Private equity giant Blackstone and
Filipino BPO Company SPi Global remain in race for buying London listed Serco’s
Indian BPO Unit. The deal is said to be
in the range of $400 Million. Formerly known as Intelenet, it had been sold by
Blackstone to Serco for $634 Million in 2011. Out of both companies, only one
company will win the bid to acquire Serco BPO Unit.
Intelenet was set up in 2000 as a
50-50 venture between HDFC and TCS. In 2004, HDFC acquired TCS stake for 160
crore to sell it to Barclays later. In 2007, Blackstone bought an 80 percent
stake in Intelenet for about $260 Million. When it sold Intelenet in 2011,
Blackstone had a 66 percent stake and rest was divided among Barclays, HDFC and
the management team. Blackstone had managed to get more than a 60 percent
return on its four year investment.
Serco had announced the future
strategy of the company would be to focus on being a Business to government
service provider across five core areas and four key regions. SPi Global, a
leading diversified BPO service provider in Philippines operates on offshore
based model primarily serving US and Europe Customers with more than 20,000
employees across 17 delivery locations in six countries, including India, US,
China, Vietnam, and Nicaragua.
In April 2012, Serco Group had
bought all its BPO assets together to create Serco Global Services. Serco BPO
operation is largest in India after Genpact and TCS.
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