Private equity firms Permira, CVC Capital Partners, and EQT are in advanced discussions to acquire Asia‑Pacific–focused PAG’s controlling stake (approximately 55%) in Nuvama Wealth Management in a deal valued around $1.6 billion . HSBC was initially also in the mix, but reports suggest it may have now exited the bidding . The auction follows PAG’s decision to exit its investment, which began with a $325 million injection in 2021 and was later guided by JP Morgan and Morgan Stanley . Market reaction has been positive, with Nuvama’s shares jumping over 4% this Monday on the buyout buzz—helping offset recent losses tied to a SEBI order related to Jane Street’s trading activity.

Analysts expect non-binding bids were submitted late last month, and binding offers are due by the end of July, though tight timelines may stretch this out.

sources