Barclays and HDFC get back into the company

Blackstone-controlled outsourcing player, Intelenet Global services is selling a 12.75% stake to British banking major Barclays Bank, according to a release. 

The deal, which is termed as a strategic partnership, involves Barclays taking a stake in Intelenet's holding company SKR BPO Services. The financial details of the transaction were not disclosed but the deal involves infusion of fresh equity into the company.

Interestingly, both Barclays and Housing Development Finance Corp (HDFC), who sold their stake to Blackstone in a management buyout for $200 million, have bought back into the company. After the current transaction, Blackstone's holding will come down to 66.25% while the management will have a 16.5% holding.

Morgan Stanley and Barclays Capital were the bankers for this deal.

Susir Kumar, CEO, Intelenet said that the firm is eyeing acquisitions in the Philippines, China, Europe and India. It may also look at raising funds in an initial public offering in 1-2 years.

"Barclays investment in Intelenet is a testament to the best-in-class delivery capabilities of Intelenet, making it even more attractive to customers worldwide, including Blackstone's portfolio companies" said Akhil Gupta, Chairman, Blackstone India.

HDFC, along with Tata Consulting Services (TCS), had set up Intelenet as a 50:50 joint venture back in 2000. But HDFC acquired TCS' 50% stake in Intelenet for Rs.161 crore in July 2004 and sold it a month later to Barclays for Rs.164 crore.