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TORONTO, Sep. 30, 2020 (Canada NewsWire through COMTEX) —
Canada Pension System Expense Board (CPP Investments) confirms an fairness determination of US$300 million alongside Baring Non-public Equity Asia (BPEA) in regard of the proposed acquisition of Virtusa Corporation (Virtusa), a world wide provider of digital tactic, electronic engineering, and IT expert services and solutions that assist customers modify and disrupt markets through innovation engineering. CPP Investments will hold a stake of approximately 24% in the small business.
On September 10, 2020, BPEA and Virtusa announced that the providers have entered into a definitive merger agreement underneath which cash affiliated with BPEA will get all remarkable shares of frequent stock of Virtusa for US$51.35 for every share in an all-cash transaction valued at approximately US$2. billion. CPP Investments and BPEA have a longstanding relationship courting back again more than 10 years.
“We are delighted to announce that CPP Investments will be our associate in this transaction” said Jimmy Mahtani, Controlling Director of BPEA. “Technological innovation is continuing to travel marketplace evolution at an unparalleled tempo, generating new possibilities as perfectly as complexities. Virtusa’s global workforce of gifted pros, program engineering heritage, and deep domain knowledge placement it uniquely to assist enterprises across industries accelerate their most strategic digital and cloud transformation initiatives.”
“This is a sizeable option to acquire an interest in a remarkably differentiated player in the quickly-escalating IT companies marketplace, alongside our extensive-standing associate BPEA,” claimed Frank Su, Managing Director and Head of Private Equity Asia, CPP Investments. “Virtusa’s potential to partner with a blue-chip customer foundation to rapidly construct scale in an market with strong fundamentals will produce prolonged-time period worth for CPP contributors and beneficiaries.”
The transaction is envisioned to shut in the 1st 50 % of 2021 and is subject matter to the approval of Virtusa’s shareholders, customary regulatory prerequisites, which includes approval from The Committee on Foreign Financial investment in the United States (CFIUS), and customary closing situations. The transaction is not topic to a funding problem.
About BPEABaring Personal Fairness Asia (BPEA) is just one of the biggest and most recognized private different financial investment corporations in Asia, with AUM of approximately US$20 billion. The agency operates a non-public equity investment decision system, sponsoring buyouts and giving growth cash to businesses for expansion or acquisitions with a individual aim on the Asia Pacific region, as nicely as investing in organizations globally that can gain from even more growth into the Asia Pacific region. BPEA also manages committed cash focused on personal real estate and personal credit history. The company has a 23-12 months heritage and more than 190 workforce located across workplaces in Australia, China, Hong Kong, India, Japan, Singapore, and the US. BPEA at this time has above 40 portfolio organizations active across Asia with a full of 224,000 staff members and sales of approximately US$39 billion.
For extra information and facts, please take a look at www.bpeasia.com
About CPP InvestmentsCanada Pension Strategy Expenditure Board (“CPP InvestmentsTM”) is a skilled financial investment administration business that invests all over the planet in the greatest interests of the additional than 20 million contributors and beneficiaries of the Canada Pension Prepare. In get to make diversified portfolios of assets, investments in general public equities, private equities, authentic estate, infrastructure and mounted income are created by CPP Investments. Headquartered in Toronto, with workplaces in Hong Kong, London, Luxembourg, Mumbai, New York Town, San Francisco, São Paulo and Sydney, CPP Investments is governed and managed independently of the Canada Pension Approach and at arm’s size from governments. At June 30, 2020, the Fund totalled $434.4 billion. For far more details, be sure to take a look at www.cppinvestments.com or observe us on LinkedIn, Fb or Twitter.
More Information and Where by to Discover It This conversation relates to the proposed merger transaction involving Virtusa Corporation (the “Business”) and may be considered to be solicitation content in regard of the proposed merger transaction. In relationship with the proposed merger transaction, the Corporation will file relevant products with the U.S. Securities and Trade Commission (the “SEC”), which includes a proxy assertion on Timetable 14A (the “Proxy Statement”). This communication is not a substitute for the Proxy Statement or for any other doc that the Enterprise may file with the SEC or ship to the Firm’s stockholders in link with the proposed merger transaction. Before Making ANY VOTING Decision, Traders AND Safety HOLDERS OF THE Company ARE URGED TO Go through THE PROXY Statement AND OTHER Documents (Like ANY AMENDMENTS OR Supplements THERETO) Filed WITH THE SEC Cautiously AND IN THEIR ENTIRETY WHEN THEY Come to be Offered Due to the fact THEY WILL Have Significant Data ABOUT THE Corporation, THE PROPOSED MERGER TRANSACTION AND Related Issues. The proposed merger transaction will be submitted to the Firm’s stockholders for their thought. Investors and security holders will be able to attain free of charge copies of the Proxy Assertion (when readily available) and other paperwork filed by the Company with the SEC as a result of the web-site managed by the SEC at http://www.sec.gov. Copies of the documents filed by the Firm with the SEC will also be out there free of charge of demand on the Firm’s internet site at www.virtusa.com or by getting in contact with the Firm’s Investor Relations make contact with at [email protected]
Members in the Solicitation The Business and its directors and specific of its govt officers and workforce, and Baring Personal Equity Asia and certain of its administrators, government officers and staff members, may perhaps be deemed to be members in the solicitation of proxies from the Company’s stockholders with regard to the proposed merger transaction underneath the rules of the SEC. Information about the administrators and executive officers of the Organization and their possession of shares of the Company’s widespread inventory is established forth in its Yearly Report on Type 10-K for the calendar year finished March 31, 2020, which was filed with the SEC on May 28, 2020 and was subsequently amended on July 29, 2020, its proxy statement for its 2020 yearly conference of stockholders, which was submitted with the SEC on August 17, 2020 and in subsequent documents filed with the SEC, like the Proxy Assertion. Details about the administrators, govt officers and personnel of Baring Personal Fairness Asia is set forth in the Program 13D filed with the SEC on September 18, 2020. Additional info regarding the folks who may well be deemed individuals in the proxy solicitations and a description of their direct and indirect passions in the merger transaction, by security holdings or or else, will also be incorporated in the Proxy Statement and other appropriate components to be submitted with the SEC when they become readily available. You may perhaps get no cost copies of this document as explained higher than.
Ahead Looking Statements This communication incorporates “forward-wanting statements” in just the this means of the Non-public Securities Litigation Reform Act of 1995. Baring Private Equity Asia and the Business normally determine ahead-seeking statements by terminology these types of as “may perhaps,” “will,” “must,” “expects,” “ideas,” “anticipates,” “could,” “intends,” “focus on,” “projects,” “contemplates,” “thinks,” “estimates,” “predicts,” “likely” or “go on” or the damaging of these phrases or other comparable terms. These statements are only predictions. Baring Non-public Equity Asia and the Firm have primarily based these ahead-looking statements mainly on their then-current expectations and projections about upcoming situations and financial developments as effectively as the beliefs and assumptions of their respective administration. Ahead-wanting statements are subject to a quantity of risks and uncertainties, quite a few of which include things or situation that are further than Baring Non-public Equity Asia’s and the Company’s handle. Baring Non-public Equity Asia and/or the Firm’s actual benefits could differ materially from those mentioned or implied in forward-wanting statements owing to a quantity of aspects, which includes but not restricted to: (i) challenges affiliated with the Company’s capability to attain the stockholder acceptance required to consummate the proposed merger transaction and the timing of the closing of the proposed merger transaction, like the threats that a problem to closing would not be pleased in the predicted timeframe or at all or that the closing of the proposed merger transaction will not occur (ii) the consequence of any authorized proceedings that may well be instituted against the parties and some others associated to the merger agreement (iii) the event of any party, improve or other circumstance or ailment that could give increase to the termination of the merger settlement (iv) unanticipated issues or expenditures relating to the proposed merger transaction, the reaction of small business partners and rivals to the announcement of the proposed merger transaction, and/or prospective troubles in employee retention as a outcome of the announcement and pendency of the proposed merger transaction and (v) those hazards detailed in the Firm’s most recent Yearly Report on Form 10-K and subsequent experiences submitted with the SEC, as well as other documents that may well be filed by the Corporation from time to time with the SEC. Appropriately, you ought to not count upon ahead-hunting statements as predictions of future activities. Baring Private Equity Asia and the Company can not assure you that the situations and situation reflected in the forward-searching statements will be accomplished or arise, and actual success could vary materially from those people projected in the forward-hunting statements. The forward-wanting statements created in this conversation relate only to occasions as of the day on which the statements are made. Other than as expected by relevant law or regulation, Baring Non-public Equity Asia and the Business undertake no obligation to update any ahead-hunting statement to replicate activities or situations after the date on which the assertion is made or to reflect the event of unanticipated gatherings.
Source Canada Pension Prepare Expense Board
Perspective primary information to download multimedia: http://www.newswire.ca/en/releases/archive/September2020/30/c7664.html
Source: Canada Pension Prepare Investment decision Board
BPEA, Newgate Communications, Fergus Herries, M: +852 5970 3618, E: [email protected] CPP Investments, Connie Ling, World-wide Corporate Communications, E-mail: [email protected], Cell phone: +852 3959 3476 Steve McCool, World wide Corporate Communications, E-mail: [email protected], Cellphone: +44 20 3947 3002
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