Veritas makes offer for BlackBerry; Trustar plans to launch continuation fund

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.

– Veritas Capital Fund Management LLC offered to acquire security software and services company BlackBerry Ltd., Reuters reported, citing a person familiar with the matter. BlackBerry announced in May that its board would initiate a review of the company's portfolio of businesses and consider various strategic alternatives, including the possible separation of one or more of businesses. Morgan Stanley and Perella Weinberg Partners are the financial advisers to BlackBerry in the review.

– The Carlyle Group Inc., Affinity Equity Partners and BGH Capital are reportedly in discussions with Hornblower Group Inc. about potentially acquiring Journey Beyond Rail Expeditions. A deal could be worth approximately $600 million, The Australian reported.

– Trustar Capital is planning to launch a continuation fund that will enable it to sell its interest in McDonald's China, Reuters reported, citing two sources with knowledge of the matter. Under the plan, the firm will transfer equity interest in McDonald's China from its private equity fund to the continuation fund. The private equity fund's limited partners will have the choice to sell their interests in McDonald's China and cash out during the fundraising process for the continuation fund. The details of the continuation fund have yet to be finalized, but the owners are aiming for a valuation of $10 billion for McDonald's China in the process. Trustar currently owns 42% of McDonald's China, while Carlyle owns 28% and Citic Ltd. owns 10%.

– Carlyle is working with Rothschild & Co. SCA on a sale of packaging company Saverglass SAS, which is in talks to be acquired by Orora Ltd., The Australian reported. Orora is working with Citi and Macquarie Capital to raise equity for the deal.

– Asterion Industrial Partners, which recently announced a deal to acquire Steag GmbH, is open to additional purchases in Germany, SeeNews reported, citing Asterion partner Nicole Hildebrand.

– Pluribus Technologies Corp. is exploring potential targets for acquisition deals, according to CEO Richard Adair. "In 2023, we will continue to evaluate these opportunities and will remain selective in how we deploy capital in this challenging environment," Adair said during an earnings call.

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