Private equity firm Advent International is reportedly in talks with UK incumbent BT Group to buy a stake in BT’s Indian IT services and outsourcing business Tech Mahindra.
The Business Standard writes that BT hired Credit Suisse for the potential…
Private equity firm Advent International is reportedly in talks with UK incumbent BT Group to buy a stake in BT’s Indian IT services and outsourcing business Tech Mahindra.
The Business Standard writes that BT hired Credit Suisse for the potential transaction and that several PE players have been approached.
BT declined to comment on the rumour, and only said: “Tech Mahindra is and will continue to be a key strategic supplier to BT. As we have said previously, we may however consider further share sales at some point in the future.”
In an email to TelecomFinance, Advent said: “As a matter of principle, we do not comment on rumours or market speculation.”
BT owns some 24% of Tech Mahindra, which began as a JV with local conglomerate Mahindra & Mahindra (M&M). In December 2010, BT sold a 5.5% stake in the company to M&M for £63m (US$102m). M&M currently has a 43% stake.
In late April this year, it was reported that BT was looking to sell a further 10% stake in Tech Mahindra at a premium of 10-15%.
