Partners Group has agreed to acquire about 75 per cent stake in India’s Atria Convergence Technologies (ACT) from its investors True North and TA Associates.
Partners Group will pay around $900 million for the 75 per cent stake. The transaction values ACT at an enterprise value of nearly $1.2 billion. With this, true North’s investment arm Argan will exit its entire shareholding in ACT, while TA will partially divest its shareholding. Both funds together held about 95 per cent stake in ACT.
Further, with completion of the transaction, Partners will hold 75 per cent stake, TA will hold about 20 per cent and the rest of the stake will be held by the management.
Investment bank UBS advised the investors for the stake sale.