Baring’s Acquisition of Hinduja’s Healthcare Services Business

Kirkland & Ellis advised Baring Private Equity Asia on the debt financing for the acquisition.

Baring Private Equity Asia finalized its acquisition of Hinduja Global Solutions Limited’s healthcare services related business process management unit. The transaction based on enterprise value of US$ 1,200 million, subject to closing adjustments, is expected to complete within 90 days, subject to shareholder and other regulatory approvals.

The $570 million syndicated senior secured facilities agreement will be used to partially fund the acquisition which is expected to complete later this year. The acquired business has over 20,000 employees across four geographies – India, the Philippines, the US and Jamaica – and recorded revenues of approximately $400 million in FY2021.

Hinduja Global Solutions (HGS) combines technology-powered services in automation, analytics and digital with domain expertise focusing on back-office processing, contact centers and HRO solutions to deliver transformational impact to clients.

Baring Private Equity Asia (BPEA) is one of Asia’s largest private alternative investment firms, with assets under management of USD23 billion. 

The Hinduja Group is one of India’s premier diversified and transnational conglomerates. Employing nearly 200,000 employees, with presence across 38 countries it has multi-billion dollar revenue. 

The Kirkland team was led by debt finance partner Manas Chandrashekar (Picture) with support from debt finance partners Eric Wedel and Ben Steadman.

Involved fees earner: Manas Chandrashekar – Kirkland & Ellis; Ben Steadman – Kirkland & Ellis; Eric Wedel – Kirkland & Ellis;

Law Firms: Kirkland & Ellis;

Clients: Baring Private Equity Asia;