Blackstone to pick up majority stake in R Systems International for $359 million
The Hindu
R Systems reported revenue in the 12-months ending September at ₹1,445 crore, a 36% year-on-year growth
American private equity giant Blackstone on November 17 said it will pick up majority stake in digital services firm R Systems International for $359 million or ₹2,904 crore.
Blackstone has signed definitive agreements with Satinder Singh Rekhi and other promoters of R Systems to this effect, it said in a statement.
The Noida-based R Systems, founded in 1993 by Mr. Rekhi, is a leading provider of digital IT services, specialising in product engineering, and serves over 250 customers in technology, media, telecom, and financial services sectors globally.
R Systems employs over 4,400 people across 18 delivery centers in North America, Europe, Asia Pacific, and India. It reported revenue in the 12-months ending September at ₹1,445 crore, a 36% year-on-year growth.
Mr. Rekhi and other promoters currently hold 52% stake in R Systems, which Blackstone will acquire for ₹245 per share.
Mr. Rekhi will continue to guide the company in his role as a non-executive advisor.
Blackstone will also launch a conditional delisting offer, at a price of ₹246 per share.
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