Baker McKenzie Acted for Aster DM Healthcare on Sale of its GCC Healthcare Business
Baker McKenzie Acted for Aster DM Healthcare on Sale of its GCC Healthcare Business
The deal value worth USD 1.01 billion is expected to be completed in the first quarter of 2024
Baker McKenzie has advised Affinity Holdings Private Limited, a wholly owned subsidiary of Aster DM Healthcare Limited, on the separation and sale of its Gulf Cooperation Council (GCC) healthcare business to Alpha GCC Holdings.
Aster DM, established in 1987 by Dr Azad Moopen, is a listed company on India’s National Stock Exchange, and one of the largest private healthcare service providers operating in the GCC and India.
With a strong reputation and presence across the GCC and the Middle East region, it comprises 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 business by retaining a 35 percent shareholding in the GCC business. The remaining 65 percent will be owned by a consortium led by Fajr Capital, a sovereign-owned private equity firm headquartered in the UAE.
Leading on the transaction, Abeer Jarrar, the corporate M&A Partner commented, “It has been a pleasure to support the sell-side team in getting the 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, the corporate finance Partner added, "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 its 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.
Cyril Amarchand Mangaldas 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 advisers.
The 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).
