The Carlyle Group Inc. (NasdaqGS:CG) has emerged as the frontrunner to acquire Hexaware Technologies Limited (NSEI:HEXAWARE) from its PE owner Baring Private Equity Asia (BPEA) with a bid of $3 billion (INR 225.00 Billion), said people in the know. Carlyle's offer trumps competition from Bain Capital, LP and Paris-based technology company Teleperformance SE (ENXTPA:TEP). All three, shortlisted for the final round of negotiations, submitted binding offers on August 16, 2021 . If the Carlyle offer gets accepted, it would be the largest PE buyout in the country outside of infrastructure, and also mark the US group's biggest bet in the country. There's been a surge in PE backed deals in IT services globally in the past year amid increasing automation and businesses migrating to the cloud, a process accelerated by the pandemic. Carlyle is also negotiating with a host of banks " HSBC, Morgan Stanley, Goldman Sachs, Barclays, Nomura, Standard Chartered, BNP Paribas " to raise $1.2 billion in bridge financing for the acquisition that is likely to be taken out through a dollar bond issuance subsequently.