Wealth management company, IIFL Wealth Management, on Tuesday announced the acquisition of Chennai-based Wealth Advisors India for Rs 2.35 billion.
The acquisition would help IIFL Wealth to increase its presence in South India.
"This deal brings us some top-quality talent by way of sales and non-sales teams and our combined effort will further strengthen our reach and offerings for the high net worth clients and ultra-high net worth clients," IIFL Wealth Management's founder, managing director and CEO, Karan Bhagat, said in a release. The transaction would be subject to various regulatory approvals.
Wealth Advisors has a presence in Chennai, Bengaluru, Coimbatore and is also present in Mumbai and Pune.
"The acquisition will give IIFL Wealth access to new client segments, a steady annuity-based revenue, and a talented management and sales team," Wealth Advisors' founder director, Pramod Kumar, said.
The acquisition will include all employees from research, sales, operations and support teams.