Advent Weighs ASK Group Stake Sale at $1 Billion Valuation
(Bloomberg) -- Advent International is exploring options including a potential sale for its stake in ASK Group, an Indian investment and wealth management firm, according to people familiar with the matter.
The buyout firm is working with Nomura Holdings Inc. on a possible deal, said the people, who asked not to be identified as the discussions are private. Advent is seeking a valuation of more than $1 billion for ASK Group in a deal, one of the people said, adding that the country’s coronavirus outbreak could mean the process will take longer.
Considerations are an early stage and Advent could still decide to keep the holding, the people said. A representative for Nomura declined to comment, while a representative for Advent couldn’t be reached for comment.
Founded in 1983, ASK Group has 20 offices and branches across India, Dubai and Singapore. It managed assets of more than 660 billion rupees ($9 billion) as of March 31.
Advent bought a significant minority stake in ASK Group for an undisclosed amount in 2016. The private equity firm owns about 40% of ASK, local media reports have said.
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