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Mizuho’s India deal with Avendus is said to stall on valuation
Mizuho Financial Group's attempt to acquire a majority stake in Avendus Capital has encountered obstacles due to disagreements over valuation and KKR's exit strategy. Despite the current challenges, negotiations are still in progress, with both parties striving to finalize the deal. This potential acquisition follows Sumitomo Mitsui's investment in Yes Bank, highlighting Japanese lenders' growing interest in the Indian market.
Mizuho Financial Group Inc.'s efforts to buy a majority stake in Indian investment bank Avendus Capital Pvt have hit a roadblock over disagreements on valuation and the right exit option for the KKR & Co. portfolio company, according to people familiar with the matter.
Mizuho was on the verge of buying a majority stake in Avendus in what would be the latest acquisition by a Japanese bank in India, people familiar with the matter said in June.
While talks have hit a snag, considerations are ongoing and the parties are still trying to sign a deal, the people said.
Representatives for KKR, Avendus and Mizuho declined to comment.
Japanese lenders have been recently eyeing assets in India. A deal for Avendus would follow Sumitomo Mitsui Financial Group Inc.'s purchase of a 20% stake in Yes Bank Ltd. for about 135 billion rupees ($1.6 billion).
KKR bought a stake in Avendus in 2015 and invested more capital in the business in 2017. Since then the firm has also bolstered its wealth management, lending and equity capital market operations. The Avendus management team has a say in any transaction since they drive businesses including investment banking.
Mizuho had emerged as the frontrunner for KKR's 63% stake in Avendus that valued the firm at about $800 million, Bloomberg reported in February. Other bidders for the investment bank included Nomura Holdings Inc. and Carlyle Group Inc., people familiar with the matter have said.
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Source: EconomicTimes
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