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Mizuho Financial Group is close to acquiring a controlling stake in Indian investment bank Avendus Capital, Bloomberg reported, citing people familiar with the matter.
The transaction, which could be finalised within weeks, would value Avendus at approximately US$800 million including debt.
Mizuho is expected to purchase KKR & Co’s 63% stake and may acquire additional shares from minority holders to raise its ownership to around 70%, according to the sources.
This move comes as Japanese banks continue to deepen their presence in India’s financial sector.
Last month, Sumitomo Mitsui Financial Group agreed to acquire a 20% stake in Yes Bank for roughly US$1.6 billion.
For Mizuho, the Avendus deal aligns with a broader strategy of leveraging local partnerships to scale its investment banking operations, echoing its acquisition of US-based Greenhill & Co last year.
That deal was aimed at strengthening Mizuho’s footprint in mergers and acquisitions advisory services across the Americas.
Acquiring Avendus would give Mizuho greater exposure to India’s fast-growing market for IPOs and corporate deals, while steering clear of traditional retail banking, which CEO Masahiro Kihara has previously indicated is not a priority for the group in Asia.
Representatives from Mizuho and KKR declined to comment, while Avendus has yet to respond to inquiries, according to Bloomberg.
Featured image: Edited by Fintech News Singapore, based on image by thanyakij-12 via Freepik
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