtual care, with increased inpatient and decreased outpatient referrals. This may reflect delays in early detection of psychosis due to school closures or reduced access to primary care and other outpatient providers. It is clear that outpatient providers represent irreplaceable sources for early detection and EPI access. Leveraging hybrid care models can improve connection to outpatient providers, though consideration of systemic solutions to reduce inequities in digital access is required.

Limitations

This study has several limitations. Due to the wide CIs in the final adjusted model, the findings should be interpreted with caution. Variables, including race/ethnicity, sexual orientation, and country of birth, had more than 10% of missingness, which was not imputed due to it being self-reported health equity data. There were increases in the percentage of missing data for certain demographic categories from pre–virtual care to post–virtual care, including racial and ethnic group and sexual orientation. These changes highlight potential challenges with the reliability of self-reported data, particularly in the virtual care context. While the overall missingness is reported as more than 10%, the variability in the self-reported health equity data between the two timepoints may affect the accuracy and generalizability of the findings. Future research should explore methods to improve the completeness and reliability of self-reported data within virtual settings. The time period of the study was also a limitation, as it was during the COVID-19 pandemic and may not be representative of virtual care in real-world practice. Thus, findings may be partially related to pandemic effects rather than the transition to virtual care. The use of data from 2020 may also limit the relevance of our findings, given changes in healthcare delivery and policy over time []. We were not able to include other relevant patient- and system-level factors, such as socioeconomic status and illness severity, as covariates in the model. These factors may better explain the associations observed in our final adjusted model. For example, lower referral volumes and treatment delays may have led to patients presenting to care when they were more ill and had a higher symptom burden []. As such, not having specific data on illness severity limits our ability to understand its potential impact on EPI attendance and engagement and should be an area for future investigation. It is also important to note that patients referred from the ED may differ from those referred through outpatient and inpatient settings [], limiting the generalizability of our findings across referral sources. Another limitation is that the study setting was a well-resourced hospital with infrastructure and technological support dedicated to virtual care implementation, the findings may not be generalizable to lower-resourced mental health settings.

Conclusions

This retrospective cohort study of patients referred to EPI services is innovative in that it examines the self-reported health equity and service use factors that may contribute to nonattendance when most EPI appointments are delivered virtually. This is unlike previous studies, which solely focused on differences in attendance rates. Although the time period of the study is a limitation, as it was during the COVID-19 pandemic and may not be representative of virtual care in real-world practice, we found improved attendance rates at the first EPI consultation appointment and shorter wait times, suggesting that virtual care may improve initial engagement in EPI services. Despite this, barriers to care still exist for Black patients and those referred from the ED. The use of a hybrid model can be a way to improve connection to EPI, though targeted approaches are needed to improve the digital divide and ensure that structurally marginalized and high-acuity patients have equitable access to EPI care. Future research should examine virtual engagement in EPI services in a postpandemic context.

Cynthia Bentley promoted to succeed Henck as North America Chief Actuary; Paul O’Connell to Retire

ZURICH, Feb. 19, 2026 /PRNewswire/ — Chubb Limited (NYSE: CB) today announced that Scott Henck, Executive Vice President and Chief Actuary, North America, has been appointed Senior Vice President, Chubb Group and Chief Actuary. He succeeds Paul O’Connell, who is retiring after a 40-year career in the property and casualty insurance industry. The appointment is effective April 1.

In his new role, Henck will oversee all actuarial functions, including reserving, pricing and capital performance measurement.  He will report directly to Evan G. Greenberg, Chairman and Chief Executive Officer of Chubb Limited and Chubb Group and to Peter Enns, Executive Vice President, Chubb Group and Chief Financial Officer.

 “On behalf of all of us at Chubb and me personally, I want to thank Paul for his many contributions, outstanding judgment and deep professionalism over his distinguished career,” said Greenberg. “Paul has been an important steward of Chubb’s actuarial capabilities, and we wish him all the best in his retirement.”

“We are pleased to appoint Scott to lead Chubb’s global actuarial functions. He is an accomplished actuary and proven leader whose deep technical expertise and understanding of our businesses will ensure we continue to manage risk with the rigor and excellence that define our company.”

Enns added, “Scott’s analytical acumen and collaborative leadership style make him the ideal successor to further drive the excellence of our global actuarial operations.”

Cynthia Bentley, currently Senior Vice President and Head Actuary of North America Commercial Insurance, will succeed Henck as Executive Vice President, North America Chief Actuary. She will report to Henck and Juan Luis Ortega, Executive Vice President, Chubb Group and President, North America Insurance, who added, “Cynthia’s appointment is a reflection of her outstanding track record and the tremendous impact she has had on our company. I’m confident she will continue to drive innovation and further strengthen our actuarial capabilities across our North America businesses.”

Biographies
Scott brings to the role nearly three decades of insurance industry experience. He joined Chubb in 2002 and has most recently served as Chief Actuary of North America from 2019. Prior to that role, he founded and led the Actuarial Insights, Business Intelligence, and Advanced Analytics unit for Global Claims. Scott is a Fellow of the Casualty Actuarial Society (FCAS), a Member of the American Academy of Actuaries (MAAA), a Chartered Property Casualty Underwriter (CPCU), and a graduate of Lebanon Valley College.

Cynthia has more than three decades of insurance and actuarial experience. Prior to serving as Head Actuary of North America, she led the Major Accounts Actuarial support for Property & Specialty and Financial Lines. Cynthia is a graduate of Bucknell University and a Fellow of the Casualty Actuarial Society.

About Chubb
Chubb is a world leader in insurance. With operations in 54 countries and territories, Chubb provides commercial and personal property and casualty insurance, personal accident and supplemental health insurance, reinsurance and life insurance to a diverse group of clients. The company is defined by its extensive product and service offerings, broad distribution capabilities, exceptional financial strength and local operations globally. Parent company Chubb Limited is listed on the New York Stock Exchange (NYSE: CB) and is a component of the S&P 500 index. Chubb employs approximately 45,000 people worldwide.  Additional information can be found at: www.chubb.com. 

SOURCE Chubb

• Pioneering commitment to Sustainable Aviation Fuel (SAF) for customer car airfreight
• Committed use brings significant lifecycle CO₂e reductions
• Supporting Beyond100+ strategy to decarbonise the value chain and long-term Net Zero ambition

(Crewe, 19 February 2026) Bentley Motors has announced that it will use Sustainable Aviation Fuel (SAF) for all customer car airfreight movements worldwide. The commitment applies immediately and represents a significant step forward in Bentley’s global logistics decarbonisation strategy. By switching to SAF in cases where flights are essential, Bentley is significantly reducing emissions associated with air transport while maintaining the high levels of service expected by its customers.

Airfreight will always be a carefully controlled part of Bentley’s global logistics network and is used only when customers request, time-critical or market requirements make it necessary, but when it is required, it must be delivered in the most responsible way possible. As air transport produces significantly higher emissions than sea transport, the move to certified SAF represents a major step in reducing the environmental impact of these essential movements.

Aimee Kelly, Head of Sustainability at Bentley Motors, commented:

“Our transition to using certified Sustainable Aviation Fuel across all customer car airfreight movements reflects how we are taking measurable, evidence based steps to reduce emissions in the parts of our logistics network where flights remain necessary. SAF can deliver significant, independently verified reductions in life cycle CO₂e emissions compared with conventional jet fuel and this makes it a meaningful lever within our wider decarbonisation strategy. 

“This initiative forms part of Bentley’s broader programme to reduce operational and value chain emissions in line with our long term Net Zero ambition. By integrating SAF into our logistics operations in this transparent and verifiable way, we’re strengthening the foundations needed to deliver our long term climate goals, while supporting our customers and markets with more responsible distribution practices.” 

Sustainable Aviation Fuel is an ISCC-certified alternative to conventional jet fuel, produced from renewable or waste-based sources. It can be used in existing aircraft and airport infrastructure without modification. Depending on raw material and production methods, SAF can reduce lifecycle CO₂e emissions by up to 70–95 per cent compared with conventional jet fuel.

Since introducing SAF into its airfreight operations, Bentley has already transported customer cars using SAF, achieving substantial well-to-wheel CO₂e reductions compared with standard aviation fuel.    

At present, the SAF usage covers all customer car movements. Early exploration is underway to extend SAF across additional logistics routes where airfreight may be required.
This is a major step forward in decarbonising Bentley’s end to end supply chain and ensuring its logistics operations fully support the ambitions of Beyond100+.

The Beyond100+ strategy places sustainability at the core of the brand, redefining every aspect of the business to lead in sustainable luxury mobility. It secures Bentley’s long‑term commitment to low‑carbon, responsible luxury, combining care for the environment with supporting people and innovation. 

– ENDS –

A Clyde & Co team led by Eva-Maria Barbosa and Adriaan Louw advises the shareholders of AEG Power Solutions B.V., Coltrane Asset Management and Robus Capital, on the sale of all outstanding equity in AEG Power Solutions to Hammond Power Solutions Inc. (“HPS”), a leading provider of dry-type transformers and power quality solutions.

Headquartered in the Netherlands, AEG Power Solutions is a leading global manufacturer of mission critical industrial power electronics serving a diverse set of markets, including oil & gas operations, power generation, industrial processes, transportation, nuclear and other critical infrastructures. Operating primarily across Europe and Asia, AEG Power Solutions employs more than 780 professionals and operates five manufacturing facilities worldwide. The shareholders, Coltrane Asset Management, headquartered in New York, and Germany-based Robus Capital, are alternative investment managers focused on private credit and special situations investments.

HPS, headquartered in Guelph, Ontario, Canada, is the largest dry-type transformer manufacturer in North America supporting clients in various industries such as renewable energy, industrials and data centers, and operates manufacturing facilities throughout Canada, the United States, Mexico, and India.

The proposed acquisition is expected to strengthen both companies’ portfolio, market reach, and long-term growth profile. Upon completion, AEG Power Solutions will operate as a wholly owned subsidiary of HPS, with its leadership team expected to continue overseeing day-to-day operations.

The transaction, valued at approximately €226 million, is expected to complete in the second quarter of 2026 subject to regulatory approvals and other customary conditions.

The Clyde & Co team advising Coltrane Asset Management and Robus Capital was led by Partner Eva-Maria Barbosa and Counsel Adriaan Louw (both Corporate/M&A, Munich).

The team further comprised:

Partners: Julie Cornély (Paris), Luis García (Madrid), Mohammed Almarzouki (Jeddah), Philip O’Riordan (Dubai), Thomas Choo (Singapore), Fei Kwok (Hong Kong, all Corporate/M&A)

Counsel / Legal Director: Kai Yong Tan (Corporate/M&A, Singapore)

Senior Associates: Thora Rock, Victor Gontard (both Munich), Marina Arancón (Madrid), Kinshuk Kislaya (Dubai), Bernadette How (Singapore), Yangliu Sh (Shanghai), Wen Zhu (Beijing, all Corporate/M&A)

Associates: Jasmine Zamprogno, Lucia Kösters, Ruth Lauterbach, Christoph Stöger (all Munich), Manon Oravec (Paris), Marina Sanjuán (Madrid), Wei Sin Bong, Heather Lim (both Singapore, all Corporate/M&A)

Professional Support Lawyer: Urmika Mani (Dubai)

The latest extension in the companies’ long-standing partnership advances Samsung’s growth in Canada

Samsung Electronics Co., Ltd. today announced that it has been selected by Videotron, one of Canada’s key telecommunications operators, to modernize its network infrastructure with Samsung’s 5G Non-Standalone (NSA) and 4G LTE Core Gateway solution. This deployment further extends Samsung’s mobile network footprint with Videotron, providing operational and customer benefits such as improved flexibility and even more seamless connectivity.

 

Samsung will deliver a comprehensive, turnkey solution leveraging its cloud-native 5G and 4G Core on Dell PowerEdge servers with AMD EPYC 9005 Server CPUs and Red Hat OpenShift, the industry’s leading hybrid cloud application platform powered by Kubernetes. This configuration underscores Samsung’s commitment to open, interoperable network solutions and its ability to offer an end-to-end network infrastructure with a diverse ecosystem of partners.

 

Key highlights of the collaboration include:

 

• Resilience and reliability enhancements to support consistent, high-quality experiences
• Automation-ready operations to streamline lifecycle management and reduce complexity
• Flexible scalability and operations to support Videotron’s evolution and growth

 

“Samsung’s success delivering our RAN infrastructure gave us confidence in their ability to support our Core network,” said Mohamed Drif, Senior Vice-President and Chief Technology Officer, Videotron. “Their solution leverages open, industry-standard platforms that provide the operational flexibility we need as we elevate service for our customers in Quebec and expand our digital-first mobile and home internet brand, Fizz, across Canada. The cloud-native approach aligns perfectly with our network evolution strategy.”

 

This Core network collaboration builds on the companies’ successful Radio Access Network (RAN) partnership that began in 2019. It demonstrates Videotron’s continued confidence in Samsung’s ability to deliver essential network infrastructure.

 

“The expansion of our relationship with Videotron from RAN to Core is a testament to Samsung’s best-in-class virtualized end-to-end network technology,” said Stephen Wiktorski, Vice President and Head of Networks at Samsung Electronics. “This deployment will empower Videotron to further optimize its network performance and reduce operational complexity, while continuing to ensure seamless connectivity for customers across Canada. With this step in our partnership, we are proud to continue supporting Videotron in realizing its vision of scalable, future-ready networks.”

 

This latest development between the companies allows Samsung to further strengthen its position in the Canadian telecommunications market. It follows a recent Core launch by another Canadian operator as well as Samsung’s role in pioneering North America’s first roaming gateway. These advanced network solutions leveraging industry-standard hardware and open architecture will enable the operators to provide enhanced services to their customers and lay the foundation for future network innovations.

 

In addition to expanding Samsung’s Core presence in Canada, this deployment reinforces the company’s commitment to empowering operators worldwide with scalable, cloud-native solutions. Since 2015, Samsung has provided cloud-native Core solutions starting from LTE to 5G standalone. The company has deployed large-scale commercial Cores in Canada, Korea, Japan and India, delivering reliable connectivity to hundreds of millions of users.

 

Samsung integrates AI-driven automation and intelligent analytics to help operators future-proof their networks ensuring readiness for emerging technologies. Building on its continued global Core growth and long-term evolution roadmap from cloud core to AI-native core, Samsung is poised to play a pivotal role in shaping the next generation of telecommunications infrastructure globally.

 

Red Hat and OpenShift are trademarks or registered trademarks of Red Hat, Inc. or its subsidiaries in the U.S. and other countries.

 

About Videotron

Videotron, a wholly owned subsidiary of Quebecor Media Inc., is an integrated communications company engaged in television, entertainment, Internet access, wireline telephone and mobile telephone services. Videotron is Canada’s fourth strong and competitive national mobile carrier, with 4,328,100 mobile lines as of September 30, 2025. Videotron is also a leader in new technologies with its Helix home entertainment and management platform, and is the Québec leader in high-speed Internet access. As of September 30, 2025, Videotron had 1,259,300 subscribers to its television service, 1,736,400 subscribers to its Internet service, and 562,100 connections to its wireline telephony service. In Léger’s 2025 Reputation survey, Videotron was ranked the most respected telecom provider in Québec for the 19^th time since 2006.

 

Combined offering accelerates the company’s edge computing and network convergence strategy

AUSTIN, Texas, Feb. 19, 2026 /PRNewswire/ — Scale Computing™, the leader in edge computing and network solutions, today announced it has entered into a definitive agreement to acquire Adaptiv Networks, a leading cloud-native Software-Defined Wide-Area Network (SD-WAN) and Secure Access Service Edge (SASE) provider. The acquisition will extend Scale Computing’s SC//AcuVigil™ managed network solutions with integrated SD-WAN connectivity, advanced network performance optimization, and centralized orchestration across distributed environments. It will also expand the company’s market position in Canada.

“Distributed organizations depend on applications being available everywhere work happens — and that requires reliable, secure connectivity and always-on visibility,” said Bill Morrow, CEO of Scale Computing. “By bringing Adaptiv Networks into Scale Computing, we are strengthening our technology platforms with industry leading SD-WAN and SASE capabilities. This will enable our partners and customers to experience secure, agile network connections which will be seamlessly integrated with our managed networking and edge computing software and services.”

Adaptiv Networks’ cloud-native SD-WAN and SASE solutions simplify WAN management and boost performance, security, and reliability across organizations. Whether deploying enterprise SD-WAN, business cloud connectivity, or remote VPN access, the platform ensures optimized network security and cloud productivity without the complexity, ideal for both growing businesses with limited IT resources and distributed enterprises. Scale Computing and Adaptiv Networks will bring together a combined customer base of 9,000+ customers, including leading brands across QSR, restaurants, retail, and other distributed industries globally.

“The Adaptiv Networks mission is to help businesses regain control of their networks by improving reliability, quality, manageability, and security,” said Bernard Breton, CEO, Adaptiv Networks. “Both companies share a strong focus on building innovative technology that is efficient and effective. By combining Adaptiv’s SD-WAN and SASE capabilities with Scale Computing’s managed network services and edge computing platforms, partners gain an expanded portfolio to deliver simpler, more resilient networking, and businesses benefit from secure connectivity that scales across distributed environments. Our team at Adaptiv is excited to join with Scale Computing.”

Scale Computing expects to begin offering Adaptiv Networks solutions immediately, both as a standalone offering and as part of a bundled managed networking platform through Scale Computing’s channel partner ecosystem. Adaptiv Networks’ Connect and Elfiq family of SD-WAN solutions will be marketed under the brand SC//Connect™. This is in addition to Scale Computing’s current portfolio:

• Scale Computing AcuVigil™ managed network solutions combine 24/7 network operations support with self-service visibility and control, providing multi-site operators a unified, effortless way to monitor, troubleshoot, secure, and optimize every connection across their network.
• Scale Computing Fleet Manager™ edge orchestration solutions, including the Zero-Touch Provisioning™ feature, makes managing edge computing infrastructure as simple as managing cloud resources.
• Scale Computing Platform™ edge solutions combine simplicity and scalability, offering a unified, easy-to-manage solution that replaces complex infrastructure and ensures high availability for workloads.
• Scale Computing Reliant™ Platform as a Service is a hardware- and cloud-agnostic, API-capable edge computing platform that empowers multi-site businesses to manage applications, networks, and security controls at scale, without adding complexity or taxing IT teams.

TD Securities served as exclusive financial advisor to Scale Computing and Dubois Bryant & Campbell LLP and Gowling WLG served as legal counsel. Osler, Hoskin & Harcourt served as legal counsel to Adaptiv.

About Scale Computing

Scale Computing is the industry’s largest edge-first platform company, uniquely positioned to power the AI-driven future of distributed enterprises. Providing edge computing, managed network security, re-virtualization and hyperconverged solutions, Scale Computing delivers an integrated infrastructure that adapts and scales from one to 50,000 locations. Thousands of organizations around the world rely on Scale Computing to power critical applications with unparalleled ease. Scale Computing is backed by Oaktree Capital Management L.P., one of the world’s largest funds with over $200 billion in assets under management. For more information, visit www.scalecomputing.com.

About Adaptiv Networks

Adaptiv Networks is a leading software-defined wide-area networks (SD-WAN) vendor, offering cloud-managed secure and reliable connectivity for businesses worldwide. Our solutions are designed to deliver our customers simplicity, performance and security. Adaptiv Networks serves partners and end users across the globe, and it is backed by the largest patent portfolio in the SD-WAN industry. For more information, visit  www.adaptiv-networks.com.

© 2026 Scale Computing, Inc. All rights reserved. Scale Computing and other Scale Computing marks are trademarks of Scale Computing, Inc. All other trademarks are the property of their respective owners. Information on Scale Computing patents and trademarks is available at www.scalecomputing.com/legal. SC//AcuVigil, SC//Fleet, SC//Platform, SC//Reliant and SC//Connect are trademarks of Scale Computing, Inc.

SOURCE Scale Computing

​​​Macro update

​S&P 500 rebounds on AI strength:

The S&P 500 index gained 0.56%, with the Nasdaq 100 up 0.76% and the Dow Jones rising 0.25%, as NVIDIA, Amazon and Microsoft led a recovery in technology shares after recent valuation jitters.

​NVIDIA deal boosts sentiment:

NVIDIA advanced after unveiling a multi-year agreement to supply Meta with millions of artificial intelligence (AI) chips, lifting broader semiconductor and storage names tied to AI demand.

​Software sector steadies:

The S&P 500 software and services index stabilised after earlier February losses, helped by[shares:CDN-US| Cadence] beating revenue forecasts, though Palo Alto Networks fell after cutting its full-year profit outlook.

​Fed minutes curb rate-cut hopes:

Minutes from January’s meeting showed policymakers in no hurry to ease, with some open to further hikes if inflation stays elevated; markets are pricing roughly a 50% chance of a June cut.

​Asia tracks Wall Street higher:

MSCI Asia-Pacific ex-Japan rose 0.4%, Japan’s Nikkei 225 gained 0.7% and South Korea’s Kospi jumped more than 3% to a record, while European futures signalled a mixed open.

​Oil extends rally on Iran tensions:

Brent crude oil and West Texas Intermediate (WTI) crude oil pushed higher after surging more than 4% as investors weighed supply risks in the Strait of Hormuz, while gold held near $5000 and the dollar firmed alongside higher US yields.

​Nasdaq 100 hovers above support 

​The Nasdaq 100 is seen recovering from this week’s 24,387 low but has been capped by its January to February resistance line at 25,057. If overcome, last week’s high at 25,382 may be back in the picture.

​A slip through Wednesday’s 24,387 low would push the November low at 23,854 to the fore.

​Short-term outlook:

Bullish while above the 17 February 24,387 low.

​Medium-term outlook:

Bullish while above the 17 February low at 24,387; failure there would neutralise our outlook.

Nasdaq 100 daily candlestick chart

London, February 19, 2026 – Global clean power purchase agreement (PPA) volumes fell for the first time last year in nearly a decade, as power prices and policy risks redefined market activity. Corporations announced deals for 55.9 gigawatts of clean power in 2025, 10% down from the record set the prior year, according to BloombergNEF in its 1H 2026 Corporate Energy Market Outlook. 

The market is increasingly defined by a divergence between hyperscalers and the broader universe of corporate buyers. Technology giants Meta, Amazon, Google and Microsoft were responsible for 49% of all global activity last year. Meta and Amazon led global clean energy buying activity in 2025, contracting a combined 20.4 gigawatts (GW), including 4.7GW of nuclear power. While Meta’s activity was concentrated in the US, Amazon was the most active buyer in Europe and Asia Pacific.  

The US is still the largest market, hosting a record 29.5GW of deals, driven by Big Tech’s pivot to nuclear, hydro and geothermal. However, the largest technology firms signed most of the deals, with smaller players becoming less active, as project costs and policy uncertainty rose. The number of unique corporate buyers in the US dropped 51% year-on-year to just 33.  

Meanwhile, in the Europe, Middle East and Africa region, corporate PPA volumes slid 13% year-on-year in 2025, to 17GW, with capacity notably falling back to 2023 levels in Europe. Rapidly increasing hours of negative power prices are eroding the value of standalone solar and wind deals, pushing buyers toward hybrid portfolios.  

In the Asia Pacific region, volumes dropped to 6.9GW, from 10.7 gigawatts the year prior, primarily due to slowdowns in India and South Korea. Corporate clean energy procurement in the region is increasingly bifurcating between countries where corporate PPA adoption becomes more sophisticated like Japan, and markets like Malaysia where growth remains dependent on regulatory support.

Nayel Brihi, BNEF corporate energy analyst and lead author of the report, said: “Corporate clean energy buyers are operating at two different speeds. Large tech buyers are venturing into bigger deals and frontier technologies, while smaller companies are grappling with power market realities. Some buyers in newer markets are just familiarizing themselves with the concept of offtake agreements altogether. For the market to return to growth, we will need to see clean, firm power supply options such as co-located solar and storage delivering at scale, and at competitive prices.” 

On the supply side, Engie emerged as the top developer, contracting 3.6GW globally. Developers offering clean, firm power solutions are increasingly present in the league tables. Seven of the top 10 sellers engaged in such power contracts – including co-located solar and storage, hybrid solar and wind, or nuclear PPAs. These “baseload-like” products accounted for 5.2GW of activity. 

The push for more sophisticated corporate clean energy deals is also being driven by regulatory shifts. The Greenhouse Gas (GHG) Protocol – the global standard for corporate carbon accounting – is updating its Scope 2 emissions standards, with proposed amendments potentially requiring hourly tracking and stricter geographical boundaries for indirect electricity, heat, steam and cooling purchases. Under an hourly tracking regime, 100% renewable claims will become harder to justify for most buyers.

Corporate clean energy buyers are already preparing for this change, with 5.8GW of co-located and hybrid deals tracked in 2025. As battery costs continue to decline, these deal structures are expected to become the new standard for corporate procurement.

BNEF’s 1H 2026 Corporate Energy Market Outlook is the latest in a series of reports focusing on the current trends in corporate energy strategy. Our PPA database monitors offsite corporate clean energy deals that are publicly disclosed or submitted directly to us by market participants and meet a set of minimum requirements.