Baring Private Equity Asia acquired a 30% stake in NIIT Technologies from NIIT Limited and its founders for approximately ₹26.2 billion (US$379 million). Baring also made a mandatory open offer for 26% of shares to the public shareholders of NIIT Technologies, taking the total deal size to about US$700 million.
J Sagar Associates (JSA) advised Baring on the acquisition. JSA partners Vikram Raghani and Anand Lakra, senior associate Abhilash Chandran and associates Ami Shah, Khamir Kamdar, Parshva Doshi and Urmika Agarwal worked on the deal. The firm also advised on the financing of the deal and certain competition aspects. Shardul Amarchand Mangaldas & Co acted as the legal advisor to NIIT Limited. Credit Suisse acted as the exclusive financial advisor to NIIT Limited and other promoter entities.
NIIT Technologies became an independently listed company after its demerger from NIIT Limited in 2004. NIIT Technologies is an IT solutions company based in India.
The company has over 10,000 employees and serves clients in India and abroad in the verticals of banking and financial services, insurance, travel and transportation.