Wesfarmers eyes TPG-backed Greencross; Onex nears deal for R&Q's Accredited

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.

– Wesfarmers Ltd. engaged Barrenjoey to help explore its possible bid to acquire a stake or majority interest in pet care company Greencross Ltd., valued at $3.50 billion, The Australian reported. Greencross' existing majority owner, TPG Capital LP, tapped Jefferies to help evaluate options for the company.

– Bermuda-based insurance company R&Q Insurance Holdings Ltd. is in late-stage negotiations to sell its program management business, Accredited, to Onex Corp., SeeNews reported. R&Q aims to separate Accredited from its legacy insurance business to drive profitable growth.

– Pacific Equity Partners is considering the purchase of Pernod Ricard SA's Australia and New Zealand operations, The Australian reported. The sale is being run again by JPMorgan and Morgan Stanley on behalf of the wines and spirits producer after their failed attempt in 2019.

– CVC Capital Partners Ltd. is evaluating a possible sale for its 60.4% stake in Indian cancer hospital chain HealthCare Global Enterprises Ltd., valued at approximately $345 million, Bloomberg News reported, citing people familiar with the matter.

– Alfa Financial Software Holdings PLC's board confirmed preliminary discussions with Thomas H. Lee Partners LP about a potential buyout bid for the London-based company that provides software solutions and services to the auto and equipment finance market. Thomas H. Lee has until Oct. 25 to announce a firm intention to make an offer or back out.

– Wind Point Advisors LLC is looking to sell Gehl Foods LLC, a dairy-based product manufacturer, Reuters reported, citing people familiar with the matter. The company's potential value is pegged at over $600 million, including debt. Gehl has tapped William Blair and Bank of Montreal as financial advisers for the sale.

– Temasek Holdings (Pvt.) Ltd.-owned Sheares Healthcare Group Pte. Ltd. is in advanced talks to sell up to 9% of its 59% stake in Manipal Health Enterprises Pvt. Ltd. to Mubadala Investment Co. PJSC and Brunei Investment Authority, The Economic Times reported, citing people with knowledge of the matter. Temasek will retain a controlling 51% stake, TPG will keep 11% and the Pai family will continue to hold a 30% stake.

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