Mumbai : Global private equity major Blackstone has bought back the BPO business (then known as Intelenet) from Britain’s Serco Group for 250 million pounds (about Rs 2,558 crore), four years after it exited, reporrts PTI.
“We are delighted to announce that we have completed the transaction to acquire business (of Intelenet) from Serco at an enterprise valuation of Rs 2,600 crore or 250 million pounds,” Blackstone Group Senior Managing Director and Co-Head Private Equity in India Amit Dixit said over a concall. In 2011, the PE major had sold Intelenet to Serco for 250 million pounds or then $383 million.
Blackstone expects the transaction to close by December after getting necessary approvals. He further said that this is the largest transaction closed by Blackstone in the country till date.
As part of the deal, Serco is selling what was earlier called as Intelenet, and the deal does not include domestic British business, Serco Global Services Chief Executive Susir Kumar said adding that post-acquisition, the business will be renamed as Intelent Global Services.
Dixit, who stated that the strong management team as one of the biggest draws for Blackstone, said Kumar will be appointed as Chairman of Intelent, a position he held when the firm was sold in 2011.
Susir Kumar said the business has grown in the last four years under the Serco ownership and it is expected to clock Rs 2,450 crore revenue this year, up from the Rs 1,400 crore in 2011.
