Fajr-led bank consortium complete Aster GCC business buy

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UAE - A consortium of banks led by Fajr Capital, one of Mena’s leading private equity investors, alongside Dr Moopen family have completed the 100% acquisition of Aster’s GCC business, successfully separating it from Aster’s India business.

The acquisition of Aster’s GCC business, which was completed at an enterprise value in excess of $1.7 billion making it one of the largest regional healthcare acquisitions in recent times, is now owned 65% by the Fajr Capital-led consortium with a 35% stake retained by Dr Moopen family who will continue to maintain operational control of the GCC business.

The separation creates a GCC focused business supported by strong shareholding from Fajr Capital and other high-profile regional and international institutional investors. In the newly separated Aster GCC, Dr Azad Moopen will be continuing in his role as Founder & Chairman and Alisha Moopen has assumed the role of Managing Director and Group CEO.

Mix of equity and debt

The acquisition of Aster’s GCC business was financed through a mix of equity as well as debt from regional financial institutions. Debt financing package aggregating $813 million was provided across two separate facilities - (i) A sharia compliant facility to Alpha GCC Holdings Limited, the acquisition vehicle to facilitate the acquisition as well as support future growth prospects of Aster GCC and (ii) A conventional facility to Union (Mauritius) Holdings Limited, the acquisition vehicle of Dr Moopen’s family to bridge finance the acquisition of 35% in Aster GCC. The transaction being cross-border in nature warranted significant structuring, compliance and regulatory pre-work.

The financing package for both facilities was provided by Commercial Bank of Dubai PSC, Emirates NBD Capital Limited, First Abu Dhabi Bank PJSC and Mashreq acting as Mandated Lead Arrangers, Bookrunners and Underwriters with Mashreq acting as the sole Coordinator for both facilities. For ENBD Group, while Emirates NBD Capital Limited acted as Mandated Lead Arranger, Bookrunner and Underwriter, Emirates Islamic Bank PJSC provided financing in the Sharia compliant facility and Emirates NBD Bank (PJSC) financed the conventional facility.