Blackstone in talks to buy minority stake in India’s Sify Technologies

Photo: Bloomberg

Blackstone Group Inc. is in exclusive talks to acquire a minority stake in India’s Sify Technologies Ltd., according to people with knowledge of the matter.

The communications infrastructure firm has sought a valuation of around $1 billion to $1.2 billion in a transaction, said the people, who asked not to be identified because the talks are private. It’s unclear what valuation the Blackstone stake purchase will be struck at and talks could still fall apart.

Sify’s American depositary receipts rose 6.7% in pre-market trading on Friday in the U.S. The company had a market value of about $484 million as of Thursday.

Representatives for Blackstone and Sify declined to comment.

Sify, led by Chairman Raju Vegesna and CEO Kamal Nath, owns and operates data centers as well as India’s largest multiprotocol label switching, or MLPS, network, its website shows. In a January earnings call, the company said it was expanding its data-center footprint in cities including Mumbai, Noida and Chennai.

Blackstone has struck several deals in India in recent months, acquiring the glass unit of conglomerate Piramal Enterprises Ltd. and real estate assets from developer Prestige Estates Projects Ltd. Aadhar Housing Finance Ltd., controlled by the asset manager, has filed a draft prospectus with India’s market regulator in January for an initial public offering that could raise about $1 billion.

U.S. data-center giant Equinix Inc. in August said it would expand into India by acquiring operations of GPX Global Systems Inc. in the country.

Bloomberg

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.