Private equity (PE) investor Blackstone Group LP repurchased the India-based Business Processing Outsourcing (BPO) operations of the UK’s Serco Group Plc for about 2558 crore rupees. The deal is a combination of equity and debt.
The acquisition is the largest deal by Blackstone in India in terms of enterprise value. The deal also marked the re-entry of the PE firm in the BPO business.
Earlier in 2011, Blackstone had sold the BPO business, formerly known as Intel net, to Serco for 383 million US dollars.
The Blackstone Group LP is an American multinational private equity, investment banking, alternative asset management and financial services corporation based in New York City.
Blackstone was founded in 1985 as a mergers and acquisitions boutique by Peter G Peterson and Stephen A Schwarzman, who had previously worked together at Lehman Brothers, Kuhn, Loeb Inc.
Founded in 1929 as RCA Services Limited, Serco Group Plc is a British outsourcing company based in Hook, Hampshire. The group operates public and private transport and traffic control, aviation, detention centers, schools etc. on behalf of its clienteles.
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