Patni Computer Systems nearing a PE takeover deal - reports
Two PE-led teams, iGate-Apax Partners and Carlyle-Advent International, are reportedly nearing the end of their race to acquire Patni Computer Systems, one of India’s largest IT services companies, according to local reports.
According to the Business Standard, the full acquisition deal could be worth more than $1.1. billion, and could be resolved as soon as next week. According to Patni's website, the company made $656 million in revenue in 2009, working with customers from 39 countries. The key players in the deal on one side are private equity buyout firms Carlyle and Advent International, which focuses on mid-market targets, and VC and buyout firm Apax Partners on the other. iGate, a California-based IT firm backed by Apax, is listed on the Nasdaq. It claims $230 million in revenue with more than 8,000 employees.
The Business Standard adds that both consortia have applied for financial backing to complete the deal. The Patni family, the company's promoters, own a nearly 46% stake in the company.
More on Buyout
Latest News
Asian GPs slow implementation of ESG policies - survey
Asia-based private equity firms are assigning more dedicated resources to environment, social, and governance (ESG) programmes, but policy changes have slowed in the past 12 months, in part due to concerns raised internally and by LPs, according to a...
Singapore fintech start-up LXA gets $10m seed round
New Enterprise Associates (NEA) has led a USD 10m seed round for Singapore’s LXA, a financial technology start-up launched by a former Asia senior executive at The Blackstone Group.
India's InCred announces $60m round, claims unicorn status
Indian non-bank lender InCred Financial Services said it has received INR 5bn (USD 60m) at a valuation of at least USD 1bn from unnamed investors including “a global private equity fund.”
Insight leads $50m round for Australia's Roller
Insight Partners has led a USD 50m round for Australia’s Roller, a venue management software provider specializing in family fun parks.