Mizuho to acquire majority of Indian investment bank Avendus from KKR for around $523 million
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TOKYO, Dec 17 : Japan's Mizuho Securities will acquire a majority stake in Indian investment bank Avendus from its current majority owner KKR for up to 81 billion yen ($523.15 million), it said in a release on Wednesday.
Mizuho Securities, the securities arm of Japan's third-largest banking group, Mizuho Financial Group, will acquire between 61.6 per cent and 78.3 per cent of Avendus' shares and will make it a consolidated subsidiary, Mizuho said in the release.
The buyout adds to Japanese financial institutions' growing footprint in India, where a fast-growing economy has made Indian firms an attractive target for Japanese firms facing an ageing and shrinking population at home.
KKR had first invested in Avendus in 2016.
($1 = 154.8300 yen)
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