Sources say Baring Private Equity Asia set to acquire Hexaware Technologies Ltd

By

Sources told Reuters that Baring Private Equity Asia would be acquiring Hexaware Technologies Ltd. The deal, said to be worth USD 400 million, would give Baring a controlling stake in Hexaware, an Indian outsourcing firm. The two sources spoke on the condition of anonymity as they did not want to preempt a public announcement regarding the matter.

The two sources also revealed that the board of Hexaware might approve the sale as soon as Friday. They also told Reuters that the 42% stake would be bought by Baring from General Atlantic, the private equity firm that established Hexaware. The sources added that Baring would have to make a mandatory tender offer for up to 26% of the stake.

An independent private equity firm, Baring is one of the biggest in Asia and is currently managing more than USD 5 billion in capital. Hexaware Technologies, meanwhile, is a business outsourcing firm and software developer. It competes with Infosys Ltd and Tata Consultancy Services Ltd in the USD 108 billion Indian outsourcing industry.

Tags
Baring Private Equity Asia

© 2024 VCPOST.com All rights reserved. Do not reproduce without permission.

Join the Conversation

Real Time Analytics