Blackstone in talks to acquire a minority stake in Sify Technologies

Blackstone Group is in exclusive talks to acquire a minority stake in Sify Technologies, according to people with knowledge of the matter.

The communications infrastructure firm has sought a valuation of around $1 billion to $1.2 billion in a transaction, said the people, who asked not to be identified because the talks were private. It’s unclear what valuation the Blackstone stake purchase will be struck at and talks could still fall apart.

Sify’s American depositary receipts rose 6.7 per cent in pre-market trading on Friday in the US. The company had a market value of about $484 million as of Thursday.