Blackstone buys back BPO biz from Serco for Rs 2,558-cr

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.
"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 told reporters today over a concall announcing the deal.
In 2011, the PE major had sold Intelenet to Serco for 250 million pounds or then USD 383 million.

Dixit said Blackstone is acquiring 100 per cent interest in the company through the deal which is a combination of equity and debt, and expects the transaction to close by December after getting necessary approvals.
He added that these four years saw Intelenet's revenues go up by four times and hopes to "replicate" the same success.
He further said that this is the largest transaction closed by Blackstone in the country till date.
As a 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.