Clifford Chance

Clifford Chance advises CVC on sale of SPi Global's US healthcare business

Clifford Chance has advised Asia Outsourcing Gamma Limited on the sale of Asia Outsourcing US Inc., the US healthcare business of SPi Global, a Philippines-headquartered Business Process Outsourcing (BPO) business, to Conifer Holdings Inc. for approximately US$235 million. Asia Outsourcing Gamma Limited is a company indirectly controlled by funds advised by CVC Capital Partners, one of the world’s leading private equity and investment advisory firms, and in which Philippine Long Distance Telephone Company holds a minority interest. Asia Outsourcing US Inc. and its subsidiaries provide innovative revenue cycle management, health information management and software solutions for independent and provider-owned physician practices.

SPi Global will retain its BPO operations outside of the US.

The firm had previously advised CVC on the purchase of SPi Global from Philippine Long Distance Telephone Company in 2013.

Hong Kong corporate partner Neeraj Budhwani who led on this deal said, "We are pleased to have advised CVC on this strategic divestment. They will continue to hold the investment in SPi Global, a leading global player in the growing BPO industry."

Neeraj was assisted by senior associates Isaac Stewart and Bryan Koo, and associate Maureen Ho, together with support from New York partners Benjamin Sibbett and Michael Seaton.