Singapore wealth fund, GIC and five other private equity firms have got into the second round of discussions to buy a controlling stake in the health-tech firm, Citius Tech, according to a media report.
The global PE firms namely- Bain Capital, Blackstone Group, KKR Co, CVC Capital Partners and ChrysCapital were narrowed down to acquire Citius Techs stake earlier.
With this transaction, the existing investor--General Atlantic, a PE firm will exit Citius Tech. The PE firm had invested INR 680 Crore to acquire 32.55 per cent shares in the health-tech firm in 2014.
The media report said that the valuation of Citius Tech is estimated at $900 million in the business deal, which is led by JP Morgan. The company founders may possess 20-25 per cent of stakes to control operations, it said.
Citius Tech is one of the renowned healthcare technology service providers in the world. The company has partnered with more than 50 healthcare companies across the globe.
It was founded in 2005 by co-founders, Rizwan Koita and Jagdish Moorjani. It focuses on various segments of digital technology such as cloud computing, mobility IoT, Big Data, Business Intelligence and data science.