Apollo Hospitals sells outsourcing arm to Sutherland Global

Moneycontrol Bureau

Sutherland Global Services, a global provider of business process and technology management services, is acquiring Apollo Health Street, an associate of Apollo Hospitals Enterprise. Apollo Health Street provides healthcare business services and health information technology based solutions. "Apollo Hospitals Enterprise has signed a definitive agreement to enable Sutherland Global Services to acquire 100 percent of the shares of Apollo Health Street...This also fosters Apollo Hospitals' strategic intent of focusing and growing its healthcare delivery services," it said on Tuesday. It didn't disclose the financial terms of the deal. Apollo Hospitals currently operates 50 hospitals having over 8,500 beds, 1,300 pharmacies and 100 diagnostic clinics. Also Read: CLSA (Mauritius) sells 60 lakh shares of Apollo Hospitals   Sutherland offers an integrated portfolio of analytics-driven back-office and customer facing solutions and is one of the largest BPOs in the world with over 30,000 employees working out of 35 operations around the world. The deal is expected to close by Feb 2013 subject to regulatory and other conditions. Barclays and Kotak Investment Banking acted as financial advisors to Apollo Health Street, while Spark Capital Advisors was financial advisor to Sutherland. Apollo Hospitals shares were up 0.5 percent at Rs 810 on NSE in morning trade. Don't Miss: Budget, politics may play on market's mind from Jan, says Emkay Nachiket Kelkar
nachiket.kelkar@network18online.com