Betaine B.V. entered into definitive agreement to acquire Healthcare Services business of Hinduja Global Solutions Limited for an enterprise value of $1.2 billion on August 9, 2021. The Healthcare Services vertical has over 20,000 employees across four geographies and recorded revenues of approximately $400 million in FY2021. Post completion of the transaction, HGS will transfer all client contracts, employees, and assets, including infrastructure related to the Healthcare Services business. Transaction is subject to closing adjustments, and is expected to complete between 90 days to 120 days, subject to shareholder and other regulatory approvals. Generated funds will be strategically invested for the future growth of Hinduja Global. As of October 18, 2021, the transaction has been approved by Competition Commission of India (CCI). Barclays Bank Plc. acted as the sole financial advisor to HGS on the transaction. David Kuo, Meraj Noor, Nathan Bush, Nicole Zayac, Leon Medzhibovsky, Ute Krudewagen, Erin M. Sweeney, of DLA Piper LLP (US) acted as legal advisor to Hinduja Global Solutions Limited. As part of the Transition Services Agreement, the new healthcare organisation will operate under the name “HGS Healthcare” for 12 months from closing.

Betaine B.V. completed the acquisition of Healthcare Services business of Hinduja Global Solutions Limited on January 6, 2021. The transaction resulted in inflows of $1.1 billion. Shinhan Financial Group, has arranged $120 million in mezzanine financing to back Baring Private Equity.