Blackstone Inc is looking to sell a significant minority stake in IBS Software after the company’s plans for a stock market listing fell flat, and has entered into negotiations with several private equity funds over a potential deal, according to a report by Mint.
Unnamed Mint sources say the private equity major has hired investment bank JP Morgan to sell at least 40% of its total 44% holding in the travel and hospitality software provider for about $1 billion, although negotiations are reportedly at an early stage and there is no guarantee a deal will be agreed.
Blackstone acquired its minority stake in IBS Software from General Atlantic and other shareholders in 2015 for around $170 million.
