The Globe and Mail reports in its Tuesday edition that takeovers and asset sales are continuing at a record pace, despite the gloomy outlook for initial public offerings. The Globe's Andrew Willis writes that last week, KKR and Abu Dhabi-based Mubadala Investment Co. staged one of the sweetest exits ever seen in domestic tech by selling CoolIT Systems for $4.75-billion (U.S.). KKR and Mubadala -- both of which own a number of Canadian businesses -- cashed in through selling to a rival in what is known as a strategic sale, selling CoolIT to rival Ecolab. Both companies make gear that chills computer chips and demand is soaring as data centres spring up around the globe. KKR acquired CoolIT three years ago for $270-million (U.S.), and sold the business for a heady 29 times its forecast 2026 adjusted operating earnings. Getting this sort of premium valuation on an investment, while public investors are fixating on stranded oil tankers, speaks to the mindset in private equity and public company boardrooms. Institutional investors and CEOs are looking past the Iran conflict and continuing to put cash to work. Private equity fund managers, bankers and lawyers all say the M&A pipeline is as busy as they've ever seen it.