HDFC and Barclays and announced that they would sell their entire shareholding in BPO firm Intelenet to SKR BPO Services. SKR is jointly owned by the management of Intelenet and Blackstone GVP Capital Partners, reports CNBC-TV18.
In the country's largest management buyout, Blackstone and the management of Intelenet is buying the whole stake of HDFC and Barclays in Intelenet for about Rs 950 crore.
Susir Kumar, CEO, Intelenet, says, “One of the reasons we partnered with Blackstone is if these companies offshore, it will create value for us in the US because cost comes down and value goes up. When all of these businesses are captured in Intelenet, it creates value again for Blackstone. So, it is a win-win situation for them.”
Intelenet is now owned by a holding company – SKR BPO Services. PE firm Blackstone will own 80%, Intelenet's management and 200 senior employees to have 20% stakes.
This management buyout will trigger an open offer for Sparsh BPO, as Intelenet owns 51% in Sparsh, at Rs 200 a share.
Source : Money Control