View all newsletters
Receive our newsletter - data, insights and analysis delivered to you
  1. Technology
November 9, 2009

ICICI, Temasek, Metavante To Sell Stakes In Firstsource

Together the three firms own 68% stake in the India-based BPO

By CBR Staff Writer

ICICI Bank, an India-based private lender, Temasek Holdings, a Singapore-based investment company and another large shareholder have revived plans to sell their stakes in India-based BPO firm Firstsource Solutions, reported Reuters.

Reportedly, ICICI, Temasek’s Aranda Investment and Metavante, a US-based banking technology group, together own 68% stake in Firstsource. Their joint holding is valued at $220m. However, conforming to Indian regulations, the sale is said to attract a public offer of further 20% in the company.

Earlier, the firms hired Goldman Sachs and tried to sell the India-based BPO for about $400m, but buyers walked out at the last minute due to the global financial turmoil. This time, it has been reported that the firms have hired Citigroup to arrange the deal.

Sources close to the matter said: The sale process is just starting, we are preparing the ground. Target buyers would primairly be private equity investors and software services companies that have back-office units, reported the news agency.

Content from our partners
Scan and deliver
GenAI cybersecurity: "A super-human analyst, with a brain the size of a planet."
Cloud, AI, and cyber security – highlights from DTX Manchester

Websites in our network
Select and enter your corporate email address Tech Monitor's research, insight and analysis examines the frontiers of digital transformation to help tech leaders navigate the future. Our Changelog newsletter delivers our best work to your inbox every week.
  • CIO
  • CTO
  • CISO
  • CSO
  • CFO
  • CDO
  • CEO
  • Architect Founder
  • MD
  • Director
  • Manager
  • Other
Visit our privacy policy for more information about our services, how Progressive Media Investments may use, process and share your personal data, including information on your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.