Global private equity giant Warburg Pincus Group is acquiring a nearly 80 per cent stake in education NBFC Avanse Financial Services from Dewan Housing Finance Corporation (DHFL) and Wadhawan Global Capital (WGC).

WGC is one of the promoter entities of DHFL. It has entered into a definitive agreement with an affiliate of the Warburg Pincus Group to sell its entire 49.04 per cent stake in Avanse Financial Services.

DHFL is also selling its entire stake of 30.63 per cent in Avanse Financial Services to an affiliate of the Warburg Pincus Group. The companies, however, did not disclose the financial details of the deal.

Last month, Blackstone had acquired Aadhar Housing Finance, an affordable housing finance firm, from WGC and others, including DHFL.

Avanse Financial Services is an education focused NBFC. It is an associate enterprise of WGC, a diversified financial services group, and housing finance firm DHFL.

Avanse is also backed by the International Finance Corporation, which has a 20 per cent stake in the company. Though the firm began as an education focused NBFC, it is also exploring growth opportunities in consumer, MSME and commercial business apart from providing education loans.

“The transaction with Warburg Pincus will allow the company to further strengthen their position in the education financing industry’’ WGC chairman Kapil Wadhawan said.