Bain Capital to buy 30 pct stake in Genpact
Business process and technology services provider Genpact Ltd said U.S. private equity firm Bain Capital Partners will buy a 30 percent stake in the company from General Atlantic and Oak Hill Capital Partners.
Bain Capital will pay about $1 billion, or $14.76 per share, to buy 68 million Genpact shares, the company said in a statement.
Genpact will also pay a special dividend of $2.24 per share to its stockholders before the stake sale.
Bain Capital, co-founded by U.S. presidential candidate Mitt Romney, was in advanced talks with the Government of Singapore Investment Corp to make a joint bid for a 40 percent stake in Genpact for $1.5 billion to $2 billion, Reuters had reported earlier this month.
Genpact shares closed at $17.15 on the New York Stock Exchange on Wednesday.
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