CVC Capital Partners is in early talks to acquire KKR’s majority holding in Indian financial services group Avendus Capital, after negotiations with Japan’s Mizuho Financial Group faltered, according to a report by Bloomberg citing unnamed people familiar with the matter.
KKR owns around 63% of Avendus, a Mumbai-based investment banking and wealth management firm it first backed in 2015. A deal would represent one of the largest private equity exits in India’s financial services sector, underscoring global investor appetite for the country’s expanding capital markets and wealth industry.
While discussions remain preliminary and CVC could still walk away, a successful transaction would give Avendus a new global partner to support its growth across advisory, asset management and lending.
Mizuho had been close to securing a deal earlier this year valuing Avendus at about $800m, but talks stalled amid valuation disputes with minority shareholders. Other potential bidders, including Nomura and Carlyle, have previously looked at the business.
Management, led by co-founder and CEO Gaurav Deepak, is expected to play a key role in shaping the outcome of any transaction.
