Blackstone buys back India BPO unit from Serco for $387m
The Blackstone Group has agreed to buy the majority of Serco Group’s India-based business process outsourcing (BPO) operations for GBP250 million ($387 million). The major asset in the deal is the former Intelenet business, which Blackstone sold to Serco in 2011.
The private equity firm acquired a 66.25% stake in Intelenet in 2007 via a management buyout, paying less than $200 million, and then sold to Serco for $634 million - its biggest exit in India. The buyback...
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