KKR eyes Ramky Enviro exit; EQT bids for Keywords Studios

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.

– Advent International LP is closing in on a deal to acquire a stake in enterprise asset management software business Prometheus Group Enterprises LLC from owner Genstar Capital LLC, Bloomberg News reported, citing people with knowledge of the matter. Genstar hired advisers to help sell either a minority stake or controlling interest in Prometheus, the report added.

– EQT AB (publ) is weighing strategic options for Reworld Holding Corp., the waste solutions business formerly known as Covanta, Bloomberg reported, citing people with knowledge of the matter. EQT could reportedly move forward with a minority stake sale.

– KKR & Co. Inc. is seeking to exit waste management business Re Sustainability Ltd., doing business as Ramky Enviro Engineers, Mint reported, citing three people aware of the matter. KKR sold Ramky's municipal waste business back to the founders and is now seeking buyers for the company's industrial waste business at a valuation of $1 billion, the report added.

– EQT Partners AB offered $2.53 billion to acquire listed video game services business Keywords Studios PLC, SeeNews reported, citing a statement from Keywords. EQT has until June 15 to make a firm offer to shareholders under UK takeover rules, the report added.

– KKR & Co. Inc. is scouting buyers for early childhood education provider Lighthouse Learning Private Ltd., formerly known as EuroKids, The Economic Times reported, citing two sources aware of developments. KKR is eyeing a valuation of $1 billion to $1.2 billion for its majority stake, the report added.

– Warburg Pincus LLC and Bain Capital LP are each eyeing a deal for K-12 education software provider PowerSchool Holdings Inc., Bloomberg reported, citing people familiar with the matter. Former PowerSchool sponsors Onex Corp. and Vista Equity Partners Management LLC continue to own about 63% of the company's outstanding shares after taking the business public in 2021, the report added.

– TA Associates Management LP aims to acquire a significant stake in finance company Vastu Housing Finance Corporation Ltd., Mint reported, citing three people with knowledge of the deal. Majority stake owner Multiples Alternate Asset Management Pvt. Ltd. is likely to sell while other investors increase their stakes in the investment round, the report added.

– Thoma Bravo LP is exploring the sale of education software provider Instructure Holdings Inc., Thomson Reuters reported, citing people familiar with the matter. Thoma Bravo reportedly owns an 83% stake in the company.

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