CX Partners, an Indian private equity firm, has signed a binding letter of intent to invest INR1.2 billion (approximately US$22.9 million) in Transaction Solutions International (TSN), an operator of ATMs that is listed on the Australian Stock Exchange. Under the terms of the transaction, CX Partners will acquire a 75 percent stake in TSN’s wholly-owned Indian subsidiary, TSI India, in two tranches. Following the investment, TSN will hold the remaining 25 percent stake in TSI India.