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Ropes & Gray Advises Baring Private Equity Asia in its Acquisition of Virtusa Corp.

Practices: Mergers & Acquisitions, Private Equity, Tax, Securities & Futures Enforcement, Executive Compensation & Employee Benefits, Leveraged Finance

Ropes & Gray advised Baring Private Equity Asia in its acquisition of Virtusa Corporation, a global provider of digital strategy, digital engineering, and IT services and solutions. BPEA will acquire all outstanding shares of common stock of Virtusa for $51.35 per share in an all-cash transaction valued at approximately $2.0 billion. The transaction was announced on Sept. 9. The press release is here. 

The transaction, which is expected to close in the first half of 2021, is subject to the approval of Virtusa’s shareholders, customary regulatory requirements, including approval from The Committee on Foreign Investment in the United States, and customary closing conditions. The transaction is not subject to a financing condition. 

BPEA is one of the largest and most established private alternative investment firms in Asia with assets under management of approximately US$20 billion. 

The Ropes & Gray team that advised BPEA was led by mergers & acquisitions partner Paul Scrivano (San Francisco) and private equity partners Eric Issadore (San Francisco), Neill Jakobe (Chicago) and Richard Conklin (Boston), and included debt finance partner Alexander Zeltser (New York), tax partner Elaine Murphy (Boston), litigation & enforcement partner Ruchit Patel (London) and employment, executive compensation & benefits partners Matthew Jones (Chicago) and Jennifer Cormier (Boston).

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