Private equity giant Blackstone is in the race to buy the Indian BPO unit of Serco as the London-listed group scouts for a new owner for the outsourcing firm it acquired four years ago. According to sources, Serco is in discussions with the PE major to sell the unit (formerly Intelenet) for about USD 400-450 million.
“Blackstone’s entry in the bidding is significant as it will help Intelenet to further strengthen its client portfolio through Blackstone invested companies,” Greyhound Research Chief Analyst and Group CEO Sanchit Vir Gogia said.
Gogia said: “Greyhound Research believes that in recent years profits of BPOs have considerably gone down owing to the small sizes of the deals and shift of business to the Philippines and other offshore locations. We believe that this has severely affected Serco’s business, hence this decision to sell Intelenet.”
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