Three private equity buyout groups are in discussions with Asia Pacific-focused private equity company PAG to acquire the latter’s controlling stake in Nuvama Wealth Management Ltd, which was previously Edelweiss Wealth Management, in a potential deal worth $1.6 billion, a report by the Economic Times said on July 7.
The private equity buyout group in the race are CVC Capital Partners, Permira and EQT, the newspaper said. These groups are competing with global lender HSBC and ChrysCapital, the report said.
These five entities were shortlisted last month following the submission of non-binding bids.
Moneycontrol could not independently verify the report.
Recently, the role of Nuvama has come under scanner after Jane Street was banned by SEBI from trading in the local securities markets. Numama is the Indian trading partner of Jane Street and this led to the former’s stock slipping 11 percent, the most in three months, the paper said.
The companies are aiming to submit their binding bids by the end of this month, ET said.
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