Baring PE Asia is in the process of raising $350 million in debt funding to finance the $800 million buyout of BPO firm IGT Solutions, as per the various media sources. The private equity firm would be buying IGT from Apollo Global.

Investors such as Barclays, Nomura, Canadian pension funds CPPIB and OMERS, KKR Credit and Tor Investments are also expected to participate in this debt financing.

Baring emerged as the highest bidder for IGT Solutions, formerly known as InterGlobe Technologies, which was established in 1998.

Debt Funding, also known as debt financing or debt lending, is a way for a business to raise capital through means of borrowing. This particular funding will need to be repaid at an arranged later date, usually through regular repayments with added interest.

IGT is Baring’s third acquisition in the technology services space in the last one year, following the acquisition of Hinduja Global Solutions and Straive.

IGT Solutions was recently acquired by Aion Capital Partners, a joint venture between Apollo Global and ICICI Ventures, for $230 million in 2019.

IGT Solutions is a business process management (BPM), technology and digital services and solutions company in the travel, transportation and hospitality domain.

The company’s client base comprises hotels, airlines, online travel agencies (OTAs) and travel management companies.