The Blackstone Group and private equity funds managed by Blackstone have acquired a majority stake in Mphasis from Hewlett-Packard for approximately US$1.1 billion. This is Blackstone’s largest investment in India to date.
Mphasis is an IT services provider offering applications, business process outsourcing and infrastructure services. It is listed on the National Stock Exchange and the Bombay Stock Exchange.
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Shardul Amarchand Mangaldas & Co advised Blackstone and its private equity funds on all aspects of the deal including structuring and negotiating the transaction, regulatory issues and competition law.
The team was led by Shuva Mandal, national practice head for corporate, M&A and private equity, along with partners Raghubir Menon and Abhishek Guha, and principal associate Anirban Bhattacharya. Partners Yogesh Chande and Shweta Shroff advised on regulatory issues and competition law, respectively.
Simpson Thacher & Bartlett was Blackstone’s international legal counsel on the deal. Platinum Partners and Freshfields Bruckhaus Deringer acted for Hewlett-Packard.
The sale is subject to approvals from antitrust authorities in India, Germany, Austria and the US. The transaction will trigger a mandatory open offer under India’s Takeover Code for the purchase of an additional 26% of Mphasis shares. Blackstone is currently launching the open offer.
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