Benzinga | Apr 26, 2021 08:51AM EDT

Blackstone Offers To Acquire 26% Equity Interest In Mphasis For $1.1B

* Blackstone Group Inc (NYSE:BX) has offered to acquire an additional 26% stake in Indian IT outsourcing service provider, Mphasis Ltd, for $1.1 billion (82.6 billion), Mint reports.

* Blackstone had acquired a 60.5% equity interest in Mumbai-listed Mphasis from Hewlett Packard Enterprise Co (NYSE: HPE) at 430 per share in 2016 to tap India's double-digit IT industry growth.

* Three Blackstone entities have offered to acquire an additional 49.3 million shares in Mphasis at 1,677.16 per share signifying a 1.1% discount the Friday closing share price, Bloomberg reports. Blackstone's move is in sync with its plans to drive investment in the South Asian nation.

* Blackstone Capital Partners VI fund's plan to divest a 55.31% equity interest in Mphasis to an entity under Blackstone Capital Partners VIII and Blackstone Capital Partners Asia funds led to the offer. Blackstone has earmarked up to $2.8 billion for the controlling stake.

* Mphasis offered IT outsourcing services to global companies, including cloud computing services and digital processes for businesses. The company's partners and clients include Adobe Inc (NASDAQ: ADBE) and Amazon.Com Inc (NASDAQ: AMZN) Amazon Web Services, according to its website.

* Price Action: BX shares closed at $87.22 on Friday.