Advent International, which lost its bid to acquire engineering services firm Quest Global Services Pte Ltd to a consortium of Bain Capital and Singapore sovereign wealth fund GIC, has finally found its way in
The US private equity fund has agreed to invest $80 million (Rs 543 crore) to acquire around an 8% stake held by some of minority investors in Quest, valuing the Singapore-headquartered firm around $1 billion, multiple sources told ET. The transaction is expected to conclude on Monday. After the deal, the three financial investors will own around a 35% stake in the company, sources said. Advent will get one board seat along with Bain and GIC. “The deal is done.