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Sunday, January 9, 2011

iGate set to announce deal to buy Patni-report, (NASDAQ: IGTE), (PTNI)

U.S. software firm iGate (IGTE.O) plans to host a press conference on Monday at which it is widely expected to announce a deal to buy India's Patni Computer (PTNI.BO) for more than $900 million. The U.S. company, backed by private equity firm Apax Partners, plans to pay around 500 rupees a share for a 63 percent stake in the company, a source previously told Reuters. iGate plans to hold a press conference at noon on Monday, the company said late Sunday. The Economic Times newspaper said Patni's board planned to meet Monday morning and that iGate would announce the deal after that, citing two sources with direct knowledge of the deal.