Baring Private Equity Asia’s Acquisition of Virtusa

Goodwin Procter LLP acted as legal counsel to Virtusa, while Ropes & Gray LLP acted as legal counsel to BPEA. Simpson Thacher represented J.P. Morgan Securities as financial advisor to Virtusa Corporation.

Baring Private Equity Asia executed its acquisition of Virtusa Corporation, a global provider of digital strategy, digital engineering, and IT services and solutions. BPEA will acquire all outstanding shares of common stock of Virtusa for $51.35 per share in an all-cash transaction valued at approximately $2.0 billion.

The transaction, which is expected to close in the first half of 2021, is subject to the approval of Virtusa’s shareholders, customary regulatory requirements, including approval from The Committee on Foreign Investment in the United States, and customary closing conditions. The transaction is not subject to a financing condition.

BPEA is one of the largest and most established private alternative investment firms in Asia with assets under management of approximately US$20 billion.

J.P. Morgan Securities and Citi acted as financial advisors to Virtusa. BofA Securities served as financial advisor to BPEA.

The Ropes & Gray team that advised BPEA was led by mergers & acquisitions partner Paul Scrivano (San Francisco; Picture) and private equity partners Eric Issadore (San Francisco), Neill Jakobe (Chicago) and Richard Conklin (Boston), and included debt finance partner Alexander Zeltser (New York), tax partner Elaine Murphy (Boston), litigation & enforcement partner Ruchit Patel (London) and employment, executive compensation & benefits partners Matthew Jones (Chicago) and Jennifer Cormier (Boston).

The Goodwin team was led by John Egan, Joe Johnson, Joe Theis, Andrew Goodman, and Lillian Kim.

The Simpson Thacher team advising J.P. Morgan Securities  included Marni Lerner and Jess Yoon (M&A).

Involved fees earner: John Egan – Goodwin Procter; Andrew Goodman – Goodwin Procter; Joseph Johnson – Goodwin Procter; Lillian Kim – Goodwin Procter; Joseph Theis Jr. – Goodwin Procter; Richard Conklin – Ropes & Gray; Jennifer Cormier – Ropes & Gray; Eric Issadore – Ropes & Gray; Neill Jakobe – Ropes & Gray; Matthew Jones – Ropes & Gray; Elaine Murphy – Ropes & Gray; Ruchit Patel – Ropes & Gray; Paul Scrivano – Ropes & Gray; Alexander Zeltser – Ropes & Gray; Marni Lerner – Simpson Thacher & Bartlett; Jess JuYoung Yoon – Simpson Thacher & Bartlett;

Law Firms: Goodwin Procter; Ropes & Gray; Simpson Thacher & Bartlett;

Clients: Baring Private Equity Asia; J.P. Morgan Securities LLC; Virtusa Corporation;

Author: Ambrogio Visconti