Deal Talk: Swiss PE eyes Atria; Advent plans exit; SoftBank retains SB Energy

 Deal Talk: Swiss PE eyes Atria; Advent plans exit; SoftBank retains SB Energy

Swiss private equity firm Partners Group is looking to buy True North and TA Associates’ stake in Atria Convergence Technologies Ltd, India’s largest non-telecom internet services provider, a media report said.

Partners Group is carrying out due diligence before it submits its bid to the company’s PE backers, as per a report by The Economic Times. The PE backers cumulatively own a 95% stake in the company.

True North and TA Associates previously tried to monetise their investment via a secondary sale as well as an IPO. They now value Atria around Rs 10,300-12,000 crore ($1.4-1.6 billion), the report said.

The two investors may retain a minority stake or fully exit the six-year investment based on Partner Group’s bid, the report added.

Swiss investment bank UBS is the financial advisor on the deal.

Advent-ASK Group

Advent International, which was eyeing an exit from ASK Group through a planned IPO three years ago, is once again exploring various options including a secondary deal to sell its stake in the company, as per Bloomberg.

Advent has held discussions with Nomura Holdings Inc. and is seeking more than $1 billion by divesting its stake in the Indian investment and wealth management company, the report said.

SoftBank-SB Energy

Japan’s SoftBank Group, which owns an 80% stake in solar power company SB Energy, has cancelled a plan to sell its entire stake to Canada Pension Plan Investment Board (CPPIB), as per reports by Mint and The Economic Times.

To complete the transaction, CPPIB had placed several pre-conditions before SoftBank, the report said.

SoftBank had invested $800 million in SB Energy five years ago. It was willing to exit the investment for an estimated $525 million, the Mint report said. Bharti Enterprises holds the remaining 20% stake in the company.

Ankit Doshi

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