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Grapevine: Torrent may buy into CVC-backed Gujarat Titan; Alkem gets PE suitors

VCCircle

VCCircle · 11m ago

Grapevine: Torrent may buy into CVC-backed Gujarat Titan; Alkem gets PE suitors

Torrent Group is reportedly in talks to acquire a majority stake in the Indian Premier League franchise, Gujarat Titans, from CVC Capital Partners once the ownership lock-in period ends in February 2025. Adani Group, which was initially interested in the acquisition, has reportedly withdrawn from the race. In other news, pharmaceutical company Alkem is said to be attracting interest from private equity investors.

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Grapevine: CVC in talks to sell IPL team stake; ENGIE to monetize renewable assets

VCCircle

VCCircle · 1y ago

Grapevine: CVC in talks to sell IPL team stake; ENGIE to monetize renewable assets

Private equity firm CVC Capital Partners is reportedly in discussions with Adani Group and Torrent Group to sell a controlling stake in the Indian Premier League (IPL) team, Gujarat Titans. CVC intends to sell a majority stake while retaining a minority ownership, according to sources. In another news, ENGIE, a French power company, is exploring options to monetize its renewable assets through a potential IPO or asset swap deals.

CVC Capital to sell majority stake in IPL team Gujarat Titans to Torrent

VCCircle

VCCircle · 6m ago

CVC Capital to sell majority stake in IPL team Gujarat Titans to Torrent

Private equity firm CVC Capital is selling a 67% stake in the Indian Premier League team Gujarat Titans to Torrent Group after three years. CVC will retain 33%, and the sale comes as the ownership lock-in period ends. Though financial terms weren't disclosed, media suggests the deal could be around Rs 7,500 crore ($866 million). CVC won the franchise in 2021 and has other sports investments including La Liga. The transaction awaits BCCI approval.

Grapevine: CVC Capital, Gujarat Titans, EQT, Indira IVF, Bajaj Group in news

VCCircle

VCCircle · 6m ago

Grapevine: CVC Capital, Gujarat Titans, EQT, Indira IVF, Bajaj Group in news

European private equity firms CVC Capital and EQT are planning to monetize investments in a cricket franchise and a healthcare company, respectively. Meanwhile, the Indian conglomerate Bajaj Group is reportedly entering the hospital sector. Additionally, CVC Capital’s unit Torrent Group is poised to acquire a 67% stake in the Indian enterprise. These activities underline the dynamic movements and expansions within the financial and healthcare sectors, highlighting strategic investment shifts among notable firms.

European PE investor CVC Capital closes sixth Asia-focussed fund at $6.8 bn

VCCircle

VCCircle · 1y ago

European PE investor CVC Capital closes sixth Asia-focussed fund at $6.8 bn

Luxembourg-based private equity firm CVC Capital Partners has closed its sixth Asia-focused fund, the CVC Capital Partners Asia VI Fund, at $6.8 billion, 50% more than its predecessor. The firm has raised a total of $21 billion for investments in Asia. The fund will target control, co-control, and partnership investments in consumer and services sectors across Asia. CVC has been active in the region since 1999 and has made over 80 acquisitions in Asia. The firm is also a backer of several Indian platforms, including the IPL team Gujarat Titans and oncology chain Healthcare Global.

Grapevine: TPG, KKR eye CVC’s stakes in hospital chain; Verlinvest plans Sula exit

VCCircle

VCCircle · 1y ago

Grapevine: TPG, KKR eye CVC’s stakes in hospital chain; Verlinvest plans Sula exit

Private equity firms EQT, TPG Capital, and KKR are considering acquiring CVC Capital's controlling stake in the cancer hospital chain Healthcare Global Enterprises (HCG). The deal may also include an open offer for an additional 26% stake in the company.

OTPP-backed Sahyadri Hospitals draws interest from PE firms, strategic suitors

VCCircle

VCCircle · 8m ago

OTPP-backed Sahyadri Hospitals draws interest from PE firms, strategic suitors

Several private equity firms and strategic suitors are expressing interest in Sahyadri Hospitals, a healthcare company backed by Ontario Teachers’ Pension Plan (OTPP). The Canadian pension fund is seeking to reduce its stake in the company. Bids have been submitted by both international and Indian firms.

ITC, Kellogg's spinoff firm eye stake in another PE-backed healthy snacks brand

VCCircle

VCCircle · 1y ago

ITC Ltd and Kellogg's are considering investing in an Indian healthy snacks brand, according to sources. Both companies are among the suitors looking to acquire a stake in the brand which is backed by a private equity firm. The move reflects the growing demand for healthier snack options in the Indian market.

PE-backed Sterling Accuris acquires Gujarat diagnostics firm in latest M&A move

VCCircle

VCCircle · 4m ago

PE-backed Sterling Accuris acquires Gujarat diagnostics firm in latest M&A move

Sterling Accuris Wellness Pvt Ltd, backed by Morgan Stanley Private Equity Asia, has acquired Gujarat & Maha Gujarat Pathology Laboratories, expanding its presence in Ahmedabad. This acquisition is part of Sterling's strategy to enhance its service capabilities and follows other acquisitions in 2023. Gujarat & Maha Gujarat Pathology Laboratories, established in 1998, serves through multiple labs and collection centers. Sterling Accuris, founded in 2015, operates extensively across Gujarat, Rajasthan, and Madhya Pradesh.

Grapevine: PE-backed firms eye Sharp Sight; KKR pauses Lighthouse Learning sale

VCCircle

VCCircle · 1y ago

Grapevine: PE-backed firms eye Sharp Sight; KKR pauses Lighthouse Learning sale

The founders of Sharp Sight Eye Hospitals are considering selling a controlling stake, which would allow private equity investor InvAscent to exit the company. Investment bankers have been invited to bid for the opportunity to raise fresh capital and facilitate the exit. This comes as PE-backed eyecare chains ASG Eye Hospital and Eye-Q Vision plan to merge, eyeing potential consolidation in the industry. In other news, KKR has decided to temporarily pause the sale of Lighthouse Learning, a move that may have been influenced by the current market conditions.

Grapevine: FlyDubai, Titan, ASG Eye, Adhunik Power, Lightstorm, Licious in news

VCCircle

VCCircle · 6m ago

Grapevine: FlyDubai, Titan, ASG Eye, Adhunik Power, Lightstorm, Licious in news

Lightstorm Telecom Connectivity has secured new funding, and Adhunik Power & Natural Resources is negotiating to refinance its debt with Edelweiss. Meanwhile, Titan and ASG Eye Hospitals are considering acquisitions. FlyDubai is exploring partnerships to establish a domestic carrier in India. Additionally, Temasek-backed Licious is also mentioned in recent news, although the specific context regarding Licious is not detailed.

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