Sutherland buys outsourcing company Apollo Health Street
BANGALORE (Reuters) - Sutherland Global Services, a U.S.-based technology and back office outsourcing services provider, has agreed to acquire the healthcare outsourcing arm of Apollo Hospitals Enterprise Ltd (APLH.NS), the companies said on Tuesday.
The financial details of the deal were not disclosed, but a person with direct knowledge of the transaction said Sutherland will buy all of Apollo Health Street shares for 10 billion rupees.
Sutherland, which employs more than 30,000 people and has facilities in countries including India and the Philippines, will get access to Apollo Health Street's over 150 customers after the closure of the deal by February, the statement said.
The deal will add 3,200 employees to Sutherland's headcount, said Dilip Vellodi, chief executive of Sutherland, adding the company is targeting $900 million in revenue in 2013 and a growth of 20 percent a year will be maintained.
Barclays (BARC.L) and Kotak Investment Bank advised Apollo Health Street, while Sutherland had hired local boutique Spark Capital Advisors for the transaction. (Reporting by Harichandan Arakali; Editing by Anand Basu)
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