Apax, iGate take Patni Computer for $1.22 billion
A private equity consortium comprising of Apax Partners and its investee iGate is to acquire a 63% stake in Mumbai-based IT services firm Patni Computer for $1.22 billion, news that comes one week after the finalized deal was initially supposed to be announced, leading observers to believe that the deal had crumbled.
According to a statement from iGate, the company will pay approximately $921 million for the 63% stake, and reserves the right to take an additional 20.6% stake for $301 million. That transaction values...
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