Nothing but negotiation

The Gap Partnership

Sales negotiations may have aided Gate and Patni Computer Systems

10 January 2011

Sales negotiations have led to an agreement that sees IT firm iGate acquire a 63 per cent stake of Patni Computer Systems.

A deal has been struck, which is reportedly worth an estimated $915 million (£589 million).

Commenting on the acquisition, Phaneesh Murthy, chief executive officer of iGATE Corporation, said: "The objective is to synergise the leadership team of both iGATE and Patni to create, over time, a world-class integrated leadership team which will drive the combined company to newer horizons."

He added the combination will help customers get better service, access to more service lines and deeper pools of expertise.

Sales negotiations might also prove useful for CapitalSource after it was recently revealed the firm is seeking a potential buyer.

People familiar with the matter stated the commercial lender for small and mid-sized businesses has hired JPMorgan Chase to advise on a potential sale.

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