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The Economic Times
The Economic Times
Business

Fairfax's IDBI buy: Biggest-ever banking M&A deal in India had no investment bankers

Fairfax IDBI India IDBI Bank Mergers Fairfax Financial Holdings KPMG Foreign Investment

Fairfax Financial Holdings Ltd.’s acquisition of a controlling stake in IDBI Bank Ltd. was the biggest foreign investment in India’s banking sector. It was also unusual in that no major investment banks were involved.

The $5.6 billion sale to Canadian billionaire Prem Watsa’s firm was approved Wednesday. Unlike other multibillion-dollar deals, Fairfax and IDBI decided to handle the transaction internally, without even starting a formal process to hire financial advisers.

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