Blackstone to buy majority of India’s Mphasis in up to $1.1 billion deal

China’s ZTE to name new management team on Tuesday: spokesman
April 3, 2016
VW to spend about half a billion euros on digital trucks by 2020
April 4, 2016
This post was originally published on this site

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)