Aster’s GCC Entity acquired by Fajr Capital-led Consortium for US$1B

QATAR— Aster DM Healthcare Limited, a leading multinational integrated healthcare provider, has successfully completed the separation of its GCC and India businesses into two distinct and standalone entities.

Under the separation plan, a consortium of investors led by Fajr Capital, a sovereign-backed private equity firm, has acquired a 65% stake in Aster GCC, valuing the GCC business at approximately US$1.0 billion in equity value.

The Moopen family retains a 35% stake in addition to management and operational rights.

Founded in 1987 by Dr. Azad Moopen, Aster began as a single clinic in Dubai, UAE, with a vision to provide high-quality healthcare accessible to every patient.

Over the years, it has grown into one of the most trusted healthcare brands in the GCC and India.

Aster’s GCC network consists of 15 hospitals, 117 clinics, and 285 pharmacies across UAE, KSA, Oman, Qatar, and Bahrain. The company operates under three brands: Aster, Medcare, and Access.

The decision to separate the GCC and India businesses was approved by the board in November 2023 and by shareholders in January 2024, subject to customary regulatory approvals and closing conditions, all of which have been fulfilled.

Dr. Azad Moopen will remain the Founder Chairman, and Ms. Alisha Moopen will serve as the Managing Director and Group CEO of Aster GCC, with the Moopen family retaining operational control.

The Fajr Capital-led consortium, which includes Emirates Investment Authority, Al Dhow Holding Company, Hana Investment Company, and Wafra International Investment Company, among others, will collaborate with the Moopen family and Aster GCC’s management team to execute an ambitious regional expansion strategy.

In the UAE, Medcare Royal Hospital, a 126-bed super specialty hospital in Al Qusais, is set to be unveiled shortly, catering to local and international patients.

Additionally, Aster Pharmacy business in Saudi Arabia plans substantial growth, with 180 new retail stores scheduled to open within the next 3-5 years.

In his statement, Dr. Azad Moopen, Founder and Chairman of Aster DM Healthcare, expressed confidence in the growth potential of the GCC business and gratitude to Fajr Capital and its partners for choosing to partner with them. He emphasized their shared vision for delivering top-notch healthcare services in the region.

For his part, Mr. Iqbal Khan, CEO of Fajr Capital, highlighted Aster’s significant presence and commitment to quality healthcare in the GCC, expressing excitement about unlocking its potential with the Moopen family.

Ms. Alisha Moopen, Managing Director and Group CEO of Aster DM Healthcare GCC expressed enthusiasm for expanding Aster’s footprint in the GCC, with a focus on meeting evolving healthcare needs across physical and digital channels.

She emphasized the importance of Fajr Capital’s expertise in this journey.

EY and PwC provided independent valuation advice, with Moelis & Company and Credit Suisse acting as sell-side advisors.

Legal advisory services were provided by Baker & McKenzie LLP for the sell-side and Cyril Amarchand Mangaldas for Aster.

AZB & Partners advised independent directors, while HSBC Bank Middle East Ltd., Allen & Overy LLP, and PwC acted on behalf of the Fajr Capital consortium.

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