Blackstone Group LP (BX.N) has agreed to buy a majority stake in Indian IT outsourcing services provider Mphasis Ltd (MBFL.NS) from Hewlett Packard Enterprise Co (HPE.N), in a deal that will cost up to $1.1 billion.
Blackstone will pay 430 rupees per share for 84 percent of HP Enterprise Co’s 60.5 percent stake in Mphasis, HPE said in a statement.
Under Indian laws, Blackstone will also need to make an open offer for a further 26 percent stake in Mphasis.
Depending on the response to the open offer, the deal price will vary between 54.66 billion rupees and 70.71 billion rupees ($825 million and $1.1 billion), Blackstone said in a separate statement.
(Reporting by Devidutta Tripathy; Editing by Sherry Jacob-Phillips and Gopakumar Warrier)