Mizuho Securities, a unit of the Mizuho Financial Group, has agreed to purchase between 61.6 % and 78.3 % of Avendus, an Indian investment bank, for up to 81 billion yen—roughly $523 million. The stake is being sold by KKR through its affiliate Redpoint Investments, giving Mizuho a controlling interest in Avendus and making the Japanese bank the largest shareholder in the firm.
The deal marks a strategic push for Mizuho into India, a market the group has described as a “missing piece” in its global corporate and investment‑banking strategy. By acquiring Avendus, Mizuho gains a local partner with deep expertise in equity and debt advisory, wealth management, and asset management, and it expands its reach in a country where Japan’s aging population is driving a search for new growth markets. The transaction also complements Mizuho’s earlier acquisition of U.S. advisory firm Greenhill, creating a global network that can serve clients across Asia, the Americas, and Europe.
KKR’s exit follows a nine‑year investment that began in 2015‑2016. The firm has reportedly earned a blended 3.5‑times return on its stake, allowing it to reallocate capital to other opportunities. The sale reflects KKR’s broader strategy of harvesting returns from early‑stage investments and deploying proceeds into new growth areas.
Avendus will retain its brand and leadership structure after the transaction. Co‑founders Gaurav Deepak and Kaushal Aggarwal, along with senior executives, will continue to run the firm, while co‑founder Ranu Vohra will divest his shares and remain in his role until the deal closes. The company plans to increase hiring and invest further in industrials, healthcare, infrastructure, and energy, leveraging Mizuho’s global resources to accelerate growth in these sectors.
The acquisition fits a larger trend of Japanese financial institutions expanding into India’s fast‑growing financial services sector. Other examples include Sumitomo Mitsui Financial Group’s stake in Yes Bank and Mitsubishi UFJ Financial Group’s potential investment in Shriram Finance. Mizuho’s move signals confidence in India’s long‑term economic trajectory and positions the bank to capture a share of the country’s expanding corporate and investment‑banking demand.
For Mizuho, the deal enhances its ability to offer a broader range of financial solutions by integrating Avendus’s local expertise with its global network. The transaction is expected to generate synergies through cross‑selling of services, shared technology platforms, and expanded client access, potentially boosting revenue and profitability in the medium term while strengthening the bank’s competitive position in a key emerging market.
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