EQT has received binding bids for the sale of its 40% stake in healthcare technology services provider CitiusTech, said two sources familiar with the situation.

Buyout firms Advent International and PAG are among those that have submitted bids, the sources said. CVC Capital Partners and TA Associates are also interested, said one of the sources.

The bids have valued CitiusTech at USD 1.5bn – USD 1.7bn equalling a multiple of low to mid-teens EBITDA, the first source said, adding that EQT was expecting a valuation of USD 2bn – USD 2.5bn.

Mergermarket reported in December 2025, that EQT mandated JPMorgan to explore a sale of its entire 40% stake in CitiusTech at a valuation of USD 2bn to USD 2.5bn. At the time, EQT was exploring a dual-track exit process to maximize the valuation, as reported.

Blackstone and Ontario Teacher’s Pension Fund are also among those expected to bid, according to a February 2026 media report.

For FY25 ended March 2025, the company clocked USD 427.6m in revenues, as per Tracxn’s database.

EQT, erstwhile BPEA EQT, came onboard CitiusTech in August 2019, after acquiring a majority stake which valued the company at USD 1bn. In October 2022, Bain Capital invested an undisclosed amount to join the capitalisation table alongside EQT, per an announcement.

Founded in 2005, New Jersey and Mumbai-headquartered CitiusTech healthcare services include consulting, digital solutions, and business services to its clientele which include healthcare providers and life sciences firms, focused on improving patient experience, according to its website.

It helps clients with data management, clinical reporting, and patient engagement through specialized products and platforms, per its website.

CitusTech’s subsidiaries include healthcare technology services firm Health Data Movers; technology solutions provider to leading payer organizations SDLC Partners; consulting and implementation services for healthcare and life sciences company Wilco Source, and healthcare domain consultancy FluidEdge Consulting, according to its website.

JP Morgan, PAG, Advent International, CVC declined to comment. EQT, CitiusTech and TA Associates did not respond to requests seeking comments.