Carlyle Emerges Preferred Bidder For Hexaware In $3 Billion Deal

Carlyle Group has emerged as preferred bidder for Hexaware Technologies

Global private equity firm Carlyle Group has emerged as the preferred bidder for Baring Private Equity Asia’s (BPEA) Indian portfolio Hexaware Technologies in a $3 billion deal, two people with knowledge of the situation said.

If successful, Carlyle would be winning a competitive bidding process against peer firms including KKR & Co and Bain Capital, as well as French company Teleperformance SE for the Mumbai-headquartered IT services firm.

Hong Kong-based BPEA, Hexaware and a Carlyle spokesman declined to comment.

BPEA bought a controlling stake in Hexaware in 2013 for about $420 million and took the company private from the local stock exchanges late last year.

Hexaware provides automation, cloud and customer services-related technology to a wide range of industries including finance, education, hospitality and manufacturing.

With 37 offices in more than 30 countries, the company’s revenue grew 6.5 per cent year on year in 2020 to $845 million in US dollar terms, according to its annual report.

Its earnings before interest, taxes, depreciation and amortisation (EBITDA) grew 24.4 per cent to Rs 1,100 crore in 2020.