Teleperformance, Convergys, join bid to acquire Intelenet
The number of companies and buyout funds seeking to acquire outsourcing major Intelenet continues to grow as Paris-based Teleperformance and US IT services company Convergys join the bid. According to reports, the two outsourcing giants want to acquire Intelenet, a Mumbai-headquartered outsourcing firm backed by Blackstone Group, for about US$1 billion. Other suitors are Baring Private Equity (Asia), CVC Capital Partners and Bain Capital. Blackstone, the world’s largest private equity fund first bought an 80% stake in Intelenet for US$260 million in 2007 in a management buyout deal. Blackstone then sold a 66% stake in Intelenet to the UK’s Serco Group in 2011. Blackstone later bought back Intelenet in 2013 from Serco for US$385 million. Intelenet employs 55,000 workers in the Americas, the UK, Europe, the Middle East, India and the Philippines.
Read more at The Economic Times.
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