Blackstone commits up to USD 2.8 bn to acquire controlling stake in Mphasis

Private equity firm Blackstone on Monday made a ₹8,262 crore offer to acquire an additional 26 per cent stake in Mphasis Ltd as it looked to consolidate its holding in the IT outsourcing service provider amid a surge in demand for cloud computing.

Blackstone, which had bought a majority 60.5 per cent stake in Mphasis in 2016 from Hewlett Packard Enterprise Co for ₹430 a share, will acquire additional shares for ₹1,452 to ₹1,497 apiece.

The offer price was 12-16 per cent premium to 12-month average price and 3-6 per cent discount to 6-month average price, and the purchase consideration will vary between ₹15,200 crore to ₹21,000 crore (about USD 2-2.8 billion), Blackstone said in a statement.