Bain in talks with Singapore GIC for Genpact stake bid
SINGAPORE, July 13 — US private equity firm Bain Capital is in advanced talks with the Government of Singapore Investment Corp (GIC) to make a joint bid for a 40 per cent stake in IT outsourcing company Genpact for $1.5 billion (RM4.5 billion) to $2 billion, three sources with direct knowledge of the matter said.
Private equity firm Apax Partners LLP is also competing for the stake in Genpact, the sources said.
Genpact is listed in New York but most of its employees are in India.
Private equity firms General Atlantic LLC and Oak Hill Capital Partners, the two top shareholders of Genpact with stakes of 20.1 per cent each, are looking to exit the business process and technology services provider, the sources said.
A deal is expected to be completed by the end of this year, two of the sources said. All of the sources declined to be named as they were not authorised to speak to the media.
Genpact, GIC and Bain declined to comment, while Apax Partners, Oak Hill and General Atlantic could not immediately be reached for comment. — Reuters
