Affirm Inc. is laying the groundwork for an initial public offering that could value the financial-technology startup at as much as $10 billion, according to people familiar with the matter. The point-of-sale lender is working with Goldman Sachs Group Inc. on a potential listing, the people said. The preparations are at an early stage and the company may not move forward with one. Affirm could also sell itself, potentially to a so-called blank-check company, they said. ...

Teneo Holdings LLC—the communications and advisory firm known for counseling the CEOs of some of the world’s largest companies—has agreed to sell a slight majority stake to private-equity investor CVC Capital Partners, according to people familiar with the matter. The deal values Teneo, slightly less than half of which is currently owned by private-equity firm BC Partners LLP, at more than $700 million, the people said. BC Partners, which first invested in 2014, will sell its stake as part of...

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Economic net income, a closely watched measure of unrealized investment gains, rose to $431.6 million, or $1.07 a share, from $230.8 million, or 58 cents a share, a year ago. The latest result handily topped the 61-cent average estimate of analysts in a FactSet poll. Apollo’s private-equity holdings rose 7.3% over the period. Among its peers, Carlyle Group LP’s private-equity funds rose 4% in the third quarter, and KKR & Co.’s gained 3.9%. Blackstone Group LP’s buyout funds appreciated 3.3%...