CCI Approves Mega Deal: Mizuho Securities Buys ACPL Stake to Bolster India Financial Footprint

CCI Approves Mega Deal: Mizuho Securities Buys ACPL Stake to Bolster India Financial Footprint​

Mizuho Securities Co., Ltd. has secured approval from the Competition Commission of India (CCI) for a significant proposed combination. The approval clears the path for Mizuho to acquire a substantial stake in Avendus Capital Private Limited (ACPL).

This major development marks a strategic consolidation within the Indian financial services sector. The transaction, which received clearance on 28/04/2026, involves Mizuho Securities taking over over 60% of ACPL’s equity share capital.

Regulatory Mandate and Scope of the Combination​

The proposed transaction falls under the provisions of the Competition Act, 2002, and was reviewed under Regulation 13(2) of the CCI (Combinations) Regulations, 2024. The combination relates to the acquisition of shares and is classified as notifiable under Section 5(a)(i)(A) of the Act.

The parties involved are Mizuho Securities Co., Ltd. and ACPL. The core of the deal is Mizuho Securities' proposed acquisition of a controlling stake in ACPL, making the transaction a significant corporate move.

Profile of the Merging Parties​

Mizuho Securities, which belongs to the Mizuho Financial Group of Japan, boasts a massive global footprint with operations across 20 offices worldwide. The firm operates across four key business segments.

These segments include global investment banking, global markets business, in-depth research, and retail and business banking. In India, Mizuho operates through its subsidiary, Mizuho Securities India Private Limited, which was established in 2010 and is registered with SEBI as a merchant banker.

ACPL, on the other hand, is itself a SEBI-registered merchant banker. It has established a presence in four major markets: India, Singapore, the United States of America, and the United Kingdom through its subsidiaries.

Diversified Services Offered by ACPL​

Within India, ACPL provides a wide range of financial advisory services. The firm specializes in mergers and acquisitions advisory, private equity syndication services, and equity capital market solutions.

ACPL’s expertise spans six distinct sectors, demonstrating its broad market coverage. These sectors include digital technology and consumer goods, enterprise technology and services, financial institutions group, healthcare, industrial, and infrastructure.

Competitive Dynamics and Market Review​

During its review, the parties defined specific relevant markets to aid the CCI in assessing the deal's implications. The filing submitted that the Proposed Transaction would not lead to any change in the competitive dynamics in India.

However, the parties proactively defined relevant horizontal and vertical markets. On the horizontal front, they identified the market for the provision of investment banking services and the market for provision of loans and lending services in India.

Furthermore, to account for potential vertical linkages, the relevant markets were delineated further. These included the provision of loans/credit to financial institutions at the upstream level, and the provision of loans and lending services at the downstream level in India.