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Genpact has reportedly acquired a 80-90 per cent stake in Citigroup’s captive BPO - Citigroup Global Services - for a valuation $630 million, according to The Economic Times. The Delhi-based BPO firm has beaten FirstSource Solutions in the deal, which seems to have been closely contested with multiple rounds of negotiations over valuations and other contracts.
If the deal is done, it will be the largest BPO deal in terms of transaction value.
Even though FirstSource was slightly stretched due to its recent $330 million acquisition of US-based MedAssist, the company is said to have upped its bids at the last minute. ET report says the Firstsource bid was around $100 million more than that of Genpact, however Citi was keen on doing the deal with Genpact and it asked the latter to match FirstSource's. Apparently, Genpact agreed for a higher bid for a larger equity holding in the BPO.
The ET information is source based, and so don't consider this as final details. Both firms are tight-lipped on the deal and hasn't confirmed nor has denied if a deal has been concluded.

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Genpact May End Up Buying Citigroup’s BPO