Baring Asia to acquire 41.8% Stake in Hexaware

VARINDIA- INDIA'S FRONTLINE IT MAGAZINE

Baring Asia to acquire 41.8% Stake in Hexaware 
Hexaware Technologies Limited has announced that affiliates of Baring Private Equity Asia ("Baring Asia") have signed definitive agreements to purchase approximately 125 million Hexaware shares, from Promoter Entities, led by Atul Nishar (which holds 27.7% of currently outstanding share capital), and GA Global Investments Ltd (which holds 14.1% of currently outstanding share capital), an affiliate of General Atlantic ("GA"), in aggregate representing 41.8% shareholding in Hexaware.

Under the terms of the Share Purchase Agreement, Baring Asia will pay the Promoter Entities and GA a price of INR126 or INR135 per share aggregating INR1,575–1,687 crore (approximately $242–260 million based on INR/USD rate of 65), with the higher price of INR135 per share being payable on Baring Asia reaching 50% or above aggregate shareholding in Hexaware in the transaction.

Atul Nishar, Chairman, Hexaware, said, "Since I founded Hexaware in 1990, the Company has differentiated itself by the quality of its relationships with some of the largest global corporations, with niche strength in certain key service offerings especially in Business Intelligence & Analytics, Enterprise Applications, Quality Assurance and Testing as well as the strength of the management team. Having started and personally been involved in the growth of Hexaware, it gives me great pleasure to receive a vote of confidence from an organization like Baring Asia."

Jean Salata, Chief Executive & Founding Partner, Baring Private Equity Asia, said, "Baring Asia is excited about the growth opportunities that Hexaware offers and we look forward to working with Sekar and his management team to develop the group further. The total potential investment of over $465 million will be the largest investment made by Baring Asia in India, and is one of the largest-ever foreign investments.....See More

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