- This topic has 0 replies, 1 voice, and was last updated 9 years, 9 months ago by
.
-
Posts
-
Hp Offloading its $1B stake in IT Services Co. MphasiS
By Luke Stangel
Palo Alto-based Hewlett Packard is reportedly talking to a number of deep-pocketed companies and private equity firms about buying the company’s $1 billion stake in the Indian IT services exporter MphasiS.Reuters reports those interested include private equity firms the Carlyle Group and the Blackstone Group as well as MphasiS rivals L&T Infotech and Tech Mahindra. The company is taking bids until the end of June, and is expected to make a decision by September.
MphasiS was founded in 2000 and sold a 60.5 percent stake in the company to Electronic Data Systems in 2006. Hewlett Packard bought EDS in 2008 and inherited its stake in MphasiS.
The Indian IT services provider is one of the biggest players in that country’s $108 billion IT services market. MphasiS currently has a $1.8 billion market cap.
The possible sale is part of CEO Meg Whitman’s turnaround plan. HP currently has about $2.9 billion in debt.
- You must be logged in to reply to this topic.