India Buzz: KKR, Baring Asia, TPG, IIFL Wealth, Shell in deal news

 India Buzz: KKR, Baring Asia, TPG, IIFL Wealth, Shell in deal news

US private equity giant KKR is looking to sell a controlling stake in environmental services and waste management firm Re Sustainability (earlier known as Ramky Enviro Engineers), according to a report.

KKR, which acquired a 60% stake in August 2018 for $530 million, has appointed JP Morgan to arrange the share sale, news website Moneycontrol reported. It is expecting a valuation upwards of $1.5 billion.

The US investment bank is in talks with a clutch of strategic suitors as well as PE funds such as I Squared Capital and Eversource Capital, the report said.

IIFL Wealth

A bunch of private equity investors such as the Carlyle Group, Baring PE Asia, and Bain Capital are negotiating to acquire a controlling stake in IIFL Wealth, the wealth management arm of diversified financial services firm India Infoline, as per The Economic Times.

Canadian billionaire Prem Watsa’s Fairfax and General Atlantic are looking to sell a combined 34.6% stake and have appointed JP Morgan to arrange buyers. International wealth management firm Julius Baer and private lender Kotak Mahindra are in the fray to acquire the stake that may trigger a mandatory open offer, the report said.

IDFC MF 

The board of IDFC Ltd and IDFC Financial Holding Co. Ltd have shortlisted Bandhan Group-led consortium and Invesco MF-led consortium for the sale of IDFC Mutual Fund, as per a report by Moneycontrol.

The non-bank lender has accepted bids of Bandhan Bank that teamed up with GIC and ChrysCapital as well as of Invesco MF, which joined hands with Warburg Pincus and Kedaara Capital, to acquire IDFC MF, the report said.

Aurobindo Pharma injectable biz

Bulge-bracket private equity firms Blackstone, Barings PE Asia and KKR have entered the final stage of negotiations to acquire a majority stake in the injectable business of Hyderabad-based Aurobindo Pharma, as per a report by Moneycontrol.

The company has appointed Kotak Mahindra Capital Co to find a buyer and is seeking $3.5-4.5 billion for the entire injectable business, the report said.

TPG

US buyout and growth equity firm TPG is looking to partially exit its seven-year-old investment in Manipal Health through a fresh round of funding that will see Dr Ranjan Pai, the founder and Chairman of Manipal Group, buy back shares, as per Moneycontrol.

TPG owns a 21.5% stake in the Manipal Health and is looking to cash-out through the buyback deal that may value the company around Rs 18,000-20,000 crore ahead of its planned IPO.

Barclays and Deutsche Bank are appointed to arrange and manage the proposed fundraising, the report said.

Baring PE Asia

Hong Kong-based buyout firm Baring PE Asia is leading the race to buy a significant minority in Hyderabad-based gastroenterology hospital AIG (Asian Institute of Gastroenterology) Hospitals, as per a report by Moneycontrol.

Baring has outclassed TPG and entered exclusive negotiations with the company. If the deal goes through, it will be Baring’s maiden investment in India’s healthcare space.

Existing investor Quadria Capital, which owns 30% stake, may exit through the deal, the report said.

Separately, Baring PE Asia is negotiating with a bunch of private equity firms such as Blackstone, TPG, KKR to sell its controlling stake in healthcare analytics firm CitiusTech at a $2-2.2 billion valuation, as per The Economic Times.

The move comes with a year of Baring scrapping plans to list CitiusTech on the US stock exchange via a special purpose acquisition company (SPAC) merger. Baring has appointed JP Morgan to arrange a buyer.

Royal Dutch Shell

Royal Dutch Shell has raced ahead of Singapore’s Sembcorp Industries to acquire Sprng Energy, the renewable energy platform of British private equity firm Actis LLP, as per The Economic Times.

Shell is known to have submitted a bid that values the renewable energy portfolio at $1.75-1.8 billion including debt. This is higher than Sembcorp which was the only bidder to make a binding offer among six other suitors, who were selected from the original list of 17 bidders, the report said.

Australian infrastructure fund Macquarie and Canadian pension fund CPP Investment Board (CPPIB) likely offered $1.2 billion in January to acquire the assets.

Oyo

Some of Oravel Stays Pvt. Ltd investors, who had proposed to sell their shares in the upcoming initial public offering, have dropped their plans to sell their shares, news website VCCircle reported.

Oravel, which operates Oyo Hotels and Homes, had filed its draft prospectus in October last year for a Rs 8,340 crore IPO including the Rs 1,340 crore share sale through the secondary route by existing investors Softbank Group, Grab Holdings, HuaZhu Hotels, the report said.

Curatio Healthcare

Chennai-based skincare products startup Curatio Healthcare Pvt. Ltd has shortlisted Warburg Pincus, Dr. Reddy’s Laboratories, Torrent Healthcare, and KKR-backed JB Chemicals to acquire existing shareholders in a deal valued at Rs 1,800-2,000 crore, as per a report by VCCircle.

Arali Ventures

Micro venture capital firm Arali Ventures is seeking to raise $30-40 million (Rs 229-305 crore) by floating its second seed fund over the next three-four months, as per VCCircle.

Arali’s new fund, which will focus on enterprise tech, is four-five times larger than its debut fund that raised Rs 50 crore ($4 million) three years ago, the report said.

Ankit Doshi

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