Canada’s Ontario Teachers’ Pension Plan (OTPP) and Canada Pension Plan Investment Board (CPPIB) are competing with bulge-bracket private equity funds such as Blackstone, Bain Capital and CVC Capital Partners to acquire a significant minority stake in leading big data analytics firm Mu Sigma at a $1.1-1.2 billion valuation.
US-based software and analytics giant Palantir Technologies is also in negotiations to acquire the shares held by General Atlantic and Mu Sigma CEO Ambiga Subramanian, multiple sources close to the deal told ET. General Atlantic and Subramanian together own around 46 per cent in Mu Sigma and have been looking to monetise this, mandating Credit Suisse and Citigroup to help them find a buyer. But Subramanian may keep a part of her stake, said executives aware of the negotiations. Subramanian and founder Dhiraj Rajaram, who each hold a 24 per cent stake in the company, made public their divorce in May. At the time Rajaram had told ET that Subramanian may give up her executive role going forward.