Blackstone to buy controlling stake in Mphasis

BENGALURU: US private equity giant Blackstone, along with the UAE’s Abu Dhabi Investment Authority (ADIA) and UC Investments, will buy a controlling stake in Bengaluru-based IT services firm Mphasis for $2.8 billion. UC Investments manages the funds of University of California.

Another fund of Blackstone’s had in 2016 bought a 60.5% stake in the company from Hewlett Packard Enterprise (HPE) at Rs 430 per share, betting on the growth in India’s IT landscape.

“Mphasis is exceptionally well-positioned given a terrific management team, strong order backlog, long-term strategic customer base, deep domain expertise in financial services, and a world-class suite of cloud and digital offerings,” said Amit Dixit, cohead of Asia acquisitions and head of India for Blackstone private equity.