Baring Said in Talks to Invest in Indian Software Firm Hexaware
Stock Chart for Hexaware Technologies Ltd (HEXW)
The buyout company is seeking to acquire shares from investors including the family of Hexaware founder Atul Nishar and U.S. private equity firm General Atlantic LLC, one of the people said, asking not to be identified because the discussions are confidential.
The Nishar family controls 27.9 percent of Hexaware, according to a filing posted on the Navi Mumbai-based company’s website. General Atlantic, which bought shares equivalent to 15 percent of Hexaware in 2006 for 3 billion rupees ($47 million), said in 2011 it was considering options for the stake.
Any deal to acquire Hexaware, which provides outsourcing services for corporate customers, may still fall through, the people said. The Times of India today reported that Baring will buy the stakes of the Nishar family and General Atlantic, and start a tender offer for another 26 percent of Hexaware in a deal worth as much as $400 million, citing unidentified people.
A spokesman for Baring in Hong Kong declined to comment. Sreedatri Chatterjee, a spokeswoman for Hexaware, said in an e-mailed response to questions that any reports on a deal with Baring are “purely baseless speculations which do not carry any authentic or substantial matter.” General Atlantic declined to comment.
Baring Asia, which was once part of Dutch insurer ING, has more than $5 billion of assets under management, according to its website.
Hexaware last month forecast revenue will increase as much as 5.5 percent in the three months through September, after second-quarter sales climbed 7 percent to 5.37 billion rupees. The company’s shares have gained 47 percent so far this year.
To contact the editor responsible for this story: Philip Lagerkranser at firstname.lastname@example.org
Bloomberg reserves the right to edit or remove comments but is under no obligation to do so, or to explain individual moderation decisions.