Blackstone eyeing HDFC's stake in Intelenet?
According That makes it the 12th largest BPO company in India.to sources, Blackstone is in leading race to acquire HDFC's stake in Intelenet BPO. HDFC is in talks to sell 50% stake in Intelenet BPO. HDFC and Barclays Bank hold 50% stake each in the BPO.
Intelenet's FY07 revenue is at Rs 383 crore and EBITDA is at Rs 54 crore.
It could be one of the biggest private equity deals in the BPO space. International private equity player Blackstone is in talks to buy HDFC’s 50% stake in BPO company Intelenet.
HDFC may be finally looking to exit the BPO space. Private equity player Blackstone is in talks to acquire HDFC's 50 % stake in BPO company - Intelenet. It is not yet clear what will be the price.
In FY07, Intelenet earned a revenue of Rs 383 crore and an operating profit of Rs 54 crore.
Founded in 1994, Intelenet offers outsourcing services in the financial, retail, telecom and hospitality industries. It has more than 5,000 employees working out of four centers in Mumbai and Chennai.
Intelenet also holds a 51% stake in publicly listed Sparsh India, another BPO with FY07 sales of over Rs 87 crore. That stake itself is worth Rs 170 crore at current market valuations. HDFC entered Intelenet three years ago, when it acquired a 50% stake from TCS, for Rs 161 crore. The remaining 50 percent is held by Barclays Bank.
Now HDFC's 50% stake could be worth close to Rs 400 crore. That is because most BPOs are valued at one to one and a half times revenue. That's over Rs 600 crores in the case of Intelenet. Add to that, the Sparsh stake value and the BPO company's total valuation could near Rs 800 crores.
As of now, neither company has confirmed the deal.
2007-05-14 12:51:33 Source : Moneycontrol.com
Vipul ji
This is the value to be unlocked.