Baring PE Asia (BPEA) is all set to obtain specialist BPO firm IGT Solutions, formerly InterGlobe Technologies, from an affiliate of Apollo Global Management in what would be its third Indian tech sector scalp in the past eight months, people aware of the development told ET.
BPEA narrowly trumped Teleperformance SE, the world’s largest BPO, in the last leg to appear the highest bidder.
BPEA, an Asia-focused buyout specialist, has valued IGT at $800 million (Rs 6,000 crore). It will first acquire an 85% stake from Aion Capital Partners, which was formed as a joint project between Apollo Global and ICICI Venture but subsequently dissolved.
After a year, Aion will relocate the residual 15% stake in the company to BPEA as per the agreement signed between the two this weekend.
Once finished, this also would mark the biggest payday for Apollo in India – a 4x return in just 3 years. In 2019, Aion had acquired IGT Solutions for $230 million, from InterGlobe Enterprises - the owner of Indigo Airlines. Apollo can further capture the upside in the next one year.
Apollo Global and Baring PE Asia declined to comment.
Late last year, riding on the upswing in technology sector valuations, Apollo decided to sell IGT and mandated JP Morgan and Barclays to run a formal process that also saw funds like Carlyle and KKR compete with NYSE listed WNS and Webhelp. In the final round, only three put in firm bids. Other than BPEA and Teleperformance, PAG was the third suitor in the fray. .
Established in 1998, IGT Solutions (IGT) employs more than 15,000 customer understanding and technology specialists providing services to 75 plus customers globally. IGT’s global footprint consists of 23 delivery centers in China, the Philippines, Malaysia, India, UAE, Romania, Indonesia, Spain, Colombia and the USA,