Kirkland & Ellis LLP represented iGATE Corporation (Nasdaq: IGTE), an integrated technology and operations company, in reaching its definitive agreements to acquire a majority stake in Patni Computer Systems Ltd. (NSE:PATNI) (NYSE:PTI), the Mumbai-based IT services and BPO company. The transaction is valued at approximately USD$1.22 billion, including the mandatory open offer to the public shareholders of Patni. The deal will be financed in part with between USD$270 million and USD$480 million dollars of convertible preferred equity in a private investment in the public equity (PIPE) of iGate from Viscaria Limited, an entity backed by funds advised by Apax Partners. The transaction is expected to be completed in the first half of 2011, subject to regulatory approvals.
“This was an important strategic deal for our client,” said Fred Tanne, partner at Kirkland & Ellis LLP.
Partner Srinivas Kaushik added: “We are pleased that Kirkland’s experience in dealing with complicated M&A transactions, and our substantial experience in India and other cross-border matters, could help iGATE achieve the signing of what we believe may be the largest-ever acquisition of an information technology company in India to date.”
The Kirkland team includes partner Srinivas Kaushik representing iGATE on the Patni share purchase, and partners Frederick Tanne and Susan Zachman representing Apax Partners on the PIPE investment.
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