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IGate Agrees to Buy India’s Patni for $1.22 Billion

IGate Corp. offered $1.22 billion for India’s Patni Computer Systems Ltd., bidding more than its own market value to triple sales in the world’s largest technology-outsourcing country.

IGate, backed by funding from Apax Partners LLP, will pay about $921 million to buy 63 percent of Patni from the founding family and General Atlantic LLC, followed by an open offer to acquire a 21 percent stake for about $301 million, iGate said in a statement today. The price of 503.50 rupees a share is 9.4 percent higher than Patni’s closing price on Jan. 7.