24 Jul, 2023
Asterion seeks to sell stake in Nabiax; Bain sweetens SoftwareONE bid to $3.72B
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.
– Asterion Industrial Partners enlisted the help of BBVA and Citigroup to determine interest in the 80% stake it owns in Madrid-based datacenter operator Nabiax, Reuters reported, citing people familiar with the matter. Telefónica SA, which owns the remaining 20% stake, may divest as part of any deal, and the owners are exploring a sale that could value Nabiax at nearly $1.12 billion.
– Reliance Brands Ltd. is discussing a deal to buy out children's wear brand Ed-a-Mamma at an estimated price between 3 billion Indian rupees and 3.50 billion rupees, India's The Economic Times reported, citing two industry executives.
– Equinox Industries is in exclusive talks to acquire the French business of out-of-home advertising company Clear Channel Outdoor Holdings Inc. The parties are looking to close the deal in the fourth quarter, pending consultation with Clear Channel France's employee works council and the signing of a share purchase agreement.
– Bain Capital LP is in talks to acquire Ilooda Co. Ltd.'s management rights in a deal that offers a 20% to 30% control premium per share, Reuters reported, citing sources familiar with the situation. The private equity firm might make a tender offer for a controlling stake and delist the South Korean medical aesthetic device manufacturer from Kosdaq.
– Bain revised its buyout offer for Swiss software and cloud technology solutions company SoftwareONE Holding AG to about $3.72 billion, or about CHF 3.2 billion, with the new proposal priced at about CHF 20 per share, Bloomberg News reported, citing people with knowledge of the matter. SoftwareONE's board rejected Bain's previous offer in June, saying the bid materially undervalued the company.
– Bain is leading the race to buy a majority stake in India-based shadow bank Adani Capital Pvt. Ltd. in a potential deal that could be worth about 15 billion rupees, Financial Express reported. Cerberus Capital Management LP and The Carlyle Group Inc. are also among the prospective buyers, and a sale could be announced anytime soon, according to the report.
