Monday, June 18, 2007

Blackstone buys Intelenet

Housing Development Finance Corporation Ltd (HDFC) and Barclays Bank PLC have agreed to sell their entire stake in Intelenet Global Services Pvt Ltd, to SKR BPO Services Ltd for $200 mn.

Blackstone will hold about 80 percent stake in the Special Purpose Vehicle (SPV) that has been floated into which both HDFC and Barclays would transfer their stake in Intelenet Global Services, a major BPO operator.

The current management team of Intelenet would also be part of the SPV that has been floated to own the company. Intelenet provides business-processing services to a variety of local and international customers and is a 50:50 joint venture between Barclays and HDFC. It has gross assets of $107 million. Since its incorporation in 2000, Intelenet has grown from 25 employees at a single site to over 17,000 employees across 18 locations in India and overseas, delivering a multitude of services to clients in the US, UK, Australia and India.

Following the conclusion of the transaction, Intelenet will continue to provide services to Barclays in relation to certain processes currently off-shored to India.
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