IndiaSphere

A Gulf-based private equity fund has invested $98 million in the Middle East and Africa (MEA) business of Redington India Ltd for a 36% stake. Redington is a Chennai-based supply chain solution providers in the IT and telecom space. The deal values Redington’s MEA business at$272 million. The investment has been made by Investcorp Gulf Opportunity Fund.
Redington expects that the transaction will get completed by middle of November 2008. This will not be Redington’s first brush with private equity as it sold off an 11% stake in 2006 for Rs 67 crore to Ashish Dhawan’s ChrysCapital.
Redington Gulf began its operations in 1997 and has a workforce of 478 people. The Gulf arm has a presence in 17 markets, through 2872 Channel Partners and claims to be the largest and fastest growing IT distributor in the MEA. Some of its clients include Nokia, Cisco, Linksys, ... [Follow Original Article link for full content.]