Private equity firm Blackstone has signed an agreement with Serco Group Plc to buy the majority of its private sector business process outsourcing operations for a consideration of £250 million (Rs 2,558 crore).
After the change in ownership, the business will be rebranded as ‘Intelenet Global Services.’ The business has expected annual revenues of approximately £235 million for this year. The company has 51,000 full time employees across 67 centres in 8 countries. The private sector BPO business provides a range of middle and back office services, and has a strong customer base of international organisations across financial services, insurance, telecom, travel and healthcare.
Serco, which bought the business from Blackstone in 2011 for $630 million, said the proceeds from the deal would be used to reduce net debt and was part of its strategy to focus on government service contracts instead of the private sector.
“This disposal will not only strengthen further our balance sheet but also enable us to focus on the group’s five core markets,” said chief executive officer of Serco, Rupert Soames.