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. 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. 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. According to sources at Comcraft Group, has given away more than $100 million in his lifetime to causes in children’s health and education.

Source: Forbes July 07, 2017 20:26 UTC