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Financial services firm Avendus has completed the acquisition of the institutional equities business of Spark Capital following regulatory approvals.

With the acquisition finalised, the Spark Institutional Equities team continues to remain a shareholder and will be running the business as usual, according to a release.

Avendus Spark Institutional Equities will comprise a 100+ member team catering to 400+ institutional clients and tracking 250+ stocks across 15 sectors with a total market capitalisation of $2 trillion. 

“Having found deep synergies with the Spark team’s culture and value system, we are excited to continue partnering with them,” said Gaurav Deepak, Co-founder and CEO, Avendus Capital. “This new business will help us leverage our leadership in private market transactions to unlock the opportunity that lies in India’s equity capital markets,” he added.

“Working with Avendus over the past few months has reiterated our view that they are a solid strategic fit to our growth objectives, sectoral strengths, team culture and most importantly, philosophy of doing business,” said Ganeshram Jayaraman, Managing Director, Avendus Spark Institutional Equities.

“The Institutional Equities team is excited by the prospects of working under the Avendus umbrella in its ensuing growth phase and believes that this can catapult us into the next orbit. The entire team remains committed to building this franchise,” he added.