Blackstone is in talks with multiple private equity funds to sell a significant minority stake in IBS Software after its plans for a foreign listing failed to materialize, two people familiar with the development said.
Unnamed Mint sources say the private equity major has hired investment bank JP Morgan to sell at least 40% of its total 44% holding in the travel and hospitality software provider for about $1bn, although negotiations are reportedly at an early stage and there is no guarantee a deal will be agreed.
Blackstone acquired its minority stake in IBS Software from General Atlantic and other shareholders in 2015 for around $170m.
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IBS is a software company involved in the travel, hospitality, logistics and oil and gas industries.
Blackstone has been investing in India since 2005.
Blackstone is one of the world’s leading investment firms. They seek to create positive economic impact and long-term value for investors, companies, and the communities in which they work. Blackstone has $649bn in assets under management include investment vehicles focused on private equity, real estate, public debt and equity, life sciences, growth equity, opportunistic, non-investment grade credit, real assets, and secondary funds, all on a global basis.
Source: Mint
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