CVC Capital Partners is currently evaluating the possibility of purchasing a “majority” share of India-based Avendus Capital, a stake presently owned by KKR & Co, reported Bloomberg.
The early-stage discussions involve a thorough assessment of Avendus’ business operations and financial health.
Bloomberg noted that “CVC could still walk away”, citing sources.
This move by the Luxembourg-based alternative asset manager could potentially infuse Avendus with the global support required to increase its market share in advisory and asset management sectors, according to the news publication.
The talks between CVC and Avendus come at a time when negotiations between KKR and Mizuho Financial Group have encountered obstacles.
Mizuho’s acquisition attempt, which would have pegged Avendus’s value at around $800m, faced challenges after a minority shareholder sought a higher company valuation.
KKR, holding approximately 63% of Avendus, remains open to other prospective buyers, including Mizuho.
In 2015, KKR initially invested in Avendus, broadening its scope to include wealth management, lending, and equity capital markets.
At that time, KKR acquired shares from Eastgate Capital and Americorp Ventures.
Gaurav Deepak has been serving as chief executive for Avendus.
While KKR refrains from commenting on the ongoing discussions, CVC has not provided a response to inquiries.
Nomura Holdings and The Carlyle Group have also been reported as potential suitors, the report added.
In June this year, KKR launched Ascend Asia Financial Services Group in Singapore.
“CVC enters race to acquire Avendus Capital from KKR – report ” was originally created and published by Private Banker International, a GlobalData owned brand.
The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site.
