Genpact Announces Agreement for Bain Capital Partners to Buy US$1 Billion of Shares from Existing Sponsors (Asia)
Genpact, a global business process outsourcing and technology services firm, announced that affiliates of Bain Capital have agreed to acquire 68 million common shares in the firm, representing approximately 30 percent of outstanding shares, from entities affiliated with General Atlantic (GA) and Oak Hill Capital Partners for approximately US$1 billion (US$14.76 per share). Before the transaction officially closes, all shareholders, including GA and Oakhill, will receive a special dividend of US$2.24 per share. Genpact was established in India in 1997 as a unit of GE Capital. GA and Oakhill, which acquired a 60 percent stake in Genpact from GE for US$500 million in 2004, will retain approximately 10 percent of the firm.