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iGate, Apax close to buying 63% of Patni Computer

This article was posted on Dec 27, 2010 and is filed under Market News

A consortium of private equity firms Apax Partners and iGate are close to buying 63 percent of Patni Computer in a deal valued at about $915 million, a source said on Monday.

The Apax-iGate consortium has offered about Rs 500 a share for the stake, the source said, adding that a deal would likely be announced early next week.

The consortium, which beat a rival team of Carlyle, Advent International and Akansa Capital to the deal, will make an open offer for another 20 per cent stake in Patni following the agreement, the source said.

The iGate-Apax consortium is taking a loan of about $500 million to fund the deal, the source said.

Patni could not be reached for immediate comment.

The founding Patni brothers are selling their 46 per cent stake while private equity firm General Atlantic is selling its roughly 17 per cent holding in the software services exporter.

source: Business Standard

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