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Deals & Dealmakers

Blackstone acquires stake in Indian IT firm Mphasis Limited

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

Photo by 401(k) 2012/ Flickr
Photo by 401(k) 2012/ Flickr

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.”

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