Shardul Amarchand Mangaldas & Co advised Blackstone and private equity funds managed by Blackstone in relation to the acquisition of a majority stake in Mphasis Limited from Hewlett Packard Enterprise (HPE). Mphasis Limited is leading Information Technology services provider offering Applications, Business Process Outsourcing and Infrastructure Services, and is listed on the National Stock Exchange and the Bombay Stock Exchange. This deal represents the largest acquisition by Blackstone in India.

Shardul Amarchand Mangaldas & Co advised on all aspects of the transaction including the structuring and negotiation of the transaction, the regulatory issues and the competition law aspect. The SAM & Co team was led by Mr. Shuva Mandal, National Practice Head – General Corporate, M&A & PE, and included Mr. Raghubir Menon, Partner, Abhishek Guha, Partner, Anirban Bhattacharya, Principal Associate. Mr. Yogesh Chande, Partner advised on regulatory issues and Ms. Shweta Shroff Chopra, Partner advised the competition law aspect of the transaction.

Under the Takeover Code in India, this transaction will trigger a mandatory open offer for a purchase of additional 26% shares of the company and the acquiring entity has released a public announcement to the stock exchanges in accordance with the provisions of the Takeover Code. The sale is expected to complete in the coming months, subject to approvals from the anti-trust authorities in India, Germany, Austria and the U.S.A. Blackstone is currently in the process of launching the open offer under the Takeover Code.

Based on the open offer subscription, the purchase price consideration will be approximately $1.1 billion.