JSA advised Baring Private Equity Asia in its acquisition of Healthcare Services Business of Hinduja Global Solutions

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.