Bain Capital is the likely frontrunner to acquire stake in TPG Capital-backed Sai Life Sciences, a Hyderabad-based contract research, development, and manufacturing organisation, a media report said.
The deal may value Sai Life Sciences at around $800 million (Rs 6,651 crore), Moneycontrol reported, citing sources.
TPG Capital had invested $135 million in the company in 2018 and holds a 43.4% stake. HBM Private Equity India holds 6% and the founder family and promoter group hold the rest.
Jefferies is overseeing the sell-side advisory for the deal, the report said.
Advent International, KKR, and Charles River had also initially expressed interest, but the report said that Bain Capital's active engagement gives it an edge. A deal signing is anticipated in the coming weeks, the report said.
US buyout fund Platinum Equity Advisors has started discussion to acquire drugmaker Inventia Healthcare at a valuation of Rs 2,500 crore ($300 million), The Economic Times reported, citing people aware of the matter.
InvAscent Capital and Jacob Ballas, which hold a total 40% stake, plan to exit the Mumbai-based company, while promoter Janak Shah and family may retain a minority stake and continue managing the business.
The sale, managed by Rothschild & Co and Stifel Financial Corp, is currently in the diligence stage, the report said.
Mastek
Software services provider Mastek Ltd is looking to bring on board a private equity firm and is aiming to raise about $400 million for inorganic growth, CNBC-TV18 reported, citing people aware of the matter.
The report said that the company's promoters could dilute their stake in Master to around 25%. As of December 31, 2023, the promoters held a 36.47% stake in Mastek. Any PE deal could also trigger an open offer, the report said.
The company has engaged an investment bank to explore interest from PE investors, the report said.
Zee Entertainment, Sony
Zee Entertainment plans to sue Sony for damages, accusing the latter of deliberately preventing the merger despite Punit Goenka offering to exit chief executive's post, The Economic Times reported, citing Subhash Chandra, chairman emeritus of Zee Entertainment Enterprises.
Sony's strategy was to initiate talks and then withdraw, portraying Zee as vulnerable, Chandra told the newspaper
Chandra confirmed plans for the promoter family to increase its stake by 5%, reaching 26%. While private equity firms have expressed interest, Chandra is hesitant to approach Ambanis or Adanis for alternatives, the report said.
Silicon Valley-based Lightspeed Venture Partners is exploring ways to offload startup stakes valued at approximately $1 billion to generate cash for investor returns, Financial Times reported, citing people aware of the matter.
Lightspeed, which has $25 billion in assets under management with early investments in Snap, Rubrik, and Nest, has reportedly approached investors regarding the potential sale of a portfolio consisting of 10 holdings.
The plan involves consolidating these assets into a private equity-inspired vehicle known as a continuation fund, which Lightspeed would continue to manage.