Shearman & Sterling has advised PE funds CX Partners and Capital Square Partners on a $420 million sale of Indian business process outsourcing firm Minacs to Concentrix Global Holdings.

U.S. IT supply chain services company Concentrix is a subsidiary of Synnex Corporation, which was represented by Pillsbury Winthrop Shaw Pittman on the transaction. This is the second largest deal Concentrix has done in India. 

The acquisition is expected to help Concentrix strengthen its position as a leading BPO firm in the country. Concentrix became the largest BPO employer in India after its acquisition of IBM Daksh for $505 million in 2013. 

Minacs is also expected to add the Dominican and Jamaica delivery centres to Concentrix’ fold of existing centres in Latin American countries, including Brazil, Uruguay, Costa Rica, Colombia and Nicaragua.

The Shearman & Sterling team working on the deal was led by partner Sidharth Bhasin and included partners Jessica Delbaum, Kenneth Laverriere, Richard Hsu, Daryl Chew, Laurence Crouch and Sarah Priestley