On May 14, 2018, Blackstone, the global Private Equity giant, sold 8% of its stake in Mphasis through block deal on NSE. Blackstone joins Baring in wait to exit profitable India IT investment In contrast to the discount it got when it purchased the stake, Blackstone is looking to exit at a premium Blackstone, evidently, wants to make the most of the momentum at Mphasis, where growth rates in the core business have far surpassed those of peers. The application services offered by the company includes application development as well as applications maintenance and support services. Subscribe to PRO and get unlimited access to premium content at Rs.33/- per month. “Eureka Forbes is one of the best-known consumer brands in India, and the SP Group was evaluating other structures to monetize the asset without divesting ownership by engaging with a large Canadian fund to raise debt by pledging the cash flows of Eureka Forbes as collateral," said one of the two people cited above. On March 10, ET reported on the two funds closing in on the company. Also, several top PE funds are in talks to acquire Mumbai-based speciality chemicals maker, Calibre Chemicals, at a valuation of over Rs 1,000 crore ($135 million), The Economic Times said. Everstone Capital, Advent International, and Blackstone Group are evaluating if they will make a non-binding offer by early next month, multiple people aware of the development said. © 2020 Mphasis The Next Applied. Blackstone proposed to buy between 50.3 to 60.2% stake in Mphasis for INR 430 per share and made a mandatory open offer to acquire 26% at INR 457/share from minority stakeholders. Sources had told Reuters Blackstone was the frontrunner in an auction run by HPE for its Mphasis stake. At least four maj or private equity (PE) giants are reportedly in a race to acquire a controlling stake in Mphasis, the Bengaluru-headquartered IT services company that was bought by the Blackstone Group in 2016.. A buyout of Blackstone’s 56.16% stake in Mphasis could cost c. ₹16,000cr ($2.2bn) based on the latter's ₹28,598cr ($3.9bn) market value. The Blackstone Group has made a partial exit from Indian IT services provider Mphasis, selling an 8% stake in the publicly traded company for approximately INR14.8 billion ($217 million)., South Asia, Technology, Support services, Open market, India, The Blackstone Group Blackstone will purchase the maximum amount of the remaining 16 percent stake that is permitted by Indian securities laws and subject to the outcome of a mandatory tender offer between signing and closing. With the latest share sale, Blackstone has taken out over Rs 2,000 crore (more than $320 million) from Mphasis, excluding dividend. The cash-strapped group has begun talks with potential buyers, including PE funds and a well-known consumer appliances company, two people aware of the development said. Blackstone will purchase the maximum amount of the remaining 16% stake that is permitted by Indian securities laws and subject to the outcome of a mandatory tender offer between signing and closing. Blackstone’s gain could be Mphasis’ loss in potential exit scenario Since acquiring a 60% stake in mid-tier IT firm Mphasis, PE firm Blackstone has turned the company around. In May this year, Blackstone struck its second partial exit from Mphasis by selling an 8% stake at Rs 960 per share. Copyright © 2021 VCCircle.com. “Jain is required to serve at least till December-end of 2021,” said one of the persons. Under the terms of the agreement, Blackstone has agreed to purchase at least 84% of HPE's stake in Mphasis for INR 430 per share. Three years ago when private equity behemoth Blackstone Group acquired Information Technology services firm Mphasis, it got attention because it was the largest investment it had made in the country, at a sticker price of $1 billion. Today, it's priced at around Rs 1,650 ($22.73). ET was the first to report on February 4 that Blackstone and Apollo were competing with Tech Mahindra for Mphasis. Blackstone India senior managing director Amit Jain is set to quit but yet to formally put in his papers, people in the know told Bloomberg. Nor will the exit necessarily be at the top However, the talks are preliminary in nature and may not lead to a transaction, said the people cited above. Blackstone, Carlyle, Bain maintained “no comment.” Brookfield told CNBC-TV18, “We don’t/ can’t comment on deals” CVC did not offer a comment to CNBC-TV18’s query. Ltd. 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IT services provider Tech Mahindra Ltd is also lining up a bid for Mphasis. Under the terms of the agreement, Blackstone has agreed to purchase at least 84 percent of HPE’s stake in Mphasis for INR 430 per share. Meanwhile, Bengaluru-based edtech start-up Byju’s is close to raising $200 million (Rs 1,483 crore) from US investment firms BlackRock and T Rowe Price at a valuation of $12 billion (Rs 88,967 crore), a Mint report said citing a person familiar with the matter. MEDIA-Blackstone mulls Mphasis exit as stock up 3x in 4 yrs- Economic Times. The promoters will keep a minority stake post the transaction, said one of the persons. This would beat even Warburg Pincus’s landmark exit from telecom operator Bharti Airtel. The Mphasis stock has risen threefold since Blackstone acquired the controlling stake. Mphasis provides integrated solutions [buzzword] that include business process outsourcing, infrastructure technology, and application services. In the market world, an important market story comes in about the world's largest private equity fund, Blackstone which is mulling an exit plan from Mphasis as stocks pull up by three times in four years. It currently owns 56.16% of the Bengaluru-based IT company. Blackstone acquires IT service provider Mphasis It is the largest acquisition by Blackstone in India so far and will pay Rs 430 per share to Hewlett Packard By Deepti Chaudhary, Separately, Blackstone is weighing an exit from technology firm Mphasis, in which it acquired a majority stake from Hewlett Packard Enterprise in 2016, as the PE fund looks to take advantage of the rally in technology stocks, The Economic Times said citing people aware of the matter. Later, BlackRock, Sands Capital and Alkeon Capital joined as new investors, as part of the same round, with valuation climbing to $11.1 billion. To view the full content of this article, you have to be a Pro: Exclusive Research & Expert Technical Analysis. By Reuters Staff. This move would trigger an open offer. Property of Mosaic Media Ventures Pvt. All rights reserved The world’s largest PE fund Blackstone is weighing its exit from Mphasis, the technology company it acquired from Hewlett Packard Enterprise in 2016, thereby paving the way for its biggest payday in India, according to multiple people aware. The firm last raised over $500 million in September from a group of investors including private equity firm Silver Lake Partners along with existing investors General Atlantic, Owl Ventures and Tiger Global at a valuation of $10.8 billion. Mphasis provides information technology services to its customers around the world. Also, Blackstone sold an 8% stake in Mphasis in 2018 at a 20X valuation then and last April, bought back a 4% stake in Mphasis at a 13X valuation. Blackstone is also in the process of divesting some or all of its stake in software services company Mphasis Ltd. Blackstone has initiated discussions with at least three global investment banks — JPMorgan, Morgan Stanley and Citi— for a sell-side advisory mandate while KPMG has already begun vendor due diligence, said the people cited above. Blackstone, it is learnt, wants to exit Mphasis as part of its move to rejig its portfolio on a regular basis. SP Group has decided to exit Eureka Forbes altogether and is seeking an enterprise valuation of around Rs 7,000 crore ($944 million), the people added. So, even going by prior exit valuations, it will not be a very ambitious exit price,” said an analyst on the condition of anonymity. Fundamental, Stock Ideas, Multibaggers & Insights, Stock & Index F&O Trading Calls & Market Analysis, Positional and Intraday Trading Calls basis Noiseless Chart, Commodity Trading Calls & Market Analysis, Currency Derivatives Trading Calls & Insights, Options Trading Advice and Market Analysis, Model portfolios, Investment Ideas, Guru Screens and Much More, Proprietary system driven Rule Based Trading calls, Curated markets data, exclusive trading recommendations, Independent equity analysis & actionable investment ideas, Details stock report and investment recommendation. He is likely to join rival PE firm Carlyle’s India unit as co-head, the people added. The PE firm pocketed about Rs 1,500 crore ($221 million) from the deal. Analysts have said that Mphasis' move away from HPE, which accounts for about a quarter of the Indian company's revenue, could hurt its sales. Blackstone plans to acquire HPE’s stake by joining hands with Ayyar, one of the two people cited above said. Watch the insightful webinar on Managing Financial Goals amid Falling Interest Rates on March 30 @ 11am. Last week, there were reports about Blackstone’s plans to exit Mphasis, which were later denied by the IT services major. This is the firm’s second partial exit from the IT services company – it had previously participated in the buyback completed by Mphasis in June 2017. HPE had been looking to exit from the Indian venture to shore up its capital, the sources had said. Blackstone owns 56.16 per cent stake in Mphasis… Separately, Blackstone is weighing an exit from technology firm Mphasis, in which it acquired a majority stake from Hewlett Packard Enterprise in 2016, as the PE fund looks to take advantage of the rally in technology stocks, The Economic Times said citing people aware of the matter.. Blackstone has initiated discussions with at least three global investment banks — JPMorgan, … Under his tenure, private equity major Blackstone acquired a 60.5% stake in the firm from Hewlett-Packard Enterprise (HPE) for $1 billion. The offer to buy Blackstone’s controlling 56.12% stake is believed to be at Rs 1,450-1,500 a share—lower than Mphasis' closing share […] Private equity Carlyle Group has emerged as the sole bidder to acquire Blackstone Group-owned Mphasis Ltd., in what would be the largest buyout in the Indian IT industry, said multiple people involved in the deal. Blackstone's 56% stake is now worth nearly Rs 14,000 crores as the firm looks to take advantage of the recent rally. In a recent interview, Mphasis’ top management said that Blackstone’s exit to not impact revenues from its portfolio companies to the IT company. Large deals to drive growth for Mphasis: CEO Nitin Rakesh Company takes Blackstone exit reports in its stride, even as it tries to pull up declining DXC business BENGALURU: Former Syntel CEO Nitin Rakesh is replacing Ganesh Ayyar as Mphasis CEO as its new owner the Blackstone Group remains bullish on the $150 billion Indian IT … Sources had told Reuters Blackstone was the frontrunner in an auction run by HPE for its Mphasis stake. Blackstone exiting Mphasis – what is in it for an investor A private equity fund exiting a business is no reflection on the company’s growth prospects. This site is intended for authorized users only. Register Now! Matter of Mphasis. In order to expand in the information technology business, Blackstone announced that private equity funds managed by Blackstone have entered into a definitive agreement with Hewlett-Packard Enterprise to buy a majority stake in Mphasis Limited, a leading Information Technology services provider offering Applications, Business Process Outsourcing and Infrastructure Services. Use code. Warburg had generated six-fold gains on its investment and $1.8 billion in total bounty. The world’s largest PE fund Blackstone is weighing its exit from Mphasis, the technology company it acquired from Hewlett Packard Enterprise in 2016, thereby paving the way for its biggest payday in India, according to multiple people aware. New York, New York and Mumbai, India, April 4, 2016.Blackstone (NYSE:BX) today announced that private equity funds managed by Blackstone have entered into a definitive agreement with Hewlett Packard Enterprise (NYSE: HPE) to buy a majority stake in Mphasis Limited, a leading Information Technology services provider offering Applications, Business Process Outsourcing and … In 2016, when it took over, Mphasis’ stock traded at under Rs 500 ($6.89). 1 Min Read - Source link: (bit.ly/338ryuu) Asia’s loans bankers are salivating over the prospects of working on the largest ever leveraged buyout loan from India. In another development, The Shapoorji Pallonji (SP) Group has again put its home hygiene products maker Eureka Forbes Ltd on the block after it suspended the process last year mid-way, a Mint report said. Blackstone’s stake would be valued at Rs 13,752 crore based on the current market value of the stock. Blackstone shelves a planned sale of its majority stake in Indian IT outsourcing services provider Mphasis, according to a source
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