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Bain, GIC in $2b joint bid for Genpact stake - report

  • Susannah Birkwood
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Bain Capital has reportedly teamed up with the Government of Singapore Investment Corp. (GIC) to formulate a joint bid for a 41% stake in Indian business process outsourcing (BPO) company Genpact.

The firms will offer $1.5-2 billion for the stake, which is being sold by Oak Hill Capital and General Atlantic (GA), according to three sources cited by Reuters.

Apax Partners is also in the running for the slice of New York-listed Genpact, which hired Morgan Stanley and Citigroup to run the sales process. The incumbent management team is planning on backing the new stakeholders on their entry in the company.

It was reported last month that a preferred bidder or consortium might purchase shares in the Gurgaon-based company via block deals on the open market within 45 days. Sources have said a more likely time-frame for completion of the deal could be the end of this year.

The Carlyle Group was also mulling an investment, but appears to no longer be interested.

GA and Oak Hill originally invested around $800 million in 2005 for 60% of Genpact, which went public in 2007. Their investment vehicle, Genpact Investment Co., reduced its stake to 41% via a secondary offering in 2010. The residual holding - of which GA and Oak Hill hold 20.1% each - was estimated to be worth $1.48 billion at the time.

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