Itochu evaluates BigMotor's assets; Blackstone leads bid for $17B FDIC loans

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.

– Itochu Corp., in collaboration with investment fund J-Will Partners Co. Ltd., plans to assess BigMotor Co. Ltd.'s assets to determine the viability of rehabilitating the troubled used car dealer. If feasible, Itochu intends to acquire BigMotor by next spring. Itochu, its subsidiary Itochu Enex Co. Ltd. and the investment fund signed a basic agreement on Nov. 17, 2023, to exclusively evaluate BigMotor's assets.

– Blackstone Inc. is leading the competition to acquire a portfolio of commercial property loans valued at about $17 billion from the Federal Deposit Insurance Corp., Bloomberg News reported, citing people familiar with the matter. The loans are part of the FDIC's sale of Signature Bank debt, following the seizure of the failed bank in March. FDIC officials are said to be in the final stages of discussions, considering Blackstone's bid as the one with the lowest costs for the agency.

– Actis LLP, Edelweiss Financial Services Ltd. and Petroliam Nasional Bhd. are in discussions to purchase a 185-MW solar asset portfolio in India from Fortum Oyj and co-investors, the Economic Times reported, citing two people aware of the development. The enterprise value of the potential acquisition is estimated to be at least $150 million. Kotak Mahindra Capital Co. Ltd. is facilitating the sale.

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