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Blackstone Explores Minority Stake Acquisition In India's Sify: Bloomberg

Investment firm Blackstone Group Inc (NYSE: BX) is in talks for acquiring a minority stake in India’s ICT service & solution provider Sify Technologies Ltd (NASDAQ: SIFY), Bloomberg reports.

  • Sify has reportedly sought a valuation between $1 billion to $1.2 billion. However, other financial terms are not disclosed.
  • Sify’s American depositary receipts slipped 12.3% in the U.S. on Thursday amid a selloff in tech stocks resulting in a valuation of $484 million.
  • Sify, led by CEO Kamal Nath, owns and runs data centers and India’s largest multiprotocol label switching (MPLS) network as per its website.
  • It announced expanding its data-center footprint in cities including Mumbai, Noida, and Chennai in a January earnings call.
  • Blackstone inked multiple deals in India lately, including the acquisition of the glass unit of conglomerate Piramal Enterprises Ltd and real estate assets from developer Prestige Estates Projects Ltd. Blackstone-owned Aadhar Housing Finance Ltd has filed a draft prospectus with India’s market regulator in January for a potential IPO valued at $1 billion.
  • Also, Blackstone is set to acquire data-driven and technology-enabled provider Interior Logic Group Holdings, LLC from Littlejohn & Co. LLC, Platinum Equity, and other equity holders for $1.6 billion.
  • Blackstone’s cash and cash equivalents amounted to $2.06 billion as of December 31, 2020.
  • Price action: BX stock closed lower by 3.61% at $67.08 on Thursday. SIFY closed lower by 12.34% at $2.70.

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