PE Baring nears deal to buy NIIT Tech, values co at $1.2 billion

BENGALURU: Buyout investor Baring Private Equity Asia is nearing a deal to acquire NIIT TechnologiesNSE 0.11 % at a slight premium to the prevailing market value. Baring has lined up financing support from four global banks as it looks to clinch the deal, valuing NIIT Technologies at over Rs 8,500 crore (or $1.2 billion).

NIIT Technologies’ promoters Rajendra Pawar and Vijay Thadani hold 30.8 per cent stake in the IT firm that includes 23.5 per cent held by its parent entity NIIT Limited. The Pawar and Thadani family trusts own 3.5 per cent each in NIIT Tech.