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Blackstone in talks to buy minority stake in India’s Sify
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Blackstone in talks to buy minority stake in India’s SifyBy Gillian Tan, Cathy Chan, Bloomberg
Last Updated: Mar 05, 2021, 02:02 PM IST
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Synopsis
The communications infrastructure firm has sought a valuation of around $1 billion to $1.2 billion in a transaction.
Sify, led by Chairman Raju Vegesna and CEO Kamal Nath, owns and operates data centers as well as India’s largest multiprotocol label switching, or MLPS, network, its website shows.
Blackstone Group Inc. is in exclusive talks to acquire a minority stake in India’s Sify Technologies Ltd., according to people with knowledge of the matter.
The Blackstone Group L P (NYSE:BX), Sify Technologies Limited (NASDAQ:SIFY) - Blackstone Explores Minority Stake Acquisition In India s Sify: Bloomberg benzinga.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from benzinga.com Daily Mail and Mail on Sunday newspapers.
Investment firm Blackstone Group Inc (NYSE: BX) is in talks for acquiring a minority stake in India’s ICT service & solution provider Sify Technologies Ltd (NASDAQ: SIFY), Bloomberg reports. Sify has reportedly sought a valuation between $1 billion to $1.2 billion. However, other financial terms are not disclosed. Sify’s American depositary receipts slipped 12.3% in the U.S. on Thursday amid a selloff in tech stocks resulting in a valuation of $484 million. Sify, led by CEO Kamal Nath, owns and runs data centers and India’s largest multiprotocol label switching (MPLS) network as per its website. It announced expanding its data-center footprint in cities including Mumbai, Noida, and Chennai in a January earnings call. Blackstone inked multiple deals in India lately, including the acquisition of the glass unit of conglomerate Piramal Enterprises Ltd and real estate assets from developer Prestige Estates Projects Ltd. Blackstone-owned Aadhar Housing Finance Ltd h