Abraaj Capital has acquired an 80% stake in MS Forgings, Pakistan’s largest steel-forging company. No financial terms were disclosed. This is the first deal for the $300 million-targeted Abraaj BMA Pakistan Buyout Fund, which held a first close in June.

Allied Capital has committed $210.5 million to sponsor a management buyout of EarthColor Inc., a New York-based commercial printer serving the pharma, telecom and financial services markets. The Allied commitment took the form of non-voting common equity, senior subordinated notes and a senior revolving credit facility.

Altima has sold Czech broadcasting company Radiokomunikace AS and a 39.23% stake in T-Mobile Czech Republic for €1.2 billion to Al-Bateen Investment Co., Lehman Brothers Private Equity and Mid-Europa Partners. It is believed to be the largest-ever buyout in the Czech Republic. Linklaters advised the buyers.

American Capital Strategies has invested $50 million in to a recapitalization of Varel Holdings Inc., a designer and manufacturer of roller-cone and polycrystalline diamond compact (PCD) drill bits for the oil & gas and mining industries. The deal also includes senior unirate loan and junior subordinated notes from Apollo Investment Corp., while KRG Capital Partners maintains majority ownership of the company.

Apax Partners reportedly is planning to bid up to Gbp500 million for PR Newswire, a press release distribution company that currently is owned by United Business Media, according to The Times of London.

Apax Partners and Candover are considering bids for all or part of U.K. newspaper group Trinity Mirror PLC, according to The Guardian.

Arcapita has agreed to acquire dental practice management company Sanus Holdings Inc. for an undisclosed amount. CIT arranged a revolving credit facility and senior term loan, while American Capital Strategies committed senior subordinated notes, holding company PIK notes and common equity.

Bayer AG (NYSE: BAY) has agreed to sell chemicals subsidiary H.C. Starck to Advent International and The Carlyle Group for approximately €1.2 billion. Proceeds will be used to help finance Bayer’s acquisition of Schering. H.C. Starck is a Goslar, Germany-based maker of metal and ceramic powders, specialty chemicals and parts made from ceramics and refractory metals. It employs 3,400 people and posted 2005 sales of around €920 million.

BC Partners has agreed to buy German utility meter-reading company Techem AG for €1.28 billion, or €52 per share. This beats out an alternate offer from Macquarie Bank, which says that it is examining its options.

Bessemer Venture Partners and Insight Venture Partners have agreed to acquire Netsmart Technologies Inc. (Nasdaq SC: NTST), a Great River, N.Y.-based based provider of enterprise software for health and human services organizations. The firms will pay $16.50 per share, for an aggregate transaction value of approximately $115 million. The deal is expected to close early next year.

Boston Ventures has acquire a “substantial majority interest” in En-Touch Systems Inc., a provider of Internet, cable TV, telephone and alarm services to selected communities in the greater Houston market. No financial terms were disclosed. DH Capital advised En-Touch on the deal.

The Carlyle Group has offered to buy Taiwan-based Advanced Semiconductor Engineering Inc. (NYSE: ASX) for $5.94 per American depository share, or around $5.5 billion overall. ASE Chairman Jason Chang is part of the Carlyle-led consortium.

CBS Personnel Holdings Inc., a Cincinnati-based provider of temporary staffing services, has acquired select assets of PMC Staffing Solutions Inc. of Owings Mills, Maryland. No financial terms were disclosed, except that PMC’s annual revenue is in excess of $34 million. CBS Personnel is a portfolio company of Compass Diversified Trust (Nasdaq: CODI).

Cerberus, Lone Star Funds and BayernLB have been short-listed to bid for Austrian bank Bawag, according to AFX. The sale is expected to be worth at least €2.5 billion.

Clear Channel Communications Inc. (NYSE: CCU) has agreed to be acquired for $37.60 per share by a group co-led by Bain Capital and Thomas H. Lee Partners. The total transaction value is $26.7 billion, including the assumption or repayment of approximately $8 billion in net debt. Leverage commitments are coming from Morgan Stanley, Citigroup, Deutsche Bank, Credit Suisse, RBS and Wachovia—while Morgan Stanley, Citigroup, Deutsche Bank, Credit Suisse and RBS are also providing equity commitments.

Close Brothers Private Equity has sponsored the management buyout of Alex Stewart (Assayers) Ltd. from the Alex Stewart Group. ASA is a UK-based provider of verification of the quantity and quality of commodity shipments, as well as assessment of samples for mining exploration. No financial terms were disclosed for the deal, which is being partially financed by debt from Barclays.

DLJ Merchant Banking Partners has acquired Peach Holdings Inc. (AIM: PSF), the parent company of specialty finance company Peachtree Settlement Funding. The deal is valued at £3.85 per share, for a total of approximately £402 million. Other equity participants include Credit Suisse, LLR Partners, Greenhill Capital Partners and Peachtree senior management.

Doughty Hanson & Co. has agreed to acquire KP1, an Avignon, France-based manufacturer of prefabricated and pre-stressed concrete products, focusing on floors and structural systems for the building industry. No financial terms were disclosed, although Doughty Hanson did say that KP1 expects to generate 2006 revenue of approximately €310 million.

Easton-Bell Sports Inc. has entered into a $175 million credit agreement with Wachovia. Net proceeds will be used to make a distribution to equity holders like Fenway Partners and Teachers’ Private Capital.

EnCana Corp. (NYSE: ECA) has completed the sale of California-based natural gas storage operator Wild Goose Storage LLC for approximately $200 million to Niska Gas Storage US, a portfolio company of the Carlyle/Riverstone Global Energy and Power Funds.

Focus Brands, a restaurant franchise acquisition platform backed by Roark Capital Partners, has acquired Schlotzsky’s Ltd., an Austin, Texas-based sandwich shop chain. No financial terms were disclosed, except that Schlotzsky’s generates $210 million in annual revenue.

Friend Skolar & Co. has made an investment in AllHeart Inc., a Camarillo, Calif.–based online retailer of medical uniform apparel, medical diagnostic instruments, footwear and accessories to healthcare professionals. No financial terms were disclosed for the deal, which also included equity participation by company management.

GI Partners has agreed to acquire The telx Group Inc., a New York–based operator of “meet-me-room” network interconnection facilities. No financial terms were disclosed. UBS advised telx on the deal.

Gulf Capital has acquired a 60% stake in Metito Holding Ltd., the Middle East’s largest provider of water and wastewater solutions and technology. No financial terms were disclosed.

Haggin Marketing Inc., a Sausalito, Calif.–based direct marketing agency, has acquired The Chicago Catalog Group, a designer and producer of catalogs, direct mail pieces, and other marketing-related collateral for B2B and B2C applications. No financial terms were disclosed. Haggin is a portfolio company of Lake Capital.

HCA Inc. (NYSE: HCA), a Nashville, Tenn.-based hospital company, has been acquired by Bain Capital, Kohlberg Kravis Roberts & Co., Merrill Lynch Global Private Equity, HCA founder Dr. Thomas F. Frist, Jr. and HCA management. The total deal was valued at approximately $33 billion, including the assumption or repayment of approximately $11.7 billion of debt. HCA shareholders received $51 per share, and the shares are now delisted.

Heartland Information Services of Toledo, Ohio has merged with Spryance Inc. of Boston, in order to form a single provider of offshore transcription services. No financial terms were disclosed. Spryance shareholders include Beecken Petty O’Keefe & Co. and International Finance Corp.

Industrial Growth Partners has acquired Microporous Products, a Piney Flats, Tenn.-based maker of rubber and polyethylene battery separators for the lead-acid battery industry. No financial terms were disclosed, except that Golub Capital helped finance the deal with $10 million in subordinated debt and equity.

LNK Partners has led a recapitalization of Ariat International Inc., a Union City, Calif.-based maker of branded equestrian footwear, apparel, and accessories. LNK invested $61 million in exchange for a “significant minority ownership interest,” while Brentwood Associates and company management also participated.

MassMutual Capital Partners and Cerberus Capital Management each have agreed to invest $300 million in Scottish Re Group Ltd. (NYSE: SCT), via the purchase of a total of one million newly-issued convertible preferred shares of Scottish Re.

Meriturn Partners has sponsored a recapitalization of Sustainable Solutions Inc., a Wagoner, Okla.-based company that enables manufacturers, processors and retailers to capitalize on their waste streams. Company management also participated in the deal, along with Capricorn Management, Granite Capital Management and the McLean family. No financial terms were disclosed.

MidOcean Partners has agreed to acquire Sbarro Inc., a Melville, N.Y.–based quick-service Italian restaurant company with over 1,000 locations. No financial terms were disclosed for the deal, which will include leverage from Credit Suisse and Bank of America.

Mirabilis Ventures has purchased Trump Tower Tampa from SimDag Investments LLC. No financial terms were disclosed.

National Paintball Supply Inc. of Sewell, N.J. has merged with fellow paintball company Pursuit Marketing Inc. of Des Plaines, Illinois. No financial terms were disclosed for the deal, which was backed by equity from Angelo, Gordon & Co. Newbridge Capital is in talks to acquire Sigma Electric Manufacturing Corp. for around $150 million, according to The Economic Times. Sigma is a Raleigh, N.C.-based maker of products like cable connectors and transformer connectors, with manufacturing plants in Pune and Jaipur, India.

Nilgiris Dairy Farm, a branded food company in Southern India, has raised $65 million in private equity funding from Actis. Various news reports put the company valuation at around $100 million.

North Castle Partners has acquired a controlling interest in Caleel + Hayden Inc., a Denver-based maker and distributor of mineral-based cosmetics and high-end skincare products. No financial terms were disclosed.

Qantas Airways Ltd. of Australia has received a buyout approach from Macquarie Bank and Texas Pacific Group. News of the offer sent Qantas shares up 15%, valuing it at approximately Au$10 billion.

Raytheon Co. (NYSE: RTN) is in advanced talks to sell its Raytheon Aircraft Co. unit to a private equity firm, according to The Boston Globe. The company had retained Credit Suisse in July to explore “strategic alternatives” for the unit, and reportedly has received bids from The Carlyle Group, Cerberus Capital Management and Onex Partners. The unit is expected to be valued at between $2.75 billion and $3.25 billion.

Reliance Communications of India is in talks to raise up to $1 billion, which would be used to form a subsidiary for its telecom towers business, according to The Financial Times. The Blackstone Group and The Carlyle Group are reported to be co-leading the deal, with other participants including Temasek and American Tower.

Ripplewood Holdings LLC has agreed to lead a public-to-private buyout of The Readers’ Digest Association Inc. (NYSE: RDA) for $17 per share. The total deal is valued at $2.4 billion, with other members of the buying consortium including J. Rothschild Group, GoldenTree Asset Management, GSO Capital Partners, Merrill Lynch Capital and Magnetar Capital. Leverage is being provided by JPMorgan, Citigroup, Merrill Lynch and Royal Bank of Scotland, while Merrill Lynch advised RDA on the deal. It is expected to close in Q1 2007.

Seven Networks Ltd. (ASX: SEV) of Australia and Kohlberg Kravis Roberts & Co. have formed a joint venture to pursue media opportunities in Australia and New Zealand. Under terms of the agreement, KKR will pay around Au$735 million for a 50% stake in the venture, which also will own Seven’s existing television, magazines and online businesses. The joint venture also will hold around Au$2.5 billion in debt, with the ability to borrow another Au$350 million.

Shore Points Capital Partners has acquired the assets and certain liabilities of SGS Partners and National Steelcrafters of Oregon Inc. The companies are based in Arlington, Texas, and make pellet stoves and other hearth products under the Breckwell brand. CapitalSource provided leverage for the deal. Shore Points formed earlier this year as an independent spinout of BNP Paribas’ private capital group.

Shoreline Solutions, a Wallingford, Conn.-based provider of credit and debit card personalization and related fulfillment services, has received an undisclosed amount of private equity funding from G.L. Ohrstrom & Co. Teachers’ Private Capital has agreed to acquire specialty resin adhesive and paper overlays producer Dynea North America from Dynea Chemicals Oy of Finland. No financial terms were disclosed.

Vector Capital of San Francisco has agreed to acquire the Discovery Informatics business of Tripos Inc. (Nasdaq: TRPS) for approximately $25.6 million in cash. Tripos is a St. Louis-based provider of informatics and research technologies to the drug discovery market.