Other Private Equity/Strategic Investments
HSBC joins the race with PE firms for financial services co. Nuvama Wealth
HSBC has entered the race to acquire Mumbai-headquartered Nuvama Wealth and Investment , competing against several global private equity groups. PAG, the current owner of the listed financial services company, has revived the sale process after a one-year hiatus. The firm is evaluating non-binding bids submitted by at least half a dozen private equity competitors, including Brookfield, Warburg Pincus, EQT, CVC Capital, Permira, Chrys Capital, and General Atlantic. Advisors Morgan Stanley and JP Morgan are managing the divestment process.Nuvama, formerly known as Edelweiss Wealth Management, provides services including investment advisory, estate planning, lending, and brokerage. The company manages assets across various segments, including a wealth management portfolio, asset services, institutional equities, and an emerging asset management division.PAG, which acquired its majority stake in 2021, is looking to divest its 53.98% holding, currently valued at about INR 17,336-Cr (USD 1.8-B). The transaction is expected to trigger an open offer for an additional 26% of the company.
For FY25, Edelweiss Wealth Management had reported about INR 1,684 Cr in Operating Income and about INR 190 Cr in PAT.
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