The Carlyle Group, one of the largest private equity firms in the United States, is reportedly negotiating to acquire a minority stake in UST Global, an IT services and Business process outsourcing (BPO) provider owned by Kenyan multimillionaire, Manu Chandaria.
WASHINGTON, DC – MAY 15: Carlyle Group President and Chief Operating Officer Glenn Youngkin
According to a report by Indian business daily The Economic Times, Carlyle has offered an investment of $200 million for a 15% to 20% stake in UST, valuing the company at over $1 billion. According to the Economic Times, a definitive agreement could be signed in a few weeks.
UST Global is a multinational provider of digital, IT services and solutions, headquartered in Aliso Viejo, California, United States, but most of its employees are based in India. The company also has considerable operations in Mexico, Brazil and Costa Rica and is a subsidiary company of Comcraft Group, a steel and aluminum-manufacturing conglomerate controlled by Kenyan-based non-resident Indian (NRI) businessman Manu Chandaria.
Kenyan multi-millionaire and manufacturing magnate Manu Chandaria is the chairman of Comcraft Group, an industrial conglomerate with interests in aluminum, steel, plastics and information technology, is one of Africa’s most celebrated business leaders. Chandaria is also one of Africa’s most celebrated philanthropists. According to sources at Comcraft Group, has given away more than $100 million in his lifetime to causes in children’s health and education.
Chandaria did not respond to a text message requesting for comment as at the time of publishing this post.