Sources say Baring Private Equity Asia set to acquire Hexaware Technologies Ltd

August 23
8:37 AM 2013

Sources told Reuters that Baring Private Equity Asia would be acquiring Hexaware Technologies Ltd. The deal, said to be worth USD 400 million, would give Baring a controlling stake in Hexaware, an Indian outsourcing firm. The two sources spoke on the condition of anonymity as they did not want to preempt a public announcement regarding the matter.

The two sources also revealed that the board of Hexaware might approve the sale as soon as Friday. They also told Reuters that the 42% stake would be bought by Baring from General Atlantic, the private equity firm that established Hexaware. The sources added that Baring would have to make a mandatory tender offer for up to 26% of the stake.

An independent private equity firm, Baring is one of the biggest in Asia and is currently managing more than USD 5 billion in capital. Hexaware Technologies, meanwhile, is a business outsourcing firm and software developer. It competes with Infosys Ltd and Tata Consultancy Services Ltd in the USD 108 billion Indian outsourcing industry.

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