French buyout group PAI Partners is in talks with Abu Dhabi Investment Authority (ADIA), the UAE’s largest sovereign wealth fund, to support its bid for Sanofi’s consumer health division, according to a media report.

PAI Partners is also discussing with Singapore’s GIC Pte to join the bid, Bloomberg reported, citing sources.

In addition, rival buyout firm Clayton Dubilier & Rice is preparing a binding offer ahead of a September deadline, the report stated.

If completed, the deal could value Sanofi’s consumer health division at $16.7 billion, Bloomberg said.

In recent years, ADIA and GIC have been among the most active investors in major private equity-led transactions.

 ADIA has partnered with investors, including CVC Capital Partner, in a $7.1 billion deal to take Hargreaves Lansdown private.

The two sovereign funds are also supporting CVC's bid for Deutsche Bahn AG’s logistics unit, DB Schenker, which could be valued at $16.7 billion.

(Editing by Seban Scaria seban.scaria@lseg.com)