Carlyle, Advent to team up for $1-bn bid for patni stake
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.”
Enter your email to get our daily newsletter in your inbox
- The ECIR is reportedly based on an FIR filed by the Chennai police under Section 420 of the IPC on the basis of a complaint by the Chennai Financial Markets and Accountability (CFMA), an organisation that fights for investors’ rights.
- Shipments in the December quarter grew at a higher rate of 198% annually with 15.2 million units.
- The companies are also opting for large boxes for storage, with around 400,000-plus sq. ft being the average demand.
- The latest acquisition is Delaporte’s boldest move to spur growth after the company ceded its position as India’s third-largest software services provider to HCL Technologies Ltd.
- The Bengaluru-based online retailer has been weighing a US initial public offering and it’s now also looking at other options, the people said.
- While the base price of petrol is ₹33.26 per litre, it attracts ₹32.90 a litre central excise and ₹21.04 per litre local levies in Delhi.
- As per SBI’s official website, the properties that are included in the auctions are those of defaulters who failed to pay their dues.
- Here’s how you can calculate the EPF interest