Warburg Pincus eyes ESR Group take-private; CVC weighs options for Recordati

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.

– A Warburg Pincus LLC-led consortium is eyeing a take-private deal targeting Hong Kong-listed real estate manager ESR Group Ltd., according to an ACN Newswire report citing informed sources. The consortium has submitted a formal tender offer to the ESR board, the report added.

– CVC Capital Partners Ltd. hired advisers to help sort through options for its 51.8% stake in pharmaceuticals business Recordati Industria Chimica e Farmaceutica SpA, SeeNews reported, citing reporting from Reuters. JPMorgan Chase & Co. and The Goldman Sachs Group Inc. are advising CVC on its potential sale, merger or transfer to a continuation vehicle, the report added.

– Apollo Global Management Inc. and Sony Pictures Entertainment Inc. are discussing an agreement to exchange confidential information with Paramount Global as the consortium firms up a potential $26 billion offer for the media and entertainment company, Thomson Reuters reported, citing people familiar with the matter. The consortium aims to counter an offer for Paramount from Skydance Productions LLC, the report added.

– Bain Capital LP is in talks with PowerSchool Holdings Inc. about a plan to take the education software provider private, Thomson Reuters reported, citing a person familiar with the matter. The deal under consideration would value PowerSchool at about $6 billion, including debt, the report added.

– Blackstone Inc., Temasek Holdings (Pvt.) Ltd. and Bain Capital LP are weighing bids for a controlling stake in snack foods business Haldiram Snacks Pvt. Ltd., Mint reported, citing three people aware of the development. The private equity firms are seeking a stake of at least 51% in the company, the report added.

– Blackstone Inc. is negotiating to acquire Inspire BKC, a 10-story, 800,000-square-foot Mumbai office tower, from developer Adani Realty, The Economic Times reported, citing sources. Adani is exploring options to monetize the tower, the report added.

– JSW Neo Energy Ltd., Sekura Energy Ltd., Macquarie Group Ltd., Sembcorp Industries Ltd. and Abu Dhabi Future Energy Company PJSC - Masdar are vying for a controlling stake in utility-scale solar and wind generation project developer Ayana Renewable Power Pvt. Ltd., majority owned by National Investment and Infrastructure Fund Ltd. (NIIF), The Economic Times reported, citing people aware of the matter. NIIF owns 51% of Ayana, and other stakeholders include British International Investment PLC at 32% and EverSource Capital Group at 17%, the report added.

– PremjiInvest is in talks to acquire Bank of Baroda Ltd. from The Nainital Bank Ltd., The Economic Times reported, citing three people aware of the discussions. The proposed deal would value Bank of Baroda at about $95.75 million, the report added.

– Sycamore Partners Management LP is eyeing a take-private deal for retailer Nordstrom Inc., Thomson Reuters reported, citing people familiar with the matter. Nordstrom's CEO previously announced interest in a deal, the report added.

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