iGate, Apax set to buy Patni Computer stake

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, iGate and Carlyle were not immediately available for 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.

Patni, a mid-sized IT services firm also listed in New York, provides technology outsourcing services to industries such as insurance, telecom, utilities and retail.

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