Less than a year after calling off plans for a SPAC listing in the US, Baring Private Equity Asia (BPEA) is all set to sell its controlling stake in healthcare analytics firm CitiusTech. BPEA is engaged in talks with a clutch of global buyout funds including Blackstone, TPG and KKR to sell CitiusTech in a deal valuing the firm at around $2-2.2 billion (Rs.15,000 cr), said multiple people aware of the development. JPMorgan is understood to be running a formal process to find a buyer. In 2019, Baring PE Asia outbid top funds Blackstone, KKR, CVC Capital and Bain Capital to acquire CitiusTech for $1 billion (Rs7,500 cr) and a successful deal will help it more than double the money in less than three years. KKR, Blackstone spokespersons declined to comment. Mails sent to BPEA, TPG remained unanswered. CitiusTech, founded by IIT-Bombay graduates Koita and Jagdish Moorjani in 2005, provides healthcare technology services and solutions. Koita was the founder and CEO of Transworks BPO, ...
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