 "TPG agrees to acquire majority stake in digital services firm Altimetrik")
By Baiju Kalesh, Elffie Chew and Ryan Gould
TPG Inc. has agreed to acquire a majority stake in Michigan-based digital business services firm Altimetrik Corp.
The buyout firm is investing in Altimetrik through its Asian private equity platform, it said in a Thursday statement, confirming an earlier Bloomberg News report. Financial terms were not disclosed. A transaction could value Altimetrik at about $1.5 billion, people familiar with the matter have said.
Altimetrik and its Executive Chairman Raj Vattikuti had been working with Jefferies Financial Group Inc. to review options for the firm he founded in 2012. The company employs over 5,000 people in India and has a presence in 14 countries, partnering with clients including Citigroup Inc., DBS Group Holdings Ltd. and Visa Inc.
Earlier this week, TPG, one of the industry’s biggest buyout shops, announced a deal to acquire European property software firm Aaeron from Aareal Bank AG and Advent International for about €3.9 billion ($4.2 billion) including debt.
TPG said in May it secured approximately $5.3 billion in capital commitments for its Asia VIII fund, making it the largest in its 30-year history investing in the region.
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