Stonepeak, KKR eye Queensland Airports; Stone Point in talks for Truist deal

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.

– Stonepeak Partners LP, KKR & Co. Inc., and Global Infrastructure Management LLC are interested in acquiring a 74% stake in Queensland Airports Ltd., The Australian reported.

– EA Elektro-Automatik GmbH & Co. KG received acquisition bids ranging from $1.50 billion to $2 billion, including debt, SeeNews reported, citing German newspaper Rheinische Post. Prospective buyers include Emerson Electric Co., Keysight Technologies Inc., Fortive Corp., Blackstone Inc., Thomas H. Lee Partners, L.P. and EQT AB (publ). The German power supply company's current owner Bregal Unternehmerkapital GmbH has been evaluating the sale with a financial adviser since early 2023.

– Truist Financial Corp. is in discussions to sell its insurance brokerage business, Truist Insurance Holdings LLC, to Stone Point Capital LLC for approximately $10 billion, following a 20% stake sale in February, Reuters and news platform Semafor reported, citing people familiar with the matter. The potential deal reportedly depends on Stone Point's ability to secure sufficient debt.

– KKR is exploring the sale of European car park operator Q-Park NV, which could be valued at about $4.20 billion, including debt, Bloomberg News reported, citing people familiar with the matter. Discussions with potential advisers have taken place, and interest from buyers may be assessed starting early 2024.

– Aster DM Healthcare Ltd.'s India business has attracted potential buyers, including BPEA EQT, Ontario Teachers' Pension Plan Board, Blackstone and KKR, Gulf News reported, citing people familiar with the matter. A full Aster acquisition could value the company at over $2.5 billion, while its Gulf assets and Indian business could be worth about $1 billion and nearly $1.5 billion, respectively. Blackstone could evaluate buying Aster's India business through Quality CARE India Ltd., according to the report.

– PAI Partners is preparing to sell its majority interest in German real estate and facilities group Apleona GmbH at a potential valuation of about $4.24 billion, SeeNews reported. Bank of America is expected to advise on the potential deal, with the sale process set to commence in the first half of 2024.

Explore potential M&A in other regions.