Hexaware Technologies, IT and Process outsourcing service provider, reportedly will approve, the proposal of Baring private Equity Partners Asia for acquiring controlling stake in the company for $400 million, in its board meeting today, i.e., August 23,2013. With this, the company finally will come to an end one-and-half year of negotiations it had with several financial and strategic players, including Japan's NEC and home grown L&T Infotech.
Barings reportedly will purchase 42% stake from the family of Hexaware founder Atul Nishar and private equity firm General Atlantic Partners. This will be followed by a mandatory open offer for an additional 26%. Meanwhile, Investment banks Credit Suisse and Morgan Stanley are Hexaware's advisors.
