According to a Reuters report, citing sources with knowledge of the matter, Carlyle Group has agreed to acquire a minority stake in Singapore-based Quest Global Services, which values the latter at $2 billion.
The transaction is to be funded by equity from Carlyle’s Asia funds along with bank financing. Yet, the private equity firm did not disclose any financial details.
According to Carlyle Group, Bain Capital and Advent International, investors in Quest Global Services, will exit the company as part of the transaction, while Quest Global will buy back its own shares.
Meanwhile, Quest Global Chairman and Chief Executive Officer Ajit Prabhu is to acquire an additional stake.
Quest Global Services specializes in engineering, research and development services for the design, product development and operations of complex engineering systems.
At present, the firm employs more than 17,500 engineers across 67 delivery centers and offices.
The shares of Carlyle Group Inc (CG) closed 2.24% ($0.72) higher at $32.92 on Nasdaq on Monday, as they extended a gain from the previous trading session.
The US private equity company’s total market cap now stands at $11.921 billion.
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