TPG beats Advent to emerge frontrunner for Tessolve stake; to invest $140–150 million

Mumbai: TPG Inc has emerged as the frontrunner to buy a significant minority stake in Tessolve, the semiconductor design and engineering company majority owned by Hero Electronix, people familiar with the matter told ET.

TPG’s growth fund has signed an exclusivity pact with Tessolve for starting final deal negotiations, beating a bid from rival PE group Advent International, valuing the Bengaluru-headquartered firm at $475 million-500 million (₹4,158-4,377 crore). TPG has proposed to invest $140-150 million (₹1,225-1,313 crore) in Tessolve, as part of the deal, the people said.