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June 13, 2012

Apax Partners, Bain Capital interested to buy 41% stake in Genpact

Likely to acquire the stake held by Oak Hill Capital and General Atlantic Partners

By CBR Staff Writer

Private equity companies, Apax Partners and Bain Capital are looking to buy a 41% stake in business process outsourcing (BPO) company Genpact.

Expected to be worth $1.4bn, the potential transaction comes after Oak Hill Capital and General Atlantic Partners have decided to shed their stake, reported the Times of India.

Morgan Stanley and Citigroup are the advisers in the deal that could rank as one of the largest in the BPO industry if successful, according to the newspaper which cited sources.

Both the private equity majors are expected to team with another player for the BPO firm which attracted investors like Carlyle Group and Cognizant Technology Services, but backed out due to a large amount.

The deal will not be auctioned and a preferred suitor or consortium may buy the shares through block deals in open market transactions within 45 days, according to the source.

In 2004, Oak Hill and General Atlantic acquired Genpact from original founder General Atlantic.

Private equity firms have been buying companies where promoters were out of business.

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Last January, the iGate-Apax consortium had acquired a 63% stake in Patni Computer Systems for about $915m.

Recently, Malaysian sovereign fund Khazanah has teamed with Baring Private Equity Asia in preparation of an $800m offer to buy Essar-owned Aegis BPO.

Kohlberg Kravis Roberts & Co (KKR) is also in race for the deal.

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