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’Largest private equity buyout in India’: Blackstone in advanced talks to acquire controlling stake in Haldiram’s

Livemint

Livemint · 1y ago

’Largest private equity buyout in India’: Blackstone in advanced talks to acquire controlling stake in Haldiram’s

Private equity firm Blackstone is reportedly in advanced talks to acquire a controlling stake in Haldiram's, India's largest family-run snacks business. Blackstone, along with its partners Abu Dhabi Investment Authority and Singapore's GIC, has been in negotiations with the Haldiram Agarwal family for several months. The deal, valued at up to ₹70,000 crore, would potentially make it the largest private equity buyout deal in India. However, differences in company valuation and the family's desire to retain a larger share of the business have reportedly delayed the negotiations. Haldiram's has also received bids from Bain & Co. and Temasek Holdings.

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Blackstone-Haldiram's talks move forward; Medikabazaar CEO steps down

VCCircle

VCCircle · 1y ago

Blackstone-Haldiram's talks move forward; Medikabazaar CEO steps down

Blackstone is reportedly in advanced talks to acquire a controlling stake in Haldiram's, an Indian snacks business, for up to $8.4 billion. The private equity firm, along with Abu Dhabi Investment Authority and GIC, has been negotiating with the Agrawal family, who own Haldiram's. The deal, if finalized, would be the largest-ever private equity investment in an Indian company. In other news, the CEO of Medikabazaar, a B2B online marketplace for medical supplies, has stepped down from his position. No further details were provided.

Multiples PE eyes Ebco; GIC, ADIA join PE consortium for Haldiram deal

VCCircle

VCCircle · 1y ago

Multiples PE eyes Ebco; GIC, ADIA join PE consortium for Haldiram deal

Indian private equity firm Multiples Asset Management is in advanced talks to acquire a controlling stake in furniture hardware company Ebco. If the negotiations are successful, Multiples will become the majority owner of Ebco. However, other investors are reportedly involved in the deal as well.

Ranjan Pai's Manipal Group set to gain majority stake in Blackstone-backed firm

VCCircle

VCCircle · 2m ago

Ranjan Pai's Manipal Group set to gain majority stake in Blackstone-backed firm

Ranjan Pai, chairman of Manipal Education and Medical Group, is set to acquire a controlling stake in a firm backed by private equity giant Blackstone. Currently a minority shareholder in Manipal Hospitals, Pai invests in startups through his family office. This move will expand his influence in the healthcare sector, further complementing his business interests and potentially enhancing Manipal Group's strategic growth and diversification.

Blackstone enters Indian healthcare services with Care Hospitals buy

Reuters · 1y ago

Blackstone enters Indian healthcare services with Care Hospitals buy

Blackstone is set to acquire a majority stake in Care Hospitals, an Indian healthcare service provider, from TPG. The U.S. private equity firm will commit $1 billion and hold over 75% in the hospital chain, as it enters India's healthcare sector in response to growing demand for private healthcare post-pandemic. Care Hospitals will also acquire a majority stake in KIMSHEALTH to become one of India's largest hospital platforms with 23 facilities and over 4,000 beds. The total value of the deals is estimated to be between $1.3 billion and $1.5 billion.

Goldman Sachs acquires controlling stake in HR SaaS firm PeopleStrong for $130 million

Economic Times

Economic Times · 3m ago

Goldman Sachs acquires controlling stake in HR SaaS firm PeopleStrong for $130 million

Goldman Sachs' private equity arm has acquired a controlling stake in HR SaaS company PeopleStrong for $130 million from Multiples PE, which previously held an 84% stake. This marks the second major buyout of a SaaS company in 2023, following Everstone Capital's acquisition of Wingify. Founded in 2005, PeopleStrong reported a net profit of Rs 57 crore in fiscal 2024. This deal underscores growing private equity interest in the HR SaaS sector.

Grapevine: Zydus joins Torrent in race for JB Chemicals; The New Shop eyes 24Seven

VCCircle

VCCircle · 11m ago

Grapevine: Zydus joins Torrent in race for JB Chemicals; The New Shop eyes 24Seven

In the race to acquire JB Chemicals and Pharmaceuticals, Torrent Pharmaceuticals and Zydus Lifesciences are competing with private equity firm EQT. They have been shortlisted by KKR, the current owner of JB Chemicals. This comes after earlier reports of Torrent Pharma being in advanced talks to acquire KKR's stake in the company. Meanwhile, The New Shop is reportedly looking to acquire 24Seven.

Reliance & Havells enter PE party to snap up Whirlpool

Economic Times

Economic Times · 1m ago

Reliance & Havells enter PE party to snap up Whirlpool

Reliance Retail and Havells India are competing with major buyout funds to acquire a controlling stake in Whirlpool of India. Whirlpool Corp seeks to sell a 31% stake, retaining a 20% equity, as part of global restructuring. The sale is expected to generate $550-600 million. If completed, it might trigger an open offer for an additional 26% stake from public shareholders, potentially giving the investor a 57% stake in Whirlpool of India.

Advent International to invest $296 mn in Apollo Hospital unit

VCCircle

VCCircle · 1y ago

Advent International to invest $296 mn in Apollo Hospital unit

US private equity firm, Advent International, has agreed to invest INR 2,475 crore ($296m) to acquire a minority stake in Apollo HealthCo. The investment will allow for the merger of wholesale pharma distribution company Keimed and digital healthcare business Apollo 24/7. Advent will invest in two tranches to acquire a 12.1% stake in the merged entity, giving Apollo HealthCo an enterprise value of INR 22,481 crore. Following the merger, Apollo Hospitals will remain the largest controlling shareholder with a stake of at least 59.2%.

Bharti Airtel in talks with Vodafone for majority stake in Indus Towers: Report

Livemint

Livemint · 1y ago

Bharti Airtel in talks with Vodafone for majority stake in Indus Towers: Report

Bharti Airtel is reportedly in talks to acquire an additional 3% stake in Indus Towers from Vodafone, which would give Airtel a controlling 52% stake in India's largest mobile tower installation company. This comes after Vodafone recently sold 18% equity in Indus Towers for approximately INR 15,300 crore. Airtel also plans to merge its data center business, Nxtra, with Indus Towers. The proceeds from the deal would help Vodafone pay off its outstanding dues of nearly INR 5,400 crore.

Smaller IT firms are the new darlings of PE firms

Livemint

Livemint · 27d ago

Smaller IT firms are the new darlings of PE firms

Private equity firms, including Blackstone, EQT, and Multiples, are increasingly investing in India's smaller IT services companies with under $250 million valuations. These companies are appealing due to their faster growth, lean operations, and product-focused strategies, boosted by AI and SaaS efficiencies. Recently, Multiples invested $200 million in QBurst, EQT acquired WSO2 and Indium, and Blackstone took a controlling stake in R Systems, reflecting growing interest in agile tech ventures.

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