Patni finds more bidders for Control of India’s Patni

According to Bloomberg, Patni Computer Systems Ltd., the Indian software company backed by General Atlantic LLC, is seeing more bidders for control of its india’s holding.

Apax Partners LLP is competing with Carlyle Group, as the two buyout funds lead competing bids to buy control of Patni Computer Systems Ltd.

Apax and IGate Corp. are jointly bidding for the 45.9 percent stake held by Chairman Narendra Patni, 68, and his family, with a decision expected as early as this month; while Carlyle, the world’s second-largest buyout firm, is bidding with Advent International Corp.

General Atlantic, based in Greenwich, Connecticut, the company backing Patni Computer systems Ltd., may also sell its holding, reports Bloomberg.

How Big is the Deal:

The stakes may be sold at about 500 rupees a share, those close the action said. That’s an 8.5 percent premium over yesterday’s closing price and values the acquisition at about 42 billion rupees ($924 million) or close to a Billion Dollars, according to data compiled by Bloomberg. --------

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