Blackstone leads the race to acquire AGS in a $1.3 bn deal
Global private equity firm Blackstone has outbid two others in its bid to acquire medical revenue cycle management (RCM) firm AGS Health, two people with knowledge of the deal said.
The acquisition is likely to value the company at $1.2-1.3 billion, the people said on the condition of anonymity. The other two bidders were Vitruvian Partners and a consortium of TPG and General Atlantic.
'Blackstone hiked its bid on Monday and emerged as the highest bidder," one of the two people cited above said.
Also read: Another Indian fintech unicorn taps bankers for a $400-million IPO
EQT, formerly Barings Private Equity Asia, acquired AGS Health in 2019 for $320 million. AGS offers services including medical billing, claim submission, denial management and medical coding. It works with healthcare providers and insurance companies to expand profitability, scalability and compliance. The company has offices in Chennai, Manila and Washington.
AGS Health had mandated JP Morgan and BofA to scout for buyers, the second person cited above said. On 13 March, Mint had reported about the progress of the sale plan.
Spokespersons for Blackstone, JP Morgan, Bank of America, General Atlantic and TPG declined to comment. A query emailed to EQT remained unanswered.
Also read: Warburg Pincus looks to clock out of SBI General Insurance with a $350 mn cheque
As large buyout funds back high-growth dollar-generating assets, RCM companies have seen a lot of traction. In the last 12-18 months, companies such as GeBBS Healthcare, Access Healthcare and Omega Health have found new owners.
According to the website of AGS Health, its 13,000 employees serve more than 150 customers spanning a variety of care settings and specialities, including nearly 50% of the 20 most prominent US hospitals and 40% of the 10 largest health systems in the US.
Also read: Mint Exclusive: Worldline looks to sell India business
The company, that earns more than ₹500 crore in earnings before interest, tax, depreciation, and amortization or Ebitda, is likely to be valued at 18 times given that it commands around $1-1.2 billion in valuations.
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