 "Mizuho Financial Group, Mizuho")
By Baiju Kalesh, Manuel Baigorri and Hideki Suzuki
Mizuho Financial Group Inc. is on the verge of buying a majority stake in investment bank Avendus Capital Pvt, people familiar with the matter said, in what would be the latest acquisition by a Japanese bank in India.
Executives are hammering out details of a transaction that could be finalised as soon as this month and value Avendus at about $800 million, including debt, the people said, asking not to be identified because the deliberations are private.
Mizuho, Japan’s third-largest lender, plans to acquire KKR & Co.’s 63 per cent stake in Avendus and may also buy shares from minority investors, bringing its total holding to about 70 per cent, the people added.
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Representatives for Mizuho and KKR declined to comment. Avendus didn’t immediately respond to a request for comment.
Bloomberg News reported in February that Mizuho was working on a deal to buy a majority stake in Avendus. In another example of a Japanese bank turning to India, Sumitomo Mitsui Financial Group Inc.’s banking unit last month agreed to buy a 20 per cent stake in Yes Bank Ltd. for about Rs 135 billion ($1.6 billion).
Mizuho is seeking to replicate its US playbook by leaning on the experience and connections of a local partner to grow its dealmaking business. In 2023, it bought US investment bank Greenhill & Co. to boost its presence in advisory for mergers and acquisitions in the Americas.
An Avendus acquisition would bolster Miuzho’s presence in India, which has become a hotspot for initial public offerings and M&A. Chief Executive Officer Masahiro Kihara has said the lender isn’t interested in traditional retail banking assets in Asia.
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