SPAC scrapped, Baring puts CitiusTech on the block for $2.2 bln
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.
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