Private equity firms Carlyle and Advent plan to jointly bid for a 63% stake in Indian software exporter Patni Computer Systems in about two weeks, in a deal likely to be valued at nearly $1 billion (Rs 4,560 crore) sources said on Tuesday.
Private equity firm Apax and Japanese technology company Hitachi are also likely to team up to bid for the stake, which is owned by General Atlantic and founders of Patni, the sources, who have direct knowledge of the matter, said.
Bids are expected to come in at Rs 500 to Rs 550 a share, the sources said, valuing the
stake at $996 million at the top of the range, a premium of 16% over Patni’s stock price on Tuesday.
Talks to sell the stake have been going on for about two years, but Patni has failed to
seal a deal due to valuation gaps with potential buyers, the sources said.
“The private equity companies are further along in talks for this deal than any strategic buyer,” one of the sources said. “If everything goes well, we should be able to close this deal in about a month’s time.”