J. Sagar Associates (JSA) advised Baring Private Equity Asia (“Baring”) in its acquisition of Healthcare Services Business of Hinduja Global Solutions. Baring Private Equity Asia and Hinduja Global Solutions Limited have executed binding agreements for Baring to acquire the Healthcare Services business (“HS Business”) of HGS for a consideration of USD 1.2 billion subject to adjustments. The transaction involves the sale of the Healthcare Services business of HGS to Baring by way of (a) a slump sale of the healthcare services business undertaking of HGS in India and its Philippines branch on a going concern basis; (b) a transfer of the entire shareholding of HGS in HGS Healthcare LLC, HGS AxisPoint LLC, HGS EBOS LLC and HGS Colibrium LLC, and (c) sale as a going concern of the Healthcare Services business of Team HGS Limited Jamaica to Baring.
The HS Business has over 20,000 employees across four geographies – India, the Philippines, the US and Jamaica – and recorded revenues of approximately US$ 400 million in FY2021. Post completion of the transaction, HGS will transfer all client contracts, employees, and assets, including infrastructure related to the Healthcare Services business. The transaction is subject to regulatory and other applicable customary approvals. The transaction involved multiple geographies, namely India, US, Jamaica and Philippines.
JSA team comprised Partners – Vikram Raghani and Anand Lakra along with Principal Associate – Niharika Mepani and Associates – Ami Shah, Sonakshi Verma, and Jinay Shah.
The lead team was supported with valuable inputs from sector and practice area specialists, namely:
Partners – Malini Raju, Shareen Gupta, Maneesh Upadhyay, and Vaibhav Choukse, Principal Associate – Farhana Malik, Counsel – Sunanda G, and Ruchita Modi, Senior Associate – Ashrafi Ginwalla, Nripi Jolly, and Aatmin Shah, Associates – Yash Shah and, Abhishek Singh.
A partner in JSA’s Mumbai office. His practice focuses on private and public M&A transactions, private equity and venture capital investments, capital market transactions, with a particular focus on securities law matters, publicly traded companies, take private/delisting offers and takeovers.