(Bloomberg) — Baring Private Equity Asia is considering listing Citiustech Healthcare Technology Pvt. in the U.S. through a merger with a special purpose acquisition company, according to people familiar with the matter.
The Hong Kong-based buyout firm is working with advisers on the potential deal, said the people, who asked not to be identified as the information is private. Baring Asia could seek a valuation of about $1 billion for Citiustech in a listing, the people said.
Deliberations are at an early stage and Baring could still decide to keep the business, the people said. A representative for Baring Asia declined to comment.
CitiusTech provides health care technology services and solutions to medical technology companies, providers, payers and life sciences organizations, with more than 4,000 employees globally, according to its website. The company has offices in India, the U.S., Canada, the U.K., United Arab Emirates and Singapore. In 2019, Baring Asia bought a majority stake in the firm from General Atlantic for about $750 million.
More companies are now exploring mergers with blank-check firms as a quicker way to go public. SPACs are shell companies that raise money from public investors intending to acquire a business within two years. Walmart Inc.’s Flipkart is exploring a U.S. SPAC deal as an alternative to the traditional initial public offering route, Bloomberg News reported last week.