Two US-based PE firms – Advent International and Carlyle Group – are reportedly considering an acquisition of BT’s 23.2% stake in the Indian IT services company Tech Mahindra.
Citing two sources briefed on the matter, the Times of India reported…
Two US-based PE firms – Advent International and Carlyle Group – are reportedly considering an acquisition of BT’s 23.2% stake in the Indian IT services company Tech Mahindra.
Citing two sources briefed on the matter, the Times of India reported that Carlyle was likely to join with Advent in a bid to acquire BT’s stake.
A BT spokesman said he could not comment on rumour or speculation, and reiterated the company’s previous statement.
“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.”
Reports in September suggested that BT had mandated Credit Suisse to organise the sale of its stake. Several PE firms had reportedly been approached, while the Indian conglomerate Mahindra & Mahindra was also reportedly considering acquiring a 4-5% stake in Tech Mahindra from BT.
Tech Mahindra began in 1986 as a JV between BT and Mahindra & Mahindra.
Carlyle declined to comment. Advent International was not immediately available for comment.
