The Competition Commission has approved the billion-dollar acquisition of BPO firm Intelenet by French outsourcing firm Teleperformance from private equity major Blackstone.
Teleperformance had announced the acquisition of Intelenet from Blackstone in June for $1 billion.
Euronext-listed Teleperformance, which reported a consolidated revenue of about $4.7 billion, has 223, 000 employees across 350 contact centres in 76 countries.
“@CCI_India approves acquisition of Intelenet BPO Holdings Private Limited and Intelenet Global Services Private Limited by Dutch Contact Centers (DCC) B.V,” the fair trade regulator said in a tweet today.
Mergers and acquisitions beyond a certain threshold require the approval of the Competition Commission of India (CCI).
According to the notice submitted to the regulator, the transaction relates to the acquisition of 100 per cent of the equity share capital of Intelenet BPO Holdings as well as Intelenet Global Services by DCC and Indian SubCo from Indianet Bidco.
DCC and Indian Subco are indirect wholly owned subsidiaries of Teleperformance. Indianet Bidco is wholly owned and controlled by the Blackstone Group.
Intelenet, which was founded in 2000 and is headquartered in Mumbai, had posted revenue of $449 million for the fiscal year ended March 31, 2018.
Blackstone had first invested in Intelenet in 2007 and in 2011, sold the latter to UK’s Serco Group for 250 million pounds or then $383 million. In 2013, Blackstone bought back Intelenet from Serco for 250 million pounds.
Intelenet has 55,000 people and over 40 global delivery centres in eight countries. It serves over 110 clients in over 25 languages from across industry verticals like banking and financial services, travel, healthcare, retail and e-retail.
Source: Business-Standard