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Serco In Talks for Blackstone’s Intelenet Stake

The Blackstone Group is in talks with British outsourcing group Serco to sell its stake in India’s Intelenet Global Services, Reuters reported, citing an article from the Financial Times. Blackstone currently owns 66% of Intelenet.

(Reuters) – British outsourcing group Serco is in talks about buying Blackstone’s controlling stake in India’s Intelenet Global Services, the Financial Times reported on Tuesday, citing sources familiar with the matter.

There was no guarantee that a deal would be reached with the U.S. private equity group over its 66 percent stake, according to the FT.

The FT said Serco, which runs a diverse range of public services including London’s cycle-hire scheme and Dubai’s metro, is seeking to make a further push oversees despite a slowdown in its domestic market.

Serco was not immediately reachable for comment. (Reporting by Karolina Tagaris; Editing by Dhara Ranasinghe)