Ahead of merger, Aster acquires 5% stake in Quality Care India for ₹849 cr
Aster DM Healthcare
has acquired 5 per cent equity stakes of
Quality Care India
Ltd (QCIL) from BCP and Centella through a
share swap
.
The transaction was completed by acquiring 1,90,46,028 equity shares of QCIL from
Blackstone Capital Partners
(BCP) and Centella Mauritius Holdings Limited-backed by TPG for a value of ₹849.13 crores and in exchange Aster DM Healthcare has allotted 1,86,07,969 equity shares at a face value ₹10 each to BCP and Centella.
Announcing the decision
Dr Azad Moopen
, Founder Chairman, Aster DM Healthcare said. 'The acquisition of 5 per cent stake in QCIL through a share swap is the first step toward the strategic
merger
between Aster DM Healthcare and QCIL. As we progress toward full integration, our focus remains firm towards creating significant long-term value for all our stakeholders.'
Aster DM Healthcare is currently owned by the hospital's promoters led by its founder Dr Azad Moopen, and the Hyderabad-based hospital chain QCIL is backed by global marquee PE investor Blackstone.
The acquisition has been undertaken ahead of the planned merger of the two entities announced in November 2024.
Earlier this month, the hospital received approval from the Competition Commission of India (CCI) to complete its merger with Blackstone-backed Quality Care India.
The merger is expected to be completed this year and will be jointly controlled by Aster promoters and Blackstone, holding 24 per cent and 30.7 per cent ownership, respectively.
Dr Azad Moopen will continue in his role as the Executive Chairman and Varun Khanna, Group MD of Quality Care, will be the MD and Group CEO of the Merged Entity, it added.
As per the hospital, post the completion of merger the entity, as per the hospital it will become the third largest
private hospital chain
in the country with a network of 38 hospitals and a 10,500 bed-capacity across 27 states.
The share swap ratio, agreed by the hospitals, specifies that Aster shareholders will hold 57.3 per shares and QCIL shareholders will hold 42.7 per cent shares in the merged entity.
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