KKR, PAG Vie for Apollo Arm’s India Call-Center Business
(Bloomberg) -- Buyout firms KKR & Co. and PAG are among preliminary bidders for IGT Solutions Pvt, the Indian call-center business being sold by an arm of Apollo Global Management, according to people familiar with the matter.
IGT Solutions, which is owned by Apollo affiliate Aion Capital Partners, has also attracted initial interest from Indian back-office manager WNS Holdings Ltd., the people said. Aion is seeking more than $700 million for the asset, the people said.
Aion plans to seek final bids for the business next month, the people said. It aims to sign an agreement with a buyer as early this quarter, according to one of the people.
Other suitors could also emerge, and there’s no certainty the deliberations will result in a transaction, the people said. Representatives for Apollo and KKR declined to comment. Spokespeople for PAG and WNS didn’t immediately respond to requests for comment.
Founded in 1998, IGT Solutions employs more than 15,000 workers at about 22 delivery centers in India, the Philippines, China, Malaysia, the United Arab Emirates, Romania, Indonesia, Spain, Colombia and the U.S., according to its website.
Aion Capital, formed by Apollo and India’s ICICI Venture Funds Management Co., bought IGT for about $230 million in early 2019 from the owner of Indian budget carrier IndiGo. ICICI and Apollo ended the alliance last year, and Apollo will advise on Aion investments until the end of the fund’s term.
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