iGATE (www.igate.com) announced on 10 January 2011, that it had reached a definitive agreement to buy shares of the major shareholders of Patni Computer Systems Limited. These shares comprise 63% of Patni's total outstanding shares. This will create an enterprise with close to $1b in revenues, 25,000 in headcount.
The proposed acquisition of the shares is subject to regulatory requirements and iGate is required to make an ‘Open Offer’ to acquire additional 20% of Patni’s shares from the open market. Changes in the shareholding shall take place upon fulfillment of all the obligations under the Open Offer process.
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