World Economy

Blackstone to Buy MphasiS Shares

Blackstone to Buy MphasiS SharesBlackstone to Buy MphasiS Shares

Blackstone Group LP is buying Indian IT outsourcing services provider MphasiS Ltd from Hewlett Packard Enterprise Co, in a deal that could cost the US asset manager up to $1.1 billion and be its biggest in the country, Reuters reported. The deal underscores Blackstone’s bullish outlook on the outsourcing business, where western clients send more IT jobs to countries such as India to cut costs. In what is one of the biggest M&A transactions in the country’s $150 billion outsourcing sector, Blackstone will pay 430 rupees ($6.49) per share for at least 84% of HP Enterprise Co’s 60.5% stake in MphasiS, it said in a statement.