Hospital chain Aster DM to sell majority stake in Gulf business for 1 billion dollars
Hyderabad: Hospital chain Aster DM Healthcare has agreed to sell a majority stake in its Gulf business to an investor group based in the region for $1 billion as part of a plan to separate the unit from its Indian entity.
The offloading of a 65% stake in the business to a consortium led by private-equity firm Fajr Capital brings to a close a year-long sale process after the business was seen as undervalued by some of its investors.
The investor group also comprises UAE sovereign wealth fund Emirates Investment Authority, Al Dhow Holding Co, Wafra International Investment Co and Saudi Arabian billionaire Olayan family’s Hana Investment.
Aster promoter, Moopen Family, will hold the remaining stake in the unit
The move will help Aster focus more on its India business, in which it also plans to sell a 30% stake for about $300 million as it plans to go on an expansion spree.
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