Japan's Mizuho close to buying investment bank Avendus
Mizuho Financial Group Inc. is on the verge of buying a majority stake in investment bank Avendus Capital, people familiar with the matter said, in what would be the latest acquisition by a Japanese bank in India.
Executives are hammering out details of a transaction that could be finalized as soon as this month and value Avendus at about $800 million, including debt, the people said. Mizuho, Japan's third-largest lender, plans to acquire KKR's 63% stake in Avendus and may also buy shares from minority investors, bringing its total holding to about 70%, the people added. Representatives for Mizuho and KKR declined to comment.
Avendus didn't immediately respond to a request for comment.
In another example of a Japanese bank turning to India, Sumitomo Mitsui Financial Group's unit last month agreed to buy a 20% stake in Yes Bank for about $1.6 billion.
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