Bain Capital to buy 30 % of Genpact for $1 billion
02 Aug 2012
US private equity firm Bain Capital Partners yesterday agreed to buy a 30 per cent stake in business process (BPO) and technology services firm Genpact Ltd from General Atlantic and Oak Hill Capital Partners, for $1 billion.
Boston-based Bain Capital, co-founded by US presidential candidate Mitt Romney, will pay $14.76 per share for 68 million of Genpact shares, which will have a lock-in period of two and a half years.
Bain Capital will nominate four directors to the company's board to replace the current directors nominated by General Atlantic and Oak Hill, Genpact said in a statement.
General Atlantic and Oak Hill, who currently hold 41 per cent in Genpact, will retain 10 per cent stake after the transaction.
Genpact will pay a special dividend of $2.24 per share to its shareholders, including General Atlantic and Oak Hill before closing of the sale.
"Bain Capital's decision to invest in Genpact is a vote of confidence in the company and our business model, our differentiated service offerings, the value we deliver to our clients and the strength of the management team,'' said NV 'Tiger' Tyagarajan, president and CEO of Genpact.