Blackstone Inc. is poised to acquire AGS Health, a leading revenue cycle management provider, from private equity firm EQT AB, according to sources familiar with the matter. The New York-based investment giant has outpaced other bidders, with a deal potentially valuing AGS Health at $1 billion or more expected to finalize in the coming days.
AGS Health specializes in billing, coding, automation and analytics services for healthcare providers. The company serves more than 150 U.S. hospitals and health systems, employing more than 12,000 staff across its operations in the United States, India and the Philippines.
Founded in Chennai, India, in 2011, AGS Health relocated its headquarters to Washington, D.C., after being acquired by Baring Private Equity Asia in 2019. The company expanded its global footprint with a new operation in the Philippines in 2023. EQT, a Stockholm-based global private equity firm, inherited AGS Health through its 2022 acquisition of Baring Private Equity Asia. Bloomberg News reported in September 2024 that EQT was exploring strategic options for AGS Health, including a potential sale, prompting interest from multiple suitors.
Deliberations are ongoing, and there is no certainty a transaction will be completed, the sources cautioned, requesting anonymity due to the private nature of the discussions. Representatives for both Blackstone and EQT declined to comment.
The potential acquisition follows Blackstone’s recent agreement to buy Chartis from Audax, signaling its continued push into healthcare-related investments. Moneycontrol earlier reported Blackstone as the lead contender, citing unidentified sources.
When the deal does come to fruition, we’ll be covering it here on LevinPro HC.
