Blackstone Energy Transition Partners is acquiring Dresser Utility Solutions, a provider of natural gas and water measurement, control and infrastructure metering equipment, from First Reserve. The deal comes as AI is forcing software companies to rethink their business models, according to a report from Private Equity International. Dresser Utility Solutions offers essential infrastructure for the energy transition, while the impact of AI is reshaping the landscape for private equity's software investments.

The acquisition allows Blackstone to expand its portfolio in the energy sector, while software investors must adapt to the changing market dynamics driven by AI advancements.