CVC Capital Partners plc (ENXTAM:CVC), one of the largest European private equity groups, has trumped EQT AB (publ) (OM:EQT) to emerge as the highest bidder for to acquire affordable housing finance company Aavas Financiers Limited (NSEI:AAVAS) (formerly known as AU Housing Finance Ltd) as its current promoters, private equity firms Kedaara Capital and Partners Group are looking to exit their 8 year old joint investment, said people in the know. CVC Capital Partners has become the highest bidder to acquire Aavas Financiers, beating EQT. Current promoters Kedaara Capital and Partners Group plan to exit their 26.47% stake, triggering an open offer for an additional 26%.

A formal deal announcement is expected soon.