Baring PE eyes 56% in NIIT Tech for ₹4,890 cr

Action in the mid-tier IT services segment is hotting up with Hong Kong-based Baring Private Equity Asia looking to acquire up to 56 per cent stake in NIIT Technologies Ltd for ₹4,890 crore.

Baring already owns majority stake in Mumbai-based IT services firm Hexaware Technologies, which could now be merged with NIIT Tech, according to industry experts.

Definitive agreements

Baring has signed definitive agreements to purchase approximately 18.85 million NIIT Technologies shares, amounting to 30 per cent shareholding, from NIIT Ltd and other promoter entities at a price of ₹1,394 per share for ₹2,627 crore. The private equity firm has also made an open offer to the public shareholders of NIIT Technologies to purchase up to 26 per cent additional shareholding at a price of ₹1,394 per share.