Private equity and debt financiers support iGate's bid for Patni

iGate tables a winning $1.22 billion bid for Patni Computer Systems with the backing of private equity firm Apax Partners and debt commitments from Jefferies and RBC.

iGate Corp, backed by private-equity firm Apax Partners, will pay $1.22 billion for India’s Patni Computer Systems in India’s largest private equity-backed buyout to date.

iGate, which is an information technology IT firm headquartered in California, earlier this week agreed to pay Rs503.50 $11.08 per share for a 63% stake in Patni, a total outlay of $921 million. iGate will also make a tender offer to minority shareholders for another 20% of the company at the same price. If accepted in full, the tender will cost $301 million.

For iGate to put together a successful bid it was necessary to concurrently strike an agreement with Apax with regard to an investment by the...

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