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Aster to sell its GCC Business
M & A Critique
|December 2023
Recently, Aster DM healthcare Limited ("Aster"]) announced much awaited news for its stakeholders. The Board of Directors of Aster announced separation of its India & GCC (Gulf Corporation Council) business by selling GCC business held by it.
Aster DM Healthcare Limited ("Aster") is one of the largest healthcare service providers operating in India with a strong presence across primary, secondary, tertiary, and quaternary healthcare through 19 hospitals, 13 clinics, 226 pharmacies (operated by Alfaone Retail.
Pharmacies Private Limited under brand license from Aster), and 251 labs and patient experience centres across 5 States in India. The equity shares of the Company are listed om nationwide bourses. Currently Aster has two major geographies in which it operates:
India
GCC
Aster DM Healthcare FZC in GCC is a leading integrated healthcare service. provider across six countries in the GCC. With a robust integrated healthcare model encompassing 15 hospitals, 118 clinics and 276 pharmacies. Entire stake of Aster DM Healthcare FZC has been held by Aster through a Mauritius entity; Affinity Holdings Private Limited.
The Transaction
Under the separation plan, Affinity has entered into a definitive agreement with a consortium of investors led by Fajr Capital, a sovereign-owned private equity firm headquartered in the UAE along with Promoters of Aster to divest its 100% equity interest in GCC business. Postseparation Aster will be completely focused on Indian operations.
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