<p>Bengaluru-based mid-sized IT services company Mphasis on Monday stated that it will be acquired by the US-listed private equity firm Blackstone for a total investment of Rs 7,071 crore.<br /><br /></p>.<p>The US private equity firm will have 60.5% stake.<br /><br />Hewlett Packard Enterprise, which holds 60.5% stake in Mphasis, will receive Rs 430 per share as per the biggest ever private equity deal in the country. It also includes an open offer of 26% for the shareholders for Rs 457.50 per share.<br /><br />Based on the open offer subscription, the purchase price consideration will vary between Rs 5,466 crore and Rs 7,071 crore (or approximately $825 million to $1.1 billion).<br />Interacting with Deccan Herald, Mphasis CEO Ganesh Ayyar said he is excited about the potential as the deal set a platform for the company to grow with continuity and stability.<br /><br />Blackstone senior managing director Amit Dixit said, “We believe in long term investment of five-seven years and is very bullish on the prospects of IT sector. We have invested $1.4 billion in three bets. We expect Mphasis will guarantee $1 billion for our investment,” he said.<br /><br />Blackstone, which established its office in India in August 2005, has since then committed $3.5 billion in the country. The acquisition will be completed in the coming months, subject to customary closing conditions and approvals.</p>
<p>Bengaluru-based mid-sized IT services company Mphasis on Monday stated that it will be acquired by the US-listed private equity firm Blackstone for a total investment of Rs 7,071 crore.<br /><br /></p>.<p>The US private equity firm will have 60.5% stake.<br /><br />Hewlett Packard Enterprise, which holds 60.5% stake in Mphasis, will receive Rs 430 per share as per the biggest ever private equity deal in the country. It also includes an open offer of 26% for the shareholders for Rs 457.50 per share.<br /><br />Based on the open offer subscription, the purchase price consideration will vary between Rs 5,466 crore and Rs 7,071 crore (or approximately $825 million to $1.1 billion).<br />Interacting with Deccan Herald, Mphasis CEO Ganesh Ayyar said he is excited about the potential as the deal set a platform for the company to grow with continuity and stability.<br /><br />Blackstone senior managing director Amit Dixit said, “We believe in long term investment of five-seven years and is very bullish on the prospects of IT sector. We have invested $1.4 billion in three bets. We expect Mphasis will guarantee $1 billion for our investment,” he said.<br /><br />Blackstone, which established its office in India in August 2005, has since then committed $3.5 billion in the country. The acquisition will be completed in the coming months, subject to customary closing conditions and approvals.</p>
