General Atlantic is in advanced discussions to acquire a majority stake in asset manager Nuvama Wealth Management from Asia-focused investor PAG. Due diligence is currently underway from GA, which has put a non-binding bid for the deal.
-Alert: GA is a leading U.S. private equity investor
-GA is proposing to acquire about 54% in Nuvama Wealth Management from PAG
-Alert: PAG owns stake in Nuvama via Pagac Ecstasy and Asia Pragati Strategic Investment Fund
-PAG has been seeking to offload its equity holding in Nuvama since last year
-Deal slowed last year, but has picked momentum in recent past
-General Atlantic’s due diligence on Nuvama Wealth underway
-GA has put a non-binding bid for the transaction
-GA may possibly submit binding bid if deal moves forward following due diligence
-PAG’s stake valued around ₹170 billion ($1.8 billion) for the transaction
-Alert: Nuvama Wealth manages ₹5.3 trillion of client assets
-Alert: Nuvama Wealth has over 1.3 MN HNIs, affluent clients and 1,000 plus institutional clients
-Alert: PAG acquired majority stake in Nuvama in 2021, when firm was called Edelweiss Wealth
-Nuvama is one of India’s biggest wealth manager
-GA, Nuvama Wealth and PAG didn’t reply to separate ET NOW queries
Anurag Joshi heads the Mumbai reporting team at ET NOW. He leads the news coverage of some conglomerates, debt and equity capital markets, private equity, and M&As. He has over 20 years of experience as a financial journalist, formerly having worked at Bloomberg LP, Reuters, and The Economic Times.
