NEC Said to Near Purchase of Avaloq From Founder, Warburg Pincus
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NEC Corp. is near a deal to buy Swiss banking software provider Avaloq Group AG in a transaction that values the firm at about 2 billion francs ($2.2 billion) in one of the biggest fintech deals this year, according to people familiar with the matter.
Warburg Pincus owns about a 45% stake and the remainder is held by Avaloq Chairman Francisco Fernandez and employees. The buyout firm acquired an initial 35% holding in 2017 and has been exploring a potential sale since last year, Bloomberg News has reported.