CEO of iGate Phaneesh Murthy
iGate Corporation will snap up a 84 per cent stake in Patni Computer Systems for Rs 5,612 crore ($1.22 billion). It will acquire 45.6 per cent from the three founders of Patni Computer Systems and 17.4 per cent from private equity firm General Atlantic for approximately Rs 4,251.3 crore ($921 million). Further, iGate will make an open offer for an additional 20.6 per cent in Patni for Rs 1,389.4 crore ($301 million). The buyout could put iGate in the list of top-tier IT players globally. The combined entity will have revenues of close to $1 billion, a headcount of over 24,000, and more than 360 clients.
Ernst & Young is a leading M&A advisor in India. The data is based on media reports and company announcements. Any decision on the basis of this information should be taken only after professional advice. Business Today or E&Y do not undertake any responsibility with regard to any such decision. * December 21, 2010 to January 17, 2011. Not a complete list