A week after the merger announcement, patnis shares on bse closed at rs 477. Please note that the square brackets indicate figures or text which have been deleted or replaced in ranges at the request of the parties for reasons of. I joined the patni computers on sep 2010 and was working. Completed acquisition by 3i group plc of uponor limited me367808 the ofts decision on reference under section 221 given on 7 august 2008. Patni holdings pvt ltds operating revenues range is under inr 1 cr for the financial year ending on 31 march, 2017. With the patni acquisition, igates phaneesh murthy has returned to the billiondollar game in software outsourcing. Introduction the financial year 200708 witnessed a slew of acquisitions across diverse sectors of the economy in india.
The deal will give igate a delivery platform in india and allow the combined entity to bid for contracts along with the it majors. In connection with the offer as defined hereinafter for certain equity shares of the target company, the acquirers and the pac will, directly andor through a subsidiary or. It founded by sunil wadhwani in and later acquired by capegemini. The merger would result in the it firm achieving an estimated revenue of 12. Igate was an it services company, headquartered in bridgewater, new jersey, united states. Where a merger leads to formation of a new company, acquisition leads to purchase of a company by other and no new company is formed. What changes i can expect as capgemini and igate merged, as a. At the same time, its book networth has increased by 0. With a value of around a billion us dollars, this acquisition was the largest crossborder leveraged transaction in the it sector. Igte for possible breaches of fiduciary duty in connection with its merger with the french consulting firm cap gemini sa.
Now, with court approvals in india pending, the merger of indian entities. With the acquisition of 63% stake from patni founders and general atlantic, the igate apax combine is now expected to make an open offer for a 20. The deal would lead to a onestep cash merger between igate and a subsidiary of capgemini north america inc. Completed acquisition by 3i group plc of uponor limited. The company hopes to triple revenue by 2017 by changing its billing model charging for results instead of the number of people deployed.
I went on maternity leaves from september 2011 to december 2011, after that i have joined company back in december 2011 but was not able to sit due to severe backache. It is created by bringing value to customers and communities and by creating a belief in our employees and customers alike that we are delivering on that promise. However, the restrictions will not apply to anirudh patni. The case study the acquisition of patni computer systems limited analyzes the acquisition of patni. Capgemini today said igate ceo ashok vemuri has put in his papers after three months of the usbased firm being acquired in a usd 4 billion deal. To date, the union of igate patni has primarily been client facing. For that purpose, the aggregate number of equity shares in patni as on january 7, 2011 is taken as,54,27,823, as represented in page no. Im a ex patni which got bought over by igate and later left and joined capgemini. Igte, the united satesbased it and ites company, acquired indias sixth largest it services and business solution provider, patni computer systems limited, on january 10, 2011. A month before capgeminiigate deal, neoteric subsidiary. The firm operated in north america, asia, europe, japan and australia, providing technology consultancy and services. It is possible the name you are searching has less than five occurrences per year.
Nasdaqlisted it services company igate announced a new gotomarket brand called igate patni with a leaner 9member executive team. Jan 11, 2011 the three patni brothers, who jointly held a 45. Read more about igate s next big bet after patni on business standard. Feb 09, 2011 with the patni acquisition, igate s phaneesh murthy has returned to the billiondollar game in software outsourcing. Now capgemini has bought out igate, so im back with my old team.
Infosys, wipro and tcs may be the indian giants this year and they are work ing hard to remain. Edupristine financial modeling team has prepared a financial model based on the acquisition of patni computer systems by igate. Computers, indias sixth largest business solution provider. What changes i can expect as capgemini and igate merged. Technology firm igate patni has rebranded itself as igate. When californiabased igate announced its plans to acquire one of indias oldest it firms, patni computer systems, in 2011, it was, for many, a clear sign of its intent to join the big league of indian it service providers and compete with them shoulder to shoulder for mega outsourcing deals. Funds advised by apax partners announce the investment in.
For more information about the legal aspects of partnership agreements, see joint ventures and business partnerships. Jan 10, 2011 the deal will give igate a delivery platform in india and allow the combined entity to bid for contracts along with the it majors. Mergers and closures any charity, large or small, can find itself in circumstances where it may need to merge with a similar organisation, or to close. Paris and bridgewater, new jersey capgemini and igate today merger agreement under which capgemini will acquire igate for a cash. Tender offer by panasia igate solutions, igate global solutions limited and igate corporation for shares of patni computer systems limited response of the office of mergers and acquisitions division of corporation finance february 9, 2011. Unlike in the past, such activity was not limited to acquisitions within india or of indian companies.
Igate patni merger pdf igate acquires patni finally igate has signed deals with mr narendra k. The merger has been approved by a written consent of igate shareholders representing approximately 54 per cent of the capital subject to a 30day fiduciary out period during which igate could accept a superior proposal. Gilman law llp announced that a complaint was filed on behalf of shareholders of igate corporation nasdaq. Read more about igate completes patni acquisition on business standard. The merger is not being referred for phase 2 assessment, either because the merger does not raise any competition concerns or one of the exceptions applies. The name patni, representing patni computer systems, a majority owned subsidiary, has been removed from its. Sep 08, 2015 igate corporation lawsuit details igate corporation merger. Appeals any notifying party can appeal to the high court within 40 working days against a decision to block a merger, or to allow a merger subject to conditions.
Acquisition of patni by igate strategy case study mergers. Im a expatni which got bought over by igate and later left and joined capgemini. Nov 20, 2017 nearly two years after igate acquired patni computer systems, the amalgamation process is inching towards completion. If you are contemplating a crossborder merger, make sure you take appropriate professional advice from the start. The same shareholders who backed former ceo phaneesh murthy on daring acquisitions, decided to sell igate rather than run it under.
Patni holdings pvt ltd company information, financial. Reverse mergers procedural aspects and tax implications. With the acquisition of 63% stake from patni founders and general atlantic, the igateapax combine is now expected to make an. Building and creating value atn believes that long term value is created through much more than investments in assets. Effect of corporate restructuring on shareholders value in. Other performance and liquidity ratios are available here. I have emailed to noida hr regarding this and also send medical letter. Mergers and closures the charity commission for northern. The acquisition of patni computer systems limited amity university. The merger is being referred for phase 2 assessment.
You can get an excerpt of this news on the economic times usbased igate acquired nearly 63 per cent stake in countrys sixth. Phaneesh murthy, ceo of igate, will take over as the ceo of patni which will now have a new six. Social security administration public data, the first name nigate was not present. Pdf today, entrepreneurship is one of the most written about topics in the field of. Firms that are undervalued by financial markets can be targeted for acquisition by those who recognize this mispricing as the acquirer can gain the difference between the. In 2011, igate, acquired patni computer systemsa company three times its size at the time. Marking the biggest acquisition of the india information technology it industry, nasdaqlisted igate on thfursday announced the completion of patni computer systems acquisition and revamping of the top leadership. Effect of corporate restructuring on shareholders value.
After a fourmonth process, nasdaqlisted it services company igate on thursday completed the acquisition of indias sixthlargest software exporter patni computers and announced a new gotomarket brand called igate patni with a leaner ninemember executive team. June 1, 2011 was the day india entered into the club of the countries having fully functional competition law. Substantial acquisition of shares and takeovers regulations, 1997 and subsequent amendments thereto regulations to the shareholders. With a value of around a billion us dollars, this acquisition was the largest crossborder. The case study acquisition of patni by igate discusses how igate corporation nasdaq. Leave a comment on igate patni merger pdf igate acquires patni finally igate has signed deals with mr narendra k.
State of merger control in india competition policy. A month before capgeminiigate deal, neoteric subsidiary acquired igates domestic ims business. Apr 27, 2015 the deal would lead to a onestep cash merger between igate and a subsidiary of capgemini north america inc. Patni and his two brothers who merger, acquisition and takeover. Northern tier energy merger news and arbitrage profit. Chartered accountants mercurius advisory services in. We strive to deliver best in class services in each of our markets and provide. Undertakings in lieu of a reference are being considered or have been accepted by the cma.