Farj Capital Consortium Secures Majority Stake in Aster DM 

ASAR – Al Ruwayeh & Partners acted as local legal counsel alongside Allen & Overy as lead counsel, in facilitating the acquisition of a 65% stake in Aster DM Healthcare FZC, the holding company overseeing Aster DM Healthcare’s operations in the GCC region, by a consortium led by Farj Capital. 

The consortium is composed of Emirates Investment Authority, Al Dhow Holding Company (the investment arm of AlSayer Group), Hana Investment Company (a subsidiary of Olayan Financing Company) and Wafra International Investment Company. 

The acquisition marks a significant milestone as Aster DM Healthcare separates its India and GCC operations into distinct entities. The Farj Capital-led consortium will assume ownership of Aster GM Healthcare, while the Moopen family, Aster DM Healthcare’s founders, will retain a 35% stake, ensuring continuity in managing the GCC business. 

ASAR team, comprising of Steve Brown (Of Counsel, pictured), Sherif Saad Eldin (Senior Associate), Rahul Sud (Senior Associate) and Ahmed Saeed (Associate), provided guidance on navigating the intricacies of Bahrain Law related to the acquisition. The team addressed regulatory concerns, advised on the deal structure and post-acquisition steps from a Bahrain law perspective. Additionally, conducting high level due diligence on the Bahraini subsidiary, Aster DM Healthcare and its owned medical clinics, providing effective support to their clients throughout the process.