Blackstone to buy controlling stake in Mphasis for up to $2.8 billion

Leading investment firm Blackstone on Monday announced to acquire a controlling stake in IT services firm Mphasis for up to $2.8 billion.

A wholly-owned subsidiary of the Abu Dhabi Investment Authority (ADIA), UC Investments and other long-term investors will co-invest along with Blackstone.

Based on the open offer subscription, the blended purchase price will vary between Rs 1,452 to Rs 1,497 per share and the purchase consideration will vary between Rs 152 billion to Rs 210 billion (approximately $2 billion to $2.8 billion), Blackstone said in a statement.

“Mphasis is backed by strong secular tailwinds as global enterprises increasingly migrate to the cloud. The company is exceptionally well-positioned given a terrific management team,