Private equity funds managed by Blackstone have signed definitive agreements with Satinder Singh Rekhi and other current promoters to purchase a majority stake in R Systems International Limited (R Systems) for up to $359 million.

R System’s revenue for the last twelve months, as of September 30, 2022, was ~$189 million, representing year-on-year growth of 36%.

Satinder Singh Rekhi and the other promoters currently hold ~52% stake in R Systems, which Blackstone will acquire for INR 245 per share. Blackstone will also launch a conditional delisting offer, at a price of INR 246 per share. The transaction is expected to be completed in the coming months, subject to customary closing conditions and regulatory approvals. Rekhi will continue to guide the company in his role as a non-executive advisor.

Read more: Private Equity Wire