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British outsourcing firm Serco is in talks to buy a stake in Intelenet Global Services from US private equity firm Blackstone.
“The discussions over the potential sale of Blackstone’s 66 per cent stake in Intelenet are the latest sign of consolidation in India’s outsourcing industry, as well as the international ambitions of Serco,” the Financial Times said, quoting sources.
When contacted, a Serco spokesperson said: “I am afraid that we do not comment on market speculation or rumour,” while an email sent to Blackstone asking for comments remained unanswered.
Blackstone had acquired 66 per cent stake in Intelenet for $200 million in 2007 as part of a management buy-out.
However, citing people familiar with the matter, the report said: “There was no guarantee that a deal would be reached.”
The UK group, which runs a wide range of public services from prisons to transport systems, “is seeking to make a further push overseas in the face of a slowdown in its domestic market’’, the daily said.
Intelenet is one of India’s leading business process outsourcing companies. It employs about 32,000 people, handles call centres, finance and accounting, transaction and payroll processing for its clients, as well as insurance, healthcare and travel services.
Last year, Intelenet acquired the back-office operations of FirstGroup, a UK-based transport company.
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