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Apax sells GlobalLogic stake to Partners Group

Funds advised by U.K. private equity firm Apax Partners LLP agreed to sell their ownership stake in GlobalLogic Inc. to Partners Group Holding AG in a deal that values the software development firm at more than $2 billion.

In a statement, Apax said the Switzerland-based Partners Group will become an equal shareholder with existing investor Canada Pension Plan Investment Board, or CPPIB, following the acquisition.

Apax sold 48% of its equity stake in GlobalLogic to CPPIB in April 2017.

GlobalLogic employs 12,000 people and creates digital products, including next-generation cloud platforms and mobile and web applications.

Since Apax's first investment in 2013, GlobalLogic has more than doubled its revenue and EBITDA, according to the buyout firm.