Advent International back in Quest Global, to invest $80 million.

Industry:    2016-02-01

Advent International, which lost its bid to acquire engineering services firm Quest Global Services Pte Ltd to a consortium of Bain Capital and Singapore sovereign wealth fund GIC, has finally found its way in. The US private equity fund has agreed to invest $80 million (Rs 543 crore) to acquire around an 8% stake held by some of minority investors in Quest, valuing the Singapore-headquartered firm around $1 billion, multiple sources told ET. The transaction is expected to conclude on Monday. After the deal, the three financial investors will own around a 35% stake in the company, sources said. Advent will get one board seat along with Bain and GIC. “The deal is done. All agreements are in place. A formal announcement is pending,” said one of the sources with direct knowledge of the matter. Advent declined to comment, while an e-mail sent to Ajit Prabhu, cofounder and chief executive of Quest, remained unanswered until press time on Sunday. In December, US private equity fund, Bain Capital and GIC jointly bought out Warburg Pincus’ stake in Quest for about $250 million. Advent was a strong contender in the fiercely fought auction, which has seen strong interest from private equity funds from Americas to the Far East. The Carlyle Group, Apax Partners, Baring Asia and a pr .. Read more at: http://economictimes.indiatimes.com/articleshow/50799778.cms?utm_source=contentofinterest&utm_medium=text&utm_campaign=cppst

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