Genpact, WNS, Firstsource In Race To Bag Citigroup Global Services
Genpact, WNS, and Firstsource are reportedly on the short-list to bag Citigroup Global Services (formerly e-Serve) in what could be the biggest deal in the domestic BPO space pegged at Rs 3,200 crore. The largest deal in the BPO space so far was when Blackstone bought Intelenet from Barclays and HDFC for Rs 840 crore.
Business Standard reports that IBM, Automatic Data Processing (ADS), Infosys, EDS, Capgemini and private equity players like Blackstone and General Atlantic are no longer in the race for Citigroup Global Services. The report adds that Citigroup might not sell its entire 100 per cent stake in the BPO business at one go. The group is likely to shed 80% now, while the remaining 20% will be sold at the time of listing the company. Citi group consolidated its holding in the BPO company to 92.26 per cent three years ago from 44.4 per cent.
Related:
Citigroup In Talks With PE Firms To Sell Majority Stake In Its Captive BPO
07/27/07, 6:10 AM |
This is a fine example of how thinking changes once companies go public. Pramod Bhasin was on record several times over the last yr saying that he would not buy any Indian BPO since the valuations were too high. Genpact is listing in the US in a couple of weeks. Sure enough, you hear the news that genapct is ready to do the deal at 3x sales of e-serve! well, well