Mizuho Securities, a subsidiary of Mizuho Financial Group, has agreed to acquire more than 60% shares of Avendus Capital, an India-based institutional financial services firm.
Under the agreement, Mizuho will purchase shares from Avendus Capital’s majority shareholder, Redpoint Investments, an affiliate of KKR, along with Avendus co-founder and executive vice chairman Ranu Vohra.
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The transaction, which is subject to regulatory approvals, will see Avendus become a consolidated subsidiary of Mizuho Securities upon its completion.
Vohra will continue in his current position until the deal receives all necessary approvals.
Avendus founders Gaurav Deepak and Kaushal Aggarwal, along with the existing team, will continue to lead Avendus, maintaining the firm’s current strategy and brand identity.
Avendus Group co-founder and CEO Gaurav Deepak said: “As we build on the foundation we’ve laid over the last 26 years, we are delighted to announce a long-term strategic partnership with Mizuho in our next phase of growth.
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By GlobalData“Together, we look forward to bringing innovative capital solutions to the Indian ecosystem, and leveraging our complementary strengths to create deeper financial and economic flows between India and Japan.
“Ranu has been an integral part of building Avendus. All of us at Avendus are deeply grateful for his contributions and wish him the best as he moves into his next chapter. We also thank KKR for their decade-long partnership and unwavering support in Avendus’ transformation.”
Avendus provides services in institutional equities, wealth management and asset management, with a presence in the Indian mergers and acquisitions market.
Through this acquisition, the company will gain access to Mizuho’s institutional network and global scale, while retaining its operational identity and brand.
Mizuho Financial has a domestic network in Japan serving over 20 million retail clients and about 80% of listed companies.
The group operates more than 100 offices outside Japan and offers a range of corporate and investment banking services.
With corporate and investment banking (CIB) as its core business area, the firm expanded its global operations through acquisitions, including the 2023 purchase of Greenhill & Co.
Mizuho said that the acquisition of Avendus would strengthen its position in India’s capital markets and support its clients’ interests in expanding into the Indian market.
Last month, Bloomberg reported that Mizuho Financial is assessing opportunities to expand its investment banking operations in India, with the intention to apply its experience in corporate advisory and finance from other regions.
