Blackstone completed its acquisition of AGS Health – a Chennai-founded, Washington DC-headquartered provider of tech-enabled revenue cycle management services – from EQT in Q3 2025. No press announcement was issued by either party. Healthcare Dealflow confirmed the close via Blackstone’s Q3 2025 earnings filing with the SEC, which listed AGS Health as notable capital deployed during the quarter (Blackstone Q3 2025 8-K).
The transaction had been anticipated following May 2025 reporting from Bloomberg that Blackstone had pulled ahead of other bidders in a process run by EQT, with a deal potentially valuing AGS Health at $1 billion or more. The deal closed at approximately $1.1 billion according to subsequent reporting from PitchBook.
AGS Health serves more than 150 clients including nearly half of the top 20 U.S. hospitals and 40% of the largest health systems in the nation, with a workforce of approximately 14,000 RCM professionals across the United States, India, and the Philippines.
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