Apax Partners, a UK-based private equity firm, is planning to buy a controlling stake in Mumbai-based Patni Computer Systems for over USD 800 million, reports Economic Times.
Two other mid-cap companies and other private equity firms are also in the race to acquire stake in the company.
The move was stimulated by Gajendra and Ashok Patni (co-founders of the company), who expressed their will to exit from the company. They together hold 28% stake in the company.
General Atlantic, another private equity firm is also considering to sell 16% stake.
Source: myiris
Apax is willing to pay 8-10% higher over the present share price, for 44% stake in the company.
Patni Computer Systems is a provider of information technology services and business solutions in domains like insurance and other financial services, manufacturing, telecom, logistics, retail etc. The company has operations in North America, Europe and Asia-Pacific through 24 sales offices and multiple offshore development centers across 8 cities in India.