IT firm iGATE on Thursday announced the successful completion of Patni acquisition and appointment of Phaneesh Murthy as CEO of Patni.
US-based iGate on Monday said it has acquired nearly 63 per cent stake in country's sixth largest IT firm Patni Computer Systems for $1. 22 billion.
US-listed iGate's open offer for buying a little over 20 per cent stake in Indian IT company Patni Computer Systems will begin on April 8 and close on April 27.
The process has been set in motion with the Patni brothers - Ashok and Gajendra - deciding to take up non-executive positions. Gajendra and Ashok have ceased to be executive directors with effect from Tuesday after the Patni board designated them as founder-directors.
With Narendra Patni refusing to give up management control, all talks over the proposed stake sale by the major stakeholders of Mumbai-based Patni Computer Systems have ended. This development leaves Narendra Patni firmly in the saddle - at least till December 2008, when his tenure expires - especially now that his brothers have given up executive control.
Japan's leading information technology services and solutions provider, NTT Data Corporation, has emerged as the most aggressive suitor for Indian software services firm Patni Computer Systems. NTT is in advanced talks with the promoters of Patni Computer to buy their combined 46.5 per cent stake, investment banking sources said.
IT major Patni Computer Systems is close to acquiring a European IT company for $20-25 million (around Rs 100 crore) and is expected to announce the deal in the next two months.
Promoters Narendra Patni and his younger brothers Gajendra and Ashok hold equal stakes totalling 48.3 per cent in India's sixth largest software exporter.
Sources close to the development said the agreement between one of the private equity partners and the Patni brothers, who jointly hold 29 per cent stake, is expected to be signed next month.
NTT had earlier sought the combined 63 per cent stake of the promoters and private equity firm General Atlantic Partners, but their exclusive talks failed due to a valuation mismatch.
Narendra Kumar Patni, pioneer of India's information technology (IT) services revolution, passed away in the US.
Eldest brother may buy part of the shares; private equity to pick up rest.
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