Private equity firm Blackstone has emerged as the front-runner to acquire revenue cycle management company AGS Health, Moneycontrol reported May 20.
Blackstone is seen as the lead candidate to acquire the company from private equity firm EQT Partners, three people familiar with the situation told Moneycontrol on condition of anonymity. Bloomberg reported in September that EQT Partners was considering options for AGS, including selling the company.
The valuation is expected to be in the range of $1.1 billion to $1.3 billion, one of the anonymous sources told Moneycontrol.
Frazier Partners, Vitruvian Partners and a consortium of TPG Capital and General Atlantic were seen as the other key suitors to acquire the company, according to the report.
AGS Health serves 150 clients, including hospitals and health systems. Its website lists Phoenix-based Banner Health and Nashville, Tenn.-based Vanderbilt University Medical Center as clients.
