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AFTER nearly eight months of negotiations, CMS Computers has clinched a deal to sell a majority stake to private equity firm Blackstone for over Rs 250 crore. An investment banker familiar with the deal said an announcement is expected this week and Avendus was one of the advisors to CMS. There was no response to calls made to the company's founder promoter, R D Grover. ET had reported in June about the company's plan to raise money from PE players.
The CMS group is one of the oldest business groups in the country with interests in IT. It is also one of few firms with a significant presence in the domestic IT business.
Mr Grover has been in negotiations with Blackstone for several months. Industry sources said one of the key issues, apart from the valuation, was that Blackstone was only interested in domestic IT business. Apart from domestic IT and IT exports, CMS group is also present in IT-enabled services and IT-related areas such as traffic and security systems. Collectively, the group's revenues are over Rs 1,000 crore.
Mr Grover is a first-generation entrepreneur and those familiar with the group said his son was leading the IT export business under Systime Computers.
"There was a need to bring in someone for the domestic IT business, which Mr Grover was handling himself," said an industry hand. The domestic IT business consists of the training business and the systems integration business.
The group had hired KPMG to advise it on a re-structuring exercise and was keen on raising funds to invest its other businesses to grow them. Some of the other private equity players that had shown interest in the firm were 3I, Carlyle, TPG, and Standard Chartered.
Sun Pharma buys
US co Chattem
Ahmedabad: Sun Pharmaceutical Industries has acquired 100% ownership in a USbased Chattem Chemicals (Chattem) from Elcat. The terms of the transaction were not disclosed. The company will apply to regulatory authorities for appropriate clearances. Roughly, the market size of controlled substances formulation product is $6 billion. According to the company, the acquisition brings a business that holds import licences for concentrated poppy straw (CPS), among several other narcotic products. Chattem is registered with the US Drug Enforcement Administration (DEA) as a narcotic raw material importer. This import registration includes four controlled substance products listed in Schedule 2—methamphetamine, phenylacetone, raw opium and concentrate poppy straw. Additionally, it is also licensed by the DEA to manufacture Schedule 1 to 5 controlled substances.— Our Bureau
The CMS group is one of the oldest business groups in the country with interests in IT. It is also one of few firms with a significant presence in the domestic IT business.
Mr Grover has been in negotiations with Blackstone for several months. Industry sources said one of the key issues, apart from the valuation, was that Blackstone was only interested in domestic IT business. Apart from domestic IT and IT exports, CMS group is also present in IT-enabled services and IT-related areas such as traffic and security systems. Collectively, the group's revenues are over Rs 1,000 crore.
Mr Grover is a first-generation entrepreneur and those familiar with the group said his son was leading the IT export business under Systime Computers.
"There was a need to bring in someone for the domestic IT business, which Mr Grover was handling himself," said an industry hand. The domestic IT business consists of the training business and the systems integration business.
The group had hired KPMG to advise it on a re-structuring exercise and was keen on raising funds to invest its other businesses to grow them. Some of the other private equity players that had shown interest in the firm were 3I, Carlyle, TPG, and Standard Chartered.
Sun Pharma buys
US co Chattem
Ahmedabad: Sun Pharmaceutical Industries has acquired 100% ownership in a USbased Chattem Chemicals (Chattem) from Elcat. The terms of the transaction were not disclosed. The company will apply to regulatory authorities for appropriate clearances. Roughly, the market size of controlled substances formulation product is $6 billion. According to the company, the acquisition brings a business that holds import licences for concentrated poppy straw (CPS), among several other narcotic products. Chattem is registered with the US Drug Enforcement Administration (DEA) as a narcotic raw material importer. This import registration includes four controlled substance products listed in Schedule 2—methamphetamine, phenylacetone, raw opium and concentrate poppy straw. Additionally, it is also licensed by the DEA to manufacture Schedule 1 to 5 controlled substances.— Our Bureau
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