Carlyle said to emerge as preferred bidder for Baring PE’s Hexaware in $3b deal

FILE PHOTO: The logo of the Carlyle Group is displayed at the company's office in Tokyo, Japan October 17, 2018. REUTERS/Issei Kato

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% year on year in 2020 to $845 million in U.S. dollar terms, according to its annual report.

Its earnings before interest, taxes, depreciation and amortisation (EBITDA) grew 24.4% to 11 billion rupees in 2020.

Reuters

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.