Jamaica - Dentons advises Baring Private Equity Asia (“BPEA”), one of the largest private alternative investment firms in Asia, with respect to the purchase by wholly-owned subsidiaries of Betaine B.V. (“the Buyer”) affiliated with BPEA of Hinduja Global Solutions (“HGS”) healthcare services business in Jamaica. The sale price was for a total of US$1,200 million and saw the sale of HGS’ healthcare business in India, Jamaica, Philippines and the United States of America.

As part of the divestment, HGS has transferred all client contracts and assets including infrastructure related to its worldwide healthcare business process outsourcing (BPO) services. BPEA manages a private equity investment program, sponsoring buyouts and providing growth capital to companies for expansion or acquisitions with a particular focus on the Asia Pacific region, as well as dedicated funds focused on private real estate and private credit.[i] 

HGS operates a global network of 70 customer experience centres with over 42,000 employees across the U.S., Canada, the UK, India, the Netherlands, France, Germany, Italy, Jamaica, UAE, and the Philippines. For the year ending 31st March 2020, HGS had revenues of US$737 million.[ii]

Dentons played an integral role in this transaction advising on all transaction documents, corporate structure and licensing under Jamaica’s special economic zone regime.

Neichelle Spence Lattibeaudiere, senior associate in Dentons’ Jamaica office collaborated with JSA Advocates & Solicitors in India as well as American law firm Ropes & Gray. The sale was completed on January 6, 2022.

Spence Lattibeaudiere commented: "This transaction was complex and really high intensity from start to completion. From an economic standpoint, this purchase creates an opportunity for the continued growth of Jamaica’s BPO sector and the continued employment of thousands of Jamaicans. We are a truly happy that we were able to play an instrumental role in bringing this matter to a successful close."

Spence Lattibeaudiere recently represented Dentons Jamaica advising CIBC FirstCaribbean International Bank on a multi-jurisdictional climate-financing loan to BMR Energy Portfolio I Limited.

[1] https://www.bpeasia.com/

[1] https://www.hindujagroup.com/hinduja-global-solution.html

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