iGATE Acquires Majority Stake in Patni Computer Systems
January 10, 2011
iGATE Corporation agreed to acquire a majority stake in Mumbai-based Patni Computer Systems Ltd. in a transaction valued at approximately $1.22 billion (including an open offer), buying stakes from the Patni founders and General Atlantic. The deal creates a combined company with nearly $1 billion in revenues and roughly 24,800 employees, intended to expand vertical capabilities, scale, and cross-selling opportunities across banking, insurance, manufacturing, retail and media.
- Buyers
- iGATE Corporation, Viscaria Limited (Apax-backed)
- Targets
- Patni Computer Systems Ltd.
- Sellers
- Narendra Patni, Gajendra Patni, Ashok Patni, General Atlantic
- Industry
- IT Services
- Location
- Maharashtra, India
- Transaction Type
- Buyout
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