Aster DM in final stage of Gulf business sale
Aster DM Healthcare on Wednesday said that the separation of its Indian and Gulf (GCC) businesses, and the proposed investment in its GCC business by an investor group led by UAE-based PE firm Fajr Capital, is in the final stage of completion.
Aster DM in November last year had agreed to sell a majority stake in its Gulf business to a consortium led by Fajr Capital for $1 billion.
Under the separation plan, a Fajr Capital-led consortium entered into a definitive agreement to acquire a 65% stake in the company’s GCC business. The plan was approved by the company’s shareholders in January 2024.
As a part of the completion process, the Fajr Capital-led consortium has obtained the necessary approvals from the Kingdom of Saudi Arabia’s General Authority for Competition (GAC).
«All conditions precedent outlined in the SPA are now complete. No-objection certificates as required from key partners and have been received and local and regulatory authorities in GCC have been informed as necessary about the separation of the businesses and the imminent completion of the transaction,» Aster DM said in statement.
«The integration of business operations in Qatar into the transaction perimeter of Aster DM Healthcare FZC has also been successfully completed,» the statement added.
The Moopen family will continue to lead and operate the GCC business retaining a 35% stake in the buyer entity.
Existing shareholders will continue to remain with the listed Indian entity, Aster DM Healthcare Ltd. Upon successful completion of the
