BT sells remaining Tech Mahindra stake
BT has sold its remaining 9.1% stake in Indian IT services company Tech Mahindra for approximately $187 million.
The deal, which saw 11.6 million shares sold to institutional investors on the Indian Stock Exchange, will see BT exit the company it founded in 1986 in a joint venture with Mahindra & Mahindra.
BT also sold a 14.1% stake in the company in August for approximately $250 million and sold a 5.5% stake to Mahindra & Mahindra in 2010.
The British carrier is one of Tech Mahindra’s major clients and it is likely that the deal will impact future relations between the two companies, although BT said Mahindra remains a key supplier.
BT said the financial impact of the disposal is expected to be treated as an income statement specific item in its next financial results.
JPMorgan and Credit Suisse advised BT on the share sale.