Mizuho to acquire majority of Indian investment bank Avendus from KKR for around $523 million

Reuters12-17 08:50

By Anton Bridge

TOKYO, Dec 17 (Reuters) - Japan's Mizuho Securities will acquire a majority stake in Indian investment bank Avendus from its current majority owner KKR KKR.N 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 8411.T, will acquire between 61.6% and 78.3% 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)

(Reporting by Anton Bridge; Editing by Christopher Cushing)

((Anton.Bridge@thomsonreuters.com;))

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