News Roundup: Baring PE Asia plans to buy majority stake in Hexaware for up to $400M

20 August, 2013

Baring Private Equity Partners Asia is set to buy IT services firm Hexaware Technologies in a deal estimated at about $400 million. This could end up as the largest private equity deal in India’s $108 billion IT exports sector, topping $330 million funding from Apax Partners to iGate Corp for the Patni Computer acquisition in 2011. Baring Asia is in advanced talks to acquire 42% stake held by promoter Atul Nishar family and private equity investor General Atlantic Partners. The acquirer would follow it up with the mandatory open offer for an additional 26% shares, pegging the size of the final deal between $350 and $400 million. The transaction is expected to value Hexaware closer to $700 million in market capitalization, coming roughly at 15-18% premium to the current market price. (The Times Of India)

Sequoia is likely to buy into Bangalore prodigy Wildcraft: Marquee venture capitalist Sequoia Capital is backing the homegrown outdoor-gear maker, Wildcraft, with a $10-million investment. The Silicon Valley fund is valuing the backpack and rucksack brand at nearly $50 million. Sequoia, which has invested close to $1 billion in India’s emerging companies, has issued a term-sheet for a minority interest in Wildcraft. Another US venture capital fund Norwest Venture Partners is also in the fray for a slice of the two decade-old company, which started as a hobby for its founder Dinesh KS, a mountaineering enthusiast. The fund raising is part of the strategy to transform Wildcraft from mostly a technical outdoor gear to a broader lifestyle and leisure business, building on the core DNA. (The Times Of India)

Mohan Breweries will raise Rs 1,500 crore overseas to enter power sector: Mohan Breweries and Distillers Ltd will raise Rs 1,500 crore through debt and equity instruments for its entry into power sector through a 100 per cent subsidiary, Mohan Power Ltd. Listed Mohan Breweries has opted for hybrid securities through placements overseas by a major US fund house. The fund raising activity would begin in the later part of September by venture capital fund Exhilway Global Opportunities Fund L.P. The exercise is being advised by US firm’s Indian arm Exhilway Capital Advisory. The equity base and the debt ratio of the new power subsidiary, however, was being finalized. (Business Line)

Tide Water to sell land near Chennai: Tide Water Oil Co (India) Ltd, owner of lubricant brand Veedol, is planning to sell half an acre of land at the industrial town of Oragadam near Chennai. The Kolkata-headquartered company had a warehouse there. The land prices at Oragadam range from Rs 1.5 to Rs 3 crore per acre. The property is currently used as a company depot. (Business Line)

Srei is looking to sell Deccan Chronicle properties: Srei Infrastructure Finance Ltd is gearing up to sell some properties of Deccan Chronicle Holdings Ltd, the beleaguered media empire. Srei had an exposure of about Rs 205 crore, of which it has already written off about Rs 70 crore which weren’t backed by assets. The company now plans to sell close to five properties in Hyderabad and Chennai mortgaged against loans, which would help the Kolkata-based lender recover a large part of the balance amount. Srei has already written off Rs 24 crore plus the interest reversal of about Rs 46 crore in the previous quarter. (DNA)

Courtesy: VCCEdge


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Baring Asia to buy 42% in Hexaware from promoter, General Atlantic for over $260M

Baring Asia to buy 42% in Hexaware from promoter, General Atlantic for over $260M

Madhav A Chanchani 4 years ago
In what will be one of the largest buyout transactions in the Indian information technology space, Baring Private Equity Asia is buying 41.8 per cent...
ChrysCapital part exits Hexaware Technologies with around 3x returns

ChrysCapital part exits Hexaware Technologies with around 3x returns

Madhav A Chanchani 4 years ago
Private equity firm ChrysCapital has sold nearly half of its stake in Hexaware Technologies Ltd, which is being acquired by Baring Private Equity Asia, for...
Deal of the month: Baring Asia's buyout of Hexaware Technologies

Deal of the month: Baring Asia’s buyout of Hexaware Technologies

Madhav A Chanchani 4 years ago
Deal: Baring Private Equity Asia’s buyout of information technology and business process outsourcing service provider Hexaware Technologies Ltd  Deal details: Baring Private Equity Asia is...
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News Roundup: Baring PE Asia plans to buy majority stake in Hexaware for up to $400M

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