Indian law firm Anagram Partners has acted for European private equity major CVC Capital Partners on its acquisition of a stake in Aavas Financiers from Partners Group and Kedaara Capital.
The deal, which includes an open offer to acquire an additional 26 percent stake in Aavas from shareholders, is valued at 70 billion rupees ($835 million).
This would make it the largest deal in India’s housing finance sector to date, overtaking Warburg Pincus’ acquisition of Shriram Housing Finance (SHF) for $556 million.
According to Indian newspaper Mint, the deal marks a significant milestone for current promoters Kedaara Capital and Partners Group, who are set to exit their investment after eight years with an impressive 6x return.
It added that CVC’s acquisition of the Jaipur-based Aavas, known for providing home loans in the rural and semi-urban locations of India, could potentially reshape the landscape of India’s housing finance sector, signalling continued interest from global investors in the country’s financial services industry.
The Anagram team was led by partners Shuva Mandal, Ankit Mishra and Rajesh Simhan, and included lawyers Aashna Kothari, Karan Nelivigi, Ashana Shah, Sarthak Parnami, Anoushka Shetty, and Siddhant Sahu.