Shearman & Sterling is advising a consortium of financial investors led by Capital Square Partners (“CSP”) and CX Partners (“CX”) in their proposed acquisition of the global BPO business of Aditya Birla Minacs (“Minacs”) from ABNL IT & ITeS Limited, a wholly owned subsidiary of Aditya Birla Nuvo Limited, for an enterprise value of approximately US$260 million.
Minacs is a leading business process outsourcing company that partners with global corporations in the manufacturing, retail, telecom, technology, media and entertainment, banking, insurance, healthcare and public sectors.
CSP is a financial investor backed by principals Sanjay Chakrabarty and Aparup Sengupta, with investments and industry leadership across the IT, BPO and Analytics sectors.
CX is a private equity firm focused on providing growth equity to companies in India. CX has made investments in various sectors, including power, electronics, hotels, telecommunications, healthcare and pharmaceuticals, business services, IT & ITES, consumer and financial services.
Commenting on the transaction, partner Sidharth Bhasin, noted: “This is one of the most significant private equity transactions in the Indian BPO space in the recent years. It is a complex, multi-jurisdictional deal and we are delighted to be part of it.”
The Shearman & Sterling team below included partners Caroline Leeds Ruby and Richard Hsu, counsel Eileen O'Pray and Dan Stellenberg, associates Tiffany Hill, Nell Beekman, Kelly Karapetyan and Sebastian Krujatz, and special associate Shan Wu.