Private equity giant Apax Partners has acquired GlobalLogic, an IT outsourcing firm founded by four IITians, for $420 million (Rs 2,578 crore) making it the biggest India exit deal for a clutch of venture capitalists this year, reports TOI..The acquisition is being done through ODSA Topco Ltd, a company backed by Apax Partners..Khaitan & Co acted as Indian legal counsel for Apax Partners. The Khaitan team was led by Corporate Partners Haigreve Khaitan and Aakash Choubey. Partner Avaantika Kakkar advised on competition law aspect while Tax and Funds Partner Bijal Ajinkya advised on tax issues..Kirkland & Ellis LLP acted as International legal counsel for Apax Partners with a team led by Partner Srinivas Kaushik. Hogan Lovells LLP advised GlobalLogic..The sale of GlobalLegal will give exit to its existing investors including WestBridge Capital, New Atlantic Ventures (NAV), New Enterprise Associates (NEA) and Sequoia Capital..This is Apax Partners second deal in the Indian IT sector, the first one being Apax Partners investment of over $350 million in Nasdaq-listed information technology firm iGate to back its acquisition of Patni, reports VCCircle.
Private equity giant Apax Partners has acquired GlobalLogic, an IT outsourcing firm founded by four IITians, for $420 million (Rs 2,578 crore) making it the biggest India exit deal for a clutch of venture capitalists this year, reports TOI..The acquisition is being done through ODSA Topco Ltd, a company backed by Apax Partners..Khaitan & Co acted as Indian legal counsel for Apax Partners. The Khaitan team was led by Corporate Partners Haigreve Khaitan and Aakash Choubey. Partner Avaantika Kakkar advised on competition law aspect while Tax and Funds Partner Bijal Ajinkya advised on tax issues..Kirkland & Ellis LLP acted as International legal counsel for Apax Partners with a team led by Partner Srinivas Kaushik. Hogan Lovells LLP advised GlobalLogic..The sale of GlobalLegal will give exit to its existing investors including WestBridge Capital, New Atlantic Ventures (NAV), New Enterprise Associates (NEA) and Sequoia Capital..This is Apax Partners second deal in the Indian IT sector, the first one being Apax Partners investment of over $350 million in Nasdaq-listed information technology firm iGate to back its acquisition of Patni, reports VCCircle.