Blackstone has emerged as the leading contender in the high-profile sale process of AGS Health, a healthcare IT services company owned by EQT. Separately, CleanMax Enviro Energy Solutions is understood to have roped in six bankers to float an IPO.
Blackstone leads race to buy out EQT-owned AGS Health
Private equity (PE) giant Blackstone has emerged as the leading contender in the high-profile sale process of AGS Health, a healthcare IT services company owned by EQT, news portal moneycomtrol.com reported on Tuesday.
Other bidders include Frazier Partners, Vitruvian Partners, and a consortium of TPG and General Atlantic.
Established in the southern Indian city of Chennai in 2011, AGS Health was acquired by EQT in 2019 for $320 million. Today, its valuation is in the range of $1.1-1.3 billion, the report added, quoting sources.
The company relocated its headquarters to Washington, DC in 2019. It expanded to the Philippines in 2023, and currently employs more than 12,000 people.
Brookfield-backed CleanMax eyes IPO
CleanMax Enviro Energy Solutions, a renewable energy company in India, is understood to have roped in six bankers as it looks to float an initial public offering (IPO) of Rs 4,000-Rs 5,000 crore ($467-584 million) by the end of this calendar year, The Economic Times reported on Wednesday.
The offering, comprising both primary and secondary share sales, is likely to value the company between Rs 18,000 and Rs 20,000 crore ($2.1-2.3 billion). The funds raised will support the company’s growth plans over the coming years, added the report.
CleanMax, active in the commercial and industrial sector, is backed by PE firm Brookfield, among others. It offers a variety of services such as rooftop solar, wind-solar hybrid farms and storage solutions, among others.
The company operates 2 GW of renewable energy assets across countries in Middle East, and Southeast Asia, besides its home market India.
Brookfield is also said to be planning to offload shares in the proposed IPO.
