Aug 23 Baring Private Equity Asia has agreed to
buy a controlling stake in Indian outsourcing services provider
Hexaware Technologies Ltd for about $420 million in
one of the largest deals in the country's showpiece information
Baring will buy Hexaware founders' 27.7 percent stake and
14.1 percent from private equity firm General Atlantic for about
$260 million, the company said in a statement issued on Friday.
Baring will then have to make a mandatory tender offer to
minority shareholders of Hexaware for up to 26 percent of the
company at 135 rupees a share, which would be worth about $160
Hexaware shares ended up 1.8 percent before the transaction
announcement at 120.75 Indian rupees ($1.87).
Hexaware develops software and provides business process
outsourcing services to overseas clients. Its rivals in India's
$108 billion outsourcing industry include Infosys Ltd
and Tata Consultancy Services Ltd.
($1 = 64.7400 Indian rupees)
(Reporting by Sumeet Chatterjee in MUMBAI; editing by Keiron