Japan's Mizuho Securities to acquire 60 pc stake in Avendus Capital from KKR

New Delhi, Dec 17 (PTI) Japanese investment bank Mizuho Securities on Wednesday said it is acquiring over 60 per cent stake in Avendus Capital from US-based investment firm KKR.

Mizuho Securities, an arm of Mizuho Financial Group, aims to further strengthen its business foundation in India's rapidly developing and maturing capital markets.

In a statement, Mizuho Securities said it has entered into an "agreement with the majority shareholder of Avendus Capital Private Limited to acquire over 60 per cent of the shares of Avendus".

Redpoint Investments Pte Ltd, an affiliate of KKR, will sell its stake in Avendus to Mizuho Securities, according to a separate statement by the Indian institutional financial services firm.

The deal is subject to regulatory approvals. Financial details of the deal were not disclosed.

As a part of the transaction, Avendus’ co-founder and Executive Vice Chairman Ranu Vohra will also be divesting his shareholding. He will continue in his current role until the deal successfully reaches completion.

However, the other two co-founders -- Gaurav Deepak and Kaushal Aggarwal -- will continue to lead Avendus under its existing brand and identity.

While retaining its brand and identity, Avendus will gain strategic access to Mizuho’s scale, institutional network, and global reach.

Mizuho Financial Group is one of the largest full-service financial institutions in the world. In Japan, Mizuho serves over 20 million retail clients and about 80 per cent of the listed companies.

Gaurav Deepak, Co-founder and CEO of Avendus Group, said, "We are delighted to announce a long-term strategic partnership with Mizuho in our next phase of growth. Together, we look forward to bringing innovative capital solutions to the Indian ecosystem, and leveraging our complementary strengths to create deeper financial and economic flows between India and Japan".  Mizuho, which has been broadening its business base through acquisitions, such as its 2023 acquisition of Greenhill & Co Inc, stated that its clients have shown significant interest in expanding into the Indian market, and this collaboration will enable the company to provide robust support in this regard right from the conceptual stage.

"Within the landscape of India's remarkable growth, Avendus has a presence that is second to none. Welcoming them as a strategic partner for our M&A platform in APAC, the Americas, and EMEA will enable us to better support our clients with diversified, advanced solutions that make the most of our global client base and finance capabilities," Yoshiro Hamamoto, President and CEO, Mizuho Securities, said. PTI SP SP BAL BAL