RTTNews | Sep 10, 2020 09:30AM EDT

09:30 Thursday, September 10, 2020 (RTTNews.com) - Shares of Virtusa Corp. (VRTU) are rising over 24% in pre-market today, after the company announced a merger deal, under which funds affiliated with Baring Private Equity Asia would acquire all outstanding common shares of Virtusa for $51.35 per share in an all-cash transaction valued at about $2.0 billion. The deal is anticipated to close in the first half of 2021.

Baring Private Equity Asia or BPEA is one of the largest independent private equity firms in Asia with about $20 billion of assets under management.

Kris Canekeratne, CEO of Virtusa, said, "This transaction represents a strategic evolution for Virtusa and a unique opportunity to take our business to new heights at a time of accelerating digital adoption."

The stock has been trading in the range of $19.48 - $52.81 for the past one year, and closed Wednesday's trade at $40.50, up 64 cents or 1.61%. VRTU is currently trading at $50.49, up $9.99 or 24.67% in the pre-market session Thursday.

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