PE Player Blackstone bets big on Mphasis, to acquire additional 26% stake

Private equity giant Blackstone has made an open offer to acquire an additional 26 per cent stake in Bengaluru-based information technology services firm Mphasis for Rs 1,677.16 per share, or Rs 8,262 crore (around $1.1 billion).

The open offer has been triggered as Blackstone currently holds around 56 per cent in the company. The US firm had acquired 60.5 per cent in Mphasis in 2016 for a consideration of $1 billion. This time around, Blackstone is also bringing in strategic investors such as Abu Dhabi Investment Authority (ADIA), UC Investments, and GIC. All four will jointly hold no more than 75 per cent in the company. Sources in the know said Blackstone would continue to be the largest shareholder in the company.