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HCL Tech eyes majority stake in EXL Services: Sources
In what could be an important M&A development in the BPO space, HCL tech may be eyeing a majority stake in EXL services reports CNBC-TV18's quoting sources.
In what could be an important M&A development in the BPO space, HCL Tech may be eyeing a majority stake in EXL services reports CNBC-TV18' Kritika Saxena quoting sources.
EXL Services has filed with SEC for share sale by its shareholders. Sources say it may raise up to USD 180 million via primary share sale.
It is learnt that HCL Tech may make formal bid for EXL Services and has already completed due diligence for it. Oak Hill and Blackrock which holds 36.5% and 11.3% respectively are likely to exit from EXL Services.
According to sources, JPMorgan, UBS and Citi are likely to be handling mandate for the deal. However, HCL Tech has declined to comment calling it a mere speculation.
