1Bn$ for Genpact
By Ria Sharma
India's No. 1 BPO (which has KPO and IT divisions as well) Genpact employs more than 56000 professionals in 64 delivery centres around the world to look after more than 600 clients.
Genpact has announced that affiliates of Bain Capital Partners have agreed to purchase approximately 68 million Genpact common shares from entities affiliated with General Atlantic (GA) and Oak Hill Capital Partners for $14.76 per share, or approximately $1 billion. Closing of the transaction will take place after payment to all shareholders, including GA and Oak Hill Capital, of the special dividend of $2.24 per share announced by Genpact today. This Billion dollar purchase of Genpact shares buys 30% of the company.
“We are excited about this transaction, which is hugely positive for all of our shareholders. Bain Capital’s decision to invest in Genpact is a vote of confidence in the company and our business model, our differentiated service offerings, the value we deliver to our clients and the strength of the management team. Genpact will remain an independent public company, and I, along with our management team, will continue to pursue our strategic objectives,” said NV ‘Tiger’ Tyagarajan, president and CEO of Genpact. “Bain Capital has a long-term perspective, which is critical to building value, particularly in a company like ours. We look forward to working with Bain Capital as we continue to make enterprises around the world run better by continuously improving their business processes and run smarter through the innovative combination of technology, data analytics and process expertise, resulting in better business outcomes.”
As part of the transaction, consistent with its long-term investment orientation, Bain Capital has agreed not to sell any Genpact shares for a period of two and a half years, subject to limited exceptions, and has agreed to a customary standstill.
Robert Scott will continue to serve as Chairman of the Board of Genpact and NV ‘Tiger’ Tyagarajan will continue to serve as president and CEO. The transaction is expected to close in 2012 and is subject to payment of the special dividend, anti-trust and competition clearances and other customary closing conditions.
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