28 Aug, 2023
Seven & I weighs unit sale to Fortress; ATC, I Squared sign exclusivity 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.
– Food retail company Seven & I Holdings Co. Ltd. plans to hold an extraordinary board meeting as early as Aug. 25 to finalize a decision on the sale of department store unit Sogo & Seibu Co. Ltd. to Fortress Investment Group LLC for ¥200 billion, according to sources.
– American Tower Corp. and I Squared Capital Advisors LLC entered into a 60-day exclusivity agreement that will allow the parties to conduct bilateral negotiations regarding American Tower's sale of at least a 51% stake in its India unit ATC Telecom Infrastructure Pvt. Ltd. to the private equity firm, Economic Times reported, citing people aware of the matter. American Tower can cash out completely at an enterprise value of about $1.5 billion to $2 billion, according to the people.
– Torrent Pharmaceuticals Ltd. is the latest company interested in acquiring the Hamied family's stake in India-based generic medicines manufacturer Cipla Ltd., Economic Times reported, citing people aware of the matter. Other potential buyers include Blackstone Inc. and BPEA EQT. JP Morgan is an adviser to Torrent Pharmaceuticals, which is looking to form a consortium with private equity funds for the transaction.
