AION Capital Partners, the joint venture between global private equity player Apollo Global Management and home-grown ICICI Venture, is acquiring InterGlobe Technologies for $230 million, according to a source-based report in The Economic Times.
InterGlobe Tech is the IT & back office arm of travel major InterGlobe Enterprises. It provides services in the entire spectrum of travel, transportation and hospitality domain globally. InterGlobe Enterprises is also the parent of Indian airline company IndiGo.
As per the news report, the deal was signed this week and is likely to be announced soon.
Private equity investors Blackstone, Carlyle, Everstone and Partners Group were also earlier reported to be interested in the deal along with IT firm Tech Mahindra.
It was also reported last year that global private equity firm Capital International was close to picking up a 37 per cent stake in the IT services firm.
InterGlobe had mandated investment banks Avendus and BNP Paribas to advise on sale of InterGlobe Technologies and was said to be asking for a valuation of $400 million.
InterGlobe’s technology arm is expected to post a revenue of $150 million with an EBITDA margin of 18% in FY19, said the news paper report.