HSBC has joined at least six private equity firms in the race to acquire a 54% stake in Nuvama Wealth and Investment (NSE:NUVA), a holding valued at approximately $1.8 billion. The company’s owner, PAG, has relaunched the sale process after a year-long hiatus, the Economic Times reports.
According to the publication, citing informed sources, Europe’s largest lender is competing against Brookfield, Warburg Pincus, EQT, CVC Capital, Permira, ChrysCapital, and General Atlantic.
Bidders submitted non-binding offers last week, and at least two strategic investors are expected to join the fray this week, according to the ET.
PAG restarted the sale process last month and reappointed Morgan Stanley and JPMorgan as advisors. The 53.98% stake—held through Pagac Ecstasy and Asia Pragati Strategic Investment Fund—is valued at approximately 173.36 billion rupees ($1.8 billion) based on Nuvama’s current market value, the report states.
The deal will also trigger a mandatory open offer to acquire an additional 26% of Nuvama’s shares.
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