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Hitachi, PEs eye stake buy in India’s Patni: report

Hitachi, PEs eye stake buy in India’s Patni: report
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First Published: Fri, Nov 19 2010. 09 47 AM IST
Updated: Fri, Nov 19 2010. 09 47 AM IST
Mumbai: Japan’s Hitachi and PE firms including Apax Partners have shown interest in buying more than 60% of Indian software firm Patni Computer, the Economic Times reported on Friday. The stake is likely to be sold at about Rs 500 a share, the newspaper said, citing people with knowledge of the deal, valuing the transaction at Rs 3932 crore ($870 million).
The founding Patni brothers—Narendra, Gajendra and Ashok—are looking to exit their entire 45.8% stake, while private equity firm General Atlantic also plans to sell its 17.7% holding in the Indian company, the paper said. Officials at Patni Computer, Hitachi and private equity firms could not immediately be reached by Reuters for a comment.
The Economic Times said that Apax, Carlyle Group and Advent Advisors were in the race to buy the stake in Patni. Hitachi and two other European firms were also likely to be potential bidders for the stake.
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First Published: Fri, Nov 19 2010. 09 47 AM IST