Baker McKenzie advises Aster DM Healthcare on the USD 1.01 billion sale of its GCC healthcare business

Baker McKenzie has advised Affinity Holdings Private Limited, a wholly owned subsidiary of Aster DM Healthcare Limited, a listed company in India (NSE) and one of the largest private healthcare service providers operating in the GCC and India, on the separation and the sale of its GCC healthcare business to Alpha GCC Holdings. The total deal value stands at approximately USD1.01 billion.

Aster, which was established in 1987 by Dr Azad Moopen, has a strong reputation and presence across the GCC and broader Middle East region, with 15 hospitals, 118 clinics and 276 pharmacies across the UAE, Saudi Arabia, Qatar, Oman, Bahrain and Jordan. The Moopen family will continue to manage and operate the GCC healthcare business through retaining a 35% shareholding in the GCC business, while a consortium led by Fajr Capital, a sovereign-owned private equity firm headquartered in the UAE, will own the remaining 65%.

The transaction is subject to customary regulatory and corporate approvals, including shareholder approval in India. It is expected that the transaction will be completed during Q1 2024.

Leading on the transaction, Abeer Jarrar, Corporate M&A partner stated, “It has been a pleasure to support the sell side team in getting this complex deal over the line. Our cross-border team has extensive experience advising on auction sale processes in the Middle East and this latest one is a testament to our deep sector knowledge, commercial acumen, and refined transactional techniques to help clients navigate deal complexities.”

George Marshall, Corporate Finance partner also commented, “We are proud to have assisted the seller in navigating this complex transaction. This deal is another example of how the Firm’s lawyers provide seamless cross-border services and reinforces our position as a transactional powerhouse.”

The Baker McKenzie cross-practice group team included lawyers from the Firm’s offices across Dubai, London, Abu Dhabi and Riyadh. The core corporate team was led by Dubai based Corporate M&A partner Abeer Jarrar and London based Corporate Finance partner George Marshall.

Leading Indian firms Cyril Amarchand Mangaldas (CAM) advised the sell-side on local law in India, while AZB & Partners advised the independent directors of Aster DM Healthcare Limited.

Moelis & Company and Credit Suisse acted as the sell-side advisors.

Allen & Overy LLP and HSBC Bank Middle East Ltd. acted as buy-side advisors.

The broader Baker McKenzie team included:

• Corporate: Grace Ong (counsel, Abu Dhabi), Tala Shomar (senior associate, Dubai), Neda Behador (associate, Dubai), Ololade Odunubi (associate, Dubai), Sakhar AlSudairy (associate, Riyadh)
• Tax: Reggie Mezu (senior counsel, Dubai), Ben Phillips (senior associate, Dubai)
• Antitrust: David Monnier (partner, Riyadh), Marwan Othman (associate, Riyadh)
• Banking: Adil Hussain (partner, Dubai), Nick Tostivin (partner, London), Thomas Hosted (senior associate, London)
• Employment: Joanna Matthews-Taylor (partner, Dubai), Jeremy Edwards (partner, London), Gillian Parnell (senior associate, London)