US-based Blackstone strikes an agreement with HP Enterprises for purchasing stake in India-based Mphasis

India: With a view to put an end to the battle of buying controlling shares in the IT firm of India, the US-based private equity firm Blackstone and technology company HP Enterprises have signed a deal under which Blackstone will purchase the majority stake of Mphasis, an India-based IT service firm from HPE, as it owns nearly 60.5% of the company’s shares.

Therefore, the company will pay USD6.37 per share to HPE. This agreement is expected to offer an opportunity for the other 26% of listed IT arm in the country. In addition, HPE has also decided to strike an agreement of five-year master services with Mphasis.

In order to open an additional revenue opportunity for Mphasis, HPE will include the company into its Preferred Provider Program as it is considered to be among the top revenue sources for Mphasis.

The Blackstone’s Senior Managing Director and private equity Co-Head, Amit Dixit stated that since Mphasis has a talented and experienced team of management, this agreement will play an important pasrt in the company’s growth in coming future.

TechSci Research depicts that with these initiatives taken by Blackstone and HPE will help Mphasis to excel further and will provide an opportunity to the other listed IT firms in India for the same.