TaskUs take-private deal faces shareholder revolt over valuation
CALIFORNIA, UNITED STATES — A major shareholder has voiced forceful opposition to the proposed acquisition of outsourcing provider TaskUs by Blackstone and the company’s co-founders, arguing the deal undervalues the business and fails minority shareholders.
Think Investments LP (Think), which holds approximately 23% of TaskUs’ minority shares, released a detailed presentation on August 26 rejecting the $16.50-per-share offer on both financial and process grounds, committing to vote against the deal.
Think claims the transaction “substantially undervalues TaskUs,” asserting that “a fair valuation for TaskUs is $25.00 per share, more than 50% above the proposed buyout price.” Citing outperformance in the months since the deal’s announcement, Think argues that TaskUs’ recent results alone warrant reevaluating its valuation.
Shareholder critiques acquisition process, peer benchmarking
According to Think’s published analysis, TaskUs’ board and its special committee conducted “a skewed process that lacked rigor and relied on cherry-picked precedent transactions and public comparables.”
The shareholder claims the special committee’s fairness opinion ignored relevant transactions and focused on low-multiple deals. As evidence, Think points to the omission of Capgemini’s acquisition of WNS—an outsourcing competitor—which implied “~12x last twelve months (LTM) EBITDA” for a business like TaskUs, compared to the 6.8x median used in TaskUs’ fairness opinion.
“The Transaction would prevent minority shareholders from realizing this upside,” Think stated, highlighting robust growth in TaskUs’ AI services division—reporting 65.5% year-on-year growth in the first half of 2025—as a sign of significant future value creation that would not be captured by the current price.
Strong AI services growth amid buyout bid
TaskUs is a Nasdaq-listed outsourcing and digital services firm known for providing customer experience, AI operations support, and back-office solutions to high-growth technology companies worldwide. The company boasts a diverse client base in sectors such as technology, fintech, and e-commerce, with recent expansion into AI service delivery. TaskUs has reported strong operational performance in 2025, strengthening fiscal arguments for a higher valuation.
TaskUs ranked #19 in the OA500 2025, an objective index of the world’s top 500 outsourcing companies.
Think Investments is a global investment firm managing $3 billion in assets across public and private markets, with offices in San Francisco and Mumbai. The firm is known for its technology focus and deep operating experience in emerging markets.
The proposed deal remains contingent on approval by a majority of unaffiliated shareholders, as Think—now holding 22.8% of the unaffiliated vote—rallies support among other investors.
