"Report indicates that CVC has entered the competition for the acquisition of Avendus Capital, currently owned by KKR."
In the bustling financial landscape of Singapore, KKR made waves in June with the launch of Ascend Asia Financial Services Group. However, the focus has since shifted to one of KKR's investments - Avendus Capital, an India-based financial services firm.
Reports suggest that CVC Capital Partners is currently evaluating the possibility of purchasing a majority share of Avendus Capital. This potential acquisition comes at a time when negotiations between KKR and Mizuho Financial Group have encountered obstacles.
KKR initially invested in Avendus in 2015, broadening its scope to include wealth management, lending, and equity capital markets. KKR, holding approximately 63% of Avendus, remains open to other prospective buyers, including Mizuho.
The discussions between CVC and Avendus involve a thorough assessment of Avendus' business operations and financial health. A minority shareholder has sought a higher company valuation for Avendus, causing challenges in Mizuho's acquisition attempt, which would have pegged Avendus's value at around $800m.
If the deal with CVC goes through, Avendus could receive global support to increase its market share in advisory and asset management sectors. It's worth noting that CVC is not the only potential competitor in the race for Avendus. Nomura Holdings and The Carlyle Group have also been reported as potential suitors for the firm.
Gaurav Deepak has been serving as CEO for Avendus, leading the company through its growth and challenges. KKR acquired shares from Eastgate Capital and Americorp Ventures in 2015, marking its entry into the Indian financial services sector.
Bloomberg reported that CVC could still walk away from the potential deal, leaving the future of Avendus' ownership uncertain. The stake in Avendus currently owned by KKR & Co is being evaluated, adding another layer of intrigue to this developing story.
As these negotiations unfold, the financial world watches with bated breath, eager to see how this saga will unfold and what impact it will have on the Indian financial services sector.
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