S&P Global Market Intelligence presents In Play Today, a regular summary of potential private equity deal activity. including rumored transactions. This summary is based on best efforts information and may not include all possible commercial activity.
โ Torrent Pharmaceuticals Ltd. is actively pursuing financing to acquire fellow India-based drugmaker Cipla Ltd. from the latter's promoter family. The effort includes a potential $1 billion capital injection from private equity firms including Advent International Corp., Bain Capital LP, Warburg Pincus LLC and CVC Capital Partners Ltd. The economic times reported, citing people with knowledge of the matter.
Torrent is also in talks with shadow banks and domestic mutual funds for $1.1 billion in equity-backed promoter financing. It is also exploring support from foreign banks, aiming to raise up to $4.23 billion in acquisition financing. torrent, which intends to present a binding offer at the beginning of October, is in first position to buy Cipla after its non-binding offer overcome Blackstone Inc.'s offer of 30%, Business standard reported.
Furthermore, Bain Capital LP has arrived to Dr. Reddy's Laboratories Ltd. to jointly bid for the Hamied family's stake in Cipla, He Economic times reported. Dr. Reddy's is evaluating the opportunity to potentially counter Torrent's non-binding offer. In addition to Blackstone, Torrent was competing with Baring Private Equity Asia EQT for the planned purchase. Bain is already in talks with Torrent about financing the potential deal.
โBain is considering a move acquire struggling wine company Accolade Wines Australia Ltd., The Australian reported. This comes as Bain explores several opportunities to acquire distressed targets, including a debt deal with The Star Entertainment Group Ltd. and previous investments such as Virgin Australia Holdings Pty. Ltd. Bain may attempt to take over Accolade by purchasing its debt at a range of prices. from 25 to 35 cents on the dollar. The strategy could involve acquiring and potentially breaking up the company.
โ SG Private Equity Co. Ltd. and LX Investment Co. Ltd. launched a sales process for Korea Gold Exchange and its digital asset platform, Korea Gold Exchange Digital Asset Co. Ltd., Korea Times reported. NH Investment and Securities is managing the sale and will initiate contacts with potential buyers in the week of September 4. The sale represents all of the stakes in both entities. A special purpose company jointly owned by SG Private Equity and LX Investment owns 67.2% of the shares, while the remaining stake is divided between two people.
โ Blackstone and Thomson Reuters Corp. are among the investors. sale approximately 28.3 million shares of London Stock Exchange Group PLC worth about $2.9 billion, Reuters reported, citing the deal's bookrunners. The consortium plans to sell a total of approximately 43.1 million shares on the London Stock Exchange through various methods.
โ Viatris Inc. is in advanced discussions sell its European consumer health assets to drugmaker Cooper Consumer Health, owned by CVC Capital, Bloomberg News reported, citing people familiar with the matter. CVC is the leading contender after other suitors dropped out, and a deal could potentially top $2.1 billion, according to the report.
โTPG Capital LP is exploring potential sale of Greencross Ltd., with potential interest from Wesfarmers Ltd., The Australian reported. Jefferies is involved in the sale negotiations for Greencross, which is valued at more than 3.5 billion dollars and It owns veterinary clinics and a retail pet care business. It remains uncertain whether TPG will sell the entire company or just the stake it retained after previously selling a 45% stake to AustralianSuper and Healthcare of Ontario Pension Plan.
โ The Carlyle Group Inc. is looking at options exit Jagex Ltd., with a potential valuation of up to $1.25 billion, Reuters reported, citing two people familiar with the matter. Carlyle, working with advisors from Morgan Stanley and Aream & Co., is considering a sale or listing of the company. UK-based video game manufacturer. While the process is in its early stages, the company could aim for an auction towards the end of 2023.
โ Fresenius Medical Care AG & Co. KGaA started the sales process for Cura Day Hospitals Group Pty. Ltd. through Citi, The Australian reported. About 15 to 20 parties are reviewing the Australian day hospital business, with about five expected to be shortlisted for final bids in October or November. Potential buyers of Cura include Ramsay Health Care Ltd., Intermediate Capital Group PLC and Crescent Capital Partners Management Pty. Ltd.
โ Petershill Partners PLC is explorer acquisition opportunities to tap high-growth segments of the alternative investment industry, an executive said on the company's first-half 2023 earnings call.
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