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Mphasis Shares Soar On Buzz Of Blackstone Investment

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Mphasis Shares Soar On Buzz Of Blackstone Investment

Bengaluru-based Mphasis is majority owned by Hewlett-Packard

Mphasis shares saw strong gains on Thursday after a newspaper reported that the Blackstone Group is close to acquiring the IT firm in an over $1-billion deal.

Bengaluru-based IT services company Mphasis was founded in 1998 by former Citibank executive Jerry Rao. It is majority owned by Hewlett-Packard.

According to the Times of India, Blackstone outbid Apollo Global Management, Tech Mahindra and other companies that were interested in buying HP's stake in Mphasis. US-based Blackstone Group is one the world's largest private equity investor.

An announcement is expected next week, the newspaper said citing sources.

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Mphasis had last week said, "Neither the company not its chief executive officer is involved in any such negotiations".

Mphasis shares closed higher for a fourth straight day today. The stock ended 5 per cent higher at Rs 492, outperforming the broader Sensex, which closed flat.

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