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Report: PE investors in talks to buy India's animal healthcare company Sequent

Private equity investors including U.S.-based Advent International Corp. and India-based Kedaara Capital Investment Managers Ltd. are in early discussions to acquire Indian animal healthcare company Sequent Scientific Ltd., The Economic Times (India) reported, citing two people aware of the development.

A proposed deal is expected in the range of 25 billion Indian rupees, the publication said, citing the sources, who added that promoters and an existing private equity investor will exit. JP Morgan is running the sale process, which will involve an open offer, the news outlet noted.

Private equity firm Ascent Capital Advisors owns a 5% stake in the listed company, and the founder promoters of Sequent own a combined about 56.5% stake.

Representatives for Advent and Sequent declined to comment, while Kedaara did not respond to a request for comment by the publication.

As of Jan. 15, US$1 was equivalent to 70.71 Indian rupees.