Aster DM sells stake in its Gulf business for $1.01 billion
Aster DM Healthcare announced on Tuesday that it would sell its stake in its Gulf business to Alpha GCC Holdings for $1.01 billion as it looks to separate its businesses in India and the Middle East. The sale is anticipated to be completed in quarter 4 of financial year ending 2024.
“The board of directors of Affinity approved the sale of shares held by Affinity in Aster DM Healthcare FZC to Alpha GCC Holdings Limited and the execution of definitive agreements in connection with the Transaction,” said Aster in a filing.
The buyer, owned by Aster India's promoters and funds managed by Fajr Capital Advisors Limited, will have a shareholding ratio of 35:65, respectively.
The promoters express a commitment to both India and the GCC region, maintaining a meaningful role after the transaction's completion.
Aster Healthcare operates 32 hospitals, 127 clinics, 521 pharmacies, 16 laboratories and 189 patient experience centres in seven countries in West Asia and India. It expanded facilities from 300 in 2017 to over 885 in FY23, including hospitals, clinics, pharmacies and labs, estimates HSBC.
