Hexaware Technologies’ $600 Million Facility for Take-Private

Kirkland & Ellis represented Baring Private Equity Asia in the transaction.

Baring Private Equity Asia (BPEA) completed a US$600 million facility in connection with the redemption of the US$367.9 million of notes issued by HT Global IT Solutions Limited, a Mauritius entity owned by BPEA that owns 62% of Hexaware Technologies (NSE: HEXAWARE), a leading global IT consulting and digital solutions provider listed on the Bombay Stock Exchange and National Stock Exchange, and funding of the take-private of Hexaware.

The take-private, together with the refinancing, is valued at approximately US$2 billion, will be the first successful delisting from the Indian stock exchange since December 2018 and one of the small number of take-private transactions in India by a private equity sponsor.

The Kirkland team representing Baring Private Equity Asia was led by debt finance partner Manas Chandrashekar (Picture) with assistance from capital markets partner Antoine Lebienvenu.

Involved fees earner: Manas Chandrashek – Kirkland & Ellis; Antoine Lebienvenu – Kirkland & Ellis;

Law Firms: Kirkland & Ellis;

Clients: Baring Private Equity Asia;

Author: Michael Patrini