Linklaters advised a consortium of regional financiers on the provision of acquisition financing facilities to a Fajr Capital-led consortium for the acquisition of Aster DM Healthcare’s (Aster) GCC Business. The acquisition was completed at an enterprise value in excess of US$1.7bn, making it one of the largest regional healthcare acquisitions in recent times and paves the way for greater contribution by the private sector towards the healthcare sector across the GCC.
The acquisition of Aster’s GCC business was financed through a mix of equity as well as debt from regional financial institutions. The debt financing package aggregating US$813m 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 Azad Moopen and his family, to bridge finance the acquisition of 35% in Aster GCC.
As part of the acquisition, Aster’s GCC business is 65% owned by a consortium of investors led by Fajr Capital, a leading private equity investor in the Middle East and Southeast Asia, with a 35% stake retained by Dr. Moopen and his family. The transaction also concluded a strategic separation of Aster’s GCC and India businesses.
This multi-tranche and multi-jurisdictional hybrid acquisition and bridge financing was designed to provide all the stakeholders with maximum flexibility for growth of the GCC business in its current jurisdictions and also expansion into Saudi Arabia.
The transaction was led by banking partners Reem Alsayegh, Rahul Chatterji and Kieron Zaman, supported by managing associate Dinush Wickremanayake and solicitor Simon Ni.
Linklaters’ Dubai-based banking partner Reem Alsayegh commented:”We are proud to have supported our clients on one of the largest private sector transactions in recent times. This transaction highlights our cross-jurisdictional team’s capabilities in delivering innovative solutions to our clients, supporting them in navigating cross-border financings and complex regulatory frameworks across the Middle East and India markets.”
