Blackstone Inc is emerging as the frontrunner to acquire revenue cycle management provider AGS Health from private equity firm EQT AB, people familiar with the matter said.
Blackstone has pulled ahead of other bidders and could reach a deal as soon as the coming days, the people said, asking not to be identified because the information is private. A transaction could value AGS Health at $1 billion or more, according to the people.
Bloomberg News reported in September that EQT was considering options for AGS Health including a potential sale.
Founded in Chennai in 2011, AGS Health was acquired by Baring Private Equity Asia in 2019 and later relocating its headquarters to Washington, DC. The company expanded to the Philippines in 2023, and now employs over 12,000 staff serving more than 150 clients, including US hospitals and health systems, its website shows.
Stockholm-based EQT later inherited the investment through its 2022 acquisition of Baring Private Equity Asia.
Deliberations are ongoing and there’s no certainty they will lead to a transaction, the people said. Representatives for Blackstone and EQT declined to comment.
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