Aster DM Healthcare has approved the sale of its GCC business to Alpha GCC Holdings for around $1.01 billion, according to an exchange disclosure by the firm.
Alpha GCC Holdings is a joint venture investment fund by Middle East-based private equity firm Fajr Capital Advisors Limited and the promoter/ promoter group of Aster India on a 65:35 equity holding basis.
The deal comes after Aster disclosed its plans to unlock its values through a business rejig, which involved selling stakes in its GCC and India-based businesses.
Dr. Azad Moopen-led healthcare major has also reportedly been in discussions with several funds and investors for the proposed stake sale plans.
The exchange announcement said: “As previously disclosed vide the disclosure made on July 24, 2023, the company had received requests from bidders during the bidding process for continued promoter participation in the GCC business to ensure its sustainability following the restructuring.
“The promoters have also expressed their interest in continuing to participate in the GCC business. The promoters have expressed their deep commitment to both the India and GCC geographies and shall continue to have a meaningful role both in GCC and India following the completion of the transaction.”
Post the completion of the transaction contemplated under the share purchase agreement, the buyer will qualify as a member of the promoter group since the promoters of the company intend to acquire over 20 percent shareholding in the buyer, the announcement added.
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