Blackstone seeks Mphasis deal approval from antitrust body

Blackstone seeks Mphasis deal approval from antitrust body
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10 May, 2021

The Blackstone Group has sought the antitrust body’s approval to roll over its investments in Bengaluru-based information technology firm Mphasis Ltd, a filing showed on Monday.  

In April, the biggest deal worth $2.8 billion across transaction types saw global PE firm Blackstone rolling over majority stake in Mphasis among its funds, and the move triggering an open offer.

Three Blackstone affiliate funds will acquire 55.31% for Rs 15,216.9 crore from an older fund – Blackstone Capital Partners VI. This deal will automatically trigger a mandatory open offer.   

It was reported earlier in the year that Carlyle had made a sole bid to buy out Blackstone’s stake in the company, but the deal did not go through because of a valuation mismatch.  Blackstone had also wanted a more competitive process.

Blackstone is an investor and a client of Mphasis, which provides cloud and digital services to companies predominantly in banking, financial services, insurance sectors.