The acquisition will expand 360 One WAM’s equity capital markets business, serving its existing client base. Credit: PeopleImages.com – Yuri A/Shutterstock.

Indian wealth manager 360 One WAM has sealed a deal to acquire Batlivala & Karani Securities India (B&K) and Batlivala & Karani Finserv.

The deal consideration is for Rs18.8bn ($217.2m), which includes Rs2bn ($23.1m) in cash and cash equivalents.

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B&K, a mid-cap brokerage, caters to a broad range of foreign and domestic financial institutions and is recognised for its comprehensive coverage of over 450 companies.

This move is expected to enhance 360 One WAM’s broking platforms across various market segments, including ultra-high-net-worth (UHNI), high net worth individual (HNI), retail, and institutions.

It will also expand the firm’s equity capital markets business.

360 One WAM founder, managing director and CEO Karan Bhagat said: “This partnership marks a pivotal moment for both our firms.

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“This acquisition strengthens our position as a market leader, enabling integration of research, advisory, and execution capabilities across a wider spectrum of services.”

B&K Securities managing director Saahil Murarka will join the 360 One Group to head the broking and capital markets business.

Murarka stated: “We are incredibly proud of B&K’s history and heritage as one of India’s oldest financial services institutions.

“This partnership with 360 ONE WAM is a natural progression for us, combining the best our organisations have to offer.”

The deal, which is a mix of stock swap and part-cash transaction, awaits regulatory clearance.

360 One WAM advises over 7,500 families in the HNI and Ultra HNI segments. The company manages assets worth approximately $68bn.

In June 2024, 360 ONE WAM agreed to buy ET MONEY, one of India’s largest SEBI-registered investment advisors by number of clients and also one of the largest non-brokerage digital wealth management platforms.