PAG Relaunches $1.8 Billion Sale of Nuvama Wealth

PAG has relaunched the sale of its 53.98% majority stake in Nuvama Wealth, a listed Indian financial services company. The stake is valued at approximately Rs 17,336 crore, or $1.8 billion, and the transaction is expected to trigger an open offer for an additional 26% of the company.

HSBC is competing for the acquisition against a group of private equity firms, including Brookfield, Warburg Pincus, EQT, CVC Capital, Permira, Chrys Capital, and General Atlantic. All these parties submitted non-binding offers last week. Due to the high cost of the acquisition, some potential buyers are exploring the formation of consortiums or the carving out of specific business segments, such as capital markets and wealth management.

This divestment follows a failed attempt in 2025. That process was disrupted by stock price volatility and regulatory issues involving the Securities and Exchange Board of India and client Jane Street. To manage the current process, PAG has reappointed Morgan Stanley and JP Morgan as its financial advisors.