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General Atlantic Sells Interest in Patni Computer Systems
On January 10, subsidiaries of iGATE Corporation, backed by private equity firm Apax Partners, entered into definitive purchase agreements to acquire a majority equity interest in Patni Computer Systems Limited, an Indian global provider of information technology services and business solutions, from Paul, Weiss client General Atlantic Mauritius Limited and from the company's founders Ashok K. Patni, Gajendra K. Patni and Narendra K. Patni. The transaction is valued at $1.22 billion and also involves a mandatory open offer to the public shareholders of Patni to purchase up to 20% of the fully diluted share capital of the company.
The Paul, Weiss team representing General Atlantic includes London-based corporate partners Mark S. Bergman and David K. Lakhdhir and New York-based tax partner Richard J. Bronstein and corporate counsel Didier Malaquin.