Baring Asia mulls listing CitiusTech in US via SPAC merger

Photo by Hush Naidoo on Unsplash

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.

Bloomberg 

Singapore Reporter/s

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Following vacancies can be applied for (only in Singapore).   

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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.