American private equity giant Kohlberg Kravis Roberts & Co (KKR) is in negotiations to buy a controlling stake in Indian BPO outfit Firstsource from ICICI Bank, Metavante and Temasek, according to Reuters.
Mumbai-based Firstsource was originally set up by ICICI Bank to support its back office operations, and has since diversified into the medical and telecomms sector. It listed in 2007 at Rs64 a share, valuing the business at about $650m.
With ICICI needing to reduce its 27% stake in the venture under US Fed guidelines, reports surfaced in November that the partners had appointed Citi to arrange a sale.
Now, citing three sources, Reuters says KKR is the frontrunner for the firm, negotiating a $250 million deal for a 68% stake.
KKR in talks for control of Firstsource: sources - Reuters