Sources informed CNBC-TV18 that two suitors – private equity investor Carlyle Group and HCL BPO have both backed out of the race to buy Scandent.
The Scandent Group, owner of BPO and IT firm Cambridge Solutions may soon have to look for new suitors. According to sources, both bidders HCL BPO and Carlyle Group have backed out of the deal. The reasons for the deal falling through are not yet known.
While HCL BPO had bid alone, Carlyle partnered with former Scandent founder-promoter Ramesh Vangal to put in a bid. Vangal had quit the Scandent board last year, reportedly over differences with other promoters.
A 40% stake in Scandent was put up for sale last year for a valuation of Rs 600-650 crore.
The big deal attraction was Scandent's 59% stake in Cambridge Solutions. Cambridge is a mid-size BPO company and offers services in finanacial servies and healthcare sectors. It recently listed on the Indian exchanges.
Cambridge had nine month sales of nearly Rs 1,000 crore and profits of Rs 50 crore in FY07. It has 3,600 people in 80 centres in the US, Europe, Australia and India.
Source : Money Control