Bain Cap gets go-ahead for Genpact stake purchase
WASHINGTON (Reuters) - Private equity firm Bain Capital Partners has won U.S. antitrust approval to buy a major stake in technology outsourcing services provider Genpact Ltd, the Federal Trade Commission said on Friday.
Bain, which was co-founded by Republican U.S. presidential candidate Mitt Romney, will pay about $1 billion, or $14.76 per share, to buy 68 million Genpact shares, the company said in a statement in early August.
The FTC announced the antitrust approval in a list that it puts out several times a week.
Genpact, which has a market value of about $3.82 billion, was set up by General Electric Co in 1997 in the north Indian city of Gurgaon to provide back-office services to its group companies. It was spun off as a separate company in 2005.
(Reporting by Diane Bartz; Editing by Kevin Drawbaugh and Gerald E. McCormick)
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