Mizuho Securities agreed to acquire a controlling stake of up to 78.3% in Avendus Capital Private Limited for as much as ¥81 billion ($523 million), gaining access to one of India’s most active dealmaking platforms after months of protracted negotiations.
Japan’s third-largest banking group will initially purchase 61.6% of Avendus shares from KKR, which first invested in the Mumbai-based firm in 2016. Mizuho is seeking approval from other shareholders to expand its holding. The transaction requires regulatory clearance and is expected to close by mid-2026.
The talks had hit a roadblock in September over valuation disagreements, with earlier reports suggesting Avendus was seeking around $800 million including debt. The final price represents a compromise after Carlyle Group and Nomura Holdings also circled the asset.
Mizuho CEO Masahiro Kihara said India had been “a missing piece” in the group’s global corporate and investment banking buildup. The acquisition mirrors Mizuho’s 2023 purchase of boutique advisor Greenhill & Co. in the U.S.
Japanese financial institutions have been aggressively expanding in India. Sumitomo Mitsui Banking Corporation recently acquired over 24% in Yes Bank, while reports suggest MUFG is exploring a stake in Shriram Finance.
Founded in 1999, Avendus operates in investment banking, wealth management and institutional equities. Founders Gaurav Deepak and Kaushal Aggarwal will retain their stakes and continue managing operations.
