Carlyle Group acquires 70% of VXI Global Solutions

American private-equity firm Carlyle Group LP is acquiring 70% of VXI Global Solutions LLC, a China-focused outsourcing business, in what is considered as a big bet on the future of the outsourcing industry in China. The acquisition values VXI Global Solutions at around USD1bn, according to a Wall Street Journal report. The deal is expected to be completed in the coming months. Although China’s business process outsourcing (BPO) industry in still smaller than those in India and the Philippines, Carlyle’s investment points to a belief that China has a good future in the outsourcing industry. The report said owners of VXI Global Solutions will continue to hold minority stakes in the company. VXI Global, which also has operations in the Philippines, has 17,000 employees across the globe. The company is based in Los Angeles.