CVC Capital Partners PLC: Strategic Acquisition Interest in Avendus Capital and Rubis

CVC Capital Partners PLC, a Luxembourg‑listed private‑markets manager with €200 billion of assets under management, is reportedly exploring acquisitions in two distinct sectors as of 15 September 2025.

1. Avendus Capital Stake

  • Target: Majority stake (approximately 63 %) in Avendus Capital Pvt., a Mumbai‑based investment firm.
  • Current Owner: KKR & Co., which holds the controlling interest.
  • Competing Interest: Mizuho Financial Group had previously attempted to purchase Avendus but the deal stalled.
  • CVC’s Position: The firm is in early‑stage talks with KKR, assessing Avendus’ operations and financials. The deal remains uncertain; CVC may walk away if terms are not favorable.
  • Strategic Rationale: Acquiring Avendus would expand CVC’s footprint in the Indian private‑markets space and enhance its secondaries and private‑equity capabilities in Asia.

2. Rubis

  • Target: French fuel distributor Rubis, listed on the European market.
  • Interest from CVC: CVC has reportedly considered a bid for Rubis, alongside commodities trader Trafigura. No formal offer has been made.
  • Market Impact: Reports of CVC’s interest led to a significant rally in Rubis shares, lifting the company to its highest level in over a year and briefly pushing the Stoxx 600 index higher.

3. Market Context

  • European shares opened higher on 15 September 2025, with the Stoxx 600 gaining 0.28 % and the DAX up 0.45 %. The gains were partly attributed to expectations of a 25‑basis‑point rate cut by the U.S. Federal Reserve and ongoing monetary policy discussions in the UK.
  • The European market’s modest gains were not materially affected by Fitch’s downgrade of France’s credit rating from A+ to AA‑, indicating resilience in investor sentiment.

4. Company Profile (as of 11 September 2025)

  • Stock Price: €15.23
  • 52‑Week Range: €13.00 – €23.68
  • Market Capitalisation: €18.54 billion
  • PE Ratio: 68.74
  • Segments: Private equity (Europe/Americas, Asia, Strategic Opportunities, Growth), secondaries, credit (performing and private), infrastructure, and central (non‑investment costs).

CVC’s dual interest in Avendus and Rubis reflects its ongoing strategy to diversify its portfolio across geographies and asset classes while capitalising on market opportunities that arise from competitive bidding and sectoral interest. The outcomes of these potential transactions will be closely monitored by investors and analysts given the company’s substantial influence in the private‑markets arena.