(Bloomberg) — Bain Capital is in advanced talks to buy outsourcing firm VXI Global Solutions from Carlyle Group Inc., people familiar with the matter said, five years after selling its stake in the business to its private equity rival.

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Boston-based Bain is in the final stages of conducting due diligence on VXI and firming up details of a potential deal, the people said, asking not to be identified because the information is private. Bain has emerged as the likeliest buyer for the business after outbidding other buyout firms and industry players, the people said.

The company, which could be valued at $1.5 billion to $2 billion in a sale, had drawn interest from buyout firms including Bain Capital and Baring Private Equity Asia, Bloomberg News reported last month.

Deliberations are ongoing and talks could still fall apart, the people said. Representatives for Bain and Washington-based Carlyle declined to comment.

Founded in 1998 in Los Angeles, VXI expanded into China in 2005 and has helped multinational companies with business process outsourcing and information technology services as they enter the world’s second-largest economy, according to its website.

Carlyle became the majority shareholder in VXI in 2017 after acquiring a stake from owners including Bain. The company has expanded both organically and via acquisitions.

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