Apollo Hospitals Group agreed to sell its outsourcing business, Apollo Health Street, based in Hyderabad, India, to Sutherland Global Services in Rochester, New York, for $184 million. Sutherland, an independent business process outsourcer, is expanding its healthcare provider and payer services. Apollo Health Street supports U.S. hospitals, doctors and health plans, and also addresses the changes created by ongoing health care reforms in the U.S. Barclays and Kotak Investment Banking are acting as financial advisors to Apollo Health Street and Jones Day and Amarchand & Mangaldas & Suresh A. Shroff & Co. are acting as legal advisors. Spark Capital Advisors (India) Pvt. Ltd. is acting as financial advisor to Sutherland and Latham & Watkins and S&R Associates are legal advisors.
Another rather large deal for the sector was announced by PAREXEL International Corporation (NASDAQ: PRXL), to acquire privately held Liquent, Inc., of Horsham, Pennsylvania for $72 million. Liquent is a global provider of Regulatory Information Management (RIM) solutions. PAREXEL is a CRO, providing product development and launch services to the pharma, biotech and medical device industries. The acquisition is expected to strengthen PAREXEL’s regulatory capabilities by adding an information technology platform. The deal is expected to be dilutive by $0.02 to $0.04 for Fiscal Year 2013……..Want to read more? Click here for a free trial to The Health Care M&A Information Source and download the current issue today