Benzinga | Mar 5, 2021 05:36AM EST

Blackstone Explores Minority Stake Acquisition In India's Sify: Bloomberg

Investment firm Blackstone Group Inc (NYSE: BX) is in talks for acquiring a minority stake in India's ICT service & solution provider Sify Technologies Ltd (NASDAQ: SIFY), Bloomberg reports.

* Sify has reportedly sought a valuation between $1 billion to $1.2 billion. However, other financial terms are not disclosed.

* Sify's American depositary receipts slipped 12.3% in the U.S. on Thursday amid a selloff in tech stocks resulting in a valuation of $484 million.

* Sify, led by CEO Kamal Nath, owns and runs data centers and India's largest multiprotocol label switching (MPLS) network as per its website.

* It announced expanding its data-center footprint in cities including Mumbai, Noida, and Chennai in a January earnings call.

* Blackstone inked multiple deals in India lately, including the acquisition of the glass unit of conglomerate Piramal Enterprises Ltd and real estate assets from developer Prestige Estates Projects Ltd. Blackstone-owned Aadhar Housing Finance Ltd has filed a draft prospectus with India's market regulator in January for a potential IPO valued at $1 billion.

* Also, Blackstone is set to acquire data-driven and technology-enabled provider Interior Logic Group Holdings, LLC from Littlejohn & Co. LLC, Platinum Equity, and other equity holders for $1.6 billion.

* Blackstone's cash and cash equivalents amounted to $2.06 billion as of December 31, 2020.

* Price action: BX stock closed lower by 3.61% at $67.08 on Thursday. SIFY closed lower by 12.34% at $2.70.