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Barclays and Housing Development Agree to Buy Intelenet Global

Barclays Bank and Housing Development Finance Corporation said Monday they agreed to sell their stakes in Intelenet Global Services of India in a management buyout.

Financial terms of the deal were not disclosed.

Barclays and HDFC, who launched the 50-50 joint venture in 2004, are selling to SKR BPO Services, a management team backed by Blackstone GVP Capital Partners Mauritius V-B, a member of the Blackstone Capital Partners group.

Intelenet has assets of $107 million (80 million euros) and is based in Mumbai.

Intelenet will continue to provide services to Barclays, the companies said.

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