General Atlantic in talks to buy PAG’s stake in Nuvama Wealth – report

General Atlantic is exploring a acquisition of PAG's holding successful Nuvama Wealth Management and has already held respective rounds of discussions with the Hong Kong-based investor, reported Moneycontrol citing sources.

"It is not wide if some are successful statement connected valuations," a banker alert of the conversations told the publication.

"The woody is stuck astatine this signifier and fixed Nuvama's caller banal terms rally, valuations could beryllium a symptom constituent for the transaction to conclude".

The projected transaction is valued astatine astir $1.82bn (Rs171.38bn), the study said citing sources.

If completed, it would people an exit way for PAG, which has been invested successful the institution for astir 5 years.

Morgan Stanley and JPMorgan are acting arsenic advisers connected the deal, according to the report.

PAG owns somewhat much than 54% of Nuvama.

Nearly 63% of that shareholding is nether encumbrance, though elaborate presumption of the pledge are not publically available.

The existent discussions correspond PAG's 2nd effort to monetise its concern successful Nuvama, 1 of India's 5 largest wealthiness absorption firms.

Bankers had earlier approached imaginable buyers, including backstage banks, for PAG's stake, sources said. However, Nuvama's listed presumption appears to person constricted appetite among specified investors.

"The woody seems to beryllium headed the mode of a fiscal capitalist and astatine present, the talks with General Atlantic are much oregon little exclusive… arsenic determination is nary large involvement shown by different investors," a root progressive successful the process said.

General Atlantic had, until recently, a 3.55% holding successful 360One Wealth Asset Management. Its different fiscal services investments see KFin Technologies, Snapmint and PhonePe.

Earlier this month, Moneycontrol reported that PAG had revived plans to exit Nuvama.

According to reports, the earlier merchantability process past twelvemonth drew involvement from backstage equity firms including EQT, CVC Capital and Permira, but the effort was aboriginal shelved.

PAG invested astir $325m to acquire control of Nuvama in March 2021. 

"General Atlantic successful talks to bargain PAG's involvement successful Nuvama Wealth – study " was primitively created and published by Private Banker International, a GlobalData owned brand.