Private equity funds managed by Blackstone today entered into a definitive agreement with Serco Group Plc to buy the majority of its private sector Business Process Outsourcing (‘BPO’) operations, the main element of which is the former Intelenet business, for a consideration of £250m, approximately INR 2,558 crores. The enterprise value of this deal represents the largest acquisition by Blackstone in India.
The business has expected annual revenues of approximately £235m (INR 2,405 crores) for this year. The company has 51,000 full time employees across 67 centres in 8 countries. The private sector BPO business provides a range of middle and back office services, and has a strong customer base of international organisations, predominantly across the financial services, insurance, telecoms, travel and healthcare sectors.
Post the change in ownership, the business will be rebranded and revived as “Intelenet Global Services.” The sale is expected to complete in the coming months, subject to customary closing conditions and approvals.
