KKR eyes Pacific Generation; BC Partners weighs United Group sale

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.

– Energy Capital Partners LLC is in advanced negotiations to buy Atlantica Sustainable Infrastructure PLC, Bloomberg News reported, citing people with knowledge of the matter. The UK-based owner of renewable power assets is reportedly valued at about $7 billion, including debt. A deal could be reached as soon as the next few weeks, according to the report.

– Warburg Pincus LLC and Mubadala Investment Co. PJSC are eyeing a controlling stake in India-based Shriram Housing Finance Ltd., the home lending subsidiary of nonbanking financial company Shriram Finance Ltd., Business Standard reported. Bain Capital LP reportedly is also pursuing a deal, though Shriram Finance would confirm only that it is in talks with multiple investors to secure growth capital.

– KKR & Co. Inc. is talking exclusively with electricity and natural gas utility PG&E Corp. about acquiring a minority stake in its Pacific Generation unit, Reuters reported, citing a statement by PG&E CFO Carolyn Burke. PG&E has been seeking to sell up to 49.9% of Pacific Generation, a unit created by the utility in 2022 to house its non-nuclear generation assets and estimated to be worth $3.5 billion.

– KKR is in exclusive discussions to potentially acquire Sydney-based investment manager Perpetual Ltd.'s corporate trust and wealth management businesses, The Australian reported. While Perpetual may yet back off a sale, the KKR offer is now preferred over a joint bid by TA Associates Management LP and EQT AB (publ).

– Emirates Telecommunications Group Co. PJSC is weighing the potential purchase of Dutch telecommunication services provider United Group BV, a BC Partners portfolio company, Bloomberg reported, citing people familiar with the matter. Other potential buyers may emerge as BC launches a formal sale process in May.

– Hipgnosis Songs Fund Ltd. agreed to a $1.56 billion takeover by Blackstone Inc., Belfast Telegraph reported, citing statements by the London-based music rights owner's board. The board reportedly recommends that shareholders accept the bid, which topped a previous offer from Concord Music Group Inc.

– The Carlyle Group Inc. is in talks with Mitsubishi Corp. to acquire all its shares in KFC Holdings Japan Ltd., operator of Kentucky Fried Chicken restaurants in Japan, Jiji Press Ticker Service reported, citing informed sources. The deal with Mitsubishi is part of Carlyle's plan to take KFC Holdings Japan private.

Explore potential M&A in other regions.