EQT to acquire GeBBS Healthcare Solutions for over $850 million, sources say

By Kane Wu

HONG KONG (Reuters) -Swedish investment firm EQT has agreed to acquire a controlling stake in global healthcare outsourcing firm GeBBS Healthcare Solutions for more than $850 million, two people with knowledge of the deal said.

EQT announced on Monday the acquisition from Indian private equity firm ChrysCapital, without disclosing financial details.

The firm made the investment via the BPEA Private Equity Fund VIII, its Asia private equity fund, which will support GeBBS' next phase of growth and innovation, EQT said in a press release.

EQT declined to comment on the transaction value. Ashutosh Gupta, chief marketing officer of GeBBS, said in an email that a sale agreement had been inked and the deal would close in the next 45 to 60 days after "legal formalities" were completed. He declined to confirm the value of the deal.

ChrysCapital did not respond to a Reuters request for comment.

Founded in 2005, U.S.-based GeBBS specialises in revenue cycle management, health information management, and medical billing services, the release said.

GeBBS has over 13,000 employees worldwide with offices in the U.S., India, Dominican Republic and the Philippines, EQT said in the release.

The transaction is expected to close in the fourth quarter, it added.

(Reporting by Kane Wu; Editing by Eileen Soreng and Jamie Freed)