Kirkland & Ellis LLP represented iGATE Corporation (Nasdaq: IGTE), an integrated technology and operations company, in reaching its definitive agreements to acquire a majority stake in Patni Computer Systems Ltd. (NSE:PATNI) (NYSE:PTI), the Mumbai-based IT services and BPO company. The transaction is valued at approximately USD$1.22 billion, including the mandatory open offer to the public shareholders of Patni. The deal will be financed in part with between USD$270 million and USD$480 million dollars of convertible preferred equity in a private investment in the public equity (PIPE) of iGate from Viscaria Limited, an entity backed by funds advised by Apax Partners. The transaction is expected to be completed in the first half of 2011, subject to regulatory approvals.
"This was an important strategic deal for our client," said Fred Tanne, partner at Kirkland & Ellis LLP.
Partner Srinivas Kaushik added: "We are pleased that Kirkland's experience in dealing with complicated M&A transactions, and our substantial experience in India and other cross-border matters, could help iGATE achieve the signing of what we believe may be the largest-ever acquisition of an information technology company in India to date."
The Kirkland team includes partner Srinivas Kaushik representing iGATE on the Patni share purchase, and partner Frederick Tanne representing Apax Partners on the PIPE investment.
About Kirkland & Ellis LLP:
Kirkland & Ellis LLP (www.kirkland.com) is a 1,500-attorney law firm representing global clients in complex corporate and tax, restructuring, litigation and dispute resolution/arbitration, and intellectual property and technology matters. The Firm has offices in New York, Chicago, Hong Kong, London, Los Angeles, Munich, Palo Alto, San Francisco, Shanghai and Washington, D.C. The Firm has been active since 1999 in a number of mergers and acquisitions, investments and private equity fund formation transactions in India and involving Indian companies (including the first-ever leveraged acquisition of an Indian company).
iGATE is the first Business Outcomes driven integrated Technology and Operations (iTOPS) solutions provider with a global delivery model. iGATE's unique business model aligns with the client's strategic objectives to achieve operational efficiencies, increase cost variability and rationalize their current operating environment. With industry expertise spanning decades, iGATE has developed the right solutions with its Business Outcomes driven approach for industry verticals - Banking, Insurance, Manufacturing, Retail, Health Care, Media & Entertainment and Telecom & Hi-Tech.
Patni is a global provider of IT services and business solutions, servicing Global 2000 clients. Patni services its clients through its micro-vertical focus in banking, financial services (BFS) and insurance (I); manufacturing, retail and distribution (MRD); life sciences; communications, media and utilities (CMU). Patni's service offerings include application development and maintenance, enterprise software & systems integration services, business and technology consulting, product engineering services, infrastructure management services, customer interaction services & business process outsourcing, quality assurance and engineering services