iGate buys 63% stake in Patni Computers for $1.2 b

US-based iGate has acquired nearly 63 per cent stake in the country’s sixth largest IT firm Patni Computer Systems for $1.22 billion.

iGate will buy 45.6 per cent stake of the company’s three founders — Narendra Patni, Gajendra Patni and Ashok Patni — along with 17.4 per cent stake of private equity firm General Atlantic, the iGate CEO, Mr Phaneesh Murthy, told reporters here.

The transaction is valued at about $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.

Meanwhile, the shares of Patni Computers were trading at about Rs 466.80, up 1.46 per cent on the Bombay Stock Exchange. — PTI