Acquisition of Patni by iGate
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Code : MAA0224
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Region : US and India
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Introduction:On January 10, 2011, US-based iGate Corporation (iGate) (NASDAQ:IGTE) announced the acquisition of Patni Computers Limited (Patni) (BSE: 532517) (NSE: PATNI) (NYSE:PTI), the IT services and BPO company based in Mumbai, India. On this occasion, Phaneesh Murthy (Phaneesh), Chief Executive Officer (CEO) of iGATE, said, "The objective is to synergize the leadership team of both iGATE and Patni to create, over time, a worldclass integrated leadership team which will drive the combined company to newer horizons." Commenting on the deal, Arup Roy (Roy), Senior Research Analyst, Gartner Inc. (Gartner), said. "It is a better deal for iGate, since the combined entity will be worth almost a billion dollars, which can help swing large deals in its favor." Patni's Promoters and General Atlantic had made several efforts to sell their equity in the company. According to experts, a number of IT players including Larsen & Toubro , IBM , NTT Data Corporation (NTT), and Fujitsu Limited (Fujitsu) as well as private equity players such as Apax Partners LLP (Apax), Texas Pacific Group (TPG), and Blackstone Group L.P. had shown an interest in Patni at different points of time... |
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