Shearman & Sterling is representing Jefferies Finance and RBC Capital Markets as joint lead arrangers in connection with the financing for US outsourcer iGate in its proposed acquisition of Patni Computer Systems (Patni), a Mumbai-based software outsourcing business. In a deal valuing Patni at $1.22 billion, excluding debt, the takeover represents one of the largest deals in India’s technology sector and could be the start of a consolidation trend among smaller players in this highly competitive sector.

The Shearman & Sterling team is being led by partner Michael S. Baker (New York-Finance) and includes partners Robert Freedman (New York-Finance), Maura E. O’Sullivan (New York-Finance) and Jason Lehner (New York-Capital Markets).