iGate - Patni Deal Off?

January 2nd, 2011
in News

Reuters:  U.S. software company iGate (IGTE.O) said it canceled a press conference it had scheduled for Monday, at which it was expected to announce a deal with Apax Partners for a majority stake in India's Patni Computer Services (PTNI.BO) for more than $900 million.

Follow up:

"The significant corporate development that was set to be announced on Monday is off," an iGate spokesman said, declining to provide further details.Read more at Reuters......

The spokesman did not confirm whether the announcement was related to Patni, but a source close to the matter told Reuters on Friday that the press conference was scheduled to announce the deal.

Apax Partners and Patni Computer were not immediately available for a comment.

A consortium of Apax Partners and iGate was close to buying 63 percent of Patni Computer at about 500 rupees a share, the source had told Reuters recently. An expected deal for Patni had also been widely reported in the media. 

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