Commission européenne, DG COMP MERGER REGISTRY, 1049 Bruxelles, BELGIQUE  
Europese Commissie, DG COMP MERGER REGISTRY, 1049 Brussel,   BELGIË  
 
Tel: +32 229 -91111. Fax: +32 229 -64301. E -mail: COMP -MERG ER-REGISTRY@ec.europa.eu . 
  EUROPEAN COMMISSION  
Brussels, 2.8.2022  
C(2022 ) 5688 final  
PUBLIC VERSION  
Baring Private Equity Asia  
Herikerbergweg 88  
1101 CM Amsterdam  
Netherlands  
Bain Capital Investors, LLC  
200 Claredon Street  
02116 Boston , Massachusetts  
United States of America  
Subject : Case M.10784  – BAIN CAPITAL / BPEA / CITIUSTECH  
Commission decision pursuant to Article 6(1)(b) of Council Regulation 
(EC) No 139/20041 and Article 57 of the Agreement on the European 
Economic Area2  
Dear Sir or Madam,  
1. On 6 July 2022 , the European Commission received notification of a proposed 
concentration pursuant to Article 4 of the Merger  Regulation by which Bain Capital 
Investors L.L.C. (“Bain Capital”, USA)  and Baring Private Equity Asia (“BPEA”, 
Hong Kong and Singapore)  will acquire  within the meaning of Article 3(1)(b) and 
3(4) of the Merger Regulation  joint control of the CitiusTech Healthcare B.V. 
(“CitiusTech”, the Netherlands ) (the “Target”) .3 
The concentration is accomplished by way of purchase of shares.  
2. The business activities  of the undertakings concerned  are the following : 
 for Bain Capital: private equity investment firm that invests in companies across a 
number of industries, including information technology, healthcare, retail and 
consumer products, communications, financia l servic es and 
industrial/manufacturing ,  
                                                 
1 OJ L 24, 29.1.2004, p. 1 ( the ‘Merger Regulation ’). With effect from 1 December 2009,  the Treaty on 
the Functioning of the European Union ( ‘TFEU ’) has introduced certain changes, such as the 
replacement of ‘Community ’ by ‘Union ’ and ‘common market ’ by ‘internal market ’. The terminology 
of the TFEU will be used throughout this decision.  
2  OJ L 1, 3.1.1994, p.  3 (the ‘EEA Agreement ’). 
3  Publication in the Official Journal of the European Union No C 271, 14.07.2022 , p. 18. 

 
2  for BPEA: Pan-Asian private markets firm. The BPEA group manages a 
private equity investment program, sponsoring buyouts and providing growth 
capital to companies for expansion or acquisitions with a particular foc us on 
the Asia Pacific region, as well as dedicated funds focused on private real 
estate and private credit , 
 for the Target: a holding company with an approximately 80% interest in 
CitiusTech Healthcare Technology Private Limited  (“CT India ”), which  
contai ns the main activities of the Target.  CT India is an India -based 
healthcare technology services and solutions provider  that provides healthcare 
software engineering, healthcare professional services, healthcare QA test 
automation, healthcare technology con sulting, healthcare BI/analytics and 
business and process outsourcing services in healthcare . 
3. After examination of the notification, the European Commission has concluded that 
the notified operation falls within the scope of the Merger  Regulation  and of 
paragraph 5(a) of the Commission Notice on a simplified procedure for treatment of 
certain concentrations under Council Regulation (EC) No 139/2004 .4 
4. For the reasons set out in the Notice on a simplified procedure, the European 
Commission has decided not to oppose the notified operation and to declare it 
compatible with the internal market and with the EEA Agreement. This decision is 
adopted in application of Article 6(1)(b) of the Merger  Regulation  and Article 57 of 
the EEA Agre ement . 
For the Commission  
 
 
(Signed)  
Olivier GUERSENT  
Director -General  
 
                                                                                   
                                                 
4  OJ C 366, 14.12.2013, p. 5 .