In 2015, the PE firm again brought back Intelenet from Serco for $352 million (Rs 25.6 billion) with a mix of debt and equity funding. It is now exiting at $1 billion, which is a four times return on the equity funding it made into the firm. “We have invested in Intelenet twice.
The continued success of the company is a testament to the exceptional quality of the management team, the value delivered to customers, and the deep engagement with Blackstone.
We are excited with the transfer of ownership to an industry leading company, Teleperformance, because it ensures continuity for Intelenet’s management, employees and customers,” said Amit Dixit, senior managing director and head of PE India at Blackstone.
Founded in 2000, Intelenet, currently headed by Bhupender Singh as the CEO, employs over 55,000 people across eight countries, including the US, UK, India and the Philippines.
Blackstone is the largest international investor in India with over $6 billion deployed between private equity and real estate.
Blackstone Private Equity has invested $3.5 billion in India over the last 11 years through two funds. With this deal, Blackstone has crossed a total exit of $3 billion in the country.
According to Teleperformance, the deal is expected to close by September, and will have a positive impact of around 10 per cent on Teleperformance’s earnings per share.
Teleperformance, which set up its India operations in 2001 currently employs around 13,000 people in the country.