The deal that was in news for a long period of time, and witnessed a fair number of ups and downs is finally happening.

The deal between Patni computers and iGate gave a rollercoaster ride to the shareholders of Patni computers after the announcement of the deal was postponed.

US software firm iGate and Apax Partners LLC are now finally in for a deal that gives them the majority stake in the IT firm. The deal will be sealed most likely on 10 January 2011.

The press conference that was called for unknown reasons might be taking place on Monday. The objective will be to announce the deal and the price per share. iGate CEO Phaneesh Murthy is expected to head the press conference and announce all the necessary details.

Patni's founders and private equity player General Atlantic are planning to give up their 46% and 17% stake respectively and exit the company. About $1 billion is the expected price to be paid by iGate, along with private equity player Apax Partners.