Private equity firms KKR, Baring Private Equity Asia, and Apax Partners have emerged as frontrunners to buy IT firm CitiusTech. In another development, BASF said it is selling its stilbene-based optical brightening agents (OBA) business to Archroma India.
KKR, Baring PE Asia in fray for CitiusTech
Private equity firms KKR, Baring Private Equity Asia, and Apax Partners have emerged as frontrunners to buy Mumbai-based CitiusTech, a provider of healthcare technology solutions and services, The Times of India reported.
KKR has made an $800-million bid for a controlling 75-80 per cent stake in the company, the report said. CitiusTech had given the mandate to investment bank JP Morgan earlier this year to look for a buyer.
The deal is likely to see General Atlantic exit its investment in CitiusTech. The private equity firm had invested $110 million at a valuation of about $350 million in the technology company in 2014.
BASF sells optical brighteners biz to Archroma
The sale, which is expected to be completed during the fourth quarter of this year, would fetch BASF India about Rs 33.5 crore.
The transaction includes the stilbene-based OBA product portfolio and a manufacturing unit at
Ankleshwar, India. The OBA business is part of the company’s Performance Chemicals division and Care Chemicals division.