iGate Set To Buy Patni

US software firm iGate is set to announce a deal to buy a majority stake in India's Patni Computer Systems, the Economic Times reported, citing two sources with direct knowledge of the deal.

iGate is likely to buy a stake of more than 60 percent from Patni Brothers and private equity firm General Atlantic at between 500 to 505 rupees per share, according to the report. A Patni Computer board meeting is scheduled, the Economic Times said.

iGate's deal with Apax Partners for a majority stake in Patni Computer Services was expected to be announced last week but had been delayed due to procedural issues, a source told Reuters last week. The terms of the deal remained the same, including the price of around 500 rupees a share, the source said, valuing the deal at more than $900 million for a 63-percent stake in the company.

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