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.
– Quadrant Pvt. Equity Pty. Ltd. is reportedly pushing for a management buyout of Barbeques Galore (Aust) Pty. Ltd. amid challenging industry conditions and a rising interest rate environment, The Australian reported. The sale is facilitated by E&P Corporate Advisory.
– American Tower Corp. is nearing the sale of its struggling India operations at an enterprise valuation of up to $2.2 billion, Business Standard reported. Infrastructure private equity firm I Squared Capital Advisors LLC is leading the acquisition race, according to a banking source. The company will inform shareholders of the outcome before the end of the year, American Tower CFO Rod Smith said during a conference call.
– Greencoat Capital LLP is leading the race to acquire collapsed solar farm operator Toucan Energy Services Ltd., Citywire reported. Other interested parties include UK infrastructure investor GLIL Infrastructure LLP and Hong Kong's CK Infrastructure Holdings Ltd.
– Bain Capital LP is considering a sale or initial public offering for Varsity Brands LLC, which manufactures US sports uniforms and yearbooks, Reuters reported, citing people familiar with the matter. The private equity firm is potentially valuing the company at over $6 billion, including debt. Bain is in talks with investment banks to hire financial advisers for the exit strategy.
– Macquarie Group Ltd., in partnership with Medibank Pvt. Ltd., is in the final stages of the bidding process for day hospital provider Cura Day Hospitals Group Pty. Ltd., The Australian reported. Other shortlisted bidders include Partners Group Global Income Fund and Intermediate Capital Group PLC. Binding offers for Cura Day, which is valued at over $500 million, are due early next month.
– Panasonic Holdings Corp. plans to sell a stake in its automotive systems business to funds managed by Apollo Global Management Inc., Reuters reported. The memorandum of understanding has been signed, and the parties aim to finalize the agreement by March 31, 2024.
To view potential M&A in other regions, click here.