Blackstone announced that private equity funds managed by Blackstone have entered into an agreement with Hewlett Packard Enterprise to buy a majority stake in Bombay-based Mphasis Limited, an Information Technology services provider to global banks, mortgage lenders and insurance companies
This deal represents the largest acquisition by Blackstone in India.
HPE currently owns 60.5 percent of Mphasis.
Blackstone will pay a purchase price of 430 Indian Rupees per share to HPE or approximately $825 million to $1.1 billion.
Mphasis’ last 12 months revenue as of December 31, 2015 was $904 million and profit after tax was $104 million.
Amit Dixit, Senior Managing Director and Co-Head of Private Equity in India at Blackstone, said: “We see large potential going forward driven by Mphasis’ world-class delivery capabilities and its access to Blackstone’s portfolio of companies across the globe.
“With a long-term commitment of company’s largest customer, HPE, we are confident that Mphasis will scale new heights.”