Private equity and infrastructure manager 3i Group will acquire Mizuho Investment Management (UK) for £18.3 million ($29 million), confirmed 3i spokesman Patrick Dunne.
Mizuho, which manages senior and subordinated corporate debt, had £3.7 billion in assets under management as of March 31. The acquisition would bring 3i’s AUM to £13.5 billion.
Jeremy Ghose, Mizuho UK CEO, would become managing partner and CEO of 3i Debt Management, 3i’s existing debt management business. Mizuho UK would be merged with 3i Debt.
The deal, expected to close in six to eight weeks, requires consent from Mizuho’s investors and U.K. regulators.