iGate acquires majority stake in Patni Computer for USD1.22 bn

Bangalore, Jan 10 (PTI) US-based iGate on Monday said it
has acquired nearly 63 per cent stake in India's sixth largest
IT firm Patni Computer Systems for USD 1. 22 billion.
iGate will buy 45.6 per cent of the shares of the three
founders of Patni -- Narendra Patni, Gajendra Patni and Ashok
Patni-- along with the 17.4 per cent stake of private equity
firm General Atlantic, iGate CEO Phaneesh Murthy told
reporters here.
The transaction is valued at approximately USD 1.22
billion, including the mandatory 20 per cent open offer to
be made to the public shareholders of Patni, he added.
The deal is expected to be completed in the first half
of 2011, after acquiring all the regulatory approvals.
Shares of Patni Computer were trading at about Rs
466.80, up 1.46 per cent on the Bombay Stock Exchange.