Private equity firms Brookfield, Bain Capital, Carlyle, and UK-based Permira have initiated due diligence for buying a controlling stake in Blackstone-backed tech firm Mphasis, reports said.
Blackstone is looking to cash out of its largest investment in the country till date, The Economic Times report said citing people aware of the matter. Morgan Stanley has been appointed by Blackstone for the sale.
The investors are expected to submit the final binding offers next month, though a specific date has not yet been finalised, the people said.
Blackstone’s 56.16% stake alone would be valued at $2.2 billion based on the company’s current market value. A sale will trigger an open offer for an additional 26%, which, if successful, can lead to the acquirer controlling more than 80% of the company in a deal that could cost about $3.1 billion. That would make it the largest technology deal in India till date.
Source: VC Circle
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