British Telecom (BT) has re-initiated discussions to sell its stake in Tech Mahindra. This move has interested private equity firms Providence Equity Partners, UK-headquartered Apax Partners and Goldman Sachs Private Equity Group.
A sale of the British telecom major?s stake in Tech Mahindra would also include its stake in Mahindra Satyam (formerly Satyam Computer Services).
Mahindra Satyam and Tech Mahindra are set to meet at a later date and the management is expected to announce a road map for the merger in November.
BT is said to be expecting a 30 per cent premium over the current market price for its stake while the Mahindra group has the first right of refusal for the sale of BT?s stake in Tech Mahindra but is unlikely to exercise it because it would involve a significant financial outflow.
