US private equity firm Bain Capital is in advanced talks with Singapore's sovereign wealth fund Government of Singapore Investment Corp (GIC) for jointly bidding for a 41 per cent stake in IT outsourcing company Genpact, for $1.5 billion to $2 billion, Reuters today reported, citing three sources with direct knowledge of the matter.
Private equity firm Apax Partners is also keen on buying the stake in Genpact from Oak Hill Capital and General Atlantic Partners, the news agency quoted sources as saying.
Oak Hill and General Atlantic hold 20.1 per cent each in Genpact. The transaction would value the Gurgaon-based, but New York Stock Exchange-listed company at $3.4 billion (Rs18,850 crore)
Genpact began as a business process services operation of GE Capital and became an independent company in 2005, after management and PE firms Oak Hill and General Atlantic acquired the company.
With 2011 revenues of $1.6 billion, Genpact is the world's largest BPO services provider with operations in India, Brazil, China, Guatemala, Hungary, Japan, Mexico, Morocco, the Philippines, Poland, the Netherlands, Romania, South Africa, Spain, the United Arab Emirates and the US.
It manages finance and accounting, collections and customer service, insurance, supply chain and procurement, analytics, enterprise application, IT infrastructure and management functions. It caters to the banking / finance, insurance, manufacturing, transportation, healthcare, pharmaceuticals, automotive, CPG/retail and business services industry.