U.S. software firm iGate (IGTE.O), backed by prifate equity firm Apax Partners, has agreed to acquire a majority stake in India's Patni Computer (PTNI.BO) for $862 million, two sources with knowledge of the matter said, marking one of the largest deals in India's technology sector. iGate and Apax have agreed to pay 503.50 rupees a share for a 63 percent stake in Patni, the sources said, adding that the price does not include fees for a non-compete clause in the agreement. Patni shares closed at 460.10 rupees in Friday trade on the Bombay Stock Exchange. Apax will invest about $500 million in iGate for the acquisition. iGate will also take a loan of another $500 million from Standard Chartered (STAN.L) and Deutsche Bank (DBKGn.DE) for the deal, the sources said. iGate has agreed to make an open offer for an additional 20-percent to Patni's minority shareholders following the deal, the sources said.
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