Blackstone is in advanced talks to acquire AGS Health, a revenue cycle management company currently owned by EQT, in a deal that could value the business at over $1bn, according to a report by Bloomberg citing unnamed sources familiar with the matter.
The US alternative asset giant has pulled ahead of rival bidders and could finalise an agreement in the coming days, though discussions remain ongoing and a deal is not guaranteed, the sources said. Both EQT and Blackstone declined to comment.
Founded in 2011 in Chennai, AGS Health has evolved into a global healthcare services provider focused on outsourced medical billing, coding, and revenue cycle optimisation for US-based healthcare systems. The company was acquired by Baring Private Equity Asia in 2019 before being absorbed by EQT through its $7.5bn acquisition of BPEA in 2022.
AGS has since shifted its global headquarters to Washington, DC, expanded operations into the Philippines in 2023, and now employs over 12,000 people, servicing more than 150 hospital and health system clients across the United States.
The prospective sale marks another exit opportunity for EQT’s Asia platform as it continues to rationalise and realise investments made by BPEA prior to the merger. The process underscores growing interest in healthcare-related BPO and technology services, particularly in light of sustained digital transformation and cost pressures across US healthcare systems.
