Private Equity Fund Investments
Japan's Sumitomo Mitsui to acquire NBFC Fullerton India for $2.6 B
Japan’s Sumitomo Mitsui to acquire NBFC Fullerton India for $2.6 B Times of India
Tokyo-based Sumitomo Mitsui Financial Group, Inc is to acquire Mumbai-based diversified NBFC Fullerton India Credit Company Ltd (FICCL) - a portfolio company of Singapore-headquartered investment company Temasek - for about USD 2.6 billion, or nearly INR 19,300 crore. Whie Sumitomo will buy 74.9% initially for USD 2 billion, it will acquire the balance over a period of time. Citigroup, Cyril Amarchand Mangaldas, Allen & Overy were financial and legal advisors to FFH whereas JP Morgan, Anderson Mori & Tomotsune were financial and legal advisors to SMFG. FICCL started operations in 2007 and has established a pan India presence – across 600 towns and 58,000+ villages - through 629 branches and 13,000+ employees. It services 2.3 million bankable yet underserved retail and small business borrowers. The NBFC offers auto, personal and business loans, mortgage finance, loans against properties and securities. Fullerton India Home Finance Co Ltd, a housing finance company that operates under the Grihashakti brand, will continue to be a wholly owned subsidiary of FICCL.
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