PE firms eye stake in Adani Capital; Inflexion considering takeover of DWF

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.

– Adani Enterprises Ltd. is reportedly in talks to sell up to a 65% stake in Adani Capital Pvt. Ltd. and has engaged Avendus Capital as financial adviser for the sale. Among those expected to make binding bids for Adani Capital are private equity (PE) firms Bain Capital LP, The Carlyle Group Inc. and Cerberus Capital Management LP, The Economic Times reported.

– Legal and business services company DWF Group PLC confirmed it is in talks with Inflexion Private Equity Partners LLP regarding a potential takeover of DWF. Under UK regulations, Inflexion has until Aug. 7 to announce a firm intention to make an offer.

– Bain Capital is reportedly in talks to buy ice cream manufacturer Vadilal Industries Ltd. The private equity firm is looking to take control of the company, Vadilal Enterprises Ltd. and the brand.

– KKR & Co. Inc. is exploring options for its 70% stake in NVC International Holdings Ltd.'s China business, Bloomberg News reported, citing people familiar with the matter.

– Narayana Group of Educational Institutions, which operates schools, colleges and coaching centers in India, is looking to buy the 20% stake in NSPIRA Management Services Pvt. Ltd. held by Morgan Stanley Pvt. Equity Asia Inc. and BanyanTree Finance Pvt. Ltd., The Economic Times reported, citing sources aware of the group's plans.

– The Carlyle Group and Trustar Capital intend to sell part of their stakes in McDonald's Corp.'s operations in Hong Kong and mainland China, Bloomberg News reported, citing people familiar with the matter.

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