MUMBAI: Global funds Bain Capital, Blackstone Group, KKR & Co, CVC Capital Partners, GIC and homegrown private equity firm ChrysCapital have been shortlisted for a second round of negotiations to acquire a controlling stake in healthcare technology company CitiusTech, people in the know said.
A deal could value Citius at $900 million (Rs 6,235 crore) and allow General Atlantic (GA) to cash out of its five-year-old investment in it.
American fund GA had invested $111.25 million in the company in March 2014 and owns an around 32% stake. Founders Rizwan Koita and Jagdish Moorjani, and employees hold the remaining shares. JP Morgan is running the official sale process.
Singapore sovereign wealth fund GIC might partner with one of the other shortlisted firms to proceed further on the process, said one of the people. ChrysCapital is likely to rope in one of its Canadian pension fund partners, like CPP Investment Board.
The shortlisted candidates are currently doing due diligence and expected to submit their binding offers by this month end. A final decision is likely to be made in the first half of July.
GA, Bain Capital, KKR, ChrysCapital and ..
ET on April 2 broke the story of the impending sale.
Founders are likely to retain an about 20-25% stake in the company and manage the business after the transaction, said one of the people cited earlier. But a final decision on this will be made only close to completion of the deal.
Citius is a provider of healthcare technology services and solutions to other medical technology companies, as well as health care and life sciences organisations.
The company, with 3,000 ..
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