EQT-owned outsourcing firm Sagility eyes India listing
EQT Partners, the global private equity fund, is all set to list its healthcare Business Process Management (BPM) portfolio Sagility LLC, formerly Hinduja Global Solutions Healthcare LLC, in Indian bourses, said multiple people aware of the development.
EQT has hired investment bankers — ICICI Securities, IIFL, JP Morgan and Jefferies. This proposed IPO is likely to value Sagility at about $3 billion (Rs25,000 crore ) and EQT may raise about $400-500 million (Rs4000 cr), said sources.
In 2021, Asia focused fund Baring Private Equity Asia (BPEA) had acquired the BPM business for an enterprise value of Rs 7,500 crore ($1 billion), through Baring Asia Private Equity Fund VIII.
In 2022, Baring Private Equity Asia was acquired by European buyout giant EQT AB in a $7.5 billion cash and stock deal and merged BPEA with it.
It is the second time EQT plans a partial exit from Sagility, which was acquired from Hinduja Global — the business process management entity of the Hinduja Group.
Last year, EQT had launched a process to sell about 25-30% stake in Sagility, which didn't fructify.
«The emergence of Artificial Intelligence has created an uncertainity over the BPM business across the globe and paying a high valuation makes no sense,» said one of the PE fund managers who explored the Sagility deal last year.
BPEA EQT is likely to sell a 25-30% stake in Sagility LLC, formerly Hinduja Global Solutions Healthcare LLC, at a $1.2 billion valuation, ET had reported last year.
An EQT spokesperson declined to comment.
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