Im a ex patni which got bought over by igate and later left and joined capgemini. Acquisition of patni by igate strategy case study mergers. For more information about the legal aspects of partnership agreements, see joint ventures and business partnerships. Edupristine financial modeling team has prepared a financial model based on the acquisition of patni computer systems by igate. June 1, 2011 was the day india entered into the club of the countries having fully functional competition law. What changes i can expect as capgemini and igate merged, as a. We strive to deliver best in class services in each of our markets and provide. Mergers and closures the charity commission for northern. Social security administration public data, the first name nigate was not present. 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. Technology firm igate patni has rebranded itself as igate. Igte for possible breaches of fiduciary duty in connection with its merger with the french consulting firm cap gemini sa. Phaneesh murthy, ceo of igate, will take over as the ceo of patni which will now have a new six.
At the same time, its book networth has increased by 0. Infosys, wipro and tcs may be the indian giants this year and they are work ing hard to remain. Igate patni merger pdf igate acquires patni finally igate has signed deals with mr narendra k. 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. Leave a comment on igate patni merger pdf igate acquires patni finally igate has signed deals with mr narendra k. 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. Other performance and liquidity ratios are available here.
Apr 27, 2015 the deal would lead to a onestep cash merger between igate and a subsidiary of capgemini north america inc. Patni holdings pvt ltd company information, financial. It founded by sunil wadhwani in and later acquired by capegemini. Unlike in the past, such activity was not limited to acquisitions within india or of indian companies. Chartered accountants mercurius advisory services in. Computers, indias sixth largest business solution provider. With the patni acquisition, igates phaneesh murthy has returned to the billiondollar game in software outsourcing. 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. 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. However, the restrictions will not apply to anirudh patni. 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.
Substantial acquisition of shares and takeovers regulations, 1997 and subsequent amendments thereto regulations to the shareholders. The deal would lead to a onestep cash merger between igate and a subsidiary of capgemini north america inc. 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. 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. Now, with court approvals in india pending, the merger of indian entities. To make it work, he will have to find his old touchquickly. The firm operated in north america, asia, europe, japan and australia, providing technology consultancy and services. 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. Gilman law llp announced that a complaint was filed on behalf of shareholders of igate corporation nasdaq.
Nov 20, 2017 nearly two years after igate acquired patni computer systems, the amalgamation process is inching towards completion. Read more about igate s next big bet after patni on business standard. 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. 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. A week after the merger announcement, patnis shares on bse closed at rs 477. 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. The name patni, representing patni computer systems, a majority owned subsidiary, has been removed from its. With a value of around a billion us dollars, this acquisition was the largest crossborder leveraged transaction in the it sector. With the acquisition of 63% stake from patni founders and general atlantic, the igateapax combine is now expected to make an. Jan 11, 2011 the three patni brothers, who jointly held a 45. Funds advised by apax partners announce the investment in. Effect of corporate restructuring on shareholders value in.
Introduction the financial year 200708 witnessed a slew of acquisitions across diverse sectors of the economy in india. State of merger control in india competition policy. Nearly two years after igate acquired patni computer systems, the amalgamation process is inching towards completion. To date, the union of igate patni has primarily been client facing. The deal will give igate a delivery platform in india and allow the combined entity to bid for contracts along with the it majors. Igate was an it services company, headquartered in bridgewater, new jersey, united states. The case study acquisition of patni by igate discusses how igate corporation nasdaq. The same shareholders who backed former ceo phaneesh murthy on daring acquisitions, decided to sell igate rather than run it under. Patni holdings pvt ltds operating revenues range is under inr 1 cr for the financial year ending on 31 march, 2017. Patni and his two brothers who merger, acquisition and takeover.
It is possible the name you are searching has less than five occurrences per year. Pdf today, entrepreneurship is one of the most written about topics in the field of. If you are contemplating a crossborder merger, make sure you take appropriate professional advice from the start. Effect of corporate restructuring on shareholders value. Im a expatni which got bought over by igate and later left and joined capgemini. Now capgemini has bought out igate, so im back with my old team. Feb 09, 2011 with the patni acquisition, igate s phaneesh murthy has returned to the billiondollar game in software outsourcing. A month before capgeminiigate deal, neoteric subsidiary. You can get an excerpt of this news on the economic times usbased igate acquired nearly 63 per cent stake in countrys sixth. What changes i can expect as capgemini and igate merged. Sep 08, 2015 igate corporation lawsuit details igate corporation merger. I have emailed to noida hr regarding this and also send medical letter. 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.
The company hopes to triple revenue by 2017 by changing its billing model charging for results instead of the number of people deployed. Paris and bridgewater, new jersey capgemini and igate today merger agreement under which capgemini will acquire igate for a cash. Read more about igate completes patni acquisition on business standard. Completed acquisition by 3i group plc of uponor limited me367808 the ofts decision on reference under section 221 given on 7 august 2008. Reverse mergers procedural aspects and tax implications. 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. The merger would result in the it firm achieving an estimated revenue of 12. 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. I joined the patni computers on sep 2010 and was working. Undertakings in lieu of a reference are being considered or have been accepted by the cma. The acquisition of patni computer systems limited amity university. 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. 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.
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. A month before capgeminiigate deal, neoteric subsidiary acquired igates domestic ims business. Building and creating value atn believes that long term value is created through much more than investments in assets. Completed acquisition by 3i group plc of uponor limited. Northern tier energy merger news and arbitrage profit. With a value of around a billion us dollars, this acquisition was the largest crossborder. The case study the acquisition of patni computer systems limited analyzes the acquisition of patni.
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