PE giants eye Glenmark stake; Blackstone closes in on New Tradition Media 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.

– BPEA EQT, KKR & Co. Inc. and Blackstone Inc. are interested in acquiring a stake in Glenmark Life Sciences Ltd., Business Standard reported, citing banking sources. The private equity giants are in a race with Nirma Ltd. to acquire the India-based pharmaceutical company from Glenmark Pharmaceuticals Ltd., which owns an 82.8% stake in the life sciences business and plans to use the proceeds to reduce its net debt.

– Blackstone is nearing a deal to acquire a majority stake in advertising company New Tradition Media LLC at an enterprise valuation between $500 million and $750 million, Bloomberg News reported, citing insiders.

– The Carlyle Group Inc. is close to buying a more than 20% stake in engineering services company QuEST Global Services Pte. Ltd., Mint reported, citing two people with knowledge of the matter. The potential transaction would see Advent International Corp. and Bain Capital LP exiting their investment in the business.

– Warburg Pincus LLC plans to purchase a 66% majority interest in Watertec India Pte. Ltd. at a valuation of about $200 million, Mint reported, citing two people aware of the development. The India-based bathroom accessories and fittings manufacturer is jointly owned by UMS Group, Watertec Malaysia and South Asian Investments. The private equity firm will likely buy the remaining stake in the company over the next 12-24 months, according to the sources.

– KKR's infrastructure fund is in exclusive negotiations to acquire a more than 51% stake in supply chain and warehousing company LEAP India Private Ltd., The Economic Times reported, citing people aware of the development. Leap's founder Sunu Mathew, who owns an approximately 25% stake, will maintain substantial ownership of the company.

– United Arab Emirates-based Aster DM Healthcare Ltd. is in discussions with KKR and Max Healthcare Institute Ltd. for the sale of an approximately 30% stake in its Indian business for about $300 million, Reuters reported, citing two sources with direct knowledge of the matter. Sellers include Olympus Capital and Rimco, which reportedly own respective 19% and 12% stakes in the business.

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