Sutherland buys outsourcing company Apollo Health Street

BANGALORE Tue Dec 11, 2012 11:17am IST

Related Topics

Stocks

   

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)

FILED UNDER:
Comments (0)
This discussion is now closed. We welcome comments on our articles for a limited period after their publication.

  • Most Popular
  • Most Shared

Healthcare Corruption

REUTERS SHOWCASE

Short of Expectations

Short of Expectations

Apple revenue lags Street's view despite strong China growth  Full Article 

Mircosoft Results

Mircosoft Results

Microsoft revenue rises, profit falls as Nokia absorbed  Full Article 

Deal Talk

Deal Talk

Exclusive - Lupin, U.S. firms weigh bids for GSK's mature drugs: sources  Full Article 

Relief For Sahara

Relief For Sahara

Supreme Court could allow Sahara boss to conduct asset sale talks, company says.  Full Article 

Classifying Banks

Classifying Banks

RBI to start announcing too-big-to-fail banks in Aug 2015  Full Article 

Food Scandal

Food Scandal

Starbucks, Burger King dragged in as China food scandal spreads.  Full Article 

Reuters India Mobile

Reuters India Mobile

Get the latest news on the go. Visit Reuters India on your mobile device.  Full Coverage