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BENGALURU - India's Hinduja Global Solutions Ltd (HGS) said on Tuesday it would divest its healthcare services arm for $1.2 billion to funds associated with Baring Private Equity Asia, sending its shares up 5% to a three-week high.
The sale will create growth capital for HGS, the business process management unit of Hinduja Group, a century-old conglomerate, and allow the company to focus on building its digital services, it said in a regulatory filing https://hgs.cx/press-releases/hgs-divests-its-healthcare-services-business.
The healthcare services unit has more than 20,000 employees across India, the Philippines, the United States and Jamaica and brought in revenue of $400 million, or around 53% of HGS' total revenue, in fiscal year 2021.
"HGS will continue to focus on aggressively expanding its CES (Consumer Engagement Solutions) and Digital businesses in line with our goal to transform itself into a 'digitally-enabled customer experience company'," HGS Global CEO Partha DeSarkar said in the statement.
HGS will transfer all client contracts, employees and assets after the deal's completion, expected within 90 days, it added.
The transaction will mark Baring's seventh investment in the sector and third in healthcare technology services, the private equity giant, with assets under management of $23 billion, said.
Including Tuesday's gains, shares of HGS are up 187% so far this year, outperforming the benchmark NSE Nifty 50's about 16% rise. REUTERS