{"id":90775,"date":"2024-04-04T00:00:00","date_gmt":"2024-04-04T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/uae\/fajr-capital-led-consortium-snaps-up-65-stake-in-indian-healthcare-giant-asters-gcc-unit\/"},"modified":"2024-04-04T00:00:00","modified_gmt":"2024-04-04T00:00:00","slug":"fajr-capital-led-consortium-snaps-up-65-stake-in-indian-healthcare-giant-asters-gcc-unit","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/uae\/2024\/04\/04\/fajr-capital-led-consortium-snaps-up-65-stake-in-indian-healthcare-giant-asters-gcc-unit\/","title":{"rendered":"Fajr Capital-led consortium snaps up 65% stake in Indian healthcare giant Aster\u2019s GCC unit"},"content":{"rendered":"

Dubai-based hospital, clinic, and pharma operator Aster DM Healthcare has <\/strong>finalized the separation of its Gulf and India business units<\/strong>, selling stakes in each unit, it said in a statement<\/a>. The transactions are part of a company strategy to expand in the GCC and India under independent entities, and saw Aster Aster sell 65% of its stake in its GCC arm to a consortium led by Abu Dhabi Investment Council-backed private equity firm Fajr Capital, and including Al Dhow Holding, Hana Investment, Wafra International Investment, and the Emirates Investment Authority. <\/p>\n

Background: <\/strong>The company agreed to sell a stake in its Gulf division for USD 1.1 bn to the consortium back in November 2023<\/a>. Aster additionally agreed to give up a 30% stake in its India business for USD 300 mn, Reuters<\/a> previously reported. The company\u2019s founders, the Moopen family, now retains a 41.88% stake in its Indian unit, according to the statement. <\/p>\n

What\u2019s next for Aster\u2019s GCC unit? <\/strong>The transaction values the GCC unit at approximately USD 1 bn, reports the National<\/a>. Founding chairman Azad Moopen and managing director Alisha Moopen will lead the company\u2019s remaining 35% stake in the unit.<\/p>\n

Expansion in the Kingdom next\u2026 and an IPO? <\/strong>Aster plans to use Fajr Capital\u2019s expertise to help it expand its physical and digital footprint in the GCC market, with a specific market strategy set for Saudi Arabia. Aster is also mulling<\/a> a dual listing of the unit in Saudi Arabia and the UAE sometime in the next three to five years, <\/p>\n

Aster\u2019s India unit:<\/strong> Following the sale, Aster\u2019s Indian unit, led by CEO Nitish Shetty, will add 1.7k beds, in a bid to become one of the top three hospitals in South Asia.<\/p>\n

About Aster DM Healthcare:<\/strong> Founded in India in 1987 as a single clinic, Aster DM\u2019s portfolio of healthcare businesses has since expanded in India and the Gulf. Following the split, the healthcare giant\u2019s operations in the Gulf include 15 hospitals, 117 clinics, and 285 pharmacies.<\/p>\n

ADVISORS-<\/strong> Our friends at HSBC Middle East are sell-side advisors on the spinoff of the GCC business alongside Moelis & Company and Credit Suisse. You can check out the investor presentation for the spinoff here (pdf)<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"

Healthcare operator Aster sold the units for near USD 1.4 bn<\/p>\n","protected":false},"author":1,"featured_media":90776,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[2392],"tags":[333,131,60],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-90775","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ma-watch-2","tag-fajr-capital","tag-healthcare","tag-ma-watch","wpautop","entry"],"acf":{"mongo_id":"40ae6e11-688b-45e6-b8d4-045f205b8418","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/4\/186.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Fajr Capital-led consortium snaps up 65% stake in Indian healthcare giant Aster\u2019s GCC unit","related_issue":[90766],"teaser":"Healthcare operator Aster sold the units for near USD 1.4 bn","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/4\/.f0ecdc0c-f591-4a59-9510-9257d52998e3.mp3"},"yoast_head":"\nFajr Capital-led consortium snaps up 65% stake in Indian healthcare giant Aster\u2019s GCC unit - 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