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Blackstone to buy 52% stake in R Systems for $359 million

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R Systems shares rose more than 15% to 281 on the BSE in the early trading session. Blackstone Inc, a US investment firm, announced on Thursday that it would acquire a 52% stake in Indian IT services firm R Systems International for $359 million (2,904 crore). Dr Satinder Singh Rekhi will continue to serve as a non-executive advisor to the company. TPG Capital will sell Nykaa shares worth $1,000 million in a block sale next week. Blackstone will select a controlling stake and delist R Systems.
R Systems is a well-known provider of information technology services. The company collaborates with customers to help them with their digital transformation. StartupXseed Ventures plans to deploy the majority of its second fund by the end of fiscal year 23.
Private equity funds managed by Blackstone have signed definitive agreements to acquire a majority stake in R Systems from Satinder Singh Rekhi and other current promoters. Blackstone will also make a conditional delisting offer at $246 per share.
Subject to customary closing conditions and regulatory approvals, the transaction is expected to close in the coming months.
Blackstone files DRHP for Nexus Select Trust retail REIT IPO, and StartupXseed Ventures plans to deploy the majority of its second fund by the end of FY23. R System’s revenue for the previous twelve months ended September 30, 2022, was 1,445 crore, representing a 36% year on year increase. To serve customers in North America, Europe, and Asia Pacific, the company maintains 18 development and service centres.

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