To: All New York Domestic and Foreign Insurance Companies
Re: Diversity and Corporate Governance
As Superintendent of the New York State Department of Financial Services (DFS), I have consistently stressed the critical importance of diverse perspectives to problem-solving. Research shows that diverse teams perform better, innovate more, and are more effective at managing risks….DFS expects New York-regulated insurers to make the diversity of their leadership a business priority and a key element of their corporate governance….
DFS has evaluated different regulatory approaches to promote DEI in the insurance industry, including the imposition of quotas and the collection and disclosure of diversity data….Based on our research and outreach, we have determined that the best way for DFS to support the insurance industry s DEI efforts is by collecting and publishing data relating to the diversity of corporate boards and management. Data collection is essential to identify a
Private equity player Blackstone will acquire a majority stake in Mphasis for $2.8 billion. A wholly-owned subsidiary of the Abu Dhabi Investment Authority (ADIA), UC Investments and other long-term investors will co-invest along with Blackstone. This transaction will trigger a mandatory open offer for the purchase of up to 26% additional shares of the company from the public shareholders and the acquiring entity has released a public announcement to the stock exchanges. Based on the open offer subscription, the blended purchase price will vary between Rs 1,452 to Rs 1,497 per share (12-16 per cent premium to 12-month average price and 3-6 per cent discount to 6-month average price) and the purchase consideration will vary between Rs 15,200 crore to Rs 21,000 crore (or, approximately $2.0 billion to $2.8 billion). A different fund managed by Blackstone had acquired a controlling stake in Mphasis from Hewlett Packard Enterprise in September 2016.
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Mumbai: Blackstone (NYSE:BX) today announced that private equity funds managed by Blackstone have entered into definitive agreements to acquire a majority stake in Mphasis Limited (NSE: MPHASIS). A wholly owned subsidiary of the Abu Dhabi Investment Authority (ADIA), UC Investments and other long-term investors will co-invest along with Blackstone.
Mphasis is one of the leading providers of Information Technology services specializing in cloud and digital solutions. It has deep domain expertise in the Banking, Financial Services and Insurance sectors (BFSI) and serves 35 of the top 50 US BFSI firms. Mphasis also has long-term relationships with multiple marquee global customers. Mphasis is witnessing strong momentum on new business wins and has delivered its highest‐ever quarterly Total Contract Value (TCV) wins in each of the last three quarters: Direct TCV wins have increased 64% YoY for the nine-month period ending December 31, 2020.
Blackstone in deal to buy majority stake in Mphasis
April 26, 2021
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PE Fund to invest up to $2.8 billion to pick up 26 per cent more through rights issues
Blackstone on Monday said that the private equity funds managed by it have entered into definitive agreements to acquire a majority stake in Mphasis Ltd.
A wholly-owned subsidiary of the Abu Dhabi Investment Authority (ADIA), UC Investments and other long-term investors will co-invest along with Blackstone. Mphasis is one of the leading providers of information technology services, specialising in cloud and digital solutions. It has deep domain expertise in banking, financial services and insurance sectors (BFSI) and serves 35 of the top 50 US BFSI firms. Mphasis also has long-term relationships with multiple marquee global customers.
Blackstone to Buy Mphasis with Help from ADIA and University of California Endowment
Posted on 04/26/2021
Private equity funds managed by Blackstone have entered into definitive agreements to acquire a majority stake in Mphasis Limited (NSE: MPHASIS) for up to US$ 2.8 billion. A wholly owned subsidiary of the Abu Dhabi Investment Authority (ADIA), UC Investments, and other long-term investors will co-invest along with Blackstone. This transaction will trigger a mandatory open offer for the purchase of up to 26% additional shares of the company from the public shareholders and the acquiring entity has released a public announcement to the stock exchanges. Based on the open offer subscription, the blended purchase price will vary between INR 1,452 to INR 1,497 per share (12-16% premium to 12-month average price and 3% to 6% discount to 6-month average price) and the purchase consideration will vary between INR 152 billion to INR 210 billion (or, approximately US$ 2.0 billion to US$ 2