French private equity firm PAI Partners is reportedly in discussions with the Abu Dhabi Investment Authority (ADIA), the largest sovereign wealth fund in the UAE, to secure support for its bid to acquire Sanofi’s consumer health division, according to a media report.
In addition to ADIA, PAI Partners is also in talks with Singapore’s GIC Pte to join the bidding process, Bloomberg reported, citing sources familiar with the matter.
Meanwhile, rival private equity firm Clayton Dubilier & Rice is said to be preparing a binding offer ahead of the September deadline, according to the report.
The acquisition deal, if successful, could value Sanofi’s consumer health division at approximately $16.7 billion, Bloomberg noted.
ADIA and GIC have been prominent players in recent major private equity transactions. Notably, ADIA partnered with CVC Capital Partners in a $7.1 billion deal to take Hargreaves Lansdown private. Both sovereign wealth funds are also supporting CVC’s bid for DB Schenker, Deutsche Bahn AG’s logistics unit, which could be valued at $16.7 billion.
