Blackstone in Indian media deal

The private-equity firm acquires a 26% stake in Ushodaya Enterprises for $275 million.

Blackstone's investment of $275 million in Ushodaya Enterprises, its largest India private-equity deal to date, is also the largest private-equity deal in IndiaƆs media sector. As part of the transaction Ushodaya will arrange $190 million of bank financing taking total new capital raised to $465 million. The money will be deployed to expand Ushodaya's existing media businesses.

Sources close to the deal said Blackstone would acquire a 26% stake in Ushodaya and get proportionate representation on the board whose constitution...

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