Mizuho Financial Group, Japan’s third largest banking group, has agreed to acquire a controlling stake in Avendus Capital, the India-focused investment bank backed by private equity firm KKR, according to a report by Bloomberg.
JMizuho has reportedly reached an agreement with a major shareholder to purchase 61.6% of Mumbai-based Avendus, and is seeking approval from remaining shareholders to lift its holding to 78.3%. The total consideration for the transaction is expected to be around INR47bn ($516m), making it Mizuho’s largest investment in India to date.
Avendus, founded in 1999, is a prominent player across investment banking, wealth management and asset management, and has advised on a number of India’s largest equity capital markets transactions and strategic deals. KKR became a significant shareholder in Avendus in 2015, providing growth capital to expand its advisory and asset management platforms.
For KKR, the deal represents a partial exit from a long-held investment as Avendus transitions to majority ownership by a global banking group. The transaction also highlights the role private equity firms continue to play in building scaled financial services platforms in high-growth markets, positioning them for strategic sales to international buyers.
The deal remains subject to regulatory and shareholder approvals.
