Baring Private Equity Asia Shortlists Bidders For IT Firm In $3 Billion Deal: Report


BPEA bought a controlling stake in IT services firm Hexaware in 2013 for about $420 million

Baring Private Equity Asia (BPEA) has shortlisted bidders including Bain Capital and French company Teleperformance SE for its India portfolio firm Hexaware Technologies in a deal that could fetch nearly $3 billion, sources said.

Also in the race are private equity firms KKR & Co and Carlyle Group, said the four people with knowledge of the deal, who declined to be named as the information is confidential.

BPEA has shortlisted a handful from around 10 initial bids to proceed to the next round, which is due in about a month, said the sources. Bids made for Hexaware ranged from $2.5 billion to close to $3 billion, they said.

Hong Kong-based BPEA, Bain, KKR and Carlyle declined to comment. Hexaware and Paris-based Teleperformance, which provides business services, did not immediately respond to requests for comment.

BPEA bought a controlling stake in IT services firm Hexaware in 2013 for about $420 million and took the company private from the local stock exchanges late last year.

Mumbai-headquartered Hexaware provides automation, cloud and customer services-related technology to a wide range of industries including finance, education, hospitality and manufacturing.

With 37 offices in over 30 countries, the company’s revenue grew 6.5% year-on-year in 2020 to $845 million in U.S. dollar terms, according to its annual report.

Its earnings before interest, taxes, depreciation, and amortization (EBITDA) grew 24.4 per cent to 11 billion rupees in 2020.

(This story has not been edited by NDTV staff and is auto-generated from a syndicated feed.)

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