Apollo bidding for Nordic airline SAS; KKR in talks to acquire Eugin

S&P Global Market Intelligence presents In Play Today, a periodic summary of potential private equity deal activity, including rumored transactions. This summary is based on information obtained on a best-efforts basis and may not be inclusive of all potential deal activity.

– Apollo Global Management Inc. and another investor group are competing to acquire SAS AB, which filed for US bankruptcy protection in mid-2022, Reuters reported, citing unnamed sources. Apollo was earlier reported to be seeking a majority stake in the Nordic airline. SAS had said that any equity fundraising bids would need to involve the Danish state, which holds a 22% stake in the Nordic airline.

– Bain Capital LP is contemplating the sale of a 49% stake in US LBM Holdings LLC, a building materials group with a potential valuation of at least $7 billion, including debt, Bloomberg News reported, citing people familiar with the matter. An adviser has been tapped to run an auction process.

– KKR & Co. Inc. is negotiating to acquire Spanish fertility clinic operator EUVITRO SLU, also known as Eugin Group, from Fresenius SE & Co. KGaA, Reuters reported. The potential deal is estimated to value Eugin at approximately $528.6 million and would involve KKR partnering with a Spanish entity.

– Tata Sons Pvt. Ltd. is in late-stage discussions with Temasek Holdings (Pvt.) Ltd. to repurchase about a 20% stake in its entertainment content distribution platform, Tata Play, Business Standard reported, citing people familiar with the matter. Tata Play's valuation exceeds $1 billion. Tata Sons is also considering acquiring a stake held by its private equity fund, Tata Opportunities Fund LP.

– General Atlantic Service Co. LP and NVP Associates LLC are in discussions to acquire a secondary stake in India-based Oravel Stays Ltd., Mint reported, citing two people with knowledge of the development. The delay in the troubled hotel aggregator's IPO has sparked increased interest from investors. Early backers of Oravel are being approached to sell their interests, with the prospective investors seeking a larger secondary stake, but no term sheets have been signed yet.

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