Blackstone has committed up to $359 million to purchase a majority stake in R Systems International Ltd., a provider of digital information technology services focused on product engineering.
R Systems, founded in 1993 by Satinder Singh Rekhi and serves over 250 customers in the technology, media, telecom and financial services sectors globally. Rekhi and other promoters currently hold an approximately 52 percent stake in R Systems, which Blackstone will acquire for INR 245 per share. Blackstone looks to also launch a conditional delisting offer, at a price of INR 246 per share. Rekhi will continue to guide the company in his role as a non-executive advisor.
“This investment follows Blackstone’s long-standing conviction in IT services and builds on the firm’s robust track record in the sector globally,” comments Mukesh Mehta, senior managing director at Blackstone. “We are excited to partner with the current management team to support the company’s next phase of growth, both organically and through strategic acquisitions.”
BDA Partners acted as the financial advisor to the sellers of R Systems. AZB & Partners acted as legal advisor to the sellers. KPMG, Cyril Amarchand Mangaldas and Simpson Thacher & Bartlett acted as advisors to Blackstone.