US investment fund Blackstone has agreed to buy 52 percent stake in India-based R Systems International for $359 million.
Blackstone said it would pay 245 rupees per R Systems share, a premium of around 4 percent to the closing price on Wednesday.
“R Systems is well-positioned to benefit from digitalization tailwinds, shorter product launch cycles and increased openness to outsource product development,” Blackstone Senior Managing Director Mukesh Mehta said in a statement.
Blackstone said it would launch a conditional de-listing offer at 246 rupees per share and that it was seeking regulatory approval from the Indian market regulator.
Satinder Singh Rekhi, one of R Systems’ promoters selling their stake, will be a non-executive advisor to Blackstone.