Private equity groups Apax Partners, CVC Capital, and Thomas H. Lee Partners (TH Lee) are vying to acquire a minority stake in IBS Software, a leading SaaS solutions provider to the global travel industry, from their existing PE backer Blackstone. The three have submitted binding offers to acquire about 32% stake held by Blackstone in the company, said multiple people aware of the development.
This proposed transaction is likely to value IBS Software at $1.5 billion. JP Morgan is advising Blackstone to find a buyer for its stake. The deal is expected to get signed by the end of April, sources said.
Source:
Economic Times
