Blackstone Leads Race to Buy AGS Health for $1.3 Billion

Global private equity firm Blackstone has outbid two others in its bid to acquire medical revenue cycle management (RCM) firm AGS Health, two people with knowledge of the deal said.

- Ranjani Raghavan & Sneha Shah

The acquisition is likely to value the company at $1.2-1.3 billion, the people said on the condition of anonymity. The other two bidders were Vitruvian Partners and a consortium of TPG and General Atlantic.

"Blackstone hiked its bid on Monday and emerged as the highest bidder," one of the two people cited above said.