 "Azad Moopen")
Major hospital chain Aster DM Healthcare announced that a deal to separate its India and Gulf businesses is nearing completion.
As a part of the completion process, a consortium led by United Arab Emirates-based private equity (PE) firm Fajr Capital has obtained the necessary approvals from the Kingdom of Saudi Arabia’s General Authority for Competition (GAC). “All conditions precedent outlined in the sale and purchase agreement (SPA) are now complete,” the healthcare company said in an official statement.
In November 2023, Aster DM had received corporate approvals to separate its India and Gulf Cooperation Council (GCC) businesses into two distinct and standalone entities. Under the separation plan, the Fajr Capital-led consortium entered into a definitive agreement to acquire a 65 per cent stake in Aster's GCC business. The plan was approved by the company’s shareholders in January this year.
Commenting on the developments, Azad Moopen, founder chairman of Aster DM Healthcare said the separation of Aster’s India and GCC businesses will unlock the value and potential of both businesses, providing the needed impetus for the company to further strengthen its presence in both geographies. “We are very near to closure and excited to embark on the next stage of growth,” he added.
