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Barclays and Housing Development Agree to Buy Intelenet Global

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Published: Monday, 18 Jun 2007 | 4:25 AM ET
By: AP

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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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.
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