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HSBC joins race to buy PAG's $1.8 billion Nuvama stake
The Economic Times··1 Sept
HSBC is competing with private equity firms including Brookfield, Warburg Pincus, and General Atlantic to buy PAG's stake in Nuvama, sources said. PAG's 53.98 percent stake is worth Rs 17,336 crore at current market value, about $1.8 billion. PAG relaunched the divestment last month with Morgan Stanley and JP Morgan as advisors after a 2025 sale stalled.
Prism
What It Means For You
- A Nuvama sale would trigger an open offer for an additional 26 percent of the company.
- Nuvama's wealth management client assets reached Rs 5.36 lakh crore by June 30.
- PAG invested $325 million to acquire Edelweiss Wealth Management in March 2021.
What's Happening
- HSBC is among bidders for PAG's 53.98 percent stake in Nuvama.
- PAG relaunched the sale last month with Morgan Stanley and JP Morgan as advisors.
- A 2025 sale process stalled after regulatory concerns involving Jane Street.
India wealth management market
- Nuvama was formerly Edelweiss Wealth Management and listed in 2023.
- At Rs 17,336 crore market value, PAG's stake is worth about $1.8 billion.
- Competing bidders include Brookfield, Warburg Pincus, and General Atlantic.
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