HSBC joins PE firms in race to acquire Nuvama Wealth, ET reports
HSBC has joined six private equity firms in a bidding war to acquire a 54% stake in Nuvama Wealth and Investment, a company valued at around $1.8 billion, according to the Economic Times. The sale process was revived by Nuvama's owner, PAG, after a year-long hiatus. The European bank is competing with Brookfield, Warburg Pincus, EQT, CVC Capital, Permira, ChrysCapital, and General Atlantic for the stake, with non-binding offers submitted last week.
Two strategic investors are reportedly expected to join the race this week. PAG reinitiated the divestment last month and has re-engaged Morgan Stanley and JPMorgan as advisers. The 53.98% stake held by PAG is valued at approximately $1.8 billion, based on Nuvama's current market value. The deal would also include an open offer for an additional 26% of Nuvama.
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