Blackstone halts Mphasis stake sale process – Bloomberg

Amid valuation concerns, private equity and real estate giant Blackstone Group Inc. no longer plans to sell its majority interest in Indian IT outsourcing services provider Mphasis Ltd., Bloomberg News reported, citing a person familiar with the matter.

Blackstone, which had attracted takeover interest for Mphasis from fellow buyout firm Carlyle Group Inc. and Singaporean sovereign wealth fund GIC Pte. Ltd., turned down the two bidders in the final round, saying the bids did not meet its expectations, the unnamed source told the news outlet.

Representatives for Blackstone and Carlyle declined to comment on the matter, while a representative for GIC could not immediately comment, according to Bloomberg.