Guess who’s racing to claim their stakes in IGate?
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At a time when it’s raining acquisitions everywhere, a company names Apax Partners is planning to exit an acquisition. According to an Economic Times report, Apax Partners, which had financed IGate's $1.2-billion (Rs 7,482 crore at current exchange rate) takeover of Patni, is planning to exit the acquisition, which is on the top lists of acquisition targets in the IT industry.The financial daily reports that Capgemini, Atos and Genpact are trying to acquire a part of IGate’s Patni Computer that Apax Partners have put on sale.
In November, Apax Partners, which owns about 30% of the company, converted its debt in the company into equity and then filed with the US Securities and Exchange Commission to have the option to sell its entire stake.
The report further explains why three IT players (mentioned in the report above) are interesting in iGate. "IGate is the Goldilocks of the IT industry. They are not too big, not too small. They are just the right size and scale. And they'd be a good fit for Capgemini, Atos or even Genpact," said Peter Bendor-Samuel, CEO of IT advisory firm Everest.
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