Advent International is in discussions with U.K. telecom company BT Group to acquire its stake in Tech Mahindra, Business Standard reports. Advent may acquire BT’s stake for nearly $500 million. Consulting firm Bain & Co. has been appointed to work on deal.
BT’s stake is worth $375.36 million at the current market price. Tech Mahindra will continue to be a major strategic supplier to BT. The U.K. company held 23.27 percent stake in the Indian software services company as of June 30. It had appointed Credit Suisse Group to look at potential buyers for its stake in the company.
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