WNS Global Services, the BPO player, has received expressions of interest from various interested parties and private equity players, to acquire approximately 50% stake of Warburg Pincus in WNS.
Private equity players Kohlberg Kravis Roberts (KKR), Bain Capital, Carlyle and BPO and IT players like Genpact and Cognizant are expected to be in the race for acquiring Warburg Pincus’ 50.12% stake in WNS Global Services. Also, HCL Technologies, IBM Daksh, Quatrro Solutions, and General Atlantic are said to have lined up for the deal.
WNS is expected to provide Warburg an exit payout of $400m. In 2002, Warburg had paid $40m to acquire a 64% stake in WNS from British Airways.
Merrill Lynch is said to be advising Warburg on the stake sale. Merrill Lynch has started selectively approaching IT and BPO firms and PE players, reports a business daily.
“We have received expressions of interest from various interested parties regarding possible change of control transactions. WNS is committed to maximising shareholder value and is evaluating these opportunities, as well as other alternatives. However, as of the date of this announcement, WNS has not entered into any definitive agreement with any party relating to any such transaction, and no assurances can be given that any such agreement will be entered into, or on what terms,” WNS said in a US Securities Exchange Commission (SEC) notification.
