Mumbai, June 18: Blackstone Group is acquiring Intelenet Global Services Ltd, a business process outsourcing company, for an estimated cost of over $200 million.

This is the global private equity firm’s maiden management buyout in India. Blackstone will partner with the management of Intelenet for the acquisition.

The Housing Development Finance Corporation and Barclays, who are exiting from the joint venture, will sell their shares to SKR BPO Services, owned by Blackstone GVP Capital and the Intelenet management.

The deal marks Blackstone’s first big investment in the country’s BPO space. The private equity major has already picked up stakes in Ushodaya Enterprises and Emcure Pharmaceuticals.

Intelenet, with gross assets worth $107 million, provides business processing services to domestic and international customers.

Incorporated in 2000, Intelenet now has over 17,000 employees across 18 locations in India and overseas. It has clients in the US, the UK, Australia and India.

After the acquisition, Intelenet will continue to serve all its current customers, including Barclays. KPMG was the adviser for the deal.

Under the deal, Intelenet CEO Susir Kumar and the current management team will continue to be in charge of the operations.

Kumar said, “We are excited about this development. Blackstone has a superb record in financing companies.

Its support in the buy-out is testimony to the strength of the Intelenet brand, the team and the potential of the global BPO industry.”

“The development will enable us to continue with our growth plans. As the present management team will continue to be in charge of operations, it will represent a seamless change of ownership and it will be business as usual for all our stakeholders,” he added.

As Intelenet holds 51 per cent in Sparsh BPO Services, SKR BPO Services is now making an open offer to acquire 20 per cent in Sparsh. Sparsh today informed the stock exchanges that since the acquisition of equity shares of Intelenet by SKR BPO Services results in an indirect acquisition of control of the company, SKR BPO Services is to make an open offer.

It added that an open offer would be made to purchase up to 32.29 lakh shares at an offer price of Rs 200 per share for a total consideration of around Rs 64.59 crore.