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.
Blackstone Group is in exclusive talks to acquire a minority stake in Sify Technologies, according to people with knowledge of the matter. The communications infrastructure firm has sought a valuation of around $1 billion to $1.2 billion in a transaction, said the people, who asked not to be identified because the talks were private. It’s unclear what valuation the Blackstone stake purchase will be struck at and talks could still fall apart. Sify’s American depositary receipts rose 6.7 per cent in pre-market trading on Friday in the US. The company had a market value of about $484 million as of Thursday. Representatives for Blackstone and Sify declined to comment.
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