**General Atlantic is in advanced discussions to acquire a majority stake in asset manager Nuvama Wealth Management from Asia-focused investor PAG. According to people familiar with the matter as reported by ET NOW, GA has submitted a non-binding bid for the acquisition deal and is currently conducting due diligence on Nuvama Wealth. The proposed transaction could see GA acquire around 54% stake in the Indian wealth manager from PAG, with GA potentially submitting a binding bid if the deal progresses following the completion of its due diligence.
As reported by ET NOW, PAG's stake in Nuvama is valued around ₹170 billion ($1.8 billion) for the transaction. Nuvama Wealth manages ₹5.3 trillion of client assets and serves over 1.3 million high net worth individuals, affluent clients and 1,000 plus institutional clients. The firm is one of India's biggest wealth managers, having been acquired by PAG in 2021 when the company was called Edelweiss Wealth. Notably, PAG holds its stake in Nuvama via Pagac Ecstasy and Asia Pragati Strategic Investment Fund.
According to ET NOW, PAG has been seeking to offload its equity holding in Nuvama since last year, with the deal having slowed previously but gaining momentum in recent weeks. While discussions had slowed last year, the potential deal has picked up momentum in recent past weeks. General Atlantic is a leading U.S. private equity investor, and both GA, Nuvama Wealth and PAG didn't reply to separate queries from ET NOW. The transaction represents a significant shift in ownership of one of India's prominent wealth management firms.
