- Monday, April 29, 2024
A consortium of investors led by sovereign-backed private equity firm Fajr Capital acquired 65 per cent stake in Aster GCC, whiletThe family of Azad Moopen, the founder chairman of Aster DM Healthcare, will retain a 35 per cent stake.
By: Twinkle Roy
MULTINATIONAL integrated healthcare provider Aster DM Healthcare Limited has announced the successful separation of its GCC and India businesses into two distinct and standalone entities.
As part of the separation plan, a consortium of investors led by sovereign-backed private equity firm Fajr Capital has acquired a majority 65 per cent stake in Aster GCC, the Gulf News reported. The family of Azad Moopen, the founder chairman of Aster DM Healthcare, will retain a 35 per cent stake in addition to retaining management and operational rights. While Azad will continue as the founder chairman, Alisha Moopen will serve as Aster GCC’s managing director and group CEO.
The transaction, which assessed the GCC business at an equity value of $1 billion, has been officially completed.
In November last year, the company secured board approvals to split its GCC and India operations, paving the way for the establishment of two separate healthcare entities. Shareholders further ratified the plan in January 2024.
The company’s board approved the separation plan in November last year to split the business into two distinct healthcare units. The shareholders consented to the plan in January this year.
Read: Now, PhonePe users can now make UPI payments in UAE
“The separation has established a GCC business which has tremendous growth potential and will be focused on tapping the opportunities in the region,” Azad Moopen was quoted as saying by the Gulf News.
“We are glad that Fajr Capital and its consortium of partners have chosen to partner with us on this growth journey, and we are confident that their demonstrated expertise will empower our expansion plans within GCC’s dynamic healthcare landscape, especially Saudi Arabia.”
Read: Abu Dhabi’s Mubadala makes maiden investment in India financial services
Iqbal Khan, CEO of Fajr Capital, was elated to tell the Gulf News, “Today’s announcement marks the beginning of an exciting new chapter for Aster in the GCC.”
