Global private equity fund Carlyle and Indian software services major HCL Technologies are reported to have dropped out of the race to acquire a 48 per cent stake in Cambridge Solutions – a Bangalore-based Rs 1,200-crore IT and BPO services provider.
According to sources, the two firms opted out of the Rs 650-crore deal due to price differences with a group of promoters who are looking at exiting.
Meanwhile, a senior executive of the company said two other global PE funds had evinced interest in the stake. “One of them is from the US and the other from Europe. Both are blue-chip PE funds and one of them is expected to align with Ramesh Vangal, who holds 13 per cent in Cambridge,” the executive added.
Read more in The Business Standard article.
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