Linklaters Guides Consortium in Aster DM Healthcare Deal 

International law firm Linklaters has provided legal counsel in the landmark US$813 million acquisition financing of Aster DM Healthcare’s GCC business. The transaction saw a consortium of regional financiers providing acquisition financing facilities to a consortium led by Fajr Capital for the acquisition of Aster’s GCC Business. With an enterprise value exceeding US$1.7 billion, this acquisition ranks among the largest regional healthcare deals in recent history, signalling a significant step towards increased private sector involvement in the GCC’s healthcare sector. 

The financing for the acquisition of Aster’s GCC business involved a combination of equity and debt from regional financial institutions. The debt financing, totaling US$813 million, was structured into two separate facilities. The first facility, a sharia-compliant arrangement, was extended to Alpha GCC Holdings Limited, the acquisition vehicle spearheading the acquisition and supporting Aster GCC’s future growth endeavours. The second facility, a conventional financing arrangement, was provided to Union (Mauritius) Holdings Limited, the acquisition vehicle for Dr. Azad Moopen and his family, to bridge finance the acquisition of a 35% stake in Aster GCC. 

The acquisition resulted in a consortium, led by Fajr Capital, holding a 65% ownership stake in Aster’s GCC business, while Dr. Moopen and his family retained a 35% interest. Additionally, the transaction facilitated the strategic separation of Aster’s GCC and India businesses, streamlining operational focus and paving the way for targeted expansion initiatives. 

Designed as a multi-tranche and multi-jurisdictional financing structure, the acquisition and bridge financing framework offers stakeholders maximum flexibility to drive growth within the GCC business’s existing markets and pursue expansion opportunities, including entry into Saudi Arabia. 

The transaction was led by banking partners Reem Alsayegh, Rahul Chatterji and Kieron Zaman (all pictured above), supported by managing associate Dinush Wickremanayake and solicitor Simon Ni. 

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. 

For further information on the involved legal teams click here