Blackstone Offers To Acquire 26% Equity Interest In Mphasis For $1.1B

Blackstone Group Inc BX has offered to acquire an additional 26% stake in Indian IT outsourcing service provider, Mphasis Ltd, for $1.1 billion (₹82.6 billion), Mint reports.
Blackstone had acquired a 60.5% equity interest in Mumbai-listed Mphasis from Hewlett Packard Enterprise Co HPE at ₹430 per share in 2016 to tap India's double-digit IT industry growth.
Three Blackstone entities have offered to acquire an additional 49.3 million shares in Mphasis at ₹1,677.16 per share signifying a 1.1% discount the Friday closing share price, Bloomberg reports. Blackstone's move is in sync with its plans to drive investment in the South Asian nation.
Blackstone Capital Partners VI fund's plan to divest a 55.31% equity interest in Mphasis to an entity under Blackstone Capital Partners VIII and Blackstone Capital Partners Asia funds led to the offer. Blackstone has earmarked up to $2.8 billion for the controlling stake.
Mphasis offered IT outsourcing services to global companies, including cloud computing services and digital processes for businesses. The company's partners and clients include Adobe Inc ADBE and Amazon.Com Inc AMZN Amazon Web Services, according to its website.
Price Action: BX shares closed at $87.22 on Friday.