PE player Blackstone acquires Serco's India BPO unit

The deal is pegged to be worth around $385 mn

Private equity (PE) major Blackstone has finally signed a deal to acquire UK-based Serco Indian business process outsourcing (BPO) unit for £250 million (around $385 million).

Blackstone has the backing of the management team of Serco India, including Serco Global Services CEO Susir Kumar. Serco India's business largely comprises Intelenet Global Services that it had bought from promoter Susir Kumar and investor Blackstone in 2011 for $634 million.

According to sources, another private equity player CVC Capital partners along with its portfolio company SPi Global of the Philippines was initially the preferred bidder.