Mizuho Securities to Acquire Majority Stake in India’s Avendus from KKR
Japan’s Mizuho Securities on Wednesday announced it will acquire a majority stake in Indian investment bank Avendus from U.S. investment firm KKR in a deal valued at up to 81 billion yen ($523 million). The transaction will see Mizuho purchase between 61.6% and 78.3% of Avendus’ shares, making the Indian firm a consolidated subsidiary of Mizuho Financial Group, Japan’s third-largest banking group.
The acquisition underscores the growing interest of Japanese financial institutions in India, driven by the country’s fast-expanding economy at a time when Japan faces an ageing and shrinking domestic market. Mizuho Chief Executive Masahiro Kihara said client demand for expansion into India has been rising, adding that the deal fills a key gap in the group’s global investment banking presence and will enhance cross-regional collaboration, including with U.S. M&A advisor Greenhill, which Mizuho acquired in 2023.
Avendus CEO Gaurav Deepak said the partnership is expected to accelerate growth and hiring, with increased investments planned across sectors such as industrials, healthcare, infrastructure, and energy. KKR first invested in Avendus in 2016. The deal follows similar moves by Japanese peers, including Sumitomo Mitsui Financial Group’s purchase of a 24.2% stake in Yes Bank earlier this year.
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