Blackstone in talks to acquire minority stake in Sify Technologies
black stone The group is in exclusive talks to acquire a minority stake in Sify Technologies, according to people with knowledge of the matter.
The communications infrastructure company requested a valuation of around $ 1.2 billion to $ 1.2 billion in a transaction, said the people, who asked not to be identified because the talks were private. It is not known which evaluation the black stone stake purchase will be reached and talks could still collapse.
Sify’s U.S. certificates of deposit rose 6.7 percent on Friday on the U.S. pre-trade. The company had a market value of around $ 484 million on Thursday.
Representatives for black stone and Sify declined to comment.
Sify, led by Chairman Raju Vegesna and CEO Kamal Nath, owns and operates data centers as well as the largest multiprotocol label switching network, or MLPS, in India, its website says.
In a January earnings call, the company said it was expanding the footprint of its data centers in cities such as Mumbai, Noida and Chennai.
Blackstone has entered into several deals in India in recent months, acquiring the glass unit from conglomerate Piramal Enterprises Ltd. and the real estate assets of the developer Prestige Estates Projects Ltd. Aadhar Housing Finance, controlled by the asset manager, has filed a draft prospectus with the Indian market. regulator in January for an initial public offering that could raise around $ 1 billion.