A consortium of Apax Partners and iGate are at the verge of completion to buy 63% of Patni Computer in a deal worth at approximately $915m, according to a source related to the matter.
An offer of INR500 a share for the stake has been presented to Patni by the Apax-iGate consortium, The Indian Express reported.
Following the agreement to buy 60% stake, an offer to buy another 20% stake will be presented by the consortium that beats Carlyle, Advent International and Akansa Capital in the current deal, the source was quoted by the newspaper.
The iGate-Apax consortium is taking a loan of about $500m to fund the deal, under which Patni brothers are offloading their 46% stake, while private equity firm General Atlantic is selling its about 17% stake in Patni.
Though talks to sell a stake in Patni have been going on for about two years, Patni had failed to seal a deal due to valuation gaps with potential buyers, the newspaper quoted sources related to the matter.
Patni Computer is a mid-sized IT services firm that provides technology outsourcing services to industries such as utilities, telecom, insurance and retail.
