Virtusa plans new debt financing for buyout by Baring Private Equity

By Sara Rosenberg

New York, Sept. 11 – Virtusa Corp. has received a debt financing commitment to help fund its acquisition by Baring Private Equity Asia, according to an 8-K filed with the Securities and Exchange Commission on Friday.

BofA Securities Inc. provided the debt commitment.

Other funds for the transaction will come from equity.

Under the agreement, Virtusa is being bought for $51.35 per share in an all-cash transaction valued at about $2 billion.

Closing is expected in the first half of 2021, subject to the approval of Virtusa’s shareholders, regulatory requirements and other customary conditions. The transaction is not subject to a financing condition.

Virtusa is a Southborough, Mass.-based provider of digital strategy, digital engineering, and IT services and solutions that help clients change and disrupt markets through innovation engineering.

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